Company Registration No. 13231874 (England and Wales)
Fothergill Family Investment Company Limited
Unaudited financial statements
for the year ended 31 January 2024
Pages for filing with the registrar
Fothergill Family Investment Company Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Fothergill Family Investment Company Limited
Statement of financial position
As at 31 January 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
4,112,957
3,886,879
Current assets
Debtors
4
619
Cash at bank and in hand
401
4,541
1,020
4,541
Creditors: amounts falling due within one year
5
(4,018,914)
(4,005,999)
Net current liabilities
(4,017,894)
(4,001,458)
Total assets less current liabilities
95,063
(114,579)
Provisions for liabilities
(28,936)
Net assets/(liabilities)
66,127
(114,579)
Capital and reserves
Called up share capital
10,000
10,000
Revaluation reserve
86,504
Profit and loss reserves
(30,377)
(124,579)
Total equity
66,127
(114,579)
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Fothergill Family Investment Company Limited
Statement of financial position (continued)
As at 31 January 2024
2
The financial statements were approved and signed by the director and authorised for issue on 12 August 2024.
Alastair Fothergill
Director
Company Registration No. 13231874
Fothergill Family Investment Company Limited
Notes to the financial statements
For the year ended 31 January 2024
3
1
Accounting policies
Company information
Fothergill Family Investment Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Saffery LLP, St Catherine's Court, Berkeley Place, Bristol, BS8 1BQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future with his continued support.
1.3
Fixed asset investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss account. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity shares are recognised in income where receivable.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Fothergill Family Investment Company Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
4
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Fothergill Family Investment Company Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
5
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Fixed asset investments
2024
2023
£
£
Other investments other than loans
4,112,957
3,886,879
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 February 2023
3,886,879
Additions
3,286,560
Valuation changes
182,666
Movement in cash held
(30,850)
Disposals
(3,212,298)
At 31 January 2024
4,112,957
Carrying amount
At 31 January 2024
4,112,957
At 31 January 2023
3,886,879
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
619
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
4,018,914
4,005,999
Included in other creditors is a balance due to the director of £4,005,054 (2023 - £3,999,999).