REGISTERED NUMBER: 06524598 (England and Wales) |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
FENLAND HOLDINGS LIMITED |
REGISTERED NUMBER: 06524598 (England and Wales) |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
FENLAND HOLDINGS LIMITED |
FENLAND HOLDINGS LIMITED (REGISTERED NUMBER: 06524598) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 8 |
Consolidated Statement of Financial Position | 9 |
Company Statement of Financial Position | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Notes to the Consolidated Financial Statements | 13 |
FENLAND HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
2 Manor Farm Court |
Old Wolverton Road |
Old Wolverton |
Buckinghamshire |
MK12 5NN |
FENLAND HOLDINGS LIMITED (REGISTERED NUMBER: 06524598) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTOR |
Other changes in directors holding office are as follows: |
GOING CONCERN |
After making reasonable enquiries, the directors are confident that the group will have adequate resources to continue in operational existence for the foreseeable future. The directors therefore consider it appropriate to continue to adopt the going concern basis in preparation of these financial statements. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
FENLAND HOLDINGS LIMITED (REGISTERED NUMBER: 06524598) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FENLAND HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Fenland Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Income Statement, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2024 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FENLAND HOLDINGS LIMITED |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FENLAND HOLDINGS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
In our process of identifying fraud risks we assessed events or conditions that indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud ("fraud risk factors") to determine how fraud risks are relevant to our audit. Based on the auditing standards we addressed two fraud risks that were relevant to our audit, in relation to revenue recognition and management override of controls. Based upon our analysis of fraud risk factors, we have not identified any additional fraud risks. |
Our audit procedures included an evaluation of the design, implementation as well as the operating effectiveness of internal controls relevant to mitigate these risks. We also performed substantive audit procedures, including detailed testing of high risk journal entries and procedures to satisfy ourselves that revenue has been properly recognised in the financial statements in accordance with financial reporting standards and the Group's accounting policies. Through these procedures, we did not identify any material actual or suspected incidences of fraud. |
We have evaluated facts and circumstances in order to assess laws and regulations relevant to the Group. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience, through discussion with the Director and other management (as required by auditing standards) and discussed with the Director and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
The potential effect of these laws and regulations on the financial statements varies considerably. |
Firstly, the Group is subject to laws and regulations that directly affect the financial statements including taxation and financial reporting (including related company legislation) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. |
Secondly, the Group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: |
- Employment legislation, reflecting the Group's workforce |
- Health and safety regulation, reflecting the Group's production, distribution and operating processes |
- Data privacy, reflecting the Group's management of personal and corporate data |
- Environmental regulation, reflecting environmental impact restrictions, waste and contamination related to the Group's distribution and operating processes. |
Auditing standards limit the required audit procedures to identify non-compliance with these regulations to enquiry of the Director and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we did not identify any material actual or suspected non-compliance in any of the above areas. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FENLAND HOLDINGS LIMITED |
We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the Director and other management are responsible for such internal control as the Director and other management of the Group determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
2 Manor Farm Court |
Old Wolverton Road |
Old Wolverton |
Buckinghamshire |
MK12 5NN |
FENLAND HOLDINGS LIMITED (REGISTERED NUMBER: 06524598) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
£ | £ |
TURNOVER | 7,653,881 | 9,737,001 |
Cost of sales | 5,931,029 | 7,682,701 |
GROSS PROFIT | 1,722,852 | 2,054,300 |
Administrative expenses | 1,151,210 | 1,083,505 |
571,642 | 970,795 |
Other operating income | 361,937 | - |
OPERATING PROFIT | 933,579 | 970,795 |
Interest receivable and similar income | 14,980 | 2,870 |
948,559 | 973,665 |
Interest payable and similar expenses | 1,624 | 14,152 |
PROFIT BEFORE TAXATION | 946,935 | 959,513 |
Tax on profit | 284,693 | 253,138 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 662,242 | 706,375 |
FENLAND HOLDINGS LIMITED (REGISTERED NUMBER: 06524598) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 | 1,257,601 | 1,526,424 |
Tangible assets | 7 | 279,873 | 304,938 |
Investments | 8 | - | - |
1,537,474 | 1,831,362 |
CURRENT ASSETS |
Stocks | 63,801 | 69,543 |
Debtors | 9 | 2,552,773 | 3,042,565 |
Cash at bank | 1,873,821 | 1,044,352 |
4,490,395 | 4,156,460 |
CREDITORS |
Amounts falling due within one year | 10 | 1,270,206 | 1,302,947 |
NET CURRENT ASSETS | 3,220,189 | 2,853,513 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
4,757,663 |
4,684,875 |
CREDITORS |
Amounts falling due after more than one year |
11 |
(16,682 |
) |
(587,713 |
) |
PROVISIONS FOR LIABILITIES | (38,230 | ) | (56,653 | ) |
NET ASSETS | 4,702,751 | 4,040,509 |
CAPITAL AND RESERVES |
Called up share capital | 14 | 57 | 57 |
Share premium | 1,696,641 | 1,696,641 |
Capital redemption reserve | 50 | 50 |
Retained earnings | 3,006,003 | 2,343,761 |
SHAREHOLDERS' FUNDS | 4,702,751 | 4,040,509 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2024 and were signed on its behalf by: |
A R Bacon - Director |
FENLAND HOLDINGS LIMITED (REGISTERED NUMBER: 06524598) |
COMPANY STATEMENT OF FINANCIAL POSITION |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 |
Tangible assets | 7 |
Investments | 8 |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Share premium |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 2,100,340 | 1,286,494 |
The financial statements were approved by the Board of Directors and authorised for issue on |
FENLAND HOLDINGS LIMITED (REGISTERED NUMBER: 06524598) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 February 2022 | 57 | 1,637,386 | 1,696,641 | 50 | 3,334,134 |
Changes in equity |
Profit for the year | - | 706,375 | - | - | 706,375 |
Total comprehensive income | - | 706,375 | - | - | 706,375 |
Balance at 31 January 2023 | 57 | 2,343,761 | 1,696,641 | 50 | 4,040,509 |
Changes in equity |
Profit for the year | - | 662,242 | - | - | 662,242 |
Total comprehensive income | - | 662,242 | - | - | 662,242 |
Balance at 31 January 2024 | 57 | 3,006,003 | 1,696,641 | 50 | 4,702,751 |
FENLAND HOLDINGS LIMITED (REGISTERED NUMBER: 06524598) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 February 2022 |
Changes in equity |
Profit for the year | - | 1,286,494 | - | - | 1,286,494 |
Total comprehensive income | - | - |
Balance at 31 January 2023 |
Changes in equity |
Profit for the year | - | 2,100,340 | - | - | 2,100,340 |
Total comprehensive income | - | - |
Balance at 31 January 2024 |
FENLAND HOLDINGS LIMITED (REGISTERED NUMBER: 06524598) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Fenland Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
BASIS OF CONSOLIDATION |
The financial statements consolidate the accounts of Fenland Holdings Ltd and all of its subsidiary undertakings ('subsidiaries'). |
TURNOVER |
Turnover comprises revenue recognised by the group in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. |
Contract revenue within turnover includes the value of work completed during the financial year after reference to the total sales value and the stage of completion of the contract, as detailed more fully below. |
GOODWILL |
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Income Statement over its estimated useful life. Goodwill arising on the acquisition of Fenland Flat Roofing Limited is being amortised over a useful economic life of 20 years subject to any provisions for impairment. |
TANGIBLE FIXED ASSETS |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
FENLAND HOLDINGS LIMITED (REGISTERED NUMBER: 06524598) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
3. | ACCOUNTING POLICIES - continued |
HIRE PURCHASE AND LEASING COMMITMENTS |
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiary companies are stated at cost less any provision for impairment. |
Amounts recoverable on contracts |
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total costs expected for the contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. |
DEBTORS AND CREDITORS RECEIVABLE/PAYABLE WITHIN ONE YEAR |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses. |
TAX |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. it is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
FENLAND HOLDINGS LIMITED (REGISTERED NUMBER: 06524598) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees by undertakings that were proportionately consolidated during the year was 22 (2023 - 21 ) . |
5. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
6. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 | 5,376,460 |
AMORTISATION |
At 1 February 2023 | 3,850,036 |
Charge for year | 268,823 |
At 31 January 2024 | 4,118,859 |
NET BOOK VALUE |
At 31 January 2024 | 1,257,601 |
At 31 January 2023 | 1,526,424 |
FENLAND HOLDINGS LIMITED (REGISTERED NUMBER: 06524598) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
6. | INTANGIBLE FIXED ASSETS - continued |
Group |
Following the receipt of a large dividend from the company's trading subsidiary Fenland Flat Roofing Limited during the period ended 31 January 2015, the directors conducted an impairment review of the goodwill in the consolidated balance sheet and the investment in the company balance sheet relating to that company at that date. The recoverable amount of the goodwill and the investment was determined based on value in use calculations, using budgets and cash flow projections established by the directors and by applying a discount rate and growth rate comparable to market rates for other assets of a similar nature and risk. In making this assessment, the directors used a discount rate of 10%, prudently assumed a growth rate of 0% and estimated that cash flow generation would be maintained at or above the then current levels. |
As a result of this review, the carrying value of the investment in the company balance sheet was written down to £5,750,000 as at 31 January 2015 and the directors considered that no adjustment was required to the carrying value of goodwill in the consolidated balance sheet as the value in use exceeded the carrying value at that date. Further reviews have been carried out and the directors considered that no adjustment to the carrying value of the investment was necessary for the years ended 31 January 2016 and 31 January 2017 and that the value in use of the goodwill exceeded its carrying value at each of those dates. |
A further review was carried out for the year ended 31 January 2018 and the directors considered that £1,000,000 of the provision for impairment of the investment could be written back, the value of the investment having increased due to improved trading performance. |
A further review was carried out for the year ended 31 January 2020 and the director considered that in recognition of the reduced profit levels in the subsidiary for the preceding two years, an adjustment was required for that year to reduce the carrying value of the investment to £5,000,000. The director also considered that an impairment provision of £250,000 was required to reduce the carrying value of goodwill to its estimated value in use. |
A further review was carried out for the year ended 31 January 2021 and the director considered that no further adjustment was required to the carrying value of the investment in the company's balance sheet or to the carrying value of goodwill in the consolidated balance sheet. |
A further review was carried out for the year ended 31 January 2022, and in the light of much improved trading performance in the subsidiary,, the director considered it appropriate to write back £2,000,000 of the provision made against the carrying value of the investment, so as to increase that carrying value to £7,000,000, and to write back the £250,000 impairment provision made in the year ended 31 January 2020 against the carrying value of the goodwill. |
A further review was carried out for the year ended 31 January 2023 following the continued improvement in the trading performance of the subsidiary. Based on this, the director considered it appropriate to write back another £1,300,000 of the provision made against the carrying value of the investment so as to increase that carrying value to £8,300,000. |
A further review was carried out for the year ended 31 January 2024. The directors considered that no further adjustment to the carrying value was necessary. |
FENLAND HOLDINGS LIMITED (REGISTERED NUMBER: 06524598) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
7. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Improvements | and | Motor |
to property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2023 | 99,881 | 168,077 | 304,478 | 572,436 |
Additions | - | 14,194 | 36,850 | 51,044 |
At 31 January 2024 | 99,881 | 182,271 | 341,328 | 623,480 |
DEPRECIATION |
At 1 February 2023 | 52,237 | 129,223 | 86,038 | 267,498 |
Charge for year | 9,988 | 10,743 | 55,378 | 76,109 |
At 31 January 2024 | 62,225 | 139,966 | 141,416 | 343,607 |
NET BOOK VALUE |
At 31 January 2024 | 37,656 | 42,305 | 199,912 | 279,873 |
At 31 January 2023 | 47,644 | 38,854 | 218,440 | 304,938 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 February 2023 | 168,597 |
Additions | 36,850 |
Transfer to ownership | (17,229 | ) |
At 31 January 2024 | 188,218 |
DEPRECIATION |
At 1 February 2023 | 57,725 |
Charge for year | 27,930 |
Transfer to ownership | (10,011 | ) |
At 31 January 2024 | 75,644 |
NET BOOK VALUE |
At 31 January 2024 | 112,574 |
At 31 January 2023 | 110,872 |
FENLAND HOLDINGS LIMITED (REGISTERED NUMBER: 06524598) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
8. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
PROVISIONS |
At 1 February 2023 |
and 31 January 2024 | 255,459 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
SUBSIDIARY |
Registered office: 9 High Green, Great Shelford, Cambridge CB22 5EG |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Details of the movements in the impairment provision are shown in note 6. |
9. | DEBTORS |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors | 40,118 | 145,025 |
Amounts recoverable on |
contracts | 1,438,775 | 1,957,287 |
Other debtors | 1,462 | 2,388 |
VAT | 93,910 | 97,344 |
Prepayments and accrued income | 484,632 | 302,706 |
2,058,897 | 2,504,750 |
FENLAND HOLDINGS LIMITED (REGISTERED NUMBER: 06524598) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
9. | DEBTORS - continued |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due after more than one | year: |
Amounts recoverable on |
contracts | 493,876 | 537,815 |
493,876 | 537,815 |
Aggregate amounts | 2,552,773 | 3,042,565 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Hire purchase contracts (see note 12) | 33,253 | 46,117 |
Trade creditors | 792,693 | 801,701 |
Amounts owed to group undertakings | - | - |
Tax | 201,660 | 133,309 |
Social security and other taxes | 72,236 | 71,315 |
Other creditors | 354 | 449 |
Accruals and deferred income | 170,010 | 250,056 |
1,270,206 | 1,302,947 |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Other loans | - | 561,937 |
Hire purchase contracts (see note 12) | 16,682 | 25,776 |
16,682 | 587,713 |
Other loans due after more than one year include £nil (2023 - £561,937) owed to a director. |
FENLAND HOLDINGS LIMITED (REGISTERED NUMBER: 06524598) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
12. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 33,253 | 46,117 |
Between one and five years | 16,682 | 25,776 |
49,935 | 71,893 |
Group |
Non-cancellable |
operating leases |
2024 | 2023 |
£ | £ |
Within one year | 959 | 5,754 |
Between one and five years | - | 959 |
959 | 6,713 |
13. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Other loans | - | 561,937 | - | 561,937 |
Hire purchase contracts | 49,935 | 71,893 | - | - |
49,935 | 633,830 |
The other loans in 2023 were secured by a debenture over the assets of the company and a cross guarantee over the assets of the subsidiary company, Fenland Flat Roofing Limited. The priority of security between the loans is governed by an intercreditor deed. This was satisfied during 2024. |
Hire purchase contracts are secured against the relevant assets. |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
A Ordinary | £0.01 | 50 | 50 |
B Ordinary | £0.01 | 7 | 7 |
57 | 57 |
FENLAND HOLDINGS LIMITED (REGISTERED NUMBER: 06524598) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
14. | CALLED UP SHARE CAPITAL - continued |
The rights attaching to each class of shares are as follows: |
The A Ordinary shares do not carry a present or future preferential right to dividends, to the company's assets on a winding up or to be redeemed in preference to shares in any other class of shares. They have attached to them full voting rights and full dividend rights.They do not confer any rights of redemption. They have capital distribution rights limited to pro rata rights in proportion to the total number of ordinary shares. |
The B Ordinary shares entitle the holders to receive dividends pro rata to their respective holdings of shares in issue in the capital of the company save that it shall be within the power of the directors to declare dividends on all or any such classes of shares in such amounts (if any) as the directors shall think fit. The B Ordinary shares carry voting rights pari passu with the A Ordinary shares and an entitlement to share in the proceeds on a winding up. The B Ordinary shares are not redeemable. |
15. | RELATED PARTY DISCLOSURES |
At the year end, the company owed its subsidiary £277,086 (2023 - £1,883,942). The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
During the year, the subsidiary company paid rent of £6,667 (2023 - £6,667) to a director and £22,933 (2023 - £22,933) to a business operated by members of that director's family. |
16. | POST BALANCE SHEET EVENTS |
On 1 February 2024, the company was acquired by the employees of the company via an Employee Ownership Trust. From that date, the ultimate parent company is Fenland Holdings Trustees Limited. |
The registered office of Fenland Holdings Trustees Limited is 9 High Green, Great Shelford, Cambridge, CB22 5EG. |