ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Company Registered Number:
FOR THE YEAR ENDED 31 DECEMBER 2021
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DENTONS PENSION MANAGEMENT LIMITED
COMPANY INFORMATION
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DENTONS PENSION MANAGEMENT LIMITED
CONTENTS
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DENTONS PENSION MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The Directors have pleasure in presenting the Strategic Report of the Company for the year ended 31 December 2021.
During the year the Company continued to perform well in terms of cash generation and capital value growth.Turnover has rebounded from the pandemic-affected 2020 year with a combination of organic and acquired growth. Profit before tax increased by nearly 8% over the previous year thanks to strict control of costs.
The Company has continued to win awards. Since 2012 we have received five stars on nine occasions in the Financial Adviser Service Awards, as voted for by Financial Advisers. These externally accredited awards are a testament to our dedicated, knowledgeable and experienced pension consultants and administrative staff and to the quality of our SIPP and SSAS products. The Company’s balance sheet remains strong. The freehold of the property from which the Company operates is owned and is unencumbered. It is the Directors’ belief that, having continued to invest in its own bespoke software, which provides an in-house scalable resource, the Company has the capacity to make further acquisitions without significantly increasing its operating costs. The Company’s in-house IT capability also gives greater flexibility in the management of the risks associated with cyber security. The necessity during 2020 to operate with staff working from home has resulted in a strengthening of the backup of data which has in turn given the Company greater resilience in dealing with any future cyber attack or degradation of premises. The Company has successfully integrated its acquisitions to date including the Brown Shipley pension administration business and professional trustee company which the Directors believe has been a transformational acquisition. In addition to this, in February 2021 the Company made a further acquisition of the SSAS book of MAB Pensions Limited, which is now fully integrated. The Directors remain confident that the Company will continue to be well-placed to meet the regulatory rules covering capital adequacy and reserves which were maintained during the year at a level substantially in excess of FCA requirements.
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DENTONS PENSION MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Key Priorities
The key priorities for the Company for 2022 are:-
∙the growth of the SIPP and SSAS books by acquisition and internal generation with the resulting increases in profitability and capital value;
∙the continued emphasis on the marketing programmes for the pension business, including following on with the successful and popular webinars developed to meet the special circumstances of 2020;
∙continued investment in staff resources and infrastructure in order to maintain the high level of customer service;
∙ensure total UK coverage with business development managers for the pension business located in all regions.
The Directors have reviewed the key risks to which the Company is exposed together with the operating and financial compliance controls which have been implemented to mitigate those risks. The main risks are as follows:-
COVID-19 In common with all businesses in the UK, the Company has been impacted by the government's response to the COVID-19 pandemic. The Directors have taken steps to minimise the impact on the Company in line with the government's advice and recommendations. In the short-term, the Company has successfully contained the adverse effects of the pandemic. The Directors consider that it is well-placed, particularly in cash terms, to ensure that there are no long-term structural consequences on its business. Treasury taxation policy The UK government continues to review the tax regime relating to pensions and may introduce changes which could reduce the advantages of pension provision to the Company's target client base. The Company is well placed to reduce costs should a significant fall-off in business result from such changes. Compliance The Company’s pension business is regulated by the Financial Conduct Authority (FCA). The risk is that the Company does not comply with the relevant requirements and standards of the regulatory framework or there is a change in accepted industry practice which could lead to past liabilities. A strong compliance policy and team are in place and they are responsible for ensuring that all new rules and regulations and changes in industry practice are adopted in accordance with the relevant timescales. The requirement by the FCA for additional reserves to be held could have an impact on future growth. The Directors believe that there are more than adequate financial resources available to the Company to enable it to meet any such additional requirements. It is expected that the administrative costs associated with additional regulation will continue to increase.
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DENTONS PENSION MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Competition
The Directors consider that the Company is well-placed in the current environment to compete effectively in its target segment. The Company’s ability to reduce costs following a change in the competitive environment will protect it against aggressive price reductions by competitors to gain market share. Furthermore, the Company will continue to compete on the basis of ethical standards and service delivery rather than price. The continued consolidation in the personal pension industry has the effect of reducing the amount of competition in the market sector in which the business operates. IT Security The Directors continue to attach high priority to managing the risks posed by IT security breaches. The Company keeps under review its performance against the relevant standards and has invested in software and hardware to ensure that its systems are compliant. In addition, the Company maintains its compliance with General Data Protection Regulation (GDPR).
The key financial performance indicators are:
2021 2020 £ £ Turnover 10,524,024 8,131,027 EBITDA 1,917,705 1,963,268 The overall result for the year is broken down as follows: 2021 2020 £ £ EBITDA before exceptional items 2,440,674 1,963,268 Exceptional item 522,969 - EBITDA 1,917,705 1,963,268 The Directors and management take the view that EBITDA, at a time when the Company is expanding through acquisitions, accurately reflects the growth of its business before taking into account the writing off of goodwill arising as a result of those acquisitions. Consequently EBITDA is used as the principal measure of the Company's financial performance.
Other key performance indicators are considered to be client satisfaction and client and staff retention. The Directors monitor these areas using internal data and client and introducer feed-back and consider that the Company achieved a high standard by comparison to the pension industry in both areas. The high number of awards won and the scheme retention rates achieved in relation to acquisitions provide further testimony to the quality of service provided.
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DENTONS PENSION MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
This report was approved by the Board and signed on its behalf by:
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DENTONS PENSION MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The Directors present their report and the financial statements for the year ended 31 December 2021.
Dividends of £150,000 were proposed for the year ended 31 December 2021 (2020 - £200,000).
The profit for the year, after taxation, amounted to £1,222,444 (2020 - £1,257,904).
The Directors who served during the year were:
D I Fowler, a Director during the year, resigned on 20 May 2021.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 of the profit or loss of the Company for that period.
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 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 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.
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DENTONS PENSION MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
In accordance with section 414C of the Companies Act 2006 the Directors have chosen to include the following items in the Strategic Report:
∙Strategy of the Company
∙Risks and performance
∙Future developments
There were no post Balance Sheet events.
This report was approved by the Board and signed on its behalf by:
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DENTONS PENSION MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDER OF DENTONS PENSION MANAGEMENT LIMITED
We have audited the financial statements of Dentons Pension Management Limited (the 'Company') for the year ended 31 December 2021, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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DENTONS PENSION MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDER OF DENTONS PENSION MANAGEMENT LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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DENTONS PENSION MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDER OF DENTONS PENSION MANAGEMENT LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙enquiry of management, those charged with governance around actual and potential litigation and claims;
∙enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations;
∙performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙reviewing minutes of meetings of those charged with governance;
∙reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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DENTONS PENSION MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDER OF DENTONS PENSION MANAGEMENT LIMITED (CONTINUED)
This report is made solely to the Company's member 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 member those matters we are required to state to it in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's member for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
London, United Kingdom
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DENTONS PENSION MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
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DENTONS PENSION MANAGEMENT LIMITED
REGISTERED NUMBER: 02352951
BALANCE SHEET
AS AT 31 DECEMBER 2021
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
The notes on pages 14 to 30 form part of these financial statements.
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DENTONS PENSION MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
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DENTONS PENSION MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Dentons Pension Management Limited is a private Company limited by shares and is incorporated in England and Wales. Its registered office is at Sutton House, Weyside Park, Catteshall Lane, Godalming, Surrey GU7 1XE.
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 judgment in applying the Company's accounting policies (see Note 3). The financial statements are presented in Pounds Sterling which is the functional currency of the Company and are rounded to the nearest pound. 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 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Dentons Holdings plc as at 31 December 2021 and those financial statements may be obtained from Companies House.
The Directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. The Directors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Company's ability to continue as a going concern. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
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DENTONS PENSION MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
Dentons Pension Management Limited is a parent Company and also a subsidiary included in the consolidated financial statements of its immediate parent undertaking that is established under the law of a non-EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
In all cases where the ability to recover fees on a matter is non-contingent, income is recognised on the basis of time spent. For those cases where the ability to recover fees on a matter is contingent income will not be recognised until the matter is completed. To the extent that revenue is recognised on matters for which an invoice has not yet been raised, it is included in other debtors and disclosed separately.
Goodwill represents the difference between amounts paid on the acquisition of a business combination and the acquirer’s interest in the fair value of the identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life. The Company has taken advantage of the exemption under FRS 102 not to analyse intangible assets previously recognised under the goodwill heading.
Amortisation is provided on the following basis: Goodwill - 5% to 10% straight line
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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 not recognised. Repairs and maintenance are charged to the Statement of Comprehensive Income during the period in which they are incurred.
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DENTONS PENSION MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Fair values are determined from market-based evidence normally undertaken by professionally qualified valuers.
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DENTONS PENSION MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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DENTONS PENSION MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet 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 Balance Sheet.
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DENTONS PENSION MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
Revenue is recognised on the basis of the time input of the staff involved. At the period end an assessment is made of the recoverability of the costs accrued and unbilled. A provision is made for any costs considered to be irrecoverable. This assessment is made on a case by case basis considering a range of factors relevant to each case.
3.2 Bad debts
The Directors provide for potential bad debts on a case by case basis. A provision is made where the Directors consider it is more likely than not that the debt will prove irrecoverable.
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DENTONS PENSION MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Analysis of turnover by country of destination:
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DENTONS PENSION MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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DENTONS PENSION MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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DENTONS PENSION MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
11.Taxation (continued)
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DENTONS PENSION MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
11.Taxation (continued)
An increase in the UK corporation tax rate from 19% to 25% was substantively enacted in June 2021 and will take effect from 1 April 2023 for profits over £250,000. For profits under £50,000 the tax rate will remain the same at 19% and for profits between these figures it will be subject to 25% but reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate.
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DENTONS PENSION MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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DENTONS PENSION MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Freehold property is shown at valuation. The most recent valuation was carried out by Owen Shipp, Chartered Surveyors, in August 2019 on an open market basis. The Directors still consider this an appropriate valuation at 31 December 2021.
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DENTONS PENSION MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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DENTONS PENSION MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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DENTONS PENSION MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Revaluation reserve
Profit and loss account
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DENTONS PENSION MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The Company operates group personal pension schemes in respect of employees. The assets of the 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 and amounted to £420,384 (2020 - £279,657). At 31 December 2021 there was an amount of £31,916 (2020 - £27,844) due in respect of this scheme.
Dentons Holdings plc holds 100% of the issued share capital of Dentons Pension Management Limited. Dentons Holdings plc is the smallest and largest Group for which consolidated accounts are drawn up. Dentons Holdings plc has included the Company in its Group financial statements which are publicly available.
Dentons Holdings plc is a public company limited by shares, incorporated in England and Wales. The registered office is Sutton House, Weyside Park, Catteshall Lane, Godalming, Surrey GU7 1XE. The ultimate controlling party is M C Rose.
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