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Notes to the Consolidated Financial Statements (continued)
19. Dividend
During the year, a cash dividend of £1,230,252 (2021: £259,312) was declared and was fully paid during the year.
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20. Subsidiaries
The Company owns all the equity share capital of the following subsidiary companies, all of which are incorporated in Jersey:
Incorporation and Disposal of subsidiaries
On 8 September 2022, Horizon (Manco) Limited and Horizon (Commercial) Limited were incorporated by the Company.
During November 2022, the Company sold its interest of 2 ordinary shares of £1 each in both Horizon (Manco) Limited and Horizon (Commercial) Limited to Waterfront Development (6C) Limited.
21. Related party transactions
The Company intermittently purchases services from various departments at the Government of Jersey on a commercial basis as explained above. The details regarding the dividend for the year are disclosed in Note 19.
The Group advanced additional loans amounting to £nil (2021: £nil) to Waterfront Development (6C) Limited during the year. As at 31 December 2022, the total of the loans advanced was £7.15m (2021: £7.15m).
22. Immediate and ultimate controlling party
The Company is wholly owned by the Government of Jersey, which the Directors consider to be the immediate and ultimate controlling party.
23. Pension costs
The Group pays contributions towards privately administered pension plans based on terms agreed in staff contracts. The Company has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefits expenses when they are due. Salaries and emoluments include pension contributions of £128,705 (2021: £101,662).
24. Events after the reporting period
There are no adjusting or non-adjusting events after the reporting date.
