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Unaudited Financial Statements |
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for the Year Ended |
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30 June 2020 |
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for |
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Howard & Hallam Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended |
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30 June 2020 |
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for |
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Howard & Hallam Limited |
Howard & Hallam Limited (Registered number: 00529289) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2020 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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Howard & Hallam Limited |
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Company Information |
for the Year Ended 30 June 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Charnwood House |
Harcourt Way |
Meridian Business Park |
Leicester |
Leicestershire |
LE19 1WP |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Howard & Hallam Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Howard & Hallam Limited for the year ended 30 June 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Howard & Hallam Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Howard & Hallam Limited and state those matters that we have agreed to state to the Board of Directors of Howard & Hallam Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Howard & Hallam Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Howard & Hallam Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Howard & Hallam Limited. You consider that Howard & Hallam Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Howard & Hallam Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
Charnwood House |
Harcourt Way |
Meridian Business Park |
Leicester |
Leicestershire |
LE19 1WP |
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Howard & Hallam Limited (Registered number: 00529289) |
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Balance Sheet |
30 June 2020 |
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30.6.20 | 30.6.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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PENSION (LIABILITY)/ASSET | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Revaluation reserve | 9 |
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Capital redemption reserve | 9 |
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Retained earnings | 9 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Howard & Hallam Limited (Registered number: 00529289) |
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Balance Sheet - continued |
30 June 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Howard & Hallam Limited (Registered number: 00529289) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2020 |
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1. | STATUTORY INFORMATION |
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Howard & Hallam Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents rents receivable for the year from investment properties, net of VAT where applicable. |
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Tangible fixed assets |
Depreciation is provided by the company in order to write off the cost, less estimated residual value, of tangible fixed assets by equal instalments over their estimated useful economic lives as follows: |
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Plant and machinery - 25% reducing balance |
Computer equipment - 3 years |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Howard & Hallam Limited (Registered number: 00529289) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Post-retirement benefits |
The company operates a defined benefit pension scheme. The assets of the scheme are held separately from those of the company being invested with insurance companies. |
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Pension scheme liabilities are measured on an actuarial basis using the projected unit method and the liability is recognised in full on the balance sheet. |
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Actuarial gains and losses are recognised in the statement of total recognised gains and losses. |
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Investment property |
Investment property is included at fair value. Gains and losses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
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As permitted under FRS 102 section 1A, a transfer is made from retained earnings into a revaluation reserve for the amount at which any revaluation and the subsequent deferred tax adjustment effects the profit and loss for the period of the company. This reserve does not form part of the distributable reserves of the company. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
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Recognition of dividend income |
Dividend income is recognised at the point the right to receive payment is established for final dividends and on receipt for interim dividends. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Howard & Hallam Limited (Registered number: 00529289) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2020 |
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4. | TANGIBLE FIXED ASSETS |
Investment | Plant and | Computer |
properties | machinery | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 July 2019 |
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Additions |
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Disposals |
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At 30 June 2020 |
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DEPRECIATION |
At 1 July 2019 |
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Charge for year |
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Eliminated on disposal |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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The investment property relates to a site in Exeter. The site in Exeter is a long leasehold and the properties were valued on 25 September 2012 by Alder King, Chartered Surveyors, at an open market value deemed to be equivalent to fair value of £800,000. The directors are of the opinion that these are appropriate values as at 30 June 2020. |
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Cost or valuation at 30 June 2020 is represented by: |
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Investment | Plant and | Computer |
properties | machinery | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2009 | 556,201 | - | - | 556,201 |
Valuation in 2012 | (100,000 | ) | - | - | (100,000 | ) |
Cost | 343,799 | 57,605 | 2,764 | 404,168 |
800,000 | 57,605 | 2,764 | 860,369 |
Howard & Hallam Limited (Registered number: 00529289) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2020 |
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5. | FIXED ASSET INVESTMENTS |
Other |
investment |
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COST OR VALUATION |
At 1 July 2019 |
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Additions |
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Disposals | ( |
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Revaluations | ( |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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The cost of the listed investments at the year end was £9,653,764 (2019: £9,453,768). |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Taxation and social security |
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Other creditors |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.20 | 30.6.19 |
value: | £ | £ |
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Ordinary | £1 | 14,500 | 14,500 |
Howard & Hallam Limited (Registered number: 00529289) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2020 |
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9. | RESERVES |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
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At 1 July 2019 |
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11,642,533 |
Deficit for the year | ( |
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Dividends | ( |
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Movement in actuarial gain/ |
(loss) in pension scheme | (336,000 | ) | - | - | (336,000 | ) |
Listed investments revaluation | - | (943,753 | ) | - | (943,753 | ) |
Transfer between reserves | 55,846 | (55,846 | ) | - | - |
At 30 June 2020 |
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9,424,833 |
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The accounting policy is to value investments at market value, with the surplus over cost taken to the revaluation reserve. |
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10. | EMPLOYEE BENEFIT OBLIGATIONS |
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As explained in the accounting policies the company operates a pension scheme providing benefits based on final pensionable pay. The contribution paid by the company to the scheme are reviewed as part of each actuarial valuation, the most recent being 1 July 2018. |
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The calculations used for FRS 102 disclosures have been based on the results of the actuarial valuation as at 1 July 2018 and updated where necessary by a qualified independent actuary to take account of the requirement of FRS 102 in order to assess the liabilities of the scheme at 30 June 2020 and the comparative dates below. |
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The amounts recognised in profit or loss are as follows: |
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Defined benefit |
pension plans |
30.6.20 | 30.6.19 |
£ | £ |
Current service cost |
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Net interest from net defined benefit
asset/liability |
(3,000 |
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- |
Past service cost |
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Administration fee | - | 1,000 |
(3,000 | ) | 1,000 |
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Actual return on plan assets |
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Howard & Hallam Limited (Registered number: 00529289) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2020 |
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10. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
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Changes in the present value of the defined benefit obligation are as follows: |
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Defined benefit |
pension plans |
30.6.20 | 30.6.19 |
£ | £ |
Opening present value of funded defined benefit obligations |
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Interest cost |
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Benefits paid | ( |
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Remeasurements: |
Actuarial (gains)/losses from changes in
demographic assumptions |
6,000 |
(44,000 |
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Actuarial (gains)/losses from changes in
financial assumptions |
295,000 |
113,000 |
Oblig other remeasurement | - | (23,000 | ) |
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Changes in the fair value of scheme assets are as follows: |
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Defined benefit |
pension plans |
30.6.20 | 30.6.19 |
£ | £ |
Opening fair value of plan assets |
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Interest income | 59,000 | 62,000 |
Contributions by employer |
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Benefits paid | (45,000 | ) | (41,000 | ) |
Administration costs | - | (1,000 | ) |
Return on plan assets (excluding
interest income) |
(38,000 |
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101,000 |
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Howard & Hallam Limited (Registered number: 00529289) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2020 |
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10. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
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The amounts recognised in other comprehensive income are as follows: |
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Defined benefit |
pension plans |
30.6.20 | 30.6.19 |
£ | £ |
Actuarial (gains)/losses from changes in
demographic assumptions |
(6,000 |
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44,000 |
Actuarial (gains)/losses from changes in
financial assumptions |
(295,000 |
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(113,000 |
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Oblig other remeasurement | - | 23,000 |
Return on plan assets (excluding
interest income) |
(38,000 |
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101,000 |
(339,000 | ) | 55,000 |
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The major categories of scheme assets as a percentage of total scheme assets are as follows: |
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Defined benefit |
pension plans |
30.6.20 | 30.6.19 |
Unitised with profits policy | 100% | 100% |
100.00% | 100.00% |
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Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
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30.6.20 | 30.6.19 |
Discount rate |
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RPI inflation |
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Pension revaluation in deferment |
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Pension increase in payment |
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The assumptions relating to longevity underlying the pension liabilities at the balance sheet date are based on standard actuarial mortality tables and include an allowance for future improvements in longevity. The assumptions are equivalent to expecting a 65 year old to live for a number of years as follows: |
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- Current pensioner aged 65, 22 years (male), 25 years (female) |
- Future retiree upon reaching 65, 24 years (male), 26 years (female) |