Company registration number 09937878 (England and Wales)
Falconer 2016 Limited
Annual Report and Financial Statements
for the year ended 31 March 2024
Falconer 2016 Limited
Company Information
Directors
R J Martin
C Pow
A C Simpson
P Knight
B Townsend
Company number
09937878
Registered office
Unit 5G Navigation Close
Lowfields Business Park
Elland
HX5 9HB
Auditor
B M Howarth Ltd
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
Falconer 2016 Limited
Contents
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group statement of financial position
8
Company statement of financial position
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 22
Falconer 2016 Limited
Strategic Report
for the year ended 31 March 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Principal activities

The principal activity of the group continued to be that of commercial packaging and advertising. The principal activity of the company continued to be that of a holding company.

Business review

The group has had another successful year and the directors are pleased with the trading results.

31 Mar
31 Mar
2024
2023
Turnover
9,167,030
9,059,244
Gross profit
3,973,783
3,807,962
Gross profit margin
43.35%
42.03%
EBITDA
2,015,387
1,951,992
Cash at bank
3,396,018
4,040,797
Financial risks and uncertainties

Competition is a key risk to the group. The risk is alleviated by continuing to produce quality products at competitive prices and reacting efficiently to customer demands. The group maintains strong relationships with its customers and has established credit control parameters. Appropriate credit terms are agreed with customers and these are closely managed.

Payment of creditors

It is the group's policy to ensure that suppliers are aware of the group's term of payment, and that these terms are agreed at the commencement of business with each supplier. Payments are made in accordance with the payment terms and conditions agreed.

Enviromental policy

The group recognises the importance of its environmental responsibilities and attempts to minimise its impact on the environment, including safe disposal of waste, recycling and reducing energy consumption.

Future developments

The financial year to 31 March 2025 will see continued investment in plant and machinery.

On behalf of the board

R J Martin
Director
12 August 2024
Falconer 2016 Limited
Directors' Report
for the year ended 31 March 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £450,035. The directors do not recommend payment of a further dividend.

Directors

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

R J Martin
C Pow
A C Simpson
P Knight
B Townsend
Auditor

B M Howarth Ltd were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

Statement of disclosure to auditor

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

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

Falconer 2016 Limited
Directors' Report (continued)
for the year ended 31 March 2024
- 3 -
On behalf of the board
R J Martin
Director
12 August 2024
Falconer 2016 Limited
Independent Auditor's Report
to the members of Falconer 2016 Limited
- 4 -
Opinion

We have audited the financial statements of Falconer 2016 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Falconer 2016 Limited
Independent Auditor's Report (continued)
to the members of Falconer 2016 Limited
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the group and the sectors in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the Company accounting policies, the financial reporting framework and the UK Companies Act 2006.

 

We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, 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, misrepresentations or through collusion.

 

There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

Falconer 2016 Limited
Independent Auditor's Report (continued)
to the members of Falconer 2016 Limited
- 6 -

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

Other matters which we are required to address

The prior year's financial statements were not audited and therefore the comparative figures are unaudited.

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.

James Bell (Senior Statutory Auditor)
For and on behalf of B M Howarth Ltd
Chartered Accountants
Statutory Auditor
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
12 August 2024
Falconer 2016 Limited
Group Statement of Comprehensive Income
for the year ended 31 March 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
9,167,030
9,059,244
Cost of sales
(5,193,247)
(5,251,282)
Gross profit
3,973,783
3,807,962
Administrative expenses
(2,159,332)
(2,034,489)
Other operating income
3,029
4,542
Operating profit
4
1,817,480
1,778,015
Interest receivable
6
62,072
3,733
Interest payable
7
(2,559)
(3,675)
Profit before taxation
1,876,993
1,778,073
Tax on profit
9
(479,583)
(322,503)
Profit for the financial year
1,397,410
1,455,570
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

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

Falconer 2016 Limited
Group Statement Of Financial Position
as at 31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,335,600
931,811
Current assets
Stocks
15
31,974
55,186
Debtors
16
1,437,615
1,590,548
Cash at bank and in hand
4,040,797
3,396,018
5,510,386
5,041,752
Creditors: amounts falling due within one year
17
(1,397,115)
(1,600,628)
Net current assets
4,113,271
3,441,124
Total assets less current liabilities
5,448,871
4,372,935
Creditors: amounts falling due after more than one year
18
(19,167)
(2,101)
Provisions for liabilities
Deferred tax liability
20
300,150
188,655
(300,150)
(188,655)
Net assets
5,129,554
4,182,179
Capital and reserves
Called up share capital
21
26
26
Share premium account
624,616
624,616
Capital redemption reserve
3
3
Profit and loss reserves
4,504,909
3,557,534
Total equity
5,129,554
4,182,179

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 12 August 2024 and are signed on its behalf by:
12 August 2024
R J Martin
Director
Company registration number 09937878 (England and Wales)
Falconer 2016 Limited
Company Statement Of Financial Position
as at 31 March 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
2,084,971
2,084,971
Current assets
Cash at bank and in hand
1,747,378
1,450,656
Creditors: amounts falling due within one year
17
(21,721)
(4,440)
Net current assets
1,725,657
1,446,216
Net assets
3,810,628
3,531,187
Capital and reserves
Called up share capital
21
26
26
Share premium account
624,616
624,616
Capital redemption reserve
3
3
Profit and loss reserves
3,185,983
2,906,542
Total equity
3,810,628
3,531,187

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £729,476 (2023 - £996,650 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 12 August 2024 and are signed on its behalf by:
12 August 2024
R J Martin
Director
Company registration number 09937878 (England and Wales)
Falconer 2016 Limited
Group Statement Of Changes In Equity
for the year ended 31 March 2024
- 10 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
27
624,616
2
2,648,614
3,273,259
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
1,455,570
1,455,570
Dividends
10
-
-
-
(417,370)
(417,370)
Own shares acquired
-
-
-
(129,280)
(129,280)
Redemption of shares
21
(1)
-
1
-
-
0
Balance at 31 March 2023
26
624,616
3
3,557,534
4,182,179
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
1,397,410
1,397,410
Dividends
10
-
-
-
(450,035)
(450,035)
Balance at 31 March 2024
26
624,616
3
4,504,909
5,129,554
Falconer 2016 Limited
Company Statement of Changes in Equity
for the year ended 31 March 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
27
624,616
2
2,456,542
3,081,187
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
996,650
996,650
Dividends
10
-
-
-
(417,370)
(417,370)
Own shares acquired
-
-
-
(129,280)
(129,280)
Redemption of shares
21
(1)
-
1
-
-
0
Balance at 31 March 2023
26
624,616
3
2,906,542
3,531,187
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
729,476
729,476
Dividends
10
-
-
-
(450,035)
(450,035)
Balance at 31 March 2024
26
624,616
3
3,185,983
3,810,628
Falconer 2016 Limited
Group Statement of Cash Flows
for the year ended 31 March 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
2,136,847
1,959,787
Interest paid
(2,559)
(3,675)
Income taxes paid
(503,801)
(350,628)
Net cash inflow from operating activities
1,630,487
1,605,484
Investing activities
Purchase of tangible fixed assets
(601,696)
(117,713)
Interest received
62,072
3,733
Net cash used in investing activities
(539,624)
(113,980)
Financing activities
Purchase of treasury shares
-
0
(129,280)
Payment of finance leases obligations
3,951
4,248
Dividends paid to equity shareholders
(450,035)
(417,370)
Net cash used in financing activities
(446,084)
(542,402)
Net increase in cash and cash equivalents
644,779
949,102
Cash and cash equivalents at beginning of year
3,396,018
2,446,916
Cash and cash equivalents at end of year
4,040,797
3,396,018
Falconer 2016 Limited
Notes to the Group Financial Statements
for the year ended 31 March 2024
- 13 -
1
Accounting policies
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Falconer 2016 Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

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

Going concern

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

Turnover

Turnover is recognised at the fair value of the consideration received goods provided in the normal course of business, and is shown net of VAT. Turnover is recognised when the goods are despatched.

Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Leasehold land and buildings
Straight line over term of the lease
Plant and equipment
10-15% reducing balance
Fixtures and fittings
10-15% reducing balance
Motor vehicles
25% reducing balance
Falconer 2016 Limited
Notes to the Group Financial Statements (continued)
for the year ended 31 March 2024
1
Accounting policies
(continued)
- 14 -

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

Fixed asset investments

In the parent company financial statements, investments in subsidiary are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit or loss

 

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

Impairment of fixed assets

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

 

 

Stocks

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

Taxation

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

Current tax

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

Deferred tax

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

Retirement benefits

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

Falconer 2016 Limited
Notes to the Group Financial Statements (continued)
for the year ended 31 March 2024
1
Accounting policies
(continued)
- 15 -
Leases

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

 

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

2
Judgements and key sources of estimation uncertainty

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

 

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

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Print and packaging
9,167,030
9,059,244
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
10,000
-
Depreciation of owned tangible fixed assets
197,907
173,977
(Profit)/loss on disposal of tangible fixed assets
-
4,933
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
78
74
5
5
Falconer 2016 Limited
Notes to the Group Financial Statements (continued)
for the year ended 31 March 2024
5
Employees
(continued)
- 16 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,858,380
2,719,217
-
0
-
0
Pension costs
234,767
265,777
-
0
-
0
3,093,147
2,984,994
-
0
-
0
6
Interest receivable
2024
2023
£
£
Interest income
Interest on bank deposits
62,072
3,733
7
Interest payable
2024
2023
£
£
Interest on finance leases and hire purchase contracts
2,559
3,675
8
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
234,767
265,777

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

9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
368,020
343,733
Adjustments in respect of prior periods
68
(57,071)
Total current tax
368,088
286,662
Deferred tax
Origination and reversal of timing differences
111,495
35,841
Total tax charge
479,583
322,503
Falconer 2016 Limited
Notes to the Group Financial Statements (continued)
for the year ended 31 March 2024
9
Taxation
(continued)
- 17 -

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

2024
2023
£
£
Profit before taxation
1,876,993
1,778,073
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
469,248
337,834
Tax effect of expenses that are not deductible in determining taxable profit
8,002
2,827
Adjustments in respect of prior years
68
(57,076)
Effect of change in corporation tax rate
3,932
43,869
Tax at marginal rate
(1,667)
-
0
Enhanced capital allowances
-
0
(4,951)
Taxation charge
479,583
322,503
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Dividends paid on ordinary shares
450,035
417,370
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
550,935
Amortisation and impairment
At 1 April 2023 and 31 March 2024
550,935
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
Falconer 2016 Limited
Notes to the Group Financial Statements (continued)
for the year ended 31 March 2024
- 18 -
12
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
181,815
2,919,813
179,858
107,561
3,389,047
Additions
-
0
423,489
7,473
170,734
601,696
At 31 March 2024
181,815
3,343,302
187,331
278,295
3,990,743
Depreciation and impairment
At 1 April 2023
181,815
2,148,437
78,499
48,485
2,457,236
Depreciation charged in the year
-
0
143,631
14,176
40,100
197,907
At 31 March 2024
181,815
2,292,068
92,675
88,585
2,655,143
Carrying amount
At 31 March 2024
-
0
1,051,234
94,656
189,710
1,335,600
At 31 March 2023
-
0
771,376
101,359
59,076
931,811
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
2,084,971
2,084,971
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
2,084,971
Carrying amount
At 31 March 2024
2,084,971
At 31 March 2023
2,084,971
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Falconer 2016 Limited
Notes to the Group Financial Statements (continued)
for the year ended 31 March 2024
14
Subsidiaries
(continued)
- 19 -
Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Falconer Holdings Limited
1
A, B and C Ordinary £1 Shares
100.00
-
Falconer Print and Packaging Limited
1
A, B and C Ordinary £1 Shares
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Unit G5 Navigation Close, Lowfields Business Park, Elland, West Yorkshire, HX5 9HB
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
31,974
55,186
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,207,272
1,307,951
-
0
-
0
Other debtors
157,970
218,370
-
0
-
0
Prepayments and accrued income
72,373
64,227
-
0
-
0
1,437,615
1,590,548
-
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
12,101
25,216
-
0
-
0
Trade creditors
603,954
601,331
-
0
-
0
Corporation tax payable
88,020
223,733
8,481
-
0
Other taxation and social security
296,387
356,467
-
-
Other creditors
3,440
6,469
3,440
3,440
Accruals and deferred income
393,213
387,412
9,800
1,000
1,397,115
1,600,628
21,721
4,440

The net obligations hire purchase contracts are secured on the assets to which they relate.

Falconer 2016 Limited
Notes to the Group Financial Statements (continued)
for the year ended 31 March 2024
- 20 -
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
19,167
2,101
-
0
-
0

The net obligations hire purchase contracts are secured on the assets to which they relate.

19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
12,101
25,216
-
0
-
0
In two to five years
19,167
2,101
-
0
-
0
31,268
27,317
-
-
20
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
300,150
188,655
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
188,655
-
Charge to profit or loss
111,495
-
Liability at 31 March 2024
300,150
-
Falconer 2016 Limited
Notes to the Group Financial Statements (continued)
for the year ended 31 March 2024
- 21 -
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
500
500
5
5
B Ordinary shares of 1p each
794
794
6
6
C Ordinary shares of 1p each
1,400
1,400
14
14
D Ordinary shares of 1p each
148
148
1
1
2,842
2,842
26
26
22
Operating lease commitments

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
325,772
175,084
-
-
Between two and five years
553,379
79,432
-
-
In over five years
663,115
-
-
-
1,542,266
254,516
-
-
23
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,397,410
1,455,570
Adjustments for:
Taxation charged
479,583
322,503
Finance costs
2,559
3,675
Investment income
(62,072)
(3,733)
(Gain)/loss on disposal of tangible fixed assets
-
4,933
Depreciation and impairment of tangible fixed assets
197,907
173,977
Movements in working capital:
Decrease/(increase) in stocks
23,212
(5,004)
Decrease/(increase) in debtors
152,933
(159,527)
(Decrease)/increase in creditors
(54,685)
167,393
Cash generated from operations
2,136,847
1,959,787
Falconer 2016 Limited
Notes to the Group Financial Statements (continued)
for the year ended 31 March 2024
- 22 -
24
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
3,396,018
644,779
4,040,797
Obligations under finance leases
(27,317)
(3,951)
(31,268)
3,368,701
640,828
4,009,529
25
Company information

Falconer 2016 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit G5 Navigation Close, Lowfields Business Park, Elland, HX5 9HB.

 

The group consists of Falconer 2016 Limited and all of its subsidiaries.

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