Registered number
03113604
Frecker Limited
Report and Financial Statements
30 October 2023
Frecker Limited
Report and accounts
Contents
Page
Company information 1
Strategic report 2
Directors' report 4
Independent auditor's report 6
Income statement 9
Statement of comprehensive income 10
Statement of financial position 11
Statement of changes in equity 12
Statement of cash flows 13
Notes to the financial statements 14
Frecker Limited
Company Information
Directors
J Muckian
D N Wilson
Secretary
R N Wilson
Auditors
Bell Anderson Limited
264-266 Durham Road
Gateshead
Tyne & Wear
NE8 4JR
Solicitors
Savage Silk
The Core
Bath Lane, The Helix
Newcastle upon Tyne
Tyne & Wear
NE4 5TF
Registered office
Henson House
Ponteland Road
Newcastle upon Tyne
Tyne & Wear
NE5 3DF
Registered number
03113604
Frecker Limited
Strategic Report
Review of business
Key financial and other indicators between this financial period and last year are as follows:
2023 2022
£ £
Turnover 11,848,308 9,334,715
Gross profit 1,755,246 1,596,530
Operating profit 556,499 577,716
Shareholders' funds 7,586,476 6,877,287
The directors are pleased to note that turnover has increased by 26% in the current year and this follows the relocation and full opening of the new showroom. Although this increased turnover has not resulted in an increase in profits the directors believe that the investment that has been made both in the showroom and the improvement in the stock of motor vehicles now held will result in improved profitability in future periods and overall the directors remain satisfied with the results. The directors continue to review all processes and anticipate that further savings are still to be realised from the continued streamlining of all systems and processes.
Principal risks and uncertainties
Management continually monitor the key risks facing the company, together with assessing the controls used for managing these risks. The board of directors formally reviews and documents the principal risks facing the business at least annually. The principal risks are detailed below.
Economic and Market Risks
Economic downturn - the company acknowledges the importance of monitoring both national and local sales trends to be able to identify the early signs of potential financial difficulties, so that action can be taken in the event of sales declining.

The market in which the company operates is considered to be relatively competitive and therefore competitor pressure could result in losing sales to key competitors. The company manages the risk by providing a quality product that is price matched nationally on a weekly basis by utilising internet searches and social media accounts.

Loss of key personnel would present significant operational difficulties for the company. Management seeks to ensure that key personnel are appropriately remunerated to ensure good performance is recognised.
Frecker Limited
Strategic Report
Financial Risks
The company has an established, structured approach to risk management. The company's activities expose it to a variety of financial risks. The company has adopted risk management policies that seek to mitigate these risks in a cost-effective manner. Financial assets that expose the company to financial risk consist primarily of trade debtors and cash. Financial liabilities that expose the company to financial risk consist principally of trade creditors, bank loans and stocking loan facilities.
Liquidity Risk
Liquidity risk is the risk that the company does not have sufficient liquid assets to meet its obligations as they fall due. The company maintains sufficient cash and open committed credit lines from its bankers and stock finance providers, to meet its funding requirements.
Interest rate risk re unfavourable movements in interest rates may be perceived as being material to the accounts due to its gearing and the borrowing agreements in place. Liquidity is maintained at a prudent level and the company ensures there is an adequate liquidity buffer to cover its contingencies.
This report was approved by the board on 30 July 2024 and signed on its behalf.
D N Wilson
Director
Frecker Limited
Registered number: 03113604
Directors' Report
The directors present their report and financial statements for the year ended 30 October 2023.
Principal activities
The company's principal activity during the year continued to be that of dealers in second hand motor vehicles.
Future developments
The company intends to continue operating in the areas of motor vehicle sales and to increase profitability.
Financial instrument risk
The company has an established, structured approach to risk management. The company's activities expose it to a variety of financial risks such as credit, liquidity and cash flow, and interest rate risks. The company has adopted risk management policies that seek to mitigate these risks in a cost effective manner. Financial assets that expose the company to financial risk consist primarily of trade receivables and cash. Financial liabilities that expose the company to financial risk consist primarily of trade payables and bank borrowings.
Dividends
Interim dividends of £240,000 have been paid in the year. (2022: £240,000). The directors do not recommend a final dividend.
Directors
The following persons served as directors during the year:
J Muckian
D N Wilson
Directors' responsibilities
The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 of the profit or loss of the company 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 estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he 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 company's auditor is aware of that information.
This report was approved by the board on 30 July 2024 and signed on its behalf.
D N Wilson
Director
Frecker Limited
Independent auditor's report
to the members of Frecker Limited
Opinion
We have audited the financial statements of Frecker Limited (the 'company') for the year ended 30 October 2023 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the 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 company's affairs as at 30 October 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates through discussions with the directors and other management (as required by auditing standards) and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

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. As a consequence of these inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

We did not identify any key audit matters relating to irregularities, including fraud. In common with all audits under ISA's (UK), we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Geoffrey Little FCA,CTA
(Senior Statutory Auditor) 264-266 Durham Road
for and on behalf of Gateshead
Bell Anderson Limited
Statutory Auditor Tyne & Wear
30 July 2024 NE8 4JR
Frecker Limited
Income Statement
for the year ended 30 October 2023
Notes 2023 2022
£ £
Turnover 3 11,848,308 9,334,715
Cost of sales (10,093,062) (7,738,185)
Gross profit 1,755,246 1,596,530
Administrative expenses (1,761,830) (1,386,428)
Other operating income 563,083 367,614
Operating profit 4 556,499 577,716
Gain on revaluation of investment property 763,500 300,000
Interest payable 7 (434,935) (166,686)
Profit on ordinary activities before taxation 885,064 711,030
Tax on profit on ordinary activities 8 (190,875) (86,565)
Profit for the financial year 694,189 624,465
Frecker Limited
Statement of Comprehensive Income
for the year ended 30 October 2023
Notes 2023 2022
£ £
Profit for the financial year 694,189 624,465
Other comprehensive income
Gain on revaluation of land and buildings 9 340,000 1,486,924
Deferred taxation arising on the revaluation of land and buildings 18 (85,000) (213,936)
Total comprehensive income for the year 949,189 1,897,453
Frecker Limited
Statement of Financial Position
as at 30 October 2023 Company registration number 03113604
Notes 2023 2022
£ £
Fixed assets (restated)
Tangible assets 9 4,187,178 5,938,639
Investment property 10 7,950,000 3,900,000
Investments 11 4 4
12,137,182 9,838,643
Current assets
Stocks 12 2,692,583 1,412,628
Debtors 13 694,625 708,029
Investments held as current assets 14 339,455 317,309
Cash at bank and in hand 9,775 528,501
3,736,438 2,966,467
Creditors: amounts falling due within one year 15 (2,105,968) (1,115,033)
Net current assets 1,630,470 1,851,434
Total assets less current liabilities 13,767,652 11,690,077
Creditors: amounts falling due after more than one year 16 (5,547,040) (4,454,529)
Provisions for liabilities
Deferred taxation 18 (634,136) (358,261)
Net assets 7,586,476 6,877,287
Capital and reserves
Called up share capital 19 70,002 70,002
Fair value reserve 20 872,625 300,000
Revaluation reserve 21 2,496,600 2,241,600
Profit and loss account 22 4,147,249 4,265,685
Total equity 7,586,476 6,877,287
D N Wilson
Director
Approved by the board on 30 July 2024
Frecker Limited
Statement of Changes in Equity
for the year ended 30 October 2023
Share Fair value Revaluation Profit Total
capital reserve reserve and loss
account
£ £ £ £ £
At 1 November 2021 70,002 - 968,612 4,181,220 5,219,834
Profit for the period 624,465 624,465
Gain on revaluation of land and buildings 1,486,924 1,486,924
Deferred taxation arising on the revaluation of land and buildings (213,936) (213,936)
Other comprehensive income for the financial year - - 1,272,988 - 1,272,988
Total comprehensive income for the financial year - - 1,272,988 624,465 1,897,453
Dividends (240,000) (240,000)
Transfers 300,000 - (300,000) -
At 30 October 2022 70,002 300,000 2,241,600 4,265,685 6,877,287
At 31 October 2022 70,002 300,000 2,241,600 4,265,685 6,877,287
Profit for the financial year 694,189 694,189
Gain on revaluation of land and buildings 340,000 340,000
Deferred taxation arising on the revaluation of land and buildings (85,000) (85,000)
Other comprehensive income for the financial year - - 255,000 - 255,000
Total comprehensive income for the financial year - - 255,000 694,189 949,189
Dividends (240,000) (240,000)
Transfers 572,625 - (572,625) -
At 30 October 2023 70,002 872,625 2,496,600 4,147,249 7,586,476
Frecker Limited
Statement of Cash Flows
for the year ended 30 October 2023
Notes 2023 2022
£ £
Operating activities
Profit for the financial year 694,189 624,465
Adjustments for:
Gain on revaluation of investment properties (763,500) (300,000)
Gain on revaluation of investment (11,073) -
Interest payable 434,935 166,686
Tax on profit on ordinary activities 190,875 86,565
Depreciation 27,853 20,813
(Increase)/decrease in stocks (1,279,955) 849,345
Decrease in debtors 13,404 219,644
Increase in creditors 274,941 100,992
(418,331) 1,768,510
Interest paid (434,935) (166,686)
Corporation tax paid (48,492) (100,000)
Cash (used in)/generated by operating activities (901,758) 1,501,824
Investing activities
Payments to acquire tangible fixed assets (1,233,965) (1,352,008)
Cash used in investing activities (1,233,965) (1,352,008)
Financing activities
Equity dividends paid (240,000) (240,000)
Repayment of loans 1,574,746 764,610
Cash generated by financing activities 1,334,746 524,610
Net cash (used)/generated
Cash (used in)/generated by operating activities (901,758) 1,501,824
Cash used in investing activities (1,233,965) (1,352,008)
Cash generated by financing activities 1,334,746 524,610
Net cash (used)/generated (800,977) 674,426
Cash and cash equivalents at 31 October 528,501 (145,925)
Cash and cash equivalents at 30 October (272,476) 528,501
Cash and cash equivalents comprise:
Cash at bank 9,775 528,501
Bank overdrafts 15 (282,251) -
(272,476) 528,501
Frecker Limited
Notes to the Accounts
for the year ended 30 October 2023
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost or valuation less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Not depreciated
Leasehold buildings Over the period of the lease
Fixtures, fittings, tools and equipment 20% straight line
The company's property is maintained by a programme of repair and refurbishment such that the residual value is deemed to be at least equal to the book value. The residual value would be sufficiently high to make any depreciation charge in the current period immaterial, which is supported by an impairment review.
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Critical accounting estimates and judgements
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows.

Useful economic lives of tangible assets - The annual depreciation charge is sensitive to changes in the estimated useful lives of the assets. The useful economic lives are re-assessed annually. They are amended when necessary to reflect current estimates, future investments and economic utilisation. The residual value of freehold and investment properties is reviewed on an annual basis and any increase or impairment is adjusted.

Stock Provision - The company has made an assumption of writing down the value of stock on items in which they expect the cost to exceed the net realisable value before it is fully sold/utilised. This assumption has involved looking at the historic sales patterns and expected sales in future years.
3 Analysis of turnover 2023 2022
£ £
Sale of goods 11,498,443 9,095,260
Commissions 349,865 239,455
11,848,308 9,334,715
By geographical market:
UK 11,848,308 9,334,715
4 Operating profit 2023 2022
£ £
This is stated after charging:
Depreciation of owned fixed assets 27,853 20,813
Auditors' remuneration for audit services 7,500 7,500
Carrying amount of stock sold 10,069,359 7,640,043
5 Directors' emoluments 2023 2022
£ £
Emoluments 14,967 14,967
6 Staff costs 2023 2022
£ £
Wages and salaries 827,478 639,154
Social security costs 78,647 49,436
Other pension costs 14,028 11,108
920,153 699,698
Average number of employees during the year Number Number
Administration 4 2
Management 2 3
Valet 7 11
After sales 4 -
Sales 11 8
28 24
7 Interest payable 2023 2022
£ £
Bank loans and overdrafts 313,118 134,772
Other loans 121,817 31,914
434,935 166,686
8 Taxation 2023 2022
£ £
Analysis of charge in period
Deferred tax:
Origination and reversal of timing differences 190,875 65,790
Effect of increased tax rate on opening liability - 20,775
190,875 86,565
Tax on profit on ordinary activities 190,875 86,565
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2023 2022
£ £
Profit on ordinary activities before tax 885,064 711,030
Standard rate of corporation tax in the UK 25% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 221,266 135,096
Effects of:
Expenses not deductible for tax purposes 85,508 1,020
Capital allowances for period in excess of depreciation (4,489) (13,327)
Losses utilised (26,410) -
Income not taxable (275,875) (57,000)
Deferred tax 190,875 20,776
Current tax charge for period 190,875 86,565
Factors that may affect future tax charges
None
9 Tangible fixed assets
Land and buildings Plant and machinery Fixtures, fittings, tools and equipment Total
At valuation At cost At cost
£ £ £ £
Cost or valuation
At 31 October 2022 5,885,576 14,973 173,791 6,074,340
Additions 1,189,242 - 44,723 1,233,965
Revaluation 340,000 - - 340,000
Transfers to investments (3,286,500) (14,973) - (3,301,473)
At 30 October 2023 4,128,318 - 218,514 4,346,832
Depreciation
At 31 October 2022 - 3,725 131,976 135,701
Charge for the year - 175 27,678 27,853
Transfer to investments - (3,900) - (3,900)
At 30 October 2023 - - 159,654 159,654
Carrying amount
At 30 October 2023 4,128,318 - 58,860 4,187,178
At 30 October 2022 5,885,576 11,248 41,815 5,938,639
2023 2022
£ £
Carrying amount of land and buildings on cost basis 2,686,518 3,468,167
The freehold properties were valued at open market value on the 17 August 2022 by Knight Frank LLP.
10 Investment property 2023
£
Valuation
At 31 October 2022 3,900,000
Revaluation 763,500
Transfers from tangible fixed assets 3,286,500
At 30 October 2023 7,950,000
The investment property was valued at open market value on the 17 August 2022 by Knight Frank LLP and also valued by Cluttons at open market value on 27 July 2023.
11 Investments
Investments in
subsidiary
undertakings
£
Cost
At 31 October 2022 4
At 30 October 2023 4
The company holds 20% or more of the share capital of the following companies:
Capital and Profit (loss)
Company Shares held reserves for the year
Class % £ £
March 2000 Limited Ordinary 100 2 -
Deluxe Express Limited Ordinary 100 1 -
Sandco 830 Limited Ordinary 33 628,520 26,242
March 2000 Limited and Deluxe Express Limited are dormant companies and Sandco 830 Limited is a rental property company. The registered office of all the above companies is Henson House, Ponteland Road, Newcastle upon Tyne, NE5 3DF.
12 Stocks 2023 2022
£ £
Raw materials and consumables 239,558 11,250
Finished goods and goods for resale 2,453,025 1,401,378
2,692,583 1,412,628
13 Debtors 2023 2022
£ £
Trade debtors 34,282 35,706
Other debtors 466,196 534,499
Prepayments and accrued income 194,147 100,754
Directors loan accounts - 37,070
694,625 708,029
14 Investments held as current assets 2023 2022
£ £
Fair value
Other investments 339,455 317,309
15 Creditors: amounts falling due within one year 2023 2022
£ £
Bank overdrafts 282,251 -
Bank and other loans 694,259 212,024
Trade creditors 474,786 493,645
Corporation tax - 48,492
Other taxes and social security costs 100,234 13,809
Director's account - 11,348
Other creditors 389,325 305,205
Accruals and deferred income 165,113 30,510
2,105,968 1,115,033
16 Creditors: amounts falling due after one year 2023 2022
£ £
Bank and other loans 5,547,040 4,454,529
17 Loans 2023 2022
£ £
Loans not wholly repayable within five years:
490,107 490,107
Analysis of maturity of debt:
Within one year or on demand 694,259 698,707
Between one and two years 640,260 694,039
Between two and five years 4,416,673 2,783,700
After five years 490,107 490,107
6,241,299 4,666,553
The bank loans and overdraft are secured on the company's properties. Bank Loan repayable on 19 July 2041. Interest is charged at base rate plus 2.5% Stocking loans are secured on vehicle stocks.
18 Deferred taxation 2023 2022
£ £
Revaluation of land and buildings 636,872 354,307
Accelerated capital allowances 31,881 58,504
Tax losses carried forward (34,617) (54,550)
634,136 358,261
2023 2022
£ £
At 31 October 358,261 57,760
Charged to the profit and loss account 190,875 86,565
Charged to other comprehensive income 85,000 213,936
At 30 October 634,136 358,261
19 Share capital Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 60,002 60,002 60,002
B Ordinary shares £1 each 10,000 10,000 10,000
70,002 70,002
20 Fair value reserve 2023 2022
£ £
At 31 October 300,000 300,000
Transfer from profit and loss account 572,625 -
At 30 October 872,625 300,000
21 Revaluation reserve 2023 2022
£ £
At 31 October 2,241,600 968,612
Gain on revaluation of land and buildings 340,000 1,486,924
Deferred taxation arising on the revaluation of land and buildings (85,000) (213,936)
At 30 October 2,496,600 2,241,600
22 Profit and loss account 2023 2022
£ £
At 31 October 4,265,685 4,181,220
Profit for the financial year 694,189 624,465
Transfers (572,625) (300,000)
Dividends (240,000) (240,000)
At 30 October 4,147,249 4,265,685
23 Dividends 2023 2022
£ £
Dividends on ordinary shares (note 22) 240,000 240,000
24 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
D N Wilson
Loans to directors 32,605 - (32,605) -
32,605 - (32,605) -
25 Related party transactions
Circle Red Properties Limited is a related party by virtue of a director being a shareholder. An amount of £191,007, included in other investments.

Circle Red Properties Morpeth Limited is a related party by virtue of a director being a shareholder. An amount of £53,315 is included in other investments.

Circle Red Investments Limited is a related party by virtue of a director being a shareholder. An amount of £72,986, included in other investments.

Circle Red Properties St James Limited is a related party by virtue of a director being a shareholder. , A loan of £310,695, included in debtors was still outstanding at the year end (2022- £310,695). The loan is interest free and has no set date for repayment.
Henson Property Company Ltd is a related party by virtue of the directors being 100% joint shareholders. During the year the company received repayments of £57,500 (2022 - £117,163). At the year end date outstanding loans of £84,500 are included in debtors (2021 - £142,000). The loans are interest free and have no set date for repayment.

Wardley Investments Limited Liability Partnership is a related party by virtue of a director being a member. An amount of £46,000, included within other debtors, was still outstanding at the year end (2021 - £46,000). The loan is interest free and has no set date for repayment.

During the year dividends were paid to A Wilson, wife of D Wilson amounting to £72,000 (2022- £72,000)

During the year dividends were paid to C Muckian, wife of J Muckian amounting to £60,000 (2022-£60,000)
26 Controlling party
The ultimate controlling party is D N Wilson by virtue of his majority shareholding in the company.
27 Presentation currency
The financial statements are presented in Sterling.
28 Legal form of entity and country of incorporation
Frecker Limited is a private company limited by shares and incorporated in England.
29 Principal place of business
The address of the company's principal place of business and registered office is:
Henson House
Ponteland Road
Newcastle upon Tyne
Tyne & Wear
NE5 3DF
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