REGISTERED NUMBER: 12517218 (England and Wales) |
FIDELIS HOLDINGS LTD |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
31 JANUARY 2021 TO 29 JANUARY 2022 |
REGISTERED NUMBER: 12517218 (England and Wales) |
FIDELIS HOLDINGS LTD |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
31 JANUARY 2021 TO 29 JANUARY 2022 |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
Page |
Company Information | 1 |
Group Strategic Report | 2 | to | 7 |
Report of the Directors | 8 | to | 9 |
Report of the Independent Auditors | 10 | to | 13 |
Consolidated Income Statement | 14 |
Consolidated Other Comprehensive Income | 15 |
Consolidated Statement of Financial Position | 16 |
Company Statement of Financial Position | 17 |
Consolidated Statement of Changes in Equity | 18 |
Company Statement of Changes in Equity | 19 |
Consolidated Statement of Cash Flows | 20 |
Notes to the Consolidated Statement of Cash Flows | 21 | to | 22 |
Notes to the Consolidated Financial Statements | 23 | to | 38 |
FIDELIS HOLDINGS LTD |
COMPANY INFORMATION |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Enterprise Way |
Pinchbeck |
Spalding |
Lincolnshire |
PE11 3YR |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
The directors present their strategic report of the company and the group for the period 31 January 2021 to 29 January 2022. |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
REVIEW OF BUSINESS |
FreshLinc Group |
Turnover shows considerable further growth during the year, with this improvement driven by several new business wins, together with further organic growth within the existing customer base, from both their own businesses development and our continued provision of more end-to-end logistics solutions. This increase in activity delivered considerable additional revenues and coupled with the industry wide price reviews towards the end of the year, has led to turnover increasing by £16m (14%) year on year. Key factors driving this increase in sales are:- |
- Establishment of a new division in the year, FloraLinc, providing distribution services for all Horticulture products grown within the UK and Europe for onward delivery to both main retail outlets and the majority of UK garden centre businesses. |
- Development of our bulk haulage operation, FLB, with the addition of a substantial new contract to provide a full logistics solution for a large grain co-operative. |
- Further expansion of our ambient business, FLX, with considerable new volume managed through our new operating location in the Midlands, together with further growth in storage and distribution revenues from our main customer supplying garden products, which we operate from our Manchester base, and stockholding locations at Runcorn and Wyton. |
- Additional volumes across our chilled business, FreshLinc, with a significant increase in volumes for an internet-based retailer, and continued development of our consolidation business in Kent and Lincolnshire. |
- DirectLinc continues to develop its container operation, providing services from all UK deep sea ports direct to customers and through our consolidation operations. |
Operational performance for the year was very challenging, following the widening of the IR35 worker legislation, which in turn led to us ceasing to operate our agency labour business, Top Up Resources Limited during the year. This change in legislation resulted in the well-publicised shortage of HGV drivers across the industry, and together with many EU nationals leaving the UK labour force, led to a perfect storm, in terms of increased pay rates and reduced availability of drivers. |
This reduction in resource availability led to reduced fleet utilisation and increased reliance on subcontractors during the summer period, with additional costs during this period being absorbed within the business. |
Towards the end of the year customer rates were reviewed to reflect these additional operating costs to enable us to continue to offer the service our customer base has come to expect and to ensure we remain competitive in the locations we require HGV resource. |
During the year the business has continued to invest in its infrastructure with the addition of a new distribution and growing facility in Pinchbeck, Spalding, launching our FloraLinc brand, providing growing facilities on site, and a network within which we can distribute all horticultural products within the UK. Furthermore, our international operations have now merged with FloraLinc, providing a one stop shop for horticultural products grown both within the UK and the Netherlands. |
We have invested further in the FLX business, with an additional site in Huthwaite, Sutton in Ashfield, providing another key network location within our ambient network, with the ability to provide storage solutions on our 4 acre depot. |
We have continued to invest at our Spalding site, with the addition of a solar array to our main warehouse, which will generate circa 25% of the energy we consume on site each year, thus aiding us to further reduce our environmental impact. |
Investment in our driver training has been significant during the year, and this has resulted in us now able to train the drivers of tomorrow fully from car licence through to HGV driver, having gained DVSA Delegated Examiner Status, for both practical and theory examinations. |
We have completed the roll out of a new tracking and monitoring system for all our HGV's, with the benefit of live CCTV, and will have migrated our 800 trailers to the new tracking hardware platform by the end of the Summer. |
The company has continued to invest in its replacement program, ensuring we maintain a fleet of modern fuel-efficient vehicles, all of which meet the latest Euro VI standards, and in our trailer fleet, both refrigerated and ambient trailers, to service the varying needs of our diverse customer base. |
We believe the increased volumes carried and continued diversity of our business sectors, together with the ongoing development of our distribution network and site footprint will continue to drive efficiency, economies of scale and provide a sound foundation for further profitable business growth. |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
Keepstem Group |
Throughout the period under review the core business of the group remained the production, harvesting, procurement, packing and marketing of a wide range of arable crops grown on excess of 16,000 acres of land in South Lincolnshire whilst continuing to provide agricultural contracting services to our established client base. |
Following three successive years of unpredictable weather that had a significant impact on the group, in 2021 we avoided any of the climatic extremes that adversely impacted on crop production as a result of which yields of our own crops were near to the long-term average. |
In 2020 the Covid-19 lockdowns had led to an increased demand for our products, in 2021 as restrictions were lifted, we saw at first a levelling out and then a slight reduction in turnover in the period under review. Total turnover of £54,416,611 was 2.5% down on the previous period but remains 5.2% better than pre-covid levels. |
Although overall turnover was slightly reduced year on year, we retained all our existing customers who continue to acknowledge that our business remains the supplier that can be relied upon to deliver the quantity and quality of product needed at all times in a timely manner no matter how challenging that might be. |
During 2021 the group started to be affected by some significant cost price increases, particularly with regards to electricity and fuel for our fleet of agricultural vehicles, the former rising by 28% and the latter by 51% over the course of the year. This cost price inflation that the group had to absorb squeezed profit margins leading to a reduction in operating profit from £616,075 in the previous period to £242,611. |
The group continues to be mindful that it has a significant presence in the locality given the area of land farmed and number of vehicles needed to conduct its operations and always endeavours to minimise the impact of its operations on the community and the environment. |
Looking ahead, in 2022 we have successfully re-negotiated prices with all our retail customers to cover the continuing steep rise in input costs in addition to which selling prices for our combinable crops and sugar beet will also be well above 2021 levels. Accordingly, the directors remain confident of the future prospects for the group. |
FUTURE OUTLOOK |
Since the year end, given the increased availability of driving resource, through both our own "train and test" driver development program and availability in the marketplace generally, fleet utilisation has improved considerably. |
Volumes have remained strong across the business as a whole, with further considerable revenue increases within both our FloraLinc and FLX operations. |
Whilst the current year will no doubt bring its challenges, we feel we have weathered the storm generated from IR35 in 2021, and through the development of our own HGV driver production line, are confident we will continue to deliver a first-class service to our customer base, and deliver satisfactory returns for the business. |
Our track record of consistent significant growth over the past few years, and our continued investment in the scale of operation and network capability, together with the service levels our customers demand, will continue to give us the opportunity to further diversify our customer base and continue to grow our scale and capabilities. |
Our dedicated and committed employees remain our key asset as the business continues to expand. |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal financial risk facing the group would be a loss of its customer base. However the group has performed very well by winning new business through its focus on cost control and high service levels, and given the growth and diversification of the recent past, our reliance on any one key contract has been reduced significantly. |
The group is also subject to environmental and health and safety risks and mitigates these by a focus on training, equipment maintenance, fleet replacement programme and stringent internal audit controls. |
ENVIRONMENTAL RISK |
On the growing side of the group primary risk is in relation to the impact that the weather can have on crop yields and costs of production. We have however operated subject to these risks for 35 years but with experienced managers, the best possible equipment and a supporting network of growers have always been able to maximise our output of high quality product in order to meet the exacting standards of our customers. |
MARKET RISK |
Market risk encompasses three types of risk, being currency risk, fair value interest rate and price risk. The group's policies for managing fair value interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the subsection entitled "interest rate risk" below. |
LIQUIDITY RISK |
The group seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. |
Short-term flexibility is achieved by an asset backed bank lending facility. |
INTEREST RATE RISK |
The group finances its operations through a mixture of retained profits, bank borrowings and hire purchase agreements. The group's exposure to interest rate fluctuations or its borrowings is mitigated by the use of fixed interest hire purchase agreements. |
CREDIT RISK |
The group's principal financial assets are cash and trade debtors. |
In order to manage credit risk, the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history. |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
SECTION 172(1) STATEMENT |
Stakeholder Engagement |
As the Board of Fidelis Holdings Limited, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the company's success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the company and its stakeholders. This statement addresses the ways in which we as a Board manage this responsibility. |
Promoting the company's success for its members |
Fidelis Holdings Limited was incorporated in March 2020 as the corporate entity to be used by the three founding shareholders of the separate groups, Keepstem Limited and FreshLinc Group Limited, being Robin Hancox, Aubrey Day and Martin Tate to bring together the groups under a single holding company. The company and its group continues to be owned and controlled by these three, with Robin Hancox continuing to be the majority shareholder. We're proud of the ways in which the separate groups, over the last 24 years, have continued to achieve consistent long-term growth and has provided employment, training and financial reward for an increasing number of colleagues. |
We aim to be the best-in-class haulier and supplier of fresh produce within all the marketplaces in which we trade and have demonstrated a strong history of customer service. In a competitive market we strive to continue to grow our business through further opportunities with our current customers and through new business based on our reputation for quality of service and product, accessibility to colleagues at all levels within our business, and personal relationships developed over time with our customer base. |
We acknowledge that, in order to progress to the next phase in the company's future, it is likely that we will need to enhance our asset base. Our twin aims are to maximize the company's ability to grow profits and market share whilst returning the highest possible value to the shareholders. |
We make strategic decisions based on long-term objectives. In particular, this has meant significant investment in our farm and packing equipment and our IT infrastructure. Investment will continue over the coming years to ensure we continue to offer top quality produce at a competitive price. |
Engaging with stakeholders |
Our key stakeholders, and the ways in which we engage with them, are as follows: |
Our employees |
Our operations rely heavily on a skilled team including tractor drivers, factory operatives, production staff and management on a 7 day a week basis, as well as a focused central team of marketing, finance, HR and IT professionals. We are renowned for our customer service, which requires us to adapt to the ever-changing impact of our variable climate on product availability. We cannot achieve this without our team. |
Recruitment and retention of staff is therefore a critical business activity. We help to engage with team members by: |
- setting remuneration at market-leading rates, |
- providing training and career development support, |
Our customers and suppliers |
We invest heavily in our farm and packing equipment replacement programme ensuring that we have the most fuel efficient and environmentally beneficial vehicles, together with a robust driver training system, to ensure we can continue to offer customers the best quality produce in the marketplace. We liaise with key customers on a daily basis and meet regularly to review new opportunities. |
Our business model priorities quality and service. We believe we are competitive in our chosen marketplaces, but feel it is our consistently high levels of product quality and availability that differentiates us from our piers. Our customers value the high degree of interaction and expertise. |
We have built and will maintain a reputation for transparency and fair dealing in our interaction with customers and suppliers. |
Our community |
We are a private group of company's, and the three shareholders all continue to work within the businesses that operates within a 25-mile radius of Spalding, and we continue to be a significant employer in the local community. We provide fresh produce to several local charities and fund-raising groups throughout the year. |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
Our planet |
Our industry contributes to environmental pollution and we are working hard to minimise the impact of our operations. We operate the most modern low emissions equipment and our focus on driver behaviour also enables us to ensure our impact on the environment is minimised. We operate exclusively Euro VI vehicles within our fleet and our focus on driver behaviour enables us to ensure our impact on the environment is minimised. We intend to introduce a solar array to our main operational site during 2021/22, enabling us to supply up to 25% of our energy needs on an annual basis. |
FINANCIAL KEY PERFORMANCE INDICATORS |
1. There was a gross profit of £21,162,645 in the period which was a positive 11.8% margin, compared to a positive 15.1% margin in the previous period. |
2. Operating profit of £1,799,155 (2021 - £3,100,152). |
OTHER KEY PERFORMANCE INDICATORS |
The group measures its non-financial performance in several areas as follows: |
1. The securing of new business is a critical area if the business is to continue to grow. The value of contracts won during the year is therefore closely monitored by directors. |
2. The service delivery to key customers is measured and reported on a daily, weekly and monthly basis, in conjunction with those key customers in areas such as delivery on time, service availability and quality scores. |
3. A number of operating KPI's relating to vehicle operation are monitored within the business to ensure operational efficiency is maximised, especially through all seasonal peaks. |
ON BEHALF OF THE BOARD: |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
The directors present their report with the financial statements of the company and the group for the period 31 January 2021 to 29 January 2022. |
DIVIDENDS |
No interim dividend was paid during the period. The directors recommend a final dividend of £200 per share. |
The total distribution of dividends for the period ended 29 January 2022 will be £ 200,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 2 February 2020 to the date of this report. |
A E Day - appointed 31 March 2020 |
R Hancox - appointed 13 March 2020 |
M J Tate - appointed 31 March 2020 |
POLITICAL DONATIONS AND EXPENDITURE |
In the year ending 2022 £3,848 was donated to UK charities (2021 - £2,085). |
STREAMLINED ENERGY AND CARBON REPORTING |
Units | 2022 | 2021 |
Energy Consumption | MWh | 159,625 | 193,968 |
Scope 1 Emissions | tCO2e | 33,577 | 47,012 |
Scope 2 Emissions | tCO2e | 5,433 | 5,335 |
Total Gross Scope 1 & 2 Emissions | tCO2e | 39,010 | 52,347 |
Intensity Ratio | tCO2e/£ | 0.007 | 0.0003 |
The above comparative figures present the energy usage for the 10 month period since incorporation of the Fidelis Group in the year ending 2021. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
AUDITORS |
The auditors, Duncan & Toplis Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FIDELIS HOLDINGS LTD |
Opinion |
We have audited the financial statements of Fidelis Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 29 January 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 29 January 2022 and of the group's profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
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 UK, including the FRC'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. |
Conclusions relating to going concern |
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 and 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FIDELIS HOLDINGS LTD |
Matters on which we are required to report by exception |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page eight, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FIDELIS HOLDINGS LTD |
Auditors' responsibilities for the audit of the financial statements |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. |
We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. |
The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. |
This included the identification and testing of unusual material journal entries and Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies. |
Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Food Safety regulations, Haulage and operator regulations and Employment laws. |
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management, and inspection. This inspection included a review of the external audits conducted in the year, confirmation of renewed relevant memberships and licenses and a detailed walkthrough of Health and Safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FIDELIS HOLDINGS LTD |
Use of our 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 a Report of the Auditors 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 |
Enterprise Way |
Pinchbeck |
Spalding |
Lincolnshire |
PE11 3YR |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
CONSOLIDATED INCOME STATEMENT |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
Period | Period |
31.1.21 to 29.1.22 | 2.2.20 to 30.1.21 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 179,135,111 | 164,013,024 |
Cost of sales | 157,972,466 | 141,846,720 |
GROSS PROFIT | 21,162,645 | 22,166,304 |
Distribution costs | 3,375,313 | 3,861,255 |
Administrative expenses | 16,959,032 | 15,976,832 |
20,334,345 | 19,838,087 |
828,300 | 2,328,217 |
Other operating income | 970,605 | 771,935 |
OPERATING PROFIT | 6 | 1,798,905 | 3,100,152 |
Exceptional items | 7 | - | 86,687 |
1,798,905 | 3,186,839 |
Interest receivable and similar income | 4,683 | 10,769 |
1,803,588 | 3,197,608 |
Interest payable and similar expenses | 8 | 534,037 | 570,764 |
Other finance costs | 27 | 3,000 | 2,000 |
537,037 | 572,764 |
PROFIT BEFORE TAXATION | 1,266,551 | 2,624,844 |
Tax on profit | 9 | 301,940 | 462,112 |
PROFIT FOR THE FINANCIAL PERIOD |
Profit attributable to: |
Owners of the parent | 964,611 | 2,162,732 |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
Period | Period |
31.1.21 | 2.2.20 |
to | to |
29.1.22 | 30.1.21 |
Notes | £ | £ |
PROFIT FOR THE PERIOD | 964,611 | 2,162,732 |
OTHER COMPREHENSIVE INCOME |
Remeasurement gain/(loss) on defined |
benefit pension scheme | 492,000 | (31,000 | ) |
Movement on deferred tax relating to |
defined benefit pension asset | 60,630 | 3,990 |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX |
552,630 |
(27,010 |
) |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
1,517,241 |
2,135,722 |
Total comprehensive income attributable to: |
Owners of the parent | 1,517,241 | 2,135,722 |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
29 JANUARY 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | 608,855 | 724,258 |
Tangible assets | 13 | 22,625,129 | 19,319,182 |
Investments | 14 | - | - |
Investment property | 15 | 240,000 | 240,000 |
23,473,984 | 20,283,440 |
CURRENT ASSETS |
Stocks | 16 | 6,773,105 | 5,002,309 |
Debtors | 17 | 31,362,168 | 29,636,025 |
Cash at bank and in hand | 241,084 | 305,578 |
38,376,357 | 34,943,912 |
CREDITORS |
Amounts falling due within one year | 18 | 43,675,289 | 37,987,971 |
NET CURRENT LIABILITIES | (5,298,932 | ) | (3,044,059 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES | 18,175,052 | 17,239,381 |
CREDITORS |
Amounts falling due after more than one year | 19 | (7,725,984 | ) | (7,626,362 | ) |
PROVISIONS FOR LIABILITIES | 24 | (569,102 | ) | (507,294 | ) |
PENSION ASSET/(LIABILITY) | 27 | 390,000 | (153,000 | ) |
NET ASSETS | 10,269,966 | 8,952,725 |
CAPITAL AND RESERVES |
Called up share capital | 25 | 11,000 | 11,000 |
Share premium | 26 | 304,229 | 304,229 |
Revaluation reserve | 26 | 2,197,468 | 2,197,468 |
Capital redemption reserve | 26 | 1,005,170 | 1,005,170 |
Merger reserve | 26 | 605,723 | 605,723 |
Retained earnings | 26 | 6,146,376 | 4,829,135 |
SHAREHOLDERS' FUNDS | 10,269,966 | 8,952,725 |
The financial statements were approved by the Board of Directors and authorised for issue on 9 August 2022 and were signed on its behalf by: |
R Hancox - Director |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
COMPANY STATEMENT OF FINANCIAL POSITION |
29 JANUARY 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
Investment property | 15 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 25 |
Share premium |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 200,000 | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 2 February 2020 | 11,000 | 2,693,413 | 304,229 |
Changes in equity |
Total comprehensive income | - | 2,135,722 | - |
Balance at 30 January 2021 | 11,000 | 4,829,135 | 304,229 |
Changes in equity |
Dividends | - | (200,000 | ) | - |
Total comprehensive income | - | 1,517,241 | - |
Balance at 29 January 2022 | 11,000 | 6,146,376 | 304,229 |
Capital |
Revaluation | redemption | Merger | Total |
reserve | reserve | reserve | equity |
£ | £ | £ | £ |
Balance at 2 February 2020 | 2,197,468 | 1,005,170 | 605,723 | 6,817,003 |
Changes in equity |
Total comprehensive income | - | - | - | 2,135,722 |
Balance at 30 January 2021 | 2,197,468 | 1,005,170 | 605,723 | 8,952,725 |
Changes in equity |
Dividends | - | - | - | (200,000 | ) |
Total comprehensive income | - | - | - | 1,517,241 |
Balance at 29 January 2022 | 2,197,468 | 1,005,170 | 605,723 | 10,269,966 |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 2 February 2020 |
Changes in equity |
Balance at 30 January 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 29 January 2022 |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
Period | Period |
31.1.21 | 2.2.20 |
to | to |
29.1.22 | 30.1.21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,965,169 | 4,083,591 |
Interest paid | (450,967 | ) | (459,216 | ) |
Interest element of hire purchase payments paid | (86,070 | ) | (113,548 | ) |
Government grants | 305,507 | 414,755 |
Tax paid | (477,201 | ) | (414,239 | ) |
Net cash from operating activities | 3,256,438 | 3,511,343 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (23,440 | ) | (28,549 | ) |
Purchase of tangible fixed assets | (5,275,716 | ) | (3,419,575 | ) |
Sale of tangible fixed assets | 538,421 | 302,766 |
Interest received | 4,683 | 10,769 |
Net cash from investing activities | (4,756,052 | ) | (3,134,589 | ) |
Cash flows from financing activities |
New loans in year | 750,000 | 8,000,000 |
Loan repayments in year | (1,446,279 | ) | (1,254,194 | ) |
Capital repayments in year | (3,302,478 | ) | (1,082,836 | ) |
New hire purchases in year | 4,465,382 | 256,976 |
Equity dividends paid | (200,000 | ) | - |
Net cash from financing activities | 266,625 | 5,919,946 |
(Decrease)/increase in cash and cash equivalents | (1,232,989 | ) | 6,296,700 |
Cash and cash equivalents at beginning of period |
2 |
(11,324,865 |
) |
(17,621,565 |
) |
Cash and cash equivalents at end of period | 2 | (12,557,854 | ) | (11,324,865 | ) |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period | Period |
31.1.21 | 2.2.20 |
to | to |
29.1.22 | 30.1.21 |
£ | £ |
Profit before taxation | 1,266,551 | 2,624,844 |
Depreciation charges | 1,787,500 | 2,051,438 |
Profit on disposal of fixed assets | (207,681 | ) | (71,448 | ) |
Government grants | (305,507 | ) | (414,755 | ) |
Finance costs | 537,037 | 572,764 |
Finance income | (4,683 | ) | (10,769 | ) |
3,073,217 | 4,752,074 |
(Increase)/decrease in stocks | (1,770,796 | ) | 667,039 |
Increase in trade and other debtors | (1,772,353 | ) | (29,726 | ) |
Increase/(decrease) in trade and other creditors | 4,435,101 | (1,305,796 | ) |
Cash generated from operations | 3,965,169 | 4,083,591 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Period ended 29 January 2022 |
29.1.22 | 31.1.21 |
£ | £ |
Cash and cash equivalents | 241,084 | 305,578 |
Bank overdrafts | (12,798,938 | ) | (11,630,443 | ) |
(12,557,854 | ) | (11,324,865 | ) |
Period ended 30 January 2021 |
30.1.21 | 2.2.20 |
£ | £ |
Cash and cash equivalents | 305,578 | 88,681 |
Bank overdrafts | (11,630,443 | ) | (17,710,246 | ) |
(11,324,865 | ) | (17,621,565 | ) |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 31.1.21 | Cash flow | At 29.1.22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 305,578 | (64,494 | ) | 241,084 |
Bank overdrafts | (11,630,443 | ) | (1,168,495 | ) | (12,798,938 | ) |
(11,324,865 | ) | (1,232,989 | ) | (12,557,854 | ) |
Debt |
Finance leases | (2,637,020 | ) | (1,162,903 | ) | (3,799,923 | ) |
Debts falling due within 1 year | (1,126,094 | ) | 30,967 | (1,095,127 | ) |
Debts falling due after 1 year | (6,104,812 | ) | 665,312 | (5,439,500 | ) |
(9,867,926 | ) | (466,624 | ) | (10,334,550 | ) |
Total | (21,192,791 | ) | (1,699,613 | ) | (22,892,404 | ) |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
1. | STATUTORY INFORMATION |
Fidelis Holdings Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
Some of the amounts included in the financial statements involve the use of judgement and/or estimation. These judgements and estimates are based on the director's prior experiences and using their best knowledge of the relevant facts and circumstances. Actual results may differ from the amounts included in the financial statements. Information about such judgements and estimations is included in the accounting policies and/or notes to the accounts. The key areas are summarised below; |
Judgements in applying accounting policies |
- The directors must judge whether all of the conditions required for the turnover to be recognised in profit and loss for the financial year, as set out in revenue note, have been met. |
Key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are stock valuation and valuation of the pension scheme. |
Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from haulage and freight transport services are recognised in the period in which the services are provided. |
Revenue from contracts to provide services are recognised in the period in which the services are provided. |
Revenue from the sale of goods are recognised when all of the following conditions are satisfied: |
- | the Group has transferred the significant risks and rewards of ownership to the buyer; |
- | the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the good sold; |
- | the amount of revenue can be measured reliably; |
- | it is probable that the Group will receive the consideration due under the transaction; and |
- | the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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 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 Statement of Comprehensive income over 10 years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Computer software |
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Amortisation is provided on the following bases: |
Software | - | 20-33% straight line |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter. |
Freehold property | - | 2% - 10% straight line |
Plant and machinery | - | 5% - 33% straight line |
Office equipment | - | 33% straight line |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Investment property is carried at fair value determined annually by external valuers and derived from the current market rates and investment property yields for comparable real estate, adjusted if necessary for any differences in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income. |
Stocks |
Stocks are stated at the lower of cost and net realisable values, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less cost to complete and sell. The impairment loss is recognised immediately in profit or loss. |
Produce is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of produce. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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 period end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
2. | ACCOUNTING POLICIES - continued |
Pensions |
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. |
Defined benefit pension plan |
The company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. |
The liability recognised in the Balance Sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date out of which the obligations are to be settled. |
The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using the market yields on high quality corporate bonds that are denominated in sterling and that have term approximating to the estimated period of the future payments. |
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the company's policy for similarly held assets. This includes the use of appropriate valuation techniques. |
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement gain/(loss) on defined benefit pension scheme'. |
The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises: |
a) the increase in net pension benefit liability arising from employee service during the period; and |
b) the cost of plan introductions, benefit changes, curtailments and settlements. |
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'. |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not attacked rate, the financial asset or liability is measured, at market, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cash. |
Financial assets that are measured at cost and amortised costs are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their file value. Changes in the fair value of the derivatives are recognised in profit or loss in finance costs or income as appropriate. The group does not currently apply hedge accounting for interest rate and foreign exchange derivatives. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
Period | Period |
31.1.21 | 2.2.20 |
to | to |
29.1.22 | 30.1.21 |
£ | £ |
United Kingdom | 168,524,372 | 152,629,904 |
Europe | 10,610,739 | 11,383,120 |
179,135,111 | 164,013,024 |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
4. | EMPLOYEES AND DIRECTORS |
Period | Period |
31.1.21 | 2.2.20 |
to | to |
29.1.22 | 30.1.21 |
£ | £ |
Wages and salaries | 21,466,768 | 18,208,277 |
Social security costs | 2,122,084 | 1,767,939 |
Other pension costs | 368,309 | 339,606 |
23,957,161 | 20,315,822 |
The average number of employees during the period was as follows: |
Period | Period |
31.1.21 | 2.2.20 |
to | to |
29.1.22 | 30.1.21 |
Operations Staff | 596 | 531 |
Admin staff | 45 | 43 |
5. | DIRECTORS' EMOLUMENTS |
Period | Period |
31.1.21 | 2.2.20 |
to | to |
29.1.22 | 30.1.21 |
£ | £ |
Directors' remuneration | 546,322 | 569,574 |
Information regarding the highest paid director is as follows: |
Period | Period |
31.1.21 | 2.2.20 |
to | to |
29.1.22 | 30.1.21 |
£ | £ |
Emoluments etc | 203,394 | 208,597 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period | Period |
31.1.21 | 2.2.20 |
to | to |
29.1.22 | 30.1.21 |
£ | £ |
Hire of plant and machinery | 12,322,016 | 12,504,773 |
Other operating leases | 2,571,780 | 2,244,492 |
Depreciation - owned assets | 1,001,309 | 1,047,484 |
Depreciation - assets on hire purchase contracts | 647,349 | 865,751 |
Profit on disposal of fixed assets | (207,681 | ) | (71,448 | ) |
Goodwill amortisation | 93,407 | 93,406 |
Computer software amortisation | 45,436 | 44,797 |
Auditors' remuneration | 51,700 | 50,854 |
Auditors remuneration - taxation compliance | 5,950 | 6,200 |
Auditors remuneration - other | 39,424 | 38,032 |
Foreign exchange differences | (139,339 | ) | 86,842 |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
7. | EXCEPTIONAL ITEMS |
Period | Period |
31.1.21 | 2.2.20 |
to | to |
29.1.22 | 30.1.21 |
£ | £ |
Exceptional items | - | 86,687 |
During the prior year, group subsidiary, Lincolnshire Field Products Limited, received an amount of £86,687 as a settlement figure for an historical dispute relating to events in a prior period. This was fully settled in 2021. |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period | Period |
31.1.21 | 2.2.20 |
to | to |
29.1.22 | 30.1.21 |
£ | £ |
Bank interest | 304,378 | 364,180 |
Bank loan interest | 143,589 | 92,889 |
Interest payable | - | 147 |
Hire purchase interest | 86,070 | 113,548 |
534,037 | 570,764 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period | Period |
31.1.21 | 2.2.20 |
to | to |
29.1.22 | 30.1.21 |
£ | £ |
Current tax: |
UK corporation tax | (34 | ) | 461,054 |
Adjustment re previous years | - | (118,834 | ) |
Total current tax | (34 | ) | 342,220 |
Deferred tax | 301,974 | 119,892 |
Tax on profit | 301,940 | 462,112 |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
9. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period | Period |
31.1.21 | 2.2.20 |
to | to |
29.1.22 | 30.1.21 |
£ | £ |
Profit before tax | 1,266,551 | 2,624,844 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
240,645 |
498,720 |
Effects of: |
Expenses not deductible for tax purposes | 43,264 | - |
Income not taxable for tax purposes | (559,346 | ) | (37,666 | ) |
Capital allowances in excess of depreciation | (40,948 | ) | - |
Adjustments to tax charge in respect of previous periods | 12 | (118,834 | ) |
Tax Losses c/f | 316,339 | - |
Deferred Tax | 301,974 | 119,892 |
Total tax charge | 301,940 | 462,112 |
Tax effects relating to effects of other comprehensive income |
31.1.21 to 29.1.22 |
Gross | Tax | Net |
£ | £ | £ |
Remeasurement gain/(loss) on defined |
benefit pension scheme | 492,000 | - | 492,000 |
Movement on deferred tax relating to |
defined benefit pension asset | 60,630 | - | 60,630 |
552,630 | - | 552,630 |
2.2.20 to 30.1.21 |
Gross | Tax | Net |
£ | £ | £ |
Remeasurement gain/(loss) on defined |
benefit pension scheme | (31,000 | ) | - | (31,000 | ) |
Movement on deferred tax relating to |
defined benefit pension asset | 3,990 | - | 3,990 |
(27,010 | ) | - | (27,010 | ) |
10. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
11. | DIVIDENDS |
Period | Period |
31.1.21 | 2.2.20 |
to | to |
29.1.22 | 30.1.21 |
£ | £ |
Ordinary shares of 1 each |
Final | 200,000 | - |
12. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 31 January 2021 | 936,633 | 583,126 | 1,519,759 |
Additions | - | 23,440 | 23,440 |
At 29 January 2022 | 936,633 | 606,566 | 1,543,199 |
AMORTISATION |
At 31 January 2021 | 312,552 | 482,949 | 795,501 |
Amortisation for period | 93,407 | 45,436 | 138,843 |
At 29 January 2022 | 405,959 | 528,385 | 934,344 |
NET BOOK VALUE |
At 29 January 2022 | 530,674 | 78,181 | 608,855 |
At 30 January 2021 | 624,081 | 100,177 | 724,258 |
13. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST |
At 31 January 2021 | 13,941,174 | 20,488,509 | 12,337 | 34,442,020 |
Additions | 10,260 | 5,265,455 | - | 5,275,715 |
Disposals | - | (1,690,681 | ) | (12,337 | ) | (1,703,018 | ) |
At 29 January 2022 | 13,951,434 | 24,063,283 | - | 38,014,717 |
DEPRECIATION |
At 31 January 2021 | 1,935,048 | 13,178,116 | 9,674 | 15,122,838 |
Charge for period | 183,839 | 1,464,819 | - | 1,648,658 |
Eliminated on disposal | - | (1,372,234 | ) | (9,674 | ) | (1,381,908 | ) |
At 29 January 2022 | 2,118,887 | 13,270,701 | - | 15,389,588 |
NET BOOK VALUE |
At 29 January 2022 | 11,832,547 | 10,792,582 | - | 22,625,129 |
At 30 January 2021 | 12,006,126 | 7,310,393 | 2,663 | 19,319,182 |
The net book value of tangible fixed assets includes £5,467,944 (2021 - £4,485,322) in respect of assets held under hire purchase contracts. |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
14. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 31 January 2021 |
and 29 January 2022 |
NET BOOK VALUE |
At 29 January 2022 |
At 30 January 2021 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Wool Hall Farm, Cross Gate, Wykeham, Spalding, Lincolnshire, PE12 6HW |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Wool Hall Farm, Cross Gate, Wykeham, Spalding, Lincolnshire, PE12 6HW |
Nature of business: |
% |
Class of shares: | holding |
DirectLinc Limited |
Registered office: |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
This company is claiming exemption from audit under s480. |
The registered office of the company is: Wool Hall Farm, Cross Gate, Wykeham, Spalding, Lincolnshire, PE12 6HW. |
Top Up Resources Limited |
Registered office: |
Nature of business: provision of driver services |
% |
Class of shares: | holding |
Ordinary | 100.00 |
The registered office of the company is: Wool Hall Farm, Cross Gate, Wykeham, Spalding, Lincolnshire, PE12 6HW. |
Top Up Resources Limited has ceased to trade in the year ending 29 January 2022 and will be registered as a dormant company within 12 months of the the date of this report. |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
14. | FIXED ASSET INVESTMENTS - continued |
LFP Vegetables Limited |
Registered office: |
Nature of business: growing of crops |
% |
Class of shares: | holding |
Ordinary A | 100.00 |
Ordinary B | 100.00 |
This company is claiming exemption from audit under s479a. |
The registered office of the company is: Wool Hall Farm, Cross Gate, Wykeham, Spalding, Lincolnshire, PE12 6HW. |
Lincolnshire Field Products Limited |
Registered office: |
Nature of business: growing of crops |
% |
Class of shares: | holding |
Ordinary | 100.00 |
The registered office of the company is: Wool Hall Farm, Cross Gate, Wykeham, Spalding, Lincolnshire, PE12 6HW. |
FreshLinc Limited |
Registered office: |
Nature of business: transport of freight |
% |
Class of shares: | holding |
Ordinary | 100.00 |
The registered office of the company is: Wool Hall Farm, Cross Gate, Wykeham, Spalding, Lincolnshire, PE12 6HW. |
PortLinc Limited |
Registered office: |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
This company is claiming exemption from audit under s480. |
The registered office of the company is: Wool Hall Farm, Cross Gate, Wykeham, Spalding, Lincolnshire, PE12 6HW. |
15. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 31 January 2021 |
and 29 January 2022 | 240,000 |
NET BOOK VALUE |
At 29 January 2022 | 240,000 |
At 30 January 2021 | 240,000 |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
16. | STOCKS |
Group |
2022 | 2021 |
£ | £ |
Stocks | 236,347 | 141,694 |
Raw materials | 1,382,030 | 1,124,190 |
Work-in-progress | 3,347,645 | 2,268,903 |
Finished goods | 1,807,083 | 1,467,522 |
6,773,105 | 5,002,309 |
17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2022 | 2021 |
£ | £ |
Trade debtors | 28,049,334 | 26,403,028 |
Amounts owed by participating interests | - | 33,200 |
Other debtors | 195,922 | 179,414 |
Taxation | 14,420 | - |
VAT | 717,993 | 693,423 |
Prepayments and accrued income | 2,384,499 | 2,326,960 |
31,362,168 | 29,636,025 |
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts (see note 20) | 13,894,065 | 12,756,537 |
Hire purchase contracts (see note 21) | 1,513,439 | 1,115,470 |
Trade creditors | 21,272,600 | 19,233,602 |
Taxation | - | 462,815 |
Other taxes and social security | 1,680,231 | 1,071,633 |
Other creditors | 1,053,227 | 712,210 |
Accruals and deferred income | 4,261,727 | 2,635,704 |
43,675,289 | 37,987,971 |
19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2022 | 2021 |
£ | £ |
Bank loans (see note 20) | 5,439,500 | 6,104,812 |
Hire purchase contracts (see note 21) | 2,286,484 | 1,521,550 |
7,725,984 | 7,626,362 |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
20. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2022 | 2021 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 12,798,938 | 11,630,443 |
Bank loans | 1,095,127 | 1,126,094 |
13,894,065 | 12,756,537 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years | 246,000 | 662,640 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years | 5,193,500 | 5,442,172 |
21. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year | 1,513,439 | 1,115,470 |
Between one and five years | 2,286,484 | 1,521,550 |
3,799,923 | 2,637,020 |
Group |
Non-cancellable operating | leases |
2022 | 2021 |
£ | £ |
Within one year | 12,457,853 | 13,221,425 |
Between one and five years | 13,509,864 | 18,249,551 |
In more than five years | 74,143 | 480,652 |
26,041,860 | 31,951,628 |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
22. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2022 | 2021 |
£ | £ |
Bank overdrafts | 12,798,938 | 11,630,443 |
Bank loans | 6,534,627 | 7,230,906 |
Hire purchase contracts | 3,799,923 | 2,637,020 |
23,133,488 | 21,498,369 |
Amounts due under finance lease and hire purchase are secured against the assets to which they relate. |
The bank overdraft is secured by fixed and floating charges over all assets of the company. There is an unlimited multilateral guarantee given by FreshLinc Group, FreshLinc Limited, Keepstem Limited, Directlinc Limited and Lincolnshire Field Products Limited to HSBC Bank. |
23. | FINANCIAL INSTRUMENTS |
Group | Group | Company | Company |
29 January | 30 January | 29 January | 30 January |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Financial assets |
Financial assets | 30,873,111 | 29,242,711 | - | - |
Financial liabilities |
Financial liabilities | 49,723,065 | 44,079,885 | - | - |
Financial assets measured at amortised cost comprise trade debtors, amounts owed by the group, amounts owed by related party, other debtors and cash and cash equivalents. |
Financial liabilities measured at amortised costs comprise bank loans and overdrafts, trade creditors, amounts owed to group, amounts owed to related party, obligations under finance lease and hire purchase, other creditors and accruals. |
24. | PROVISIONS FOR LIABILITIES |
Group |
2022 | 2021 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 331,052 | 89,708 |
Other provisions | 238,050 | 417,586 |
Aggregate amounts | 569,102 | 507,294 |
Group |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 31 January 2021 | 89,708 | 417,586 |
Provided during period | 241,344 | - |
Utilised during period | - | (179,535 | ) |
Balance at 29 January 2022 | 331,052 | 238,051 |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
24. | PROVISIONS FOR LIABILITIES - continued |
Other provisions are an insurance provision included in relation to potential third party insurance claims. |
25. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | 1 | 11,000 | 11,000 |
26. | RESERVES |
Group |
Retained | Share | Revaluation |
earnings | premium | reserve |
£ | £ | £ |
At 31 January 2021 | 4,829,135 | 304,229 | 2,197,468 |
Profit for the period | 964,611 |
Dividends | (200,000 | ) |
Adjustments to STRGL | 552,630 | - | - |
At 29 January 2022 | 6,146,376 | 304,229 | 2,197,468 |
Group |
Capital |
redemption | Merger |
reserve | reserve | Totals |
£ | £ | £ |
At 31 January 2021 | 1,005,170 | 605,723 | 8,941,725 |
Profit for the period | 964,611 |
Dividends | (200,000 | ) |
Adjustments to STRGL | - | - | 552,630 |
At 29 January 2022 | 1,005,170 | 605,723 | 10,258,966 |
a) Share premium account |
The share premium account represents the premium arising on the issue of shares net of issue costs. |
b) Revaluation reserve |
The revaluation reserve represents the cumulate effect of revaluations of tangible fixed assets where a policy of revaluation has been adopted. |
c) Profit and loss account |
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments. |
d) Capital redemption reserve |
The capital redemption reserve represents amounts that are transferred following the redemption or purchase of a company’s own shares. |
e) Merger reserve |
The merger reserve represents the difference between the value of shares issued by the Company in exchange for the value of shares acquired in respect of the acquisition of subsidiaries accounted for under the pooling-of-interest method. |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
27. | EMPLOYEE BENEFIT OBLIGATIONS |
The amounts recognised in profit or loss are as follows: |
Defined benefit |
pension plans |
2022 | 2021 |
£ | £ |
Current service cost | - | - |
Net interest from net defined benefit asset/liability |
3,000 |
2,000 |
Past service cost | - | - |
3,000 | 2,000 |
Actual return on plan assets | 43,000 | 45,000 |
Changes in the present value of the defined benefit obligation are as follows: |
Defined benefit |
pension plans |
2022 | 2021 |
£ | £ |
Opening defined benefit obligation | 2,630,000 | 2,589,000 |
Interest cost | 46,000 | 47,000 |
Benefits paid | (37,000 | ) | (60,000 | ) |
Actuarial (gains)/losses from changes in financial assumptions |
(328,000 |
) |
54,000 |
2,311,000 | 2,630,000 |
Changes in the fair value of scheme assets are as follows: |
Defined benefit |
pension plans |
2022 | 2021 |
£ | £ |
Opening fair value of scheme assets | 2,477,000 | 2,415,000 |
Contributions by employer | 54,000 | 54,000 |
Expected return | 43,000 | 45,000 |
Benefits paid | (37,000 | ) | (60,000 | ) |
Return on plan assets (excluding interest income) | 164,000 | 23,000 |
2,701,000 | 2,477,000 |
The amounts recognised in other comprehensive income are as follows: |
Defined benefit |
pension plans |
2022 | 2021 |
£ | £ |
Actuarial (gains)/losses from changes in financial assumptions |
328,000 |
(54,000 |
) |
Return on plan assets (excluding interest income) | 164,000 | 23,000 |
492,000 | (31,000 | ) |
FIDELIS HOLDINGS LTD (REGISTERED NUMBER: 12517218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2021 TO 29 JANUARY 2022 |
The major categories of scheme assets as amounts of total scheme assets are as follows: |
Defined benefit |
pension plans |
2022 | 2021 |
£ | £ |
Equities | 1,778,000 | 1,562,000 |
Bonds | 560,000 | 588,000 |
Cash/other | 226,000 | 194,000 |
Real return | 137,000 | 133,000 |
2,701,000 | 2,477,000 |
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
2022 | 2021 |
Discount rate | 2.40% | 1.75% |
The company expects to contribute £51,000 to its defined benefit pension scheme in 2023. |
28. | RELATED PARTY DISCLOSURES |
During the year the group charged LFP Investments Limited a total of £6,000 (2021 - £9,497) in relation to management services. LFP Investments Limited is private limited company wholly owned by the directors of this group. The amount owed by LFP Investments Limited to the group at the year end was £nil (2021 - £33,000). |
Transactions with wholly owned subsidiaries of Fidelis Holdings Limited are exempt from the requirements of FRS 102 to disclose transactions with these companies on the grounds that consolidated accounts are publicly available from Companies House. |
29. | ULTIMATE CONTROLLING PARTY |
The Board of Directors of Fidelis Holdings Limited are considered to be the company's ultimate controlling related party by virtue of of their directorships of and shareholdings in Fidelis Holdings Limited, the ultimate parent undertaking. |
30. | ACQUISITION OF SUBSIDIARIES |
On 31 March 2020, Fidelis Holdings acquired 100% of the share capital in Keepstem Limited and FreshLinc Group Limited via a share for share exchange involving shares with a nominal value of £11,000. The transaction has been recorded under the provisions of merger relief at nominal value only in the financial statements of Fidelis Holdings Limited. The acquisition was accounted for using merger accounting on consolidation. |
Book value | Adjustment | Fair value |
£ | £ | £ |
Fixed assets | 19,118,071 | 216,551 | 19,334,622 |
Stocks | 5,669,348 | 5,669,348 |
Debtors | 40,027,502 | 40,027,502 |
Cash | 88,681 | 88,681 |
Total assets | 64,903,602 | 65,120,153 |
Creditors due within one year | 55,451,016 | 55,451,016 |
Creditors due after one year | 1,759,608 | 1,759,608 |
Provisions for liabilities | 875,980 | 875,980 |
Total liabilities | 58,086,604 | 58,086,604 |
Net assets acquired | 7,033,549 |