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Registered number: 00238274









GEOFFREY FABER HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Lady E M C Baker 
W G I De La Mare 
B G Faber 
T W Faber (Chairman) 
D A Johns (resigned 31 March 2023)
C A Rock 
N W Smith 
A M Miller (appointed 24 March 2023)
S M Faulder (appointed 1 January 2024)




Company secretary
J R Little



Registered number
00238274



Registered office
12 Roger Street

London

WC1N 2JU




Independent auditors
MHA
Chartered Accountants & Statutory Auditors

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
GEOFFREY FABER HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11 - 12
Company statement of financial position
13 - 14
Consolidated statement of changes in equity
15 - 17
Company statement of changes in equity
18 - 19
Consolidated statement of cash flows
20 - 21
Consolidated analysis of net debt
22
Notes to the financial statements
23 - 53


 
GEOFFREY FABER HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Principal activity
 
The principal activities of the Group are the publication and distribution of music books together with the use and management of musical copyrights through its wholly-owned subsidiary Faber Music Limited.
The Group's associate, Faber and Faber Limited, is a literary publisher.

Business review
 
Faber Music's income streams showed steady recovery after the pandemic. Faber & Faber generated reasonable profits, consolidating its performance after a string of record-breaking years.
During the year, and in the subsequent months, both Faber & Faber and Faber Music moved London office premises, to separate, modern and centrally located offices.  This transition has proved very successful, with new flexible accommodation providing a comfortable and dynamic work environment.  Negotiations around the end of the lease of the former premises, which expired in September 2023, have been concluded successfully.
Preparation and testing for the sales and warehouse functions of Faber Music's new IT system continued. 
Careful consideration has been given by the directors to industry trends and to expansion opportunities, and the Group's rolling strategic plan and related investments, including technology, remain aligned accordingly. Investment in people has continued.
The Group’s investment in Swift Press Limited has continued to provide encouraging results.
Subsequent to the year-end the Group acquired an international print publishing business, a print publishing licence, a publishing rights business, and a music management agency.  The aggregate cost of these acquisitions, including stocks of books and other physical assets acquired, and reorganisation and transaction costs, was £6.9m.  This activity was funded through existing cash resources of the Group.
Due to the nature of the music publishing and rights industry, the directors are of the opinion that it would be commercially detrimental to the Group to disclose the details of the individual transactions at this time.

Page 1

 
GEOFFREY FABER HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Principal risks and uncertainties
 
The Group is managed by its subsidiary and associate entity executive directors on a daily basis. The directors meet formally as a Board each quarter, chaired by the Chairman of the Group. The Group is well placed to manage its business risks.
Markets
The markets in which the Group operates are relatively mature and consequently stable, but with strong competition for rights and services agreements. This gives rise to risks of losing business as well as erosion of margins. The Group manages these risks by providing a good quality service to its composers, clients and customers, by the creation of new products and services, and by constant monitoring of operating margins and other financial measures. The directors consider that recent consolidation in print and distribution markets gives rise to both risks and opportunities. 
Exchange rates
The Group sources some of its product in foreign currency and is also paid by some customers in foreign
currency. By operating Euro and $US bank accounts, the Group reduces its exposure to foreign exchange fluctuations. Treasury staff monitor balances and exchange rates daily. Exchange hedging opportunities are evaluated on a periodic basis.
Credit risk
The Group's principal assets are trade receivables, stock and cash balances. Credit risk is primarily attributable
to these. The amounts presented in the balance sheet are net of allowances for doubtful debtors and older
stock. The Group has a satisfactory concentration of credit risk, with exposure spread over a large number of
customers and stock lines.
Cash flow and liquidity risk
The Group has a large throughput of cash as it acts as agent for its distribution and composer clients. Cash flow
is forecast weekly and is monitored daily. Credit control is fully staffed and well controlled. Creditors are paid to
term unless in exceptional circumstances. Bank facilities in place are sufficient to meet expected liquidity
requirements

Objectives of the Group
 
Faber Music remains focused on excellence and distinctiveness in composers it publishes, in the music that it produces (both in print and digitally) and in the distribution service it provides. It is following a strategy aimed at creating assets of lasting value, through a concentration on organic growth, targeted investment and appropriate alliances.
Faber and Faber's objective is to remain an internationally successful, high quality publisher of both cultural and commercial significance, publishing from and to a multiplicity of cultures. It remains committed to the independent publishing sector and to that end will continue to invest in independent publishing services and to build appropriate alliances. The company will also continue to build its world-leading creative writing school, the Faber Academy. Nevertheless, core publishing remains its main priority and the company is in an excellent position to build on its success in both literary and financial terms.

Page 2

 
GEOFFREY FABER HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023


This report was approved by the board on 17 April 2024 and signed on its behalf.



T W Faber (Chairman)
Director

Page 3

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £531,438 (2022 - £4,647,054).

The company paid a dividend of £1.28 per share for the year ended 31 March 2023.
The total distribution of dividends for the year ended 31 March 2023 was £307,370 (2022: £648,359).

Directors

The directors who served during the year were:

Lady E M C Baker 
W G I De La Mare 
B G Faber 
T W Faber (Chairman) 
D A Johns (resigned 31 March 2023)
C A Rock 
N W Smith 
A M Miller (appointed 24 March 2023)

Page 4

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Future developments

The Group continues to seek ways to develop its range of products end services. This included developing software enabling the Group and its chosen industry partners to reach consumers online more effectively, and investment in young composers and performing artists.
We have made further international agreements to further our presence and range of publishing activities and continue to run our wholly-owned German company in Leipzig.

Research and development activities

In the year, in addition to ongoing market research and in-house digital platform and content creation, the Group continued to develop its expertise in one-off 'special' publications.
The Group has renewed its commitment to the charity Sound and Music to fund training for ten young aspiring composers per year. 

Matters covered in the Group strategic report

In accordance with section 414C(11) of the Companies Act 2006, the Group has chosen to include information relating to principal risks and uncertainties in the Strategic Report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006MHA will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 17 April 2024 and signed on its behalf.
 





T W Faber (Chairman)
Director

Page 5

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOFFREY FABER HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Geoffrey Faber Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOFFREY FABER HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the 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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 7

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOFFREY FABER HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
  -  Enquiry of management and those charged with governance around actual and potential litigation and claims;
 - Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and    regulations;
 - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
  - Reviewing minutes of meetings of those charged with governance and;
 - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 8

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOFFREY FABER HOLDINGS LIMITED (CONTINUED)


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





John Coverdale BSc FCA (Senior statutory auditor)
  
for and on behalf of
MHA
 
Chartered Accountants
Statutory Auditors
  
6th Floor
2 London Wall Place
London
EC2Y 5AU

Date: 
 
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
17 April 2024
Page 9

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
3,410,070
3,530,835

Cost of sales
  
(898,579)
(1,001,032)

Gross profit
  
2,511,491
2,529,803

Distribution costs
  
(1,289,093)
(1,413,531)

Administrative expenses
  
(3,835,198)
(3,600,733)

Other operating income
 5 
2,683,826
5,552,649

Operating profit
 6 
71,026
3,068,188

Share of profit of associates
  
695,500
1,550,000

Total operating profit
  
766,526
4,618,188

Interest receivable and similar income
 9 
37,037
4,195

Interest payable and similar expenses
 10 
(32,250)
(46,500)

Profit before taxation
  
771,313
4,575,883

Tax on profit
 11 
(239,875)
71,171

Profit for the financial year
  
531,438
4,647,054

  

Unrealised surplus on revaluation of tangible fixed assets
  
54,800
2,438,800

Actuarial gains on associate defined benefit pension scheme
  
770,500
399,000

Actuarial gains on defined benefit pension scheme
  
271,950
140,850

Movement of deferred tax relating to pension surplus
  
(59,750)
-

Deferred tax on defined benefit pension scheme liability
  
-
(38,901)

Deferred tax on associate defined benefit pension scheme surplus/liability
  
(192,500)
(76,000)

Deferred tax on revaluation of freehold property
  
-
(1,255,973)

Other comprehensive income for the year
  
845,000
1,607,776

Total comprehensive income for the year
  
1,376,438
6,254,830

Profit for the year attributable to:
  

Owners of the parent Company
  
531,438
4,647,054

  
531,438
4,647,054

The notes on pages 23 to 53 form part of these financial statements.

Page 10

 
GEOFFREY FABER HOLDINGS LIMITED
REGISTERED NUMBER: 00238274

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
1,026,632
1,378,099

Tangible assets
 14 
5,094,599
4,726,924

Investments
 15 
8,838,235
7,884,735

  
14,959,466
13,989,758

Current assets
  

Stocks
 16 
898,674
745,769

Debtors: amounts falling due after more than one year
 17 
344,115
1,196,239

Debtors: amounts falling due within one year
 17 
4,197,795
3,072,691

Cash at bank and in hand
 18 
9,457,561
9,421,145

  
14,898,145
14,435,844

Creditors: amounts falling due within one year
 19 
(8,074,772)
(7,536,586)

Net current assets
  
 
 
6,823,373
 
 
6,899,258

Total assets less current liabilities
  
21,782,839
20,889,016

Provisions for liabilities
  

Deferred taxation
 21 
(1,115,222)
(951,467)

  
 
 
(1,115,222)
 
 
(951,467)

Net assets excluding pension liability/asset
  
20,667,617
19,937,549

Pension asset/liability
  
111,450
(227,550)

Net assets
  
20,779,067
19,709,999


Capital and reserves
  

Called up share capital 
 22 
240,133
240,133

Share premium account
  
1,064
1,064

Revaluation Reserve
  
3,798,610
3,798,610

Profit and loss account
  
16,739,260
15,670,192

Equity attributable to owners of the parent Company
  
20,779,067
19,709,999

  
20,779,067
19,709,999


Page 11

 
GEOFFREY FABER HOLDINGS LIMITED
REGISTERED NUMBER: 00238274
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2024.




T W Faber (Chairman)
Director

The notes on pages 23 to 53 form part of these financial statements.

Page 12

 
GEOFFREY FABER HOLDINGS LIMITED
REGISTERED NUMBER: 00238274

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
4,083,335
4,100,007

Investments
 15 
2,487,165
2,487,165

  
6,570,500
6,587,172

Current assets
  

Debtors: amounts falling due after more than one year
 17 
1,200,000
1,897,840

Debtors: amounts falling due within one year
 17 
1,231,591
333,644

Cash at bank and in hand
 18 
8,764,120
8,868,803

  
11,195,711
11,100,287

Creditors: amounts falling due within one year
 19 
(372,259)
(364,730)

Net current assets
  
 
 
10,823,452
 
 
10,735,557

Total assets less current liabilities
  
17,393,952
17,322,729

  

Provisions for liabilities
  

Deferred taxation
 21 
(922,233)
(922,233)

  
 
 
(922,233)
 
 
(922,233)

Net assets
  
16,471,719
16,400,496


Capital and reserves
  

Called up share capital 
 22 
240,133
240,133

Share premium account
  
1,064
1,064

Revaluation reserve
  
2,871,900
2,871,900

Profit and loss account carried forward
  
13,358,622
13,287,399

  
16,471,719
16,400,496


Page 13

 
GEOFFREY FABER HOLDINGS LIMITED
REGISTERED NUMBER: 00238274
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2024.


T W Faber (Chairman)
Director

The notes on pages 23 to 53 form part of these financial statements.
The parent company has taken advantage of the exemption allowed in Section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income. The profit dealt with in the financial statements of the parent company is £323,794 (2022: £3,889,450).

Page 14

 

 
GEOFFREY FABER HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023



Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£


At 1 April 2022
240,133
1,064
3,798,610
15,670,192
19,709,999
19,709,999



Comprehensive income for the year


Profit for the year
-
-
-
531,438
531,438
531,438


Actuarial gains on pension scheme
-
-
-
212,200
212,200
212,200


Surplus on revaluation of freehold property
-
-
54,800
54,800
109,600
109,600


Actuarial gains on associate defined benefit pension scheme
-
-
-
770,500
770,500
770,500


Deferred tax on associate defined benefit pension scheme liability
-
-
-
(192,500)
(192,500)
(192,500)



Other comprehensive income for the year
-
-
54,800
845,000
899,800
899,800



Total comprehensive income for the year
-
-
54,800
1,376,438
1,431,238
1,431,238



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(307,370)
(307,370)
(307,370)


Transfer to/from profit and loss account
-
-
(54,800)
-
(54,800)
(54,800)



Total transactions with owners
-
-
(54,800)
(307,370)
(362,170)
(362,170)



At 31 March 2023
240,133
1,064
3,798,610
16,739,260
20,779,067
20,779,067



The notes on pages 23 to 53 form part of these financial statements.

Page 15

 

 
GEOFFREY FABER HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022



Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£


At 1 April 2021
240,133
1,064
1,359,810
12,502,521
14,103,528
14,103,528



Comprehensive income for the year


Profit for the year
-
-
-
4,647,054
4,647,054
4,647,054


Actuarial gains on pension scheme
-
-
-
140,850
140,850
140,850


Deferred tax on revaluation of freehold property
-
-
-
(1,255,973)
(1,255,973)
(1,255,973)


Surplus on revaluation of freehold property
-
-
2,438,800
-
2,438,800
2,438,800


Actuarial gains on associate defined benefit pension scheme
-
-
-
399,000
399,000
399,000


Deferred tax on defined benefit pension scheme liability
-
-
-
(38,901)
(38,901)
(38,901)


Deferred tax on associate defined benefit pension scheme liability
-
-
-
(76,000)
(76,000)
(76,000)



Other comprehensive income for the year
-
-
2,438,800
(831,024)
1,607,776
1,607,776



Total comprehensive income for the year
-
-
2,438,800
3,816,030
6,254,830
6,254,830



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(648,359)
(648,359)
(648,359)



Total transactions with owners
-
-
-
(648,359)
(648,359)
(648,359)



At 31 March 2022
240,133
1,064
3,798,610
15,670,192
19,709,999
19,709,999



Page 16

 

 
GEOFFREY FABER HOLDINGS LIMITED


 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022

The notes on pages 23 to 53 form part of these financial statements.

Page 17

 
GEOFFREY FABER HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2022
240,133
1,064
2,871,900
13,287,399
16,400,496


Comprehensive income for the year

Profit for the year

-
-
-
323,794
323,794

Surplus on revaluation of freehold property
-
-
54,800
54,800
109,600


Other comprehensive income for the year
-
-
54,800
54,800
109,600


Total comprehensive income for the year
-
-
54,800
378,594
433,394


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(307,370)
(307,370)

Transfer to/from profit and loss account
-
-
(54,800)
-
(54,800)


Total transactions with owners
-
-
(54,800)
(307,370)
(362,170)


At 31 March 2023
240,133
1,064
2,871,900
13,358,623
16,471,720


The notes on pages 23 to 53 form part of these financial statements.

Page 18

 
GEOFFREY FABER HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2021
240,133
1,064
433,100
11,302,281
11,976,578


Comprehensive income for the year

Profit for the year

-
-
-
3,889,450
3,889,450

Deferred tax on revaluation of freehold property
-
-
-
(1,255,973)
(1,255,973)

Surplus on revaluation of freehold property
-
-
2,438,800
-
2,438,800


Other comprehensive income for the year
-
-
2,438,800
(1,255,973)
1,182,827


Total comprehensive income for the year
-
-
2,438,800
2,633,477
5,072,277


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(648,359)
(648,359)


Total transactions with owners
-
-
-
(648,359)
(648,359)


At 31 March 2022
240,133
1,064
2,871,900
13,287,399
16,400,496


The notes on pages 23 to 53 form part of these financial statements.

Page 19

 
GEOFFREY FABER HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
531,438
4,647,054

Adjustments for:

Amortisation of intangible assets
351,469
351,469

Depreciation of tangible assets
156,588
113,695

Loss on disposal of tangible assets
(74,713)
132

Interest paid
32,250
46,500

Interest received
(37,037)
(4,195)

Taxation charge
239,875
9,346

(Increase)/decrease in stocks
(152,905)
50,210

(Increase)/decrease in debtors
(290,830)
175,324

Increase/(decrease) in creditors
26,171
(184,046)

(Decrease) in net pension assets/liabs
(72,300)
(144,750)

Share of operating profit in associates
(540,500)
(1,248,500)

Corporation tax (paid)
(62,439)
(449,068)

Net cash generated from operating activities

107,067
3,363,171


Cash flows from investing activities

Purchase of intangible fixed assets
-
(124,998)

Purchase of tangible fixed assets
(469,463)
(157,979)

Interest received
17,037
1,695

Net cash from investing activities

(452,426)
(281,282)

Cash flows from financing activities

Dividends paid
(307,370)
(648,359)

Dividends received
205,000
250,000

Net cash used in financing activities
(102,370)
(398,359)

Net (decrease)/increase in cash and cash equivalents
(447,729)
2,683,530

Cash and cash equivalents at beginning of year
6,531,431
3,847,901

Cash and cash equivalents at the end of year
6,083,702
6,531,431
Page 20

 
GEOFFREY FABER HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023


2023
2022

£
£



Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
9,457,561
9,421,145

Bank overdrafts
(3,373,859)
(2,889,714)

6,083,702
6,531,431


The notes on pages 23 to 53 form part of these financial statements.

Page 21

 
GEOFFREY FABER HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023




At 1 April 2022
Cash flows
At 31 March 2023
£

£

£

Cash at bank and in hand

9,421,145

36,416

9,457,561

Bank overdrafts

(2,889,714)

(484,145)

(3,373,859)


6,531,431
(447,729)
6,083,702

The notes on pages 23 to 53 form part of these financial statements.

Page 22

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Geoffrey Faber Holdings Limited is a private company limited by shares incorporated in England and Wales in the United Kingdom.
The registered office of Geoffrey Faber Holdings Limited is 12 Roger Street, London WJ1N 2JU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling rounded to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 23

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Royalties and Rights Income
Royalties and rights income is recognised in the period to which it relates, or if it cannot be reliably estimated, on a receipts basis.

 
2.5

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

Page 24

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 25

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Defined benefit pension plan

The Group operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Group's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 26

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 27

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
20 years
Copyrights
-
3-10 years
Other intangible fixed assets
-
3-5 years

Intellectual property rights are amortised over the useful economic life of the asset on a straight line basis. No amortisation is provided where the useful economic life has not commenced at the year end.

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 28

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.14
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold buildings
-
2% per annum
Freehold land
-
is not depreciated
Leasehold improvements
-
over the term of the lease
Furniture, fixtures, fittings and equipment
-
straight line over 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 29

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.17

Associates

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated statement of financial position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.18

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.19

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.21

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 30

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.22

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.23

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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, with 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
Page 31

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.23
Financial instruments (continued)

impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Page 32

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.23
Financial instruments (continued)

Derecognition of financial liabilities

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

 
2.24

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The key judgements relate to:
(a) the identification of royalties and rights income based upon the substance of underlying contracts and agreements. Royalties and rights income is only recognised when it is capable of being reliably measured.
(b) actuarial assumptions for valuation of the defined benefit pension scheme liability. The actuary has updated its assessment of prevailing financial conditions. The principal actuarial assumptions are set out in note 23. In the absence of significant movements in the membership (the scheme is closed to new members) the membership data is considered suitable for the purpose of the actuarial valuation.
The key source of estimation uncertainity relates to the period over which goodwill is amortised. As set out in Note 13, goodwill is assumed to have a useful life of 20 years, based on several factors and in the absence of contradictory evidence. Other intangibles are appraised based on their particular characteristics, in a range from 3 to 20 years' amortisation; even where life of copyright extends far beyond 20 years.


4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
2,163,140
2,183,148

Rest of the world
1,246,930
1,347,687

3,410,070
3,530,835


Page 33

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Other operating income

2023
2022
£
£

Other operating income
2,132,457
4,993,897

Net rents receivable
500,874
500,876

Government grants receivable
-
14,414

Sundry income
50,495
43,462

2,683,826
5,552,649


The government grants related to grants for furlough under Coronavirus Job Retention Scheme.
There were no unfulfilled conditions relating to these grant claims.
Proceeds of £52,500 (2022:£3,180,030) from the sale of an archive are included within Other operating income.


6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
115,533
113,695

Exchange differences
(28,034)
(101,382)

Operating lease payments - land and buildings
680,269
680,272

Amortisation - intangible fixed assets
351,469
351,469

Fees payable to the Group's auditor for the audit of the Company's annual financial statements
8,500
9,953

Page 34

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,373,497
2,345,116
45,806
43,708

Social security costs
213,922
193,835
508
1,050

Cost of defined contribution scheme
148,041
146,186
6,875
6,875

2,735,460
2,685,137
53,189
51,633


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Production and editorial
9
9
-
-



Sales marketing and promotion
12
12
-
-



Administration
37
37
7
7



Warehouse
13
13
-
-

71
71
7
7


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
45,806
43,708

45,806
43,708


During the year retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.

Page 35

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Interest receivable

2023
2022
£
£


Share of associate's interest receivable
20,000
2,500

Other interest receivable
17,037
1,695

37,037
4,195


10.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
5,250
9,000

Share of associate's
27,000
37,500

32,250
46,500

Page 36

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
27,870
102,101

Adjustments in respect of previous periods
(43,000)
(107,176)


(15,130)
(5,075)

Foreign tax


Associate taxation
5,500
225,000

5,500
225,000

Total current tax
(9,630)
219,925

Deferred tax


Origination and reversal of timing differences
104,005
(356,096)

Share of associate's deferred tax
145,500
65,000

Total deferred tax
249,505
(291,096)


Tax on profit
239,875
(71,171)
Page 37

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 19% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
771,313
4,575,883


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
146,549
869,418

Effects of:


Expenses not deductible for tax purposes
3,607
(82)

Capital allowances for year in excess of depreciation
(28,959)
(20,668)

Utilisation of tax losses
104,005
(356,096)

Share of associates's deferrred tax
-
65,000

Adjustments to tax charge in repect of prior periods
-
(99,177)

Trading lossess carried back
-
52,862

Withholding taxes paid
-
100,601

Capital gains
-
14,222

Foreign subsidiary not subject to UK taxation
8,438
13,493

Reconciling items
8,978
(76,350)

Group relief
(3,652)
(30,188)

Income adjustments
(9,975)
(604,206)

Increase or decrease in pension fund prepayment leading to a decrease in tax
(12,740)
-

Other differences leading to an increase (decrease) in the tax charge
23,624
-

Total tax charge for the year
239,875
(71,171)


Factors that may affect future tax charges

The main rate of corporation tax in the UK is increasing to 25% from 1 April 2023. Companies classified as having small profits will be able to cliam marginal relief from the main rate of corporation tax giving an effective rate of tax between 19% and 25% depending on the amount of taxable profits.
A deferred tax asset of £34,916 (2022: £34,916) for capital losses has not been recognised.

Page 38

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Dividends

2023
2022
£
£


Paid
307,370
648,359

307,370
648,359


13.


Intangible assets

Group and Company





Other intangibles
Intellectual property rights
Copyrights
Goodwill
Total

£
£
£
£
£



Cost


At 1 April 2022
209,774
40,000
300,439
7,488,976
8,039,189



At 31 March 2023

209,774
40,000
300,439
7,488,976
8,039,189



Amortisation


At 1 April 2022
65,300
40,000
300,439
6,255,351
6,661,090


Charge for the year on owned assets
17,125
-
-
334,344
351,469



At 31 March 2023

82,425
40,000
300,439
6,589,695
7,012,559



Net book value



At 31 March 2023
127,349
-
-
899,281
1,026,630



At 31 March 2022
144,474
-
-
1,233,625
1,378,099



Page 39

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Tangible fixed assets

Group






Freehold property
Leasehold improvements
Furniture, fixtures, fittings and equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2022
4,075,000
839,162
1,774,855
6,689,017


Additions
-
25,640
469,464
495,104


Disposals
-
-
(31,737)
(31,737)


Transfers between classes
-
261,619
(287,260)
(25,641)



At 31 March 2023

4,075,000
1,126,421
1,925,322
7,126,743



Depreciation


At 1 April 2022
-
733,003
1,229,090
1,962,093


Charge for the year on owned assets
54,800
48,731
53,057
156,588


Disposals
-
-
(31,737)
(31,737)


On revalued assets
(54,800)
-
-
(54,800)



At 31 March 2023

-
781,734
1,250,410
2,032,144



Net book value



At 31 March 2023
4,075,000
344,687
674,912
5,094,599



At 31 March 2022
4,075,000
106,159
545,765
4,726,924

Page 40

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           14.Tangible fixed assets (continued)

Included in freehold land and buildings is freehold land at a valuation of £1,335,000 (2022: £1,335,000)
The property at Harlow was valued as at 31 March 2022 by Bidwells LLP at £4,075,000.
Fair value is based on an estimate of conditions prevailing for which an asset can be exchanged between knowledgeable willing parties in an arm's length transaction.
The original cost of freehold land and buildings was £1,001,154.
In the year ended 31 March 2010 there was an uplift in valuation of freehold land and buildings of £378,846.
In the year ended 31 March 2014 there was an uplift in valuation of freehold land and buildings of £45,000.
In the year ended 31 March 2015 there was an uplift in valuation of freehold land and buildings of £155,000.
In the year ended 31 March 2016 there was an uplift in valuation of freehold land and buildingd of £70,000.
In the year ended 31 March 2022 there was an uplift in valuation of freehold land and buildings of £2,425,000.

Page 41

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           14.Tangible fixed assets (continued)


Company






Freehold property
Leasehold improvements
Furniture, fixtures, fittings and equipment
Total

£
£
£
£

Cost or valuation


At 1 April 2022
4,075,000
245,889
138,909
4,459,798



At 31 March 2023

4,075,000
245,889
138,909
4,459,798



Depreciation


At 1 April 2022
-
220,882
138,909
359,791


Charge for the year on owned assets
54,800
16,672
-
71,472


On revalued assets
(54,800)
-
-
(54,800)



At 31 March 2023

-
237,554
138,909
376,463



Net book value



At 31 March 2023
4,075,000
8,335
-
4,083,335



At 31 March 2022
4,075,000
25,007
-
4,100,007

Page 42

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           14.Tangible fixed assets (continued)

Included in freehold land and buildings is freehold land at a valuation of £1,350,000 (2022: £1,335,000)
The property at Harlow was valued as at 31 March 2022 by Bidwells LLP at £4,075,000.
Fair value is based on an estimate of conditions prevailing for which an asset can be exchanged between knowledgeable willing parties in an arm's length transaction.
The original cost of freehold land and buildings was £1,001,154.
In the year ended 31 March 2010 there was an uplift in valuation of freehold land and buildings of £378,846.
In the year ended 31 March 2014 there was an uplift in valuation of freehold land and buildings of £45,000.
In the year ended 31 March 2015 there was an uplift in valuation of freehold land and buildings of £155,000.
In the year ended 31 March 2016 there was an uplift in valuation of freehold land and buildingd of £70,000.
In the year ended 31 March 2022 there was an uplift in valuation of freehold land and buildings of £2,425,000.






Page 43

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


Fixed asset investments

Group





Interest in associates
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 April 2022
7,634,739
249,996
7,884,735


Distributions
(205,000)
-
(205,000)


Share of total comprehensive income
1,158,500
-
1,158,500



At 31 March 2023
8,588,239
249,996
8,838,235






Net book value



At 31 March 2023
8,588,239
249,996
8,838,235



At 31 March 2022
7,634,739
249,996
7,884,735

Company





Shares in group under-takings
Interest in associate
Unlisted investments
Total

£
£
£
£



Cost or valuation


At 1 April 2022
852,701
1,384,468
249,996
2,487,165



At 31 March 2023
852,701
1,384,468
249,996
2,487,165






Net book value



At 31 March 2023
852,701
1,384,468
249,996
2,487,165



At 31 March 2022
852,701
1,384,468
249,996
2,487,165

Page 44

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Faber Music Limited
12 Roger Street, London, WC1N 2JU
Ordinary
100%
Faber Music GmbH
Germany
Ordinary
100%
Faber Music Holdings Limited
12 Roger Street, London, WC1N 2JU
Ordinary
100%
Rights Worldwide Limited
12 Roger Street, London, WC1N 2JU
Ordinary
100%
Epartners Limited
12 Roger Street, London, WC1N 2JU
Ordinary
100%
Faber Music Distribution Limited
12 Roger Street, London, WC1N 2JU
Ordinary
100%
Old Man Jobson's Music Depot Limited
12 Roger Street, London, WC1N 2JU
Ordinary
100%





Associate


The following was an associate of the Company:


Name

Registered office

Class of shares

Holding

Faber and Faber Limited
The Bindery, 51 Halton Garden, London, EC1N 8HN
Ordinary and Ordinary B shares with voting rights
50%


16.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
8,100
8,100

Work in progress
45,090
15,192

Finished goods and goods for resale
845,484
722,477

898,674
745,769



17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
Page 45

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

17.Debtors (continued)

£
£
£
£

Due after more than one year

Amounts owed by group undertakings
-
-
1,200,000
1,200,000

Other debtors
344,115
1,196,239
-
697,840

344,115
1,196,239
1,200,000
1,897,840


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
2,714,053
2,434,113
264,366
88,169

Other debtors
977,121
214,473
745,148
7,009

Prepayments and accrued income
506,621
424,105
222,077
238,466

4,197,795
3,072,691
1,231,591
333,644



18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
9,457,561
9,421,145
8,764,120
8,868,803

Less: bank overdrafts
(3,373,859)
(2,889,714)
-
-

6,083,702
6,531,431
8,764,120
8,868,803


Page 46

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
3,373,859
2,889,714
-
-

Trade creditors
2,327,317
2,295,929
9,472
37,848

Corporation tax
27,870
-
27,870
-

Other taxation and social security
10,273
(19,023)
5,931
803

Other creditors
268,319
369,883
54,384
100,276

Accruals and deferred income
2,067,134
2,000,083
274,602
225,803

8,074,772
7,536,586
372,259
364,730



The following liabilities were secured:
Group
Group
2023
2022
£
£

Bank overdrafts
3,373,859
2,889,714

3,373,859
2,889,714

Details of security provided:

The bank overdraft is secured by a fixed and floating charge over the assets of the group.

Page 47

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

20.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
249,996
249,996
249,996
249,996

Financial assets that are debt instruments measured at amortised cost
4,113,603
4,162,603
2,260,822
2,163,787

4,363,599
4,412,599
2,510,818
2,413,783


Financial liabilities

Financial liabilities measured at amortised cost
(5,979,954)
(5,295,386)
(68,271)
(47,848)


Financial assets measured at fair value through profit or loss comprise of unlisted investments


Financial assets that are debt instruments measured at amortised cost comprise of trade debtors,amounts owed by group undertakings and associates, other debtors and accrued income.


Financial liabilities measured at amortised cost comprise of bank overdrafts, trade creditors, other creditors and accruals.


21.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(951,467)
(12,689)


Charged to profit or loss
(163,755)
317,195


Charged to other comprehensive income
-
(1,255,973)



At end of year
(1,115,222)
(951,467)

Page 48

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
21.Deferred taxation (continued)

Company


2023
2022


£

£






At beginning of year
(922,233)
(71,702)


Charged to profit or loss
-
405,442


Charged to other comprehensive income
-
(1,255,973)



At end of year
(922,233)
(922,233)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(501,745)
(337,990)
(204,258)
(204,258)

Deferred tax on revaluation of freehold property
(717,975)
(717,975)
(717,975)
(717,975)

Deferred tax on defined benefit pension scheme liability
104,498
104,498
-
-

(1,115,222)
(951,467)
(922,233)
(922,233)


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



240,133 (2022 - 240,133) Ordinary shares of £1.00 each
240,133
240,133


Page 49

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

23.


Pension commitments

The Group operates a Defined benefit pension scheme.

In the year the group participated in the Faber & Faber Pension and Assurance Scheme along with an associate employer of the group. The scheme is a multi-employer scheme with assets held in a seperately administered fund from those of the company. The scheme was closed to new employees from 5th April 2006 and with effect from 1st April 2010 was closed to benefit accrual for future service.
The funding policy of the scheme is to contribute such variable amounts as, on the advice of an independent actuary, to ensure the fund has sufficient and appropriate assets to cover the value of the fund's accrued liabilities in accordance with the Statutory Funding Requirement. The last full actuarial valuation was performed at 1 April 2023, and showed a surplus of scheme assets over liabilities.  As a result the previous recommended plan to eliminate the shortfall by additional payments has been put on hold.  
The surplus on the Faber & Faber Limited Pension and Assurance Scheme at 31 March 2023 was £743,000. The group's agreed share of the plan assets, liabilities and shortfall payments is as follows:



Reconciliation of present value of plan liabilities:


2023
2022
£
£

Reconciliation of present value of plan liabilities


At the beginning of the year
3,728,100
3,943,050

Interest cost
99,300
81,300

Actuarial gains
(966,450)
(157,350)

Benefits paid
(105,150)
(138,900)

At the end of the year
2,755,800
3,728,100


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GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
23.Pension commitments (continued)


Reconciliation of present value of plan assets:


2023
2022
£
£


At the beginning of the year
3,500,550
3,438,900

Current service cost
94,050
72,300

Benefits paid
(105,150)
(138,900)

Past service cost
72,300
144,750

Recognition of surplus
(694,500)
(16,500)

At the end of the year
2,867,250
3,500,550


Composition of plan assets:


2023
2022
£
£


Equities, property and alternatives
2,074,650
2,356,950

Bonds
559,800
684,000

LDI
206,250
352,000

Cash/other
26,550
106,800

Total plan assets
2,867,250
3,499,750

2023
2022
£
£


Fair value of plan assets
2,867,250
3,500,550

Present value of plan liabilities
(2,755,800)
(3,728,100)

Net pension scheme liability
111,450
(227,550)


The amounts recognised in profit or loss are as follows:

2023
2022
£
£


Net interest on defined benefit liability
(5,250)
(9,000)

Total
(5,250)
(9,000)





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GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
23.Pension commitments (continued)


Principal actuarial assumptions at the reporting date (expressed as weighted averages):

2023
2022
%
%
Discount rate


4.6%

2.7%
 
Future salary increases


2.75%

3.25%
 
Proportion of employees opting for early retirement


3.5%

4%
 
Inflation assumption


2.5%

3%
 
Mortality rates



 
- for a male aged 65 now


87 years

86.9 years
 
- at 65 for a male aged 45 now


88 years

88.2 years
 
- for a female aged 65 now


89 years

89.3 years
 
- at 65 for a female member aged 45 now


91 years

90.7 years
 






24.


Commitments under operating leases: lessee

At 31 March 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
372,000
740,000

Later than 1 year and not later than 5 years
-
370,000

372,000
1,110,000
Page 52

 
GEOFFREY FABER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

25.

Commitments under operating leases: lessor

Group
2023
Group
2022
        £
        £
Not later than 1 year

415,512

681,912
 
Later than 1 year and not later than 5 years

-

415,512
 
Later than 5 years

-

-
 

415,512

1,097,424
 


26.


Related party transactions

During the year the Group received £500,786 (2022: £500,786) in respect of rented property provided to Faber and Faber Limited, the associated company, and Faber and Faber Limited provided management and accountancy services of £44,388 (2022: £44,388) during the year. At the Statement of financial position date £231,845 (2022: £8,548) was due from Faber and Faber Limited.


27.


Post balance sheet events

Subsequent to the year-end the Group acquired an international print publishing business, a print publishing licence, a publishing rights business, and a music management agency.  The aggregate cost of these acquisitions, including stocks of books and other physical assets acquired, and reorganisation and transaction costs, was £6.9m.  This activity was funded through existing cash resources of the Group.
Due to the nature of the music publishing and rights industry, the directors are of the opinion that it would be commercially detrimental to the Group to disclose the details of the individual transactions at this time.

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