Company registration number 01213037 (England and Wales)
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
COMPANY INFORMATION
Directors
D B M Briggs
Mrs J Briggs
Mrs R J Lord
M Singh
E Selby
Secretary
Mrs R J Lord
Company number
01213037
Registered office
Oxney Road West Industrial Estate
Oxney Road
Peterborough
United Kingdom
PE1 5YW
Auditor
Azets Audit Services
Ruthlyn House
90 Lincoln Road
Peterborough
Cambridgeshire
United Kingdom
PE1 2SP
Business address
Oxney Road West Industrial Estate
Oxney Road
Peterborough
United Kingdom
PE1 5YW
Bankers
Barclays Bank PLC
1 Church Street
Peterborough
Cambridgeshire
United Kingdom
PE1 1XE
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Income statement
9
Statement of comprehensive income
10
Group statement of financial position
11
Company statement of financial position
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 35
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 1 -

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

Fair review of the business

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 period end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face.

 

The principal activity of the company continued to be that of fish friers and bakers sundriesman and of catering wholesaler.

 

Two years ago, turnover was significantly impacted by the disruption caused to the economy by Covid-19. Following successful recovery of turnover in 21/22, the company experienced further sales growth in the financial year ended February 2023, from £68.55 million to £82.35 million. This is an increase of £13.80 million or 20.0%. Some of the growth has been driven by unprecedented inflation.

 

The Director's consider the margins to be satisfactory, the market remains a competitive environment. Profit for the year has strengthened to £2.09 million. Net cash generated from operating activities was £1.68 million. During the year, the business invested £1.3 million in new assets and made significant investments to improve the infrastructure of our depots, these investments have continued in the current year, resulting in an increase in our operating costs.

Principal risks and uncertainties

Business Risk

The company operates in a very competitive environment, we continue to invest in product innovation, offer excellent customer service and build robust and lasting relationships with both customers and suppliers to counter the competitive threat.

 

While performance for the year ended February 2023 was better than the previous year, the current economic climate is very difficult. Our customers are facing many challenges in the current trading year due to a slowdown in the economy, a large increase in their overhead cost base and increases in the price of their input materials. The management team are confident that our customers will come through these challenges. In tough economic times fish and chips shops have generally experienced good trading, as our customer offer the public great value for money and an affordable luxury to consumers who themselves have experienced a large increase in the cost of living. The company has a loyal customer base and is a major player in the market. The management team are confident the company is in a strong position to support our customers, and to respond to the economic challenges.

 

Trading in the current year has been challenging but is line with expectations.

 

Financial Risk Management

The main financial risks arising from the Company’s operations are credit risk and liquidity risk. The company seeks to manage liquidity risk by preparing cashflow forecasts and ensuring enough liquidity exists to meet foreseeable needs. In order to manage credit risk, the Finance Director regularly reviews debtors and sets credit limits for customers based on payment history.

 

The biggest operational risks to the company would be potential loss of operational premises and IT infrastructure in the event of a major catastrophe. The company continues to invest in new IT infrastructure, updated software and disaster recovery solutions to minimise the risk. Continued investment is also being made to increase warehouse and freezer capacity and in renewable energy. To enable the company to realise its growth potential in addition to minimising potential operational risks.

Key performance indicators

The main Key Performance Indicators used by management to monitor the performance of the business include:-

Sales and margins by product group and by sales manager

Overheads compared to budget and previous year

Debtor days

Stock days.

FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
Promoting the success of the company

The Directors of Friars Pride consider that they have acted in good faith, and in a manner they consider is the most likely to promote the success of the Company for the benefit of its members as a whole as defined by s172(1)(a-e) of the Companies Act 2006, in the decisions taken during the year ended 28th February 2023. In particular;


(a) Likely consequences of any decision in the long-term


Our core business model and strategy are designed to secure sustainable long-term growth whilst continuing to deliver strong results in the current financial year.


(b) The interests of the Company’s employees


Our employees are fundamental to the delivery of our strategy. We encourage employee participation and have worked hard on improving the working environment. We have regard for their interests, and this has helped shape our decision-making processes.

 

We are thankful to our employees for their commitment and hard work to help the company improve its financial performance in the year ended 28th February 2023.


(c) The need to foster the Company’s business relationships with suppliers, customers, and others


Engaging with our stakeholders is very much a part of our ethos as it strengthens our relationships, builds strong partnerships, and helps us make better business decisions. 


(d) The impact of the Company’s operations on the community and the environment


We are proud to support our local community through several initiatives including sponsorship of local sports teams and donation of food to local charities.


We have introduced several initiatives to minimise our impact on the environment, including installing energy saving lighting and investing in renewable energy.


(e) The desirability of the Company maintaining a reputation for high standards of business conduct


The Board is committed to achieving and maintaining high standards of business conduct, corporate governance, integrity, and business ethics.

On behalf of the board

Mrs R J Lord
Director
15 November 2023
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
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.

Principal activities
The principal activity of the company continued to be that of fish friers and bakers sundriesman and of catering wholesalers.
Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £500,000. 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:

D B M Briggs
Mrs J Briggs
Mrs R J Lord
M Singh
E Selby
Supplier payment policy

The company's policy is to settle payment with suppliers in accordance with the terms agreed for each transaction and to ensure that all suppliers are made aware of the terms of payment.

Future developments

The directors consider that 2023/​24 will be another year of challenging trading conditions. Their aim is to continue to implement and improve the management policies. The company continues to grow and is in a strong position to take advantage of opportunities in the marketplace as they arise.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

The figures below detail the annual GHG emissions (scope 1 and 2) from activities for which the group is directly responsible.

2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
11,500
11,500
- Electricity purchased
1,658,446
1,516,225
- Fuel consumed for transport
11,850,144
11,233,485
13,520,090
12,761,210
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
2,095
2,102
- Fuel consumed for owned transport
1,588,729
1,492,617
1,590,824
1,494,719
Scope 2 - indirect emissions
- Electricity purchased
346,134
346,852
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
-
-
Total gross emissions
1,936,958
1,841,571
Intensity ratio
Tonnes Co2e per employee
9,224
8,487
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2022 UK Government’s Conversion Factors for Company Reporting.

 

The scope 3 emissions for business travel have not been quantified as estimations show that they account for less than 5% of our scope 1 emissions and therefore are negligible.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

Measures taken to improve energy efficiency

We carry out regular maintenance of freezers. We have invested in upgrading our freezer units in a few of our depots to improve energy efficiency. To reduce our energy usage, we have installed LED lighting and invested in renewable energy in several of our depots.

 

We carry out regular maintenance of HGV vehicles and maintain a modern fleet to reduce fuel usage by the group.

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.

On behalf of the board
Mrs R J Lord
Director
15 November 2023
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -

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.

FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FRIAR'S PRIDE LIMITED
- 6 -
Opinion

We have audited the financial statements of Friar's Pride Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023 which comprise the group income statement, 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:

FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FRIAR'S PRIDE LIMITED
- 7 -
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.

FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FRIAR'S PRIDE LIMITED
- 8 -

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.

Tracey Richardson BSc (Hons) FCA
(Senior Statutory Auditor)
For and on behalf of Azets Audit Services
16 November 2023
Chartered Accountants
Statutory Auditor
Ruthlyn House
90 Lincoln Road
Peterborough
Cambridgeshire
United Kingdom
PE1 2SP
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
82,348,274
68,554,575
Cost of sales
(66,909,372)
(55,280,490)
Gross profit
15,438,902
13,274,085
Administrative expenses
(12,952,230)
(11,079,818)
Other operating income
-
44,660
Operating profit
5
2,486,672
2,238,927
Interest receivable and similar income
4
28,081
7,521
Profit before taxation
2,514,753
2,246,448
Taxation
9
(420,273)
(445,418)
Profit for the financial year
2,094,480
1,801,030

The income statement has been prepared on the basis that all operations are continuing operations.

FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 10 -
2023
2022
£
£
Profit for the year
2,094,480
1,801,030
Other comprehensive income
-
-
Total comprehensive income for the year
2,094,480
1,801,030
Total comprehensive income for the year is all attributable to the owners of the parent company.
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023
28 February 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
-
0
77,191
Tangible assets
12
6,997,290
6,682,976
Investments
13
11,770
11,770
7,009,060
6,771,937
Current assets
Stocks
16
9,867,468
5,892,488
Debtors
17
5,317,330
4,668,185
Cash at bank and in hand
4,658,796
5,242,581
19,843,594
15,803,254
Creditors: amounts falling due within one year
18
(8,851,430)
(6,264,330)
Net current assets
10,992,164
9,538,924
Total assets less current liabilities
18,001,224
16,310,861
Provisions for liabilities
Deferred tax liability
20
442,436
346,553
(442,436)
(346,553)
Net assets
17,558,788
15,964,308
Capital and reserves
Called up share capital
22
71,873
71,873
Share premium account
1,474,343
1,474,343
Revaluation reserve
535,477
535,477
Profit and loss reserves
15,477,095
13,882,615
Total equity
17,558,788
15,964,308
The financial statements were approved by the board of directors and authorised for issue on 15 November 2023 and are signed on its behalf by:
15 November 2023
Mrs R J Lord
Director
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023
28 February 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
-
0
77,191
Tangible assets
12
5,047,290
4,732,976
Investments
13
2,085,076
2,085,076
7,132,366
6,895,243
Current assets
Stocks
16
9,867,468
5,892,488
Debtors
17
5,317,330
4,668,185
Cash at bank and in hand
4,655,473
5,239,258
19,840,271
15,799,931
Creditors: amounts falling due within one year
18
(9,033,660)
(6,446,560)
Net current assets
10,806,611
9,353,371
Total assets less current liabilities
17,938,977
16,248,614
Provisions for liabilities
Deferred tax liability
20
393,338
288,553
(393,338)
(288,553)
Net assets
17,545,639
15,960,061
Capital and reserves
Called up share capital
22
71,873
71,873
Share premium account
1,474,343
1,474,343
Revaluation reserve
573,840
573,840
Profit and loss reserves
15,425,583
13,840,005
Total equity
17,545,639
15,960,061

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,085,578 (2022 - £1,799,383 profit).

The financial statements were approved by the board of directors and authorised for issue on 15 November 2023 and are signed on its behalf by:
15 November 2023
Mrs R J Lord
Director
Company Registration No. 01213037
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 13 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 March 2021
71,873
1,474,343
535,477
12,501,937
14,583,630
Year ended 28 February 2022:
Profit and total comprehensive income for the year
-
-
-
1,801,030
1,801,030
Dividends
10
-
-
-
(420,352)
(420,352)
Balance at 28 February 2022
71,873
1,474,343
535,477
13,882,615
15,964,308
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
-
-
2,094,480
2,094,480
Dividends
10
-
-
-
(500,000)
(500,000)
Balance at 28 February 2023
71,873
1,474,343
535,477
15,477,095
17,558,788
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 14 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 March 2021
71,873
1,474,343
573,840
12,460,974
14,581,030
Year ended 28 February 2022:
Profit and total comprehensive income for the year
-
-
-
1,799,383
1,799,383
Dividends
10
-
-
-
(420,352)
(420,352)
Balance at 28 February 2022
71,873
1,474,343
573,840
13,840,005
15,960,061
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
-
-
2,085,578
2,085,578
Dividends
10
-
-
-
(500,000)
(500,000)
Balance at 28 February 2023
71,873
1,474,343
573,840
15,425,583
17,545,639
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,683,474
2,571,164
Income taxes (paid)/refunded
(527,085)
93,775
Net cash inflow from operating activities
1,156,389
2,664,939
Investing activities
Purchase of intangible assets
-
(50,000)
Purchase of tangible fixed assets
(1,301,255)
(770,393)
Proceeds on disposal of tangible fixed assets
33,000
91,295
Interest received
28,081
5,874
Net cash used in investing activities
(1,240,174)
(723,224)
Financing activities
Dividends paid to equity shareholders
(500,000)
(420,352)
Net cash used in financing activities
(500,000)
(420,352)
Net (decrease)/increase in cash and cash equivalents
(583,785)
1,521,363
Cash and cash equivalents at beginning of year
5,242,581
3,721,218
Cash and cash equivalents at end of year
4,658,796
5,242,581
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,683,474
2,571,164
Income taxes (paid)/refunded
(527,085)
93,775
Net cash inflow from operating activities
1,156,389
2,664,939
Investing activities
Purchase of intangible assets
-
0
(50,000)
Purchase of tangible fixed assets
(1,301,255)
(770,393)
Proceeds on disposal of tangible fixed assets
33,000
91,295
Interest received
28,081
5,874
Net cash used in investing activities
(1,240,174)
(723,224)
Financing activities
Dividends paid to equity shareholders
(500,000)
(420,352)
Net cash used in financing activities
(500,000)
(420,352)
Net (decrease)/increase in cash and cash equivalents
(583,785)
1,521,363
Cash and cash equivalents at beginning of year
5,239,258
3,717,895
Cash and cash equivalents at end of year
4,655,473
5,239,258
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 17 -
1
Accounting policies
Company information

Friar's Pride Limited (“the company”) is a limited company domiciled and incorporated in England and Wales.

 

The group consists of Friar's Pride 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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,085,578 (2022 - £1,799,383 profit).

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Friar's Pride Limited and all of its subsidiaries (ie. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

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.

 

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 18 -
1.5
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 3 years.

1.6
Tangible fixed assets

Tangible fixed assets 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:

Freehold land and buildings
Nil
Leasehold property
2% per annum on cost
Leasehold improvements
10% per annum on cost
Plant and machinery
10-20% per annum on cost
Fixtures, fittings and equipment
15-33% per annum on cost
Motor vehicles
14-33% per annum on cost

The freehold buildings are not being depreciated as the directors believe that the properties are maintained to such a state of repair that the residual value is at least equal to the net realisable value and therefore any depreciation necessary would not be material.

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.

1.7
Fixed asset investments

Equity instruments 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, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.8
Impairment of fixed 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.

FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 19 -

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 is estimated to be less than its carrying amount, the carrying amount of the asset 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 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 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.

1.9
Stocks

Stocks 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 stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.

1.10
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.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 20 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

 

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 21 -
Other financial liabilities

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 fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
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.

1.13
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.

FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 22 -
1.14
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 fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

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

1.16
Leases

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.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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

There are no estimates and assumptions which have a significant risk of causing a material adjustment to these financial statements.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Fish friers and bakers sundriesman and of catering wholesalers
82,348,274
68,554,575
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
3
Turnover and other revenue
(Continued)
- 23 -
2023
2022
£
£
Turnover analysed by geographical market
UK
82,348,274
68,554,575
2023
2022
£
£
Other revenue
Interest income
28,081
5,874
Grants received
-
44,660
4
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
25,177
1,836
Other interest income
2,904
4,038
Total interest revenue
28,081
5,874
Surplus/(Deficit) from fixed asset investments
Suplus/(Deficit) from participating interests - associates
-
0
1,647
Total income
28,081
7,521
5
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(44,660)
Depreciation of owned tangible fixed assets
975,811
1,024,340
Profit on disposal of tangible fixed assets
(21,870)
(70,722)
Amortisation of intangible assets
77,191
150,582
Cost of stocks recognised as an expense
66,909,372
55,280,490
Operating lease charges
317,364
267,012
6
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
16,000
11,550
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
6
Auditor's remuneration
(Continued)
- 24 -
For other services
Taxation compliance services
3,400
3,300
All other non-audit services
22,755
20,175
26,155
23,475
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
Management
20
20
20
20
Administration and sales
89
89
89
89
Drivers and warehouse
109
108
109
108
Total
218
217
218
217

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
6,651,646
6,039,122
6,651,646
6,039,122
Social security costs
639,123
536,513
639,123
536,513
Pension costs
167,408
146,907
167,408
146,907
7,458,177
6,722,542
7,458,177
6,722,542
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
446,727
594,272
Company pension contributions to defined contribution schemes
9,853
14,735
456,580
609,007

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2022 - 6).

FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
8
Directors' remuneration
(Continued)
- 25 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
124,589
154,336
Company pension contributions to defined contribution schemes
7,974
4,669
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
324,390
447,085
Deferred tax
Origination and reversal of timing differences
95,883
(1,667)
Total tax charge
420,273
445,418

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
2,514,753
2,246,448
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
477,803
426,825
Tax effect of expenses that are not deductible in determining taxable profit
54
272
Permanent capital allowances in excess of depreciation
(170,769)
(2,434)
Amortisation on assets not qualifying for tax allowances
14,666
28,611
Deferred tax adjustments in respect of prior years
(8,902)
-
0
Deferred tax movements
104,785
(1,667)
Movement on pension contributions creditor
2,636
(932)
Tax losses brought forward utilised in year
-
0
(4,944)
Income from associate not taxable in these accounts
-
(313)
Taxation charge
420,273
445,418
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 26 -
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
500,000
420,352
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
961,070
Amortisation and impairment
At 1 March 2022
883,879
Amortisation charged for the year
77,191
At 28 February 2023
961,070
Carrying amount
At 28 February 2023
-
0
At 28 February 2022
77,191
Company
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
920,000
Amortisation and impairment
At 1 March 2022
842,809
Amortisation charged for the year
77,191
At 28 February 2023
920,000
Carrying amount
At 28 February 2023
-
0
At 28 February 2022
77,191
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 27 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 March 2022
2,347,765
1,279,845
4,256,775
1,015,960
4,613,634
13,513,979
Additions
-
0
-
0
229,397
30,198
1,041,660
1,301,255
Disposals
-
0
-
0
-
0
-
0
(242,510)
(242,510)
At 28 February 2023
2,347,765
1,279,845
4,486,172
1,046,158
5,412,784
14,572,724
Depreciation and impairment
At 1 March 2022
131,862
-
0
3,182,399
890,537
2,626,205
6,831,003
Depreciation charged in the year
33,668
-
0
259,162
63,160
619,821
975,811
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(231,380)
(231,380)
At 28 February 2023
165,530
-
0
3,441,561
953,697
3,014,646
7,575,434
Carrying amount
At 28 February 2023
2,182,235
1,279,845
1,044,611
92,461
2,398,138
6,997,290
At 28 February 2022
2,215,903
1,279,845
1,074,376
125,423
1,987,429
6,682,976
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
12
Tangible fixed assets
(Continued)
- 28 -
Company
Leasehold property
Leasehold improvements
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 March 2022
1,279,845
397,765
4,256,775
1,015,960
4,613,634
11,563,979
Additions
-
0
-
0
229,397
30,198
1,041,660
1,301,255
Disposals
-
0
-
0
-
0
-
0
(242,510)
(242,510)
At 28 February 2023
1,279,845
397,765
4,486,172
1,046,158
5,412,784
12,622,724
Depreciation and impairment
At 1 March 2022
-
0
131,862
3,182,399
890,537
2,626,205
6,831,003
Depreciation charged in the year
-
0
33,668
259,162
63,160
619,821
975,811
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(231,380)
(231,380)
At 28 February 2023
-
0
165,530
3,441,561
953,697
3,014,646
7,575,434
Carrying amount
At 28 February 2023
1,279,845
232,235
1,044,611
92,461
2,398,138
5,047,290
At 28 February 2022
1,279,845
265,903
1,074,376
125,423
1,987,429
4,732,976
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
2,077,551
2,077,551
Investments in associates
15
4,270
4,270
25
25
Unlisted investments
7,500
7,500
7,500
7,500
11,770
11,770
2,085,076
2,085,076
Movements in fixed asset investments
Group
Shares in associates
Other investments
Total
£
£
£
Cost or valuation
At 1 March 2022 and 28 February 2023
4,270
7,500
11,770
Carrying amount
At 28 February 2023
4,270
7,500
11,770
At 28 February 2022
4,270
7,500
11,770
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
13
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
Other investments
Total
£
£
£
Cost or valuation
At 1 March 2022 and 28 February 2023
2,077,576
7,500
2,085,076
Carrying amount
At 28 February 2023
2,077,576
7,500
2,085,076
At 28 February 2022
2,077,576
7,500
2,085,076
14
Subsidiaries

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

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Indirect
Friars Pride Investments Limited
Oxney Road West Industrial Estate, Oxney Road, Peterborough. PE1 5YW
Dormant
Ordinary
100.00
Plymouth Agencies Limited
Ruthlyn House, 90 Lincoln Road, Peterborough. PE1 2SP
Dormant
Ordinary
100.00
Spavins Food Limited
Oxney Road West Industrial Estate, Oxney Road, Peterborough,PE1 5YW
Dormant
Ordinary
90.00
Kassero (Edible) Oils Limited
Ruthlyn House, 90 Lincoln Road, Peterborough. PE1 2SP
Dormant
Ordinary
100.00
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
14
Subsidiaries
(Continued)
- 30 -
The aggregate capital and reserves and the profit for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Friars Pride Investments Limited
-
0
2,086,443
Plymouth Agencies Limited
-
0
1
Spavins Food Limited
-
0
10
Kassero (Edible) Oils Limited
-
0
-
0
15
Associates

Details of associates at 28 February 2023 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Indirect
The Q Partnership Limited
Ruthlyn House, 90 Lincoln Road, Peterborough. PE1 2SP
Marketing partnership
Ordinary
33.00

The year end for The Q Partnership Limited is 31 January, this is not co-terminus with the rest of the group.

16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
9,867,468
5,892,488
9,867,468
5,892,488
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 31 -
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,862,503
4,226,603
4,862,503
4,226,603
Other debtors
127,861
54,555
127,861
54,555
Prepayments and accrued income
263,488
269,139
263,488
269,139
5,253,852
4,550,297
5,253,852
4,550,297
Amounts falling due after more than one year:
Amount owed by related parties
63,478
117,888
63,478
117,888
Total debtors
5,317,330
4,668,185
5,317,330
4,668,185
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
6,610,549
4,301,651
6,610,549
4,301,651
Amounts owed to group undertakings
-
0
-
0
182,218
182,218
Corporation tax payable
244,390
447,085
244,390
447,085
Other taxation and social security
150,362
165,354
150,362
165,354
Other creditors
772,828
622,929
772,828
622,929
Accruals and deferred income
1,073,301
727,311
1,073,313
727,323
8,851,430
6,264,330
9,033,660
6,446,560
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 32 -
19
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost:
Cash at bank
4,658,796
5,242,491
4,655,473
5,239,258
Trade debtors
4,918,755
4,226,603
4,918,755
4,226,603
Other debtors
127,861
54,555
127,861
54,555
Loan to connected company
172,298
172,298
172,298
172,298
9,877,710
9,695,947
9,874,387
9,692,714
Equity instruments measured at cost less impairment:
Unlisted investments
7,500
7,500
7,500
7,500
Carrying amount of financial liabilities
Measured at amortised cost:
Trade creditors
6,610,549
4,301,651
6,610,549
4,301,651
Accruals
922,538
727,311
922,550
727,323
Amounts owed to subsidiary
-
-
182,218
182,218
Other creditors
772,828
622,929
772,828
622,929
8,305,915
5,651,891
8,488,145
5,834,121
20
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
393,338
288,553
Freehold property
49,098
58,000
442,436
346,553
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
393,338
288,553
FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
20
Deferred taxation
(Continued)
- 33 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 March 2022
346,553
288,553
Charge to profit or loss
95,883
104,785
Liability at 28 February 2023
442,436
393,338

The deferred tax liability set out above of £49,098 (2022 - £58,000) is not expected to reverse within 12 months as it relates to the potential chargeable gain that the company will have to pay if the properties are sold in the future. The remaining liability is in relation to accelerated capital allowances and is expected to reverse within 12 months.

21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
167,408
146,907

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.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
35,000
35,000
35,000
35,000
Ordinary B shares of £1 each
36,873
36,873
36,873
36,873
71,873
71,873
71,873
71,873

All shares issued are non redeemable and rank equally in terms of :-

(a) voting rights - one vote for each share;

(b) rights to participate in all approved dividend distributions for that class of shares; and

(c) rights to participate in any capital distribution on winding-up.

 

The rights and privileges attached to any of the shares of the company may be modified, varied, abrogated or dealt with in accordance with the provisions for the time being of the company's articles of association.

FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 34 -
23
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
24,000
48,000
24,000
48,000
Between two and five years
-
24,000
-
24,000
24,000
72,000
24,000
72,000

 

24
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Rent paid
Management charges
2023
2022
2023
2022
£
£
£
£
Group
Other related parties
179,500
179,500
5,000
5,000
Company
Other related parties
179,500
179,500
5,000
5,000

In 2018, the company made a loan of £380,000 to a related party to be repaid by instalments. The related party is paying at 2% per annum on the loan, which during the year amounted to £2,094 (2022 - £4,038). At the year end £117,888 (2022 - £172,298) was still outstanding.

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Company
Entities over which the company has control, joint control or significant influence
182,218
182,218
25
Directors' transactions

Dividends totalling £500,000 (2022 - £420,352) were paid in the year in respect of shares held by the company's directors.

FRIAR'S PRIDE LIMITED
AND ITS GROUP UNDERTAKINGS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 35 -
26
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
2,094,480
1,801,030
Adjustments for:
Taxation charged
420,273
445,418
Investment income
(28,081)
(7,521)
Gain on disposal of tangible fixed assets
(21,870)
(70,722)
Amortisation and impairment of intangible assets
77,191
150,582
Depreciation and impairment of tangible fixed assets
975,811
1,024,340
Movements in working capital:
Increase in stocks
(3,974,980)
(616,585)
Increase in debtors
(649,145)
(823,207)
Increase in creditors
2,789,795
667,829
Cash generated from operations
1,683,474
2,571,164
27
Cash generated from operations - company
2023
2022
£
£
Profit for the year after tax
2,085,578
1,799,383
Adjustments for:
Taxation charged
429,175
445,418
Investment income
(28,081)
(5,874)
Gain on disposal of tangible fixed assets
(21,870)
(70,722)
Amortisation and impairment of intangible assets
77,191
150,582
Depreciation and impairment of tangible fixed assets
975,811
1,024,340
Movements in working capital:
Increase in stocks
(3,974,980)
(616,585)
Increase in debtors
(649,145)
(823,207)
Increase in creditors
2,789,795
667,829
Cash generated from operations
1,683,474
2,571,164
2023-02-282022-03-01falseCCH SoftwareCCH Accounts Production 2023.300D B M BriggsMrs J BriggsM SinghE SelbyE SelbyMrs R J Lordfalse01213037bus:Consolidated2022-03-012023-02-28012130372022-03-012023-02-2801213037bus:Director12022-03-012023-02-2801213037bus:Director22022-03-012023-02-2801213037bus:CompanySecretaryDirector12022-03-012023-02-2801213037bus:Director32022-03-012023-02-2801213037bus:Director42022-03-012023-02-2801213037bus:CompanySecretary12022-03-012023-02-2801213037bus:Director52022-03-012023-02-2801213037bus:RegisteredOffice2022-03-012023-02-2801213037bus:Agent12022-03-012023-02-2801213037core:CapitalRedemptionReserve2021-02-2801213037core:OtherMiscellaneousReserve2021-02-2801213037core:ShareCapitalbus:Consolidated2023-02-2801213037core:ShareCapitalbus:Consolidated2022-02-2801213037core:SharePremiumbus:Consolidated2023-02-2801213037core:SharePremiumbus:Consolidated2022-02-2801213037core:RevaluationReservebus:Consolidated2023-02-2801213037core:RevaluationReservebus:Consolidated2022-02-2801213037core:ShareCapital2023-02-2801213037core:ShareCapital2022-02-2801213037core:SharePremium2023-02-2801213037core:SharePremium2022-02-2801213037core:RevaluationReserve2023-02-2801213037core:RevaluationReserve2022-02-2801213037core:RetainedEarningsAccumulatedLosses2023-02-2801213037core:ShareCapitalbus:Consolidated2021-02-2801213037core:SharePremiumbus:Consolidated2021-02-2801213037core:RevaluationReservebus:Consolidated2021-02-2801213037core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-02-2801213037core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-02-2801213037core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-02-2801213037core:ShareCapital2021-02-2801213037core:SharePremium2021-02-2801213037core:RevaluationReserve2021-02-2801213037core:RetainedEarningsAccumulatedLosses2021-02-2801213037core:RetainedEarningsAccumulatedLosses2022-02-28012130372023-02-2801213037bus:Consolidated2023-02-2801213037bus:Consolidated2021-03-012022-02-2801213037core:Goodwillbus:Consolidated2023-02-2801213037core:Goodwillbus:Consolidated2022-02-2801213037core:Goodwill2023-02-2801213037core:Goodwill2022-02-28012130372021-03-012022-02-2801213037bus:Consolidated2022-02-28012130372022-02-2801213037core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-02-2801213037core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-02-2801213037core:PlantMachinerybus:Consolidated2023-02-2801213037core:FurnitureFittingsbus:Consolidated2023-02-2801213037core:MotorVehiclesbus:Consolidated2023-02-2801213037core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-02-2801213037core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-02-2801213037core:PlantMachinerybus:Consolidated2022-02-2801213037core:FurnitureFittingsbus:Consolidated2022-02-2801213037core:MotorVehiclesbus:Consolidated2022-02-2801213037core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-02-2801213037core:LeaseholdImprovements2023-02-2801213037core:PlantMachinery2023-02-2801213037core:FurnitureFittings2023-02-2801213037core:MotorVehicles2023-02-2801213037core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-02-2801213037core:LeaseholdImprovements2022-02-2801213037core:PlantMachinery2022-02-2801213037core:FurnitureFittings2022-02-2801213037core:MotorVehicles2022-02-2801213037bus:Consolidated2021-02-28012130372021-02-2801213037core:Goodwill2022-03-012023-02-2801213037core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-012023-02-2801213037core:LandBuildingscore:LongLeaseholdAssets2022-03-012023-02-2801213037core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2022-03-012023-02-2801213037core:PlantMachinery2022-03-012023-02-2801213037core:FurnitureFittings2022-03-012023-02-2801213037core:MotorVehicles2022-03-012023-02-2801213037core:Goodwillbus:Consolidated2022-03-012023-02-2801213037core:UKTaxbus:Consolidated2022-03-012023-02-2801213037core:UKTaxbus:Consolidated2021-03-012022-02-2801213037bus:Consolidated12022-03-012023-02-2801213037bus:Consolidated12021-03-012022-02-2801213037bus:Consolidated22022-03-012023-02-2801213037bus:Consolidated22021-03-012022-02-2801213037bus:Consolidated32022-03-012023-02-2801213037bus:Consolidated32021-03-012022-02-2801213037bus:Consolidated42022-03-012023-02-2801213037bus:Consolidated42021-03-012022-02-2801213037core:Goodwillbus:Consolidated2022-02-2801213037core:Goodwill2022-02-2801213037core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-02-2801213037core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-02-2801213037core:PlantMachinerybus:Consolidated2022-02-2801213037core:FurnitureFittingsbus:Consolidated2022-02-2801213037core:MotorVehiclesbus:Consolidated2022-02-2801213037bus:Consolidated2022-02-2801213037core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-02-2801213037core:LeaseholdImprovements2022-02-2801213037core:PlantMachinery2022-02-2801213037core:FurnitureFittings2022-02-2801213037core:MotorVehicles2022-02-28012130372022-02-2801213037core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-03-012023-02-2801213037core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-03-012023-02-2801213037core:PlantMachinerybus:Consolidated2022-03-012023-02-2801213037core:FurnitureFittingsbus:Consolidated2022-03-012023-02-2801213037core:MotorVehiclesbus:Consolidated2022-03-012023-02-2801213037core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-012023-02-2801213037core:LeaseholdImprovements2022-03-012023-02-2801213037core:UnlistedNon-exchangeTradedbus:Consolidated2023-02-2801213037core:UnlistedNon-exchangeTradedbus:Consolidated2022-02-2801213037core:UnlistedNon-exchangeTraded2023-02-2801213037core:UnlistedNon-exchangeTraded2022-02-2801213037core:Subsidiary12022-03-012023-02-2801213037core:Subsidiary22022-03-012023-02-2801213037core:Subsidiary32022-03-012023-02-2801213037core:Subsidiary42022-03-012023-02-2801213037core:Subsidiary12023-02-2801213037core:Subsidiary22023-02-2801213037core:Subsidiary32023-02-2801213037core:Subsidiary42023-02-2801213037core:CurrentFinancialInstruments2023-02-2801213037core:CurrentFinancialInstruments2022-02-2801213037core:CurrentFinancialInstrumentsbus:Consolidated2023-02-2801213037core:CurrentFinancialInstrumentsbus:Consolidated2022-02-2801213037core:Non-currentFinancialInstrumentsbus:Consolidated2023-02-2801213037core:Non-currentFinancialInstrumentsbus:Consolidated2022-02-2801213037core:Non-currentFinancialInstruments2023-02-2801213037core:Non-currentFinancialInstruments2022-02-2801213037core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-02-2801213037core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-02-2801213037core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2801213037core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-2801213037bus:PrivateLimitedCompanyLtd2022-03-012023-02-2801213037bus:FRS1022022-03-012023-02-2801213037bus:Audited2022-03-012023-02-2801213037bus:ConsolidatedGroupCompanyAccounts2022-03-012023-02-2801213037bus:FullAccounts2022-03-012023-02-28xbrli:purexbrli:sharesiso4217:GBP