Company Registration No. 05032664 (England and Wales)
FFF Holdings Limited
Annual Report And Consolidated Financial Statements
For The Year Ended 28 February 2023
FFF HOLDINGS LIMITED
FFF Holdings Limited
COMPANY INFORMATION
Directors
Mr C Bradley
Mr S Butcher
Mrs V Singleton
Mr S Butcher
Mr D J Linton
Company number
05032664
Registered office
8 Pittman Court, Pittman Way
Fulwood
Preston
United Kingdom
PR2 9ZG
Auditor
Azets Audit Services
Chartered Accountants
Floor 1, Capital House
8 Pittman Court, Pittman Way
Fulwood
Preston
Lancashire
United Kingdom
PR2 9ZG
FFF HOLDINGS LIMITED
FFF Holdings Limited
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 30
FFF HOLDINGS LIMITED
FFF Holdings Limited
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 1 -

The directors present the strategic report for the year ended 28 February 2023.

 

Principal activities

The Company is a group holding company and was dormant throughout the current and previous year. It is expected to remain dormant for the foreseeable future.

 

The principal activity of the company's wholly owed subsidiary, Fylde Fresh and Fabulous Limited, continues to be that of growing, processing and distributing potatoes. The company also receives income for generating energy that is input into the national grid.

Fair review of the business

The food manufacturing and chip wholesale divisions have seen changes in turnover of +2.4% and +44% respectively. This was due to the effects of competitive contract positions and a more bullish raw material market following through into sales prices. Anaerobic Digester sales were increased by 47% due to forward sales of higher electricity export prices.

 

The operating profit of the group has decreased from £730,853 to £173,851.

 

The directors monitor gross profit margins as another key performance indicator and note a decrease from 52.80% to 45.61%.

 

Position at the end of the year

The company has a net current assets ratio of 1.19 compared to 1.44 in the prior year.

 

Key financial performance indicators

The group has three trading divisions and the directors consider that the key financial performance indicators are those that monitor the performance in respect of each of these divisions:

 

 

2023

2022

 

£

£

Revenue

15,293,367

13,527,861

Gross profit

6,975,260

7,142,060

Gross margin

45.61%

52.80%

Operating profit

173,851

730,853

Retained earnings

3,110,607

3,304,701

 

Principal risks and uncertainties

The group faces a number of risks and uncertainties and the directors believe that the key business risks are as follows:

 

Economic lockdown

Closure of catering establishments and other out-of-home meal providers could reduce volume demand and also put the group’s customer’s liquidity under pressure potentially resulting in insolvency.

 

Mitigation: The group provides an essential and basic ingredient that is required even in the most extreme circumstances. The group’s customer base ranges between food manufacturers supplying the retail sector to food service distributors and fast-food takeway. This minimises the risk to the company from any one economic sector facing closures.

 

The group also closely manages its debtors to ensure that debts are kept low and within terms.

 

 

 

 

FFF HOLDINGS LIMITED
FFF Holdings Limited
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -

Insufficiently diverse customer portfolio

Over reliance on any one customer or sector would have a significant effect on the group’s turnover and margin if that business were to be lost.

 

Mitigation: The group maintains very close relationships with its largest customers and holds long-term contracts that help to secure volume. The group holds a niche position in the market given that it is a potato specialist that is also a direct grower with expert knowledge of its raw material. This unique position ensures that competitors struggle to offer the product quality and service to match.

 

The group has invested in new production capacity so that it can win new business and bring in new customers which is already seeing additional volume coming into the group.

 

Government support in the renewable energy sector

A change in government policy could have an impact on the company’s anaerobic digester division through regulatory change removing access to green energy tariffs.

 

Mitigation: The group works closely with industry bodies such as NFU and ADBA to keep abreast of proposed regulatory changes and also to lobby where appropriate for the group’s best interests.

 

Competition risk

The industry in which the group operates is highly competitive. As a result the group has to price its products competitively in order to win tenders. However, developing new products, improving existing products, internal efficiencies and other measures have enabled the group to maintain its gross margin in recent years.

 

Health and Safety risk

The group is in a regulated industry where the maintenance of health and safety and environmental standards are absolutely crucial. The group recognises its obligations and the risk to its reputation of any incident affecting either its customers or employees. The directors are mindful of their responsibilities and comply with all relevant legislation.

On behalf of the board

Mr C Bradley
Director
21 August 2023
FFF HOLDINGS LIMITED
FFF Holdings Limited
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -

The directors present their annual report and financial statements for the year ended 28 February 2023.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £304,194. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C Bradley
Mr S Butcher
Mrs V Singleton
Mr S Butcher
Mr D J Linton
Principal financial risks and uncertainties

The group's financial assets and liabilities consist of trade debtors and creditors, bank loans and overdrafts, inventories, and hire purchase agreements. Their existence exposes the company to a number of financial risks, which the group seeks to manage and limit the potential adverse effect. The main risks are:

 

Liquidity risk

The group operates within an agreed overdraft with the group bankers. The liquidity risk is considered low as the group has strong cash flow generated from operations.

 

Credit risk

To be commercial the group must allow its customers to trade with credit terms and hence the group is exposed to the associated risks. The group mitigates these risks by carrying out credit checks on new customers and a dedicated credit control department monitors the amounts outstanding from existing customers. Exposure to credit risk is considered low.

Future developments

The directors anticipate that the business environment will remain competitive and market conditions will continue to vary with climatic conditions that affect the potato market. They believe that the group is in a good financial position and that the risks that have been identified are being well managed. With careful focus on raw material procurement, sales volume growth and competitor activity, the directors are confident in the group’s ability to maintain and build on this position, albeit with cautious growth expectations.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

FFF HOLDINGS LIMITED
FFF Holdings Limited
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Strategic report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of:

 

On behalf of the board
Mr C Bradley
Director
21 August 2023
FFF HOLDINGS LIMITED
FFF Holdings Limited
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FFF HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of FFF Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

FFF HOLDINGS LIMITED
FFF Holdings Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FFF HOLDINGS LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's 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 financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

FFF HOLDINGS LIMITED
FFF Holdings Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FFF HOLDINGS LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's 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.

Julie Flintoff BA (Hons) FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
Statutory Auditor
PRESTON
29 September 2023
FFF HOLDINGS LIMITED
FFF Holdings Limited
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
2023
2022
Notes
£
£
Revenue
3
15,293,367
13,527,861
Cost of sales
(8,318,107)
(6,385,801)
Gross profit
6,975,260
7,142,060
Administrative expenses
(6,996,090)
(6,420,037)
Other operating income
194,681
8,830
Operating profit
4
173,851
730,853
Investment income
8
-
0
581
Finance costs
9
(17,842)
(4,360)
Profit before taxation
156,009
727,074
Tax on profit
10
(45,909)
(287,850)
Profit for the financial year
110,100
439,224
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
FFF HOLDINGS LIMITED
FFF Holdings Limited
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2023
28 February 2023
- 9 -
2023
2022
Notes
£
£
£
£
Non-current assets
Goodwill
12
21,600
27,000
Property, plant and equipment
13
3,542,454
3,540,234
3,564,054
3,567,234
Current assets
Inventories
16
1,065,895
860,952
Trade and other receivables
17
3,614,668
2,186,092
Cash and cash equivalents
214,047
2,019
4,894,610
3,049,063
Current liabilities
18
(4,115,972)
(2,118,111)
Net current assets
778,638
930,952
Total assets less current liabilities
4,342,692
4,498,186
Non-current liabilities
20
(496,043)
(502,274)
Provisions for liabilities
Deferred tax liability
22
730,040
685,209
(730,040)
(685,209)
Net assets
3,116,609
3,310,703
Equity
Called up share capital
24
6,002
6,002
Retained earnings
3,110,607
3,304,701
Total equity
3,116,609
3,310,703
The financial statements were approved by the board of directors and authorised for issue on 21 August 2023 and are signed on its behalf by:
Mr C Bradley
Director
FFF HOLDINGS LIMITED
FFF Holdings Limited
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2023
28 February 2023
- 10 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investments
14
600,149
600,149
Current assets
Trade and other receivables
17
28,351
28,351
Net current assets
28,351
28,351
Net assets
628,500
628,500
Equity
Called up share capital
24
6,002
6,002
Retained earnings
622,498
622,498
Total equity
628,500
628,500

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £304,194 (2022 - £334,865 profit).

The financial statements were approved by the board of directors and authorised for issue on 21 August 2023 and are signed on its behalf by:
Mr C Bradley
Director
Company Registration No. 05032664
FFF HOLDINGS LIMITED
FFF Holdings Limited
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 11 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 March 2021
6,002
3,200,342
3,206,344
Year ended 28 February 2022:
Profit and total comprehensive income for the year
-
439,224
439,224
Dividends
11
-
(334,865)
(334,865)
Balance at 28 February 2022
6,002
3,304,701
3,310,703
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
110,100
110,100
Dividends
11
-
(304,194)
(304,194)
Balance at 28 February 2023
6,002
3,110,607
3,116,609
FFF HOLDINGS LIMITED
FFF Holdings Limited
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 12 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 March 2021
6,002
622,498
628,500
Year ended 28 February 2022:
Profit and total comprehensive income for the year
-
334,865
334,865
Dividends
11
-
(334,865)
(334,865)
Balance at 28 February 2022
6,002
622,498
628,500
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
304,194
304,194
Dividends
11
-
(304,194)
(304,194)
Balance at 28 February 2023
6,002
622,498
628,500
FFF HOLDINGS LIMITED
FFF Holdings Limited
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
494,907
1,051,699
Interest paid
(17,842)
(4,360)
Income taxes paid
(57,851)
(205,608)
Net cash inflow from operating activities
419,214
841,731
Investing activities
Purchase of property, plant and equipment
(562,894)
(803,433)
Proceeds on disposal of property, plant and equipment
6,560
69,997
Other investments and loans
-
92,012
Interest received
-
0
581
Net cash used in investing activities
(556,334)
(640,843)
Financing activities
Repayment of bank loans
(10,000)
(7,500)
Proceeds from finance leases
340,035
371,653
Payment of finance leases obligations
(286,879)
(239,982)
Dividends paid to equity shareholders
(304,194)
(334,865)
Net cash used in financing activities
(261,038)
(210,694)
Net decrease in cash and cash equivalents
(398,158)
(9,806)
Cash and cash equivalents at beginning of year
(78,541)
(68,735)
Cash and cash equivalents at end of year
(476,699)
(78,541)
Relating to:
Cash at bank and in hand
214,047
2,019
Bank overdrafts included in creditors payable within one year
(690,746)
(80,560)
FFF HOLDINGS LIMITED
FFF Holdings Limited
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Investing activities
Dividends received
304,194
334,865
Net cash generated from investing activities
304,194
334,865
Financing activities
Dividends paid to equity shareholders
(304,194)
(334,865)
Net cash used in financing activities
(304,194)
(334,865)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
FFF HOLDINGS LIMITED
FFF Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 15 -
1
Accounting policies
Company information

FFF Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Floor 1 Capital House, 8 Pittman Court, Pittman Way, Fulwood, Preston, Lancashire, United Kingdom, PR2 9ZG.

 

The group consists of FFF Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company FFF Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 28 February 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

FFF HOLDINGS LIMITED
FFF Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Revenue represents amounts receivable for goods and services net of VAT and trade discounts. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product have been transferred to the customer.

Revenue also includes income from energy generated by the group that is input into the national grid. This revenue is recognised when the group is entitled to the income based on the units produced per the meter readings.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
5% Straight Line
Plant and equipment
4-10% Straight Line
Fixtures and fittings
33% Straight Line/33% Reducing Balance
Motor vehicles
25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.8
Non-current investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

FFF HOLDINGS LIMITED
FFF Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 17 -
1.9
Impairment of non-current assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group only has financial assets (debtors, cash and bank balances) and financial liabilities (creditors and accruals) of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

FFF HOLDINGS LIMITED
FFF Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 18 -
1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss on a straight line basis.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

FFF HOLDINGS LIMITED
FFF Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Property, plant and equipment

Tangible fixed assets are depreciated using the straight-line or reducing balance method based on the estimated useful life, taking into account any residual value. The asset’s residual value and useful life are based on company best estimates and are reviewed, and adjusted if required, at each balance sheet date.

3
Revenue
2023
2022
£
£
Revenue analysed by class of business
Chips
2,699,630
1,870,669
Potatoes
10,344,524
10,103,748
Anaerobic Digester
2,233,988
1,514,729
Other
15,225
38,715
15,293,367
13,527,861
2023
2022
£
£
Other revenue
Interest income
-
581
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned property, plant and equipment
387,526
319,541
Depreciation of property, plant and equipment held under finance leases
166,588
188,577
Profit on disposal of property, plant and equipment
-
(13,690)
Amortisation of intangible assets
5,400
5,400
Operating lease charges
303,166
334,357
FFF HOLDINGS LIMITED
FFF Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 20 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
500
2,500
Audit of the financial statements of the company's subsidiaries
10,000
8,250
10,500
10,750
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
51,157
47,842
Company pension contributions to defined contribution schemes
80,000
137,022
131,157
184,864
FFF HOLDINGS LIMITED
FFF Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 21 -
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Factory
48
48
-
-
Administration
11
11
-
-
Drivers
5
5
-
-
Yard
7
6
-
-
Anaerobic Digestor
1
2
-
-
Total
72
72
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,048,607
2,699,888
-
0
-
0
Social security costs
220,771
187,160
-
-
Pension costs
141,667
211,527
-
0
-
0
3,411,045
3,098,575
-
0
-
0
8
Investment income
2023
2022
£
£
Interest income
Other interest income
-
581
9
Finance costs
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
17,842
4,360
FFF HOLDINGS LIMITED
FFF Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 22 -
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
3,958
60,731
Adjustments in respect of prior periods
(2,880)
-
0
Total current tax
1,078
60,731
Deferred tax
Origination and reversal of timing differences
44,831
227,119
Total tax charge
45,909
287,850

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
156,009
727,074
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
29,642
138,144
Tax effect of expenses that are not deductible in determining taxable profit
2,696
3,933
Tax effect of income not taxable in determining taxable profit
-
0
(1,067)
Effect of change in corporation tax rate
2,721
-
Depreciation on assets not qualifying for tax allowances
1,606
-
0
Under/(over) provided in prior years
(2,880)
-
0
Deferred tax adjustments in respect of prior years
33,491
-
0
Deferred tax - Movement in rates
-
0
146,840
Effect of superdeduction
(21,367)
-
0
Taxation charge
45,909
287,850
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
304,194
334,865
FFF HOLDINGS LIMITED
FFF Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 23 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
108,000
Amortisation and impairment
At 1 March 2022
81,000
Amortisation charged for the year
5,400
At 28 February 2023
86,400
Carrying amount
At 28 February 2023
21,600
At 28 February 2022
27,000
The company had no intangible fixed assets at 28 February 2023 or 28 February 2022.
13
Property, plant and equipment
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2022
428,745
5,613,125
587,655
643,351
7,272,876
Additions
2,895
400,446
32,138
127,415
562,894
Disposals
-
0
-
0
(6,560)
-
0
(6,560)
At 28 February 2023
431,640
6,013,571
613,233
770,766
7,829,210
Depreciation and impairment
At 1 March 2022
107,384
2,980,437
413,864
230,957
3,732,642
Depreciation charged in the year
20,316
373,618
52,157
108,023
554,114
At 28 February 2023
127,700
3,354,055
466,021
338,980
4,286,756
Carrying amount
At 28 February 2023
303,940
2,659,516
147,212
431,786
3,542,454
At 28 February 2022
321,361
2,632,688
173,791
412,394
3,540,234
The company had no property, plant and equipment at 28 February 2023 or 28 February 2022.
FFF HOLDINGS LIMITED
FFF Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
13
Property, plant and equipment
(Continued)
- 24 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
751,058
780,390
-
0
-
0
Motor vehicles
326,072
350,037
-
0
-
0
1,077,130
1,130,427
-
-
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
600,149
600,149
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 March 2022 and 28 February 2023
600,149
Carrying amount
At 28 February 2023
600,149
At 28 February 2022
600,149
15
Subsidiaries

Details of the company's subsidiaries at 28 February 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Fylde Fresh and Fabulous Limited
Floor 1 Capital House, 8 Pittman Court, Pittman Way, Fulwood, Preston, PR2 9ZD
Growing, processing and distribution potatoes
Ordinary
100.00
16
Inventories
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
1,065,895
860,952
-
0
-
0
FFF HOLDINGS LIMITED
FFF Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 25 -
17
Trade and other receivables
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade receivables
2,642,295
1,349,296
-
0
-
0
Other receivables
376,669
365,504
28,351
28,351
Prepayments and accrued income
595,704
471,292
-
0
-
0
3,614,668
2,186,092
28,351
28,351
18
Current liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
700,746
90,560
-
0
-
0
Obligations under finance leases
21
302,777
253,390
-
0
-
0
Trade payables
2,373,628
1,278,239
-
0
-
0
Corporation tax payable
3,958
60,731
-
0
-
0
Other taxation and social security
50,350
45,922
-
-
Other payables
29,396
82,286
-
0
-
0
Accruals and deferred income
655,117
306,983
-
0
-
0
4,115,972
2,118,111
-
0
-
0

Hire purchase creditors of £302,777 (2022: £253,390) are secured against the assets to which the agreement relates.

19
Borrowings
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
32,500
42,500
-
0
-
0
Bank overdrafts
690,746
80,560
-
0
-
0
723,246
123,060
-
-
Payable within one year
700,746
90,560
-
0
-
0
Payable after one year
22,500
32,500
-
0
-
0

The bank borrowings with Clydesdale Bank is repayable over 60 instalments of £833 commencing 26 June 2021. The interest rate charged on the loans is LIBOR + 2.5%.

FFF HOLDINGS LIMITED
FFF Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 26 -
20
Non-current liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
22,500
32,500
-
0
-
0
Obligations under finance leases
21
473,543
469,774
-
0
-
0
496,043
502,274
-
-

Hire purchase creditors of £473,543 (2022: £469,774) are secured against the assets to which the agreement relates.

21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
347,114
300,968
-
0
-
0
In two to five years
529,104
504,456
-
0
-
0
876,218
805,424
-
-
Less: future finance charges
(99,898)
(82,260)
-
0
-
0
776,320
723,164
-
0
-
0

Finance lease payments represent rentals payable by the group for certain items of plant and machinery and motor vehicles. The group has options to purchase the equipment for a nominal amount at the conclusion of the lease arrangements. The average lease term is 3 to 5 years.

 

The finance leases are secured by the lessors' title to the leased assets which have a carrying value of £1,077,130 (2022: £1,130,427).

 

The directors consider that the carrying amount of the obligations under finance leases approximate to their fair value.

FFF HOLDINGS LIMITED
FFF Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 27 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
747,105
685,972
Retirement benefit obligations
(13,732)
(763)
Spare 1
(3,333)
-
730,040
685,209
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 March 2022
685,209
-
Charge to profit or loss
44,831
-
Liability at 28 February 2023
730,040
-
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
141,667
211,527

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

FFF HOLDINGS LIMITED
FFF Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 28 -
24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
166,712
166,712
1,669
1,669
Ordinary B shares of 1p each
33,338
33,338
333
333
Ordinary C shares of 1p each
170,042
170,042
1,700
1,700
Ordinary D shares of 1p each
170,042
200,050
1,700
2,000
Ordinary E shares of 1p each
30,008
30,008
300
300
Ordinary F shares of 1p each
30,008
-
300
-
600,150
600,150
6,002
6,002

On 26 September 2022 the group redesignated 30,008 £0.01 Ordinary D Shares into 30,008 £0.01 Ordinary F Shares.

25
Financial commitments, guarantees and contingent liabilities

The group is party to an agreement for loans provided by Clydesdale Bank to Farm Generation Limited. The group has provided Clydesdale Bank with an unlimited guarantee.

 

The total indebtedness of Farm Generation Limited to Clydesdale Bank at 28 February 2023 was £2,612,072 (2022: £2,512,711).

26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
379,783
398,884
-
-
Between two and five years
254,960
564,788
-
-
634,743
963,672
-
-
FFF HOLDINGS LIMITED
FFF Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 29 -
27
Related party transactions

 

2023

£

 

2022

£

Trade receivable due from related companies

52,970

85,299

Trade payable due to related companies

55,002

52,107

Good and services from related companies

2,027,482

990,656

Leases from related companies

375,837

325,340

Sales to related companies

891,123

233,777

Loans from directors

25,059

28,896

Loans from related companies

-

50,000

Loans to related companies

112,806

220,000

Services from a director

169,000

179,105

Sale of fixed assets to a director

Key management personnel remuneration

-

238,788

70,000

333,018

 

No bad or doubtful debts were recognised in respect of amounts due from related parties in the current or previous period.

 

Loans to related companies are unsecured, interest free and repayable on demand.

 

Details of related party transactions regarding guarantees are set out in note 25 of the financial statements.

28
Controlling party

In the opinion of the directors there is no one controlling party.

29
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
110,100
439,224
Adjustments for:
Taxation charged
45,909
287,850
Finance costs
17,842
4,360
Investment income
-
0
(581)
Gain on disposal of property, plant and equipment
-
(13,690)
Amortisation and impairment of intangible assets
5,400
5,400
Depreciation and impairment of property, plant and equipment
554,114
508,118
Movements in working capital:
(Increase)/decrease in inventories
(204,943)
74,683
Increase in trade and other receivables
(1,428,576)
(349,341)
Increase in trade and other payables
1,395,061
95,676
Cash generated from operations
494,907
1,051,699
FFF HOLDINGS LIMITED
FFF Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 30 -
30
Cash absorbed by operations - company
2023
2022
£
£
Profit for the year after tax
304,194
334,865
Adjustments for:
Investment income
(304,194)
(334,865)
Cash absorbed by operations
-
-
31
Analysis of changes in net debt - group
1 March 2022
Cash flows
28 February 2023
£
£
£
Cash at bank and in hand
2,019
212,028
214,047
Bank overdrafts
(80,560)
(610,186)
(690,746)
(78,541)
(398,158)
(476,699)
Borrowings excluding overdrafts
(42,500)
10,000
(32,500)
Obligations under finance leases
(723,164)
(53,156)
(776,320)
(844,205)
(441,314)
(1,285,519)
2023-02-282022-03-01falseCCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr C BradleyMr S ButcherMrs V SingletonMr S ButcherMr D J 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