ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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FOR THE YEAR ENDED 31 DECEMBER 2022
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SMITHCORP LIMITED
COMPANY INFORMATION
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SMITHCORP LIMITED
CONTENTS
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SMITHCORP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their strategic report for the year ended 31 December 2022.
SmithCorp Limited is a holding company for a group of specialist recruitment businesses. We are leading UK providers of temporary, contract and permanent staff to the education sector, providing teaching and support staff across the Further and Compulsory Education sectors and supplying a wide portfolio of commercial training companies. We have offices in Bristol, Truro, Darlington and London.
The results for the group show a pre-tax profit of £924,703 (2021: £553,512) for the year and sales of £26,530,275 (2021: £14,776,064).
Management of the business and execution of the group's strategy are always subject to some risks. The Board reviews these and processes are put in place to mitigate them:
Market & Economic We are not immune to the current economic headwinds. Inflation is high and overheads across our business have increased. Whilst these additional costs can’t be avoided, they are budgeted for, monitored and reviewed. Importantly, revenues are also up, ensuring the business remains fit to continue growing into 2023 and beyond. Skills Shortages Demand for skilled teachers and support staff has rarely been stronger. We don’t see this demand easing in the medium term. We are an established player in the market with a strong candidate network. We continue to invest in our systems to enhance our candidate sourcing capabilities. This means we are well placed to capitalise on these shortages. Competition The UK is a highly competitive market for recruitment, but the regulated nature of the education sector remains a barrier to entry for non-specialists. COVID-19 The national lockdowns of 2020/21 were a major disruptor for our business, but the disease now appears endemic in the UK and there is little mood nationally for future lockdowns on this scale. Therefore, whilst a risk remains, we judge it to be low. Industrial Action Industrial action is expected in the state education sector in 2023. This is likely to affect some of the group’s temporary workers, but we predict action will be limited in scope and don’t anticipate a significant impact on revenues. Regulatory and Legislation We closely monitor all legislative and regulatory changes and are well equipped to deal with them. Liquidity The Group actively forecasts, manages and reports upon its working capital requirements to ensure it has sufficient operational funds.
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SMITHCORP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Interest Rates
The Group is exposed to interest rate risk in respect of its invoice discounting facility. We don’t seek to fix or hedge interest on this facility. The Board considers exposure to interest rate increases an acceptable risk. Rates are expected to peak by mid 2023 before dropping back a little in 2024. We have budgeted for this.
Given the straightforward nature of the business, The Board don’t believe detailed analysis using KPIs is necessary to understand performance. However, the following are all monitored and influence management decisions:
∙Turnover
∙Gross margin
∙Contract margins
∙Contract / permanent income mix
∙Productivity per fee earner
∙Headcount / employee retention
BUSINESS DEVELOPMENT
We remain committed to delivering a high quality, high speed service to our candidates and clients. We offer online client feedback. CHARITY SmithCorp and its employees remain committed to supporting the SmithCorp Charitable Trust (SCCT). After an enforced break from fundraising in 2020/21, the charity once again hosted a Black-Tie Ball late in 2022. Pledges made at that event along with donations from SmithCorp will fund a school building project in Kenya in 2023 which will be undertaken by SmithCorp volunteers.
FUTURE OUTLOOK
The IMF have predicted 2023 will be a challenging year globally, with the UK economy getting a special mention. Ongoing war in Ukraine and rising tensions with China will continue to put pressure on global supply chains. Inflation is expected to ease in the second half of 2023 but costs will remain high in comparison with previous years and uncertainty will persist.
Significant labour shortages across the UK economy will continue to suck up candidates and put upward pressure on salaries. Vacancies within the education sector are expected to remain high.
Government commitments to additional funding for Further Education are expected to flow through in the coming years as T-Level qualifications continue to roll out. Secondary Education pupil numbers are predicted to increase in 2023/24 and after the disruptions of the last few years there is still some ‘catching up’ to be done. Meanwhile, predicted teacher strikes in 2023 will likely only exacerbate this issue.
Considering everything, we expect the education recruitment sector to remain strong. Despite wider economic pressures, we will continue investing in our people, our training and our systems. SmithCorp are an established recruitment specialist and we expect our growth to continue.
This report was approved by the board on 15 September 2023 and signed on its behalf.
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SMITHCORP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the year ended 31 December 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 profit for the year, after taxation, amounted to £690,017 (2021: £399,560).
No further amounts are recommended to be paid by way of dividends in respect of this financial period.
The directors who served during the year were:
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SMITHCORP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
We have been developing a PAYE payroll offering under the Teaching Professionals brand. We expect to be able offer this option to workers in all recruitment brands, as an alternative to using third party umbrella companies by the end of 2023.
Items required under Schedule 7 above to be disclosed in the directors' report are set out in the strategic report in accordance with s.414C(11) CA 2006.
There have been no significant events affecting the Group since the year end.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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SMITHCORP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SMITHCORP LIMITED
We have audited the financial statements of SmithCorp Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2022, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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SMITHCORP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SMITHCORP LIMITED (CONTINUED)
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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SMITHCORP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SMITHCORP 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 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:
∙We have considered the nature of the sector, control environment and financial performance;
∙We have considered the results of enquiries with management and directors in relation to their own identification and assessment of the risk of irregularities within the entity;
∙We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation;
∙Any matters identified having obtained and reviewed the Group’s documentation of their policies and procedures relating to:
°Identifying, evaluation and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°The internal controls established to mitigate risks of fraud or noncompliance with laws and regulations;
∙We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to income recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, FRS 102 and UK tax legislation.
In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group’s ability to operate or avoid a material penalty. These include, data protection regulations, health and safety regulations, employment legislation, money laundering legislation and aspects of the Children’s Act and Education Act relating to the recruitment industry.
Our procedures to respond to risks identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Reviewing board meeting minutes;
∙Enquiring of management in relation to actual and potential claims or litigations;
∙Performing detailed transactional testing in relation to the recognition of income, with a particular focus around year-end cut off; and
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of
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SMITHCORP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SMITHCORP LIMITED (CONTINUED)
journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.
We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.
As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in financial statements or non-compliance with regulation, will be detected by us. The risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one-off error, as this may involve 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.
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
Chy Nyverow
Newham Road
Cornwall
TR1 2DP
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SMITHCORP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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SMITHCORP LIMITED
REGISTERED NUMBER:07805942
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 30 to 47 form part of these financial statements.
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SMITHCORP LIMITED
REGISTERED NUMBER:07805942
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 30 to 47 form part of these financial statements.
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SMITHCORP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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SMITHCORP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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SMITHCORP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
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SMITHCORP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2022
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SMITHCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.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 financial statements use British Pounds Sterling as the presentation currency, and are rounded to the nearest £1 throughout.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries (together, "the Group") as they formed 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.
The Group remains in a positive position. Overheads have increased significantly across business (in line with the wider economy). Additionally, the board have invested significantly in our people and our systems for future growth. Meanwhile, turnover is up 28% in the first half of 2023 (£17.8m) vs. the same period in the prior year (£13.8m). As such, despite the additional costs, profits have been maintained.
Wider economic conditions across the UK and indeed the world will present challenges and risks for all businesses. The directors have considered these risks and expect the Group will continue to operate within its available resources whilst it plans for growth.
The Group will able to tolerate these expected pressures for a period of at least 12 months from the date of these financial statements, which have been prepared on a going concern basis.
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SMITHCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.ACCOUNTING POLICIES (continued)
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SMITHCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.ACCOUNTING POLICIES (continued)
GOODWILL
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its 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 Income statement over its useful economic life.
Amortisation is provided on the following bases:
The Group 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 Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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SMITHCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.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 and reducing balance methods..
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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SMITHCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.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.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate
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SMITHCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.ACCOUNTING POLICIES (continued)
method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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SMITHCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
SmithCorp Limited is a private company limited by shares registered in England and Wales in the United Kingdom, registered number 07805942. The registered office is Bristol North Baths, Gloucester Road, Bishopston, Bristol, BS7 8BN.
Goodwill and intangible assets Positive goodwill acquired on each business combination is capitalised, classified as an asset on the statement of financial position and amortised on a straight line basis over its useful life. The Group establishes a reliable estimate of the useful life of goodwill and intangible assets arising on business combinations. This estimate is based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the asset is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses. Tangible fixed assets and depreciation Tangible fixed assets are capitalised, classified as assets on the statement of financial position and depreciated over their useful lives in accordance with the policies above. The Group establishes a reliable estimate of the useful life of tangible fixed assets based on a variety of factors such as the expected use of the acquired assets, and the expected date that replacement will be required.
The whole of the turnover is attributable to the Group's recruitment services activities.
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SMITHCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 37
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SMITHCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 38
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SMITHCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
There were no factors that may affect future tax charges.
Page 39
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SMITHCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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 £
Page 40
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SMITHCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 41
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SMITHCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 42
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SMITHCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
SUBSIDIARY UNDERTAKINGS (CONTINUED)
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SMITHCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 44
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SMITHCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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 £84,628 (2021: £64,148). There were no outstanding or prepaid contributions at the balance sheet date.
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SMITHCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 46
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SMITHCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 47
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