Registered number:
For the period ended
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FRANK KEY HOLDINGS LIMITED
Company Information
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FRANK KEY HOLDINGS LIMITED
Contents
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FRANK KEY HOLDINGS LIMITED
Group strategic report
For the period ended 31 December 2022
The directors present their strategic report for the period ended 31 December 2022.
Within this report the directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. 2022 represented a good year for the Frank Key Group. The Group continues to have a strong balance sheet and is operating efficiently.
Post Covid-19, the economic outlook in the areas in which we operate began to deteriorate during the year. Significant materials price inflation continued from the previous year and our ability to pass these on diminished during the year. Increasing cost of living began to reduce demand for building materials in our markets linked to the end user. Activities linked to housebuilding continued to be stable during the year, but increases in interest rates to combat wider inflation led to this sector beginning to slow later in 2022. Volumes in the sector fell over the course of the year, masked by the inflation in the price of the materials we sell. General inflation led to increases across the majority of our overheads during the year, with the impact of reducing overall profitability. That said, the previous period was a record year following a boom in DIY spend whilst other sectors were significantly affected by lock downs and other Covid restrictions. During the year, a restructure of the Group took place as part of our succession strategy. This led to shareholding and director changes and was facilitated by the addition of a new parent company, Frank Key Holdings Limited.
The Group has a strong balance sheet and a settled management team. As with other businesses in our sector, any uncertainty will come from external influences, but all indications are that the construction sector activity (specifically the RMI sector and private housing developments) will see output levels struggle in the next trading period.
Indications remain that the effects to the Group from the Brexit decision should continue to be minimal given our turnover is domestic and close to the branches, with recent progress on arrangements with the EU, this risks to our supply chain are now reduced, given our products are principally manufactured or raw materials. More aligned to the effects of Covid-19 than Brexit has been the impact on product shortages which continued into 2022, but eased as the year progressed meaning 2023 should not see these challenges. Demand no longer is exceeding domestic supply and worldwide issues around international shipping rates have reduced with rates expected to return to normal during 2023. The main risk we foresee is around customer demand and their purchasing power, our customers currently have healthy order books but the impact of the rising cost of living will potentially reduce demand within the private RMI sector. This is coupled with significant inflation in the products we offer, up to now these been affordable to customers, but if they continue we are likely to see further falls in output demand and potential pressure on our trading margins. Uncertainty does present its own risks, mainly with predicting capacity and credit control, but the Group continues to remain cautious and controlled in exploiting opportunities. Group borrowings remain well within our affordability and strong cash flow ensure they are easily serviceable, even if activity were to fall.
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FRANK KEY HOLDINGS LIMITED
Group strategic report (continued)
For the period ended 31 December 2022
We consider that our key financial performance indicators are those that communicate the financial performance and position of the company, these being net profit, current ratio and gearing.
This is the first trading period of the new holding company and the consolidated figures above cover this initial period. The balance sheet is strong, with excellent liquidity. The reorganisation, which led to the creation of the Company, introduced some financing from the retiring shareholders, but gearing remains low and will be repaid over the next few years.
This report was approved by the board and signed on its behalf.
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FRANK KEY HOLDINGS LIMITED
Directors' report
For the period ended 31 December 2022
The directors present their report and the financial statements for the period ended 31 December 2022.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The principal activity of the Group is the supply of building materials and associated goods and services.
The profit for the period, after taxation, amounted to £1,680,692.
Dividends of £nil were paid during the period.
The directors who served during the period were:
The Group will continue to look to grow organically through its existing branch base, building further on the success of recent years. We will look to invest in driving improved efficiencies, but with the current uncertainty in the economy, we will exercise caution in these strategic decisions.
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FRANK KEY HOLDINGS LIMITED
Directors' report (continued)
For the period ended 31 December 2022
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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FRANK KEY HOLDINGS LIMITED
Independent auditors' report to the members of Frank Key Holdings Limited
We have audited the financial statements of Frank Key Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2022, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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FRANK KEY HOLDINGS LIMITED
Independent auditors' report to the members of Frank Key Holdings Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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FRANK KEY HOLDINGS LIMITED
Independent auditors' report to the members of Frank Key Holdings Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
∙management bias in respect of accounting estimates and judgements made;
∙management override of control;
∙posting of unusual journals or transactions.
We focussed on those areas that could give rise to a material misstatement in the Group financial statements. Our procedures included, but were not limited to:
∙enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
∙reviewing minutes of meetings of those charged with governance where available;
∙reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
∙reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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FRANK KEY HOLDINGS LIMITED
Independent auditors' report to the members of Frank Key Holdings Limited (continued)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
2 Lace Market Square
NG1 1PB
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FRANK KEY HOLDINGS LIMITED
Consolidated statement of comprehensive income
For the period ended 31 December 2022
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FRANK KEY HOLDINGS LIMITED
Registered number: 13768693
Consolidated balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 37 form part of these financial statements.
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FRANK KEY HOLDINGS LIMITED
Registered number: 13768693
Company balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 37 form part of these financial statements.
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FRANK KEY HOLDINGS LIMITED
Consolidated statement of changes in equity
For the period ended 31 December 2022
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FRANK KEY HOLDINGS LIMITED
Company statement of changes in equity
For the period ended 31 December 2022
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FRANK KEY HOLDINGS LIMITED
Consolidated statement of cash flows
For the period ended 31 December 2022
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FRANK KEY HOLDINGS LIMITED
Consolidated Analysis of Net Debt
For the period ended 31 December 2022
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
Frank Key Holdings Limited is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office and the company’s registration number is given in the company information page of these financial statements. The nature of the Group and Company’s operations and principal activities are given in the Directors’ Report.
The Company was incorporated on 26 November 2021. The financial statements present the results of the Company for the period from incorporation to 31 December 2022 and the results of the Group for the period 22 March 2022 to 31 December 2022.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements have been prepared in Sterling which is the functional currency of the Group are are rounded to the nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. Acquisitions made by share issue, for example by share for share exchange, account for the difference between subsidiary net asset values at acquisition and nominal value of the shares issued by the Company or a subsidiary Company as a separate reserve termed the merger relief reserve. The share for share exchange was accounted for as a group reconstruction using the merger accounting method.
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
2.Accounting policies (continued)
Sale of goods Revenue from the sale of building and merchant supplies is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. Revenue from the hire of plant and equipment is recognised over the hire term. Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
2.Accounting policies (continued)
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
2.Accounting policies (continued)
Depreciation is provided on the following basis:
The directors consider the residual value of freehold property is at least equal to net book value and therefore depreciation is not charged in respect of these assets.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet. Revaluation of investment properties - the Group carries its investment properties at fair value, with changes in fair value being recognised in the statement of other comprehensive income. The investment properties have not been revalued in the year on the basis that the directors do not consider the carrying value to be materially different to the fair value. Depreciation of freehold property - the Group does not charge depreciation of certain freehold property assets on the basis that the residual value of these assets is at least equal to cost. No formal valuation of the freehold properties has been undertaken during the year; the directors do not consider there to be a material difference between current residual value and cost.
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
The whole of the turnover is attributable to the principal activity of the Group, being the supply of building materials and associated goods and services.
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
12.Taxation (continued)
From 1 April 2023, the rate of corporation tax in the United Kingdom has increased from 19% to 25%. Companies with profits of £50k or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50k and £250k, the higher 25% rate will apply but with a marginal relief applying as profits increase.
As the 25% rate was enacted in May 2021, this rate has been reflected in the calculation of deferred tax.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the period was £Nil.
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
14.Tangible fixed assets (continued)
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
18.Debtors (continued)
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
Included in amounts repayable after more than five years is a bank loan repayment in monthly instalments, with the final payment due in August 2032. Interest on this loan is charged at Base Rate + 2%.
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
Upon incorporation the Company issued 3 £1 Ordinary shares at nominal value.
On 13 December 2021 the Company issued 1 £1 Ordinary share at nominal value. On 22 March 2022 the Company issued 600,000 £1 Ordinary shares for consideration of £10.60 per share. On 22 March 2022 the Company issued £399,996 £1 Ordinary shares at nominal value. The £1 Ordinary shares were subsequently redesignated as 600,000 Ordinary A shares and 400,000 Ordinary B shares.
Merger relief reserve
Profit and loss account
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
26.Business combinations (continued)
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge, represents contributions payable by the Group to the fund and amounted to £158,835. Contributions totalling £42,065 were payable to the fund at the balance sheet date and are included in creditors.
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FRANK KEY HOLDINGS LIMITED
Notes to the financial statements
For the period ended 31 December 2022
The ultimate controlling parties is Mr R M Sansom and Mrs S E Sansom by virtue of their shareholding.
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