IRIS Accounts Production v24.2.0.383 11281716 Board of Directors Board of Directors 1.4.23 31.3.24 31.3.24 As an Enterprise Agency and a Community Development Finance Institution (CDFI) and a member of the Community Development Finance Association (CDFA), the objects of the company are to promote the formation and assist in the development of businesses in the Sheffield City Region and the surrounding area. The objective is principally realised by investments in local SME's. 0 0 false true true false false true false 0 0 Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh112817162023-03-31112817162024-03-31112817162023-04-012024-03-31112817162022-03-31112817162022-04-012023-03-31112817162023-03-3111281716ns15:EnglandWales2023-04-012024-03-3111281716ns14:PoundSterling2023-04-012024-03-3111281716ns10:Director12023-04-012024-03-3111281716ns10:Director22023-04-012024-03-3111281716ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3111281716ns10:SmallEntities2023-04-012024-03-3111281716ns10:Audited2023-04-012024-03-3111281716ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3111281716ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3111281716ns10:FullAccounts2023-04-012024-03-3111281716ns10:OrdinaryShareClass12023-04-012024-03-3111281716ns10:Director32023-04-012024-03-3111281716ns10:Director42023-04-012024-03-3111281716ns10:Director52023-04-012024-03-3111281716ns10:RegisteredOffice2023-04-012024-03-3111281716ns5:CurrentFinancialInstruments2024-03-3111281716ns5:CurrentFinancialInstruments2023-03-3111281716ns5:Non-currentFinancialInstruments2024-03-3111281716ns5:Non-currentFinancialInstruments2023-03-3111281716ns5:ShareCapital2024-03-3111281716ns5:ShareCapital2023-03-3111281716ns5:RetainedEarningsAccumulatedLosses2024-03-3111281716ns5:RetainedEarningsAccumulatedLosses2023-03-311128171612023-04-012024-03-3111281716ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3111281716ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3111281716ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-03-3111281716ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-03-3111281716ns5:Secured2024-03-3111281716ns5:Secured2023-03-3111281716ns10:OrdinaryShareClass12024-03-31
REGISTERED NUMBER: 11281716 (England and Wales)















FFE SPV Limited

Report of the Directors and

Financial Statements For The Year Ended 31 March 2024






FFE SPV Limited (Registered number: 11281716)






Contents of the Financial Statements
For The Year Ended 31 March 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 5

Balance Sheet 6

Notes to the Financial Statements 7


FFE SPV Limited

Company Information
For The Year Ended 31 March 2024







DIRECTORS: A D Austwick
K Fitton
A R Foreman
E M Shepherd
P J Foreman





REGISTERED OFFICE: Oak House
Heavens Walk
Doncaster
DN4 5HZ





REGISTERED NUMBER: 11281716 (England and Wales)





AUDITORS: Kingswood Allotts Limited, Statutory Auditor
Chartered Accountants
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

FFE SPV Limited (Registered number: 11281716)

Report of the Directors
For The Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

A D Austwick
K Fitton
A R Foreman
E M Shepherd
P J Foreman

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 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 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 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.

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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Kingswood Allotts Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

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:





E M Shepherd - Director


30 August 2024

Report of the Independent Auditors to the Members of
FFE SPV Limited

Opinion
We have audited the financial statements of FFE SPV Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet 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 company's affairs as at 31 March 2024 and of its 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 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 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.

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 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, 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; 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 Strategic Report or in preparing the Report of the Directors.

Report of the Independent Auditors to the Members of
FFE SPV Limited


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 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.

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:

- Enquiry of management, those charged with governance around actual and potential litigation and claims;
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates including provisions for bad debts for bias.
- Review of minutes of directors' meetings.

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

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




Mark Garrison BCom FCA DChA (Senior Statutory Auditor)
for and on behalf of Kingswood Allotts Limited, Statutory Auditor
Chartered Accountants
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

30 August 2024

FFE SPV Limited (Registered number: 11281716)

Income Statement
For The Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 1,744,738 1,587,805

Cost of sales 379,859 473,461
GROSS PROFIT 1,364,879 1,114,344

Administrative expenses 313,580 314,962
OPERATING PROFIT 1,051,299 799,382

Interest receivable and similar income - 308
1,051,299 799,690

Interest payable and similar expenses 686,774 488,302
PROFIT BEFORE TAXATION 364,525 311,388

Tax on profit 5 52,535 46,557
PROFIT FOR THE FINANCIAL YEAR 311,990 264,831

FFE SPV Limited (Registered number: 11281716)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 6 10,279,503 11,806,799
Cash at bank 952,543 3,503,842
11,232,046 15,310,641
CREDITORS
Amounts falling due within one year 7 1,533,640 2,002,582
NET CURRENT ASSETS 9,698,406 13,308,059
TOTAL ASSETS LESS CURRENT LIABILITIES 9,698,406 13,308,059

CREDITORS
Amounts falling due after more than one year 8 8,026,573 11,948,216
NET ASSETS 1,671,833 1,359,843

CAPITAL AND RESERVES
Called up share capital 11 1 1
Retained earnings 1,671,832 1,359,842
SHAREHOLDERS' FUNDS 1,671,833 1,359,843

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 30 August 2024 and were signed on its behalf by:




A D Austwick - Director



E M Shepherd - Director


FFE SPV Limited (Registered number: 11281716)

Notes to the Financial Statements
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

FFE SPV Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

The following principal accounting policies have been applied:

Turnover
Turnover comprises fees and interest recognised by the company in respect of finance provided to third parties.

Loan arrangement fee income reflects the income received by the company in relation to the arrangement and provision of loan funding. The performance obligation for such fee income is the considered to be the funding of the loan itself, and therefore such fees are recognised immediately once the loan funding is provided.

Loan arrangement fees payable by the company on its own loan funding received follows this same treatment and is recognised in full in the period in which the loan funding it relates to is received.

Financial instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument.

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.

The company's policies for its major classes of financial assets and financial liabilities are set out below.

Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities
Basic financial liabilities, including trade and other creditors and bank loans, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

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

FFE SPV Limited (Registered number: 11281716)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimations and assumptions about the carrying value 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 the current and future periods.

Carrying value of debtors
Allowances for doubtful debt are largely made on a specific basis, based on estimates of recoverability determined by market knowledge, knowledge of loanees and past experience.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

FFE SPV Limited (Registered number: 11281716)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 52,535 46,557
Tax on profit 52,535 46,557

UK corporation tax has been charged at 25% (2023 - 19%).

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,469,559 2,523,193
Amounts owed by group undertakings 77,855 237,030
Prepayments and accrued income 317,149 9
1,864,563 2,760,232

Amounts falling due after more than one year:
Trade debtors 8,414,940 9,046,567

Aggregate amounts 10,279,503 11,806,799

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 662,500 -
Other loans 773,427 1,889,284
Trade creditors 1,145 750
Taxation 52,535 46,557
Accruals and deferred income 44,033 65,991
1,533,640 2,002,582

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 2-5 years 3,150,000 7,225,000
Other loans - 2-5 years 4,876,573 4,723,216
8,026,573 11,948,216

FFE SPV Limited (Registered number: 11281716)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 3,812,500 7,225,000
Other loans 5,650,000 6,612,500
9,462,500 13,837,500

The above loans are secured by way of fixed and floating charges over the company's assets.

10. FINANCIAL INSTRUMENTS

As a financial institution, financial instruments, via the use of business loans, are the mainstay of the company's business and represent the core activity, and thus is of great significance to the company.

The company has adopted lending policies that have been developed by its parent company. The parent company has a robust lending policy which is tried and tested. The parent company is vastly experienced in the practice of fund management: In respect of impairment and fair value disclosures the company endeavours at all times to be transparent and open on its loan book performance, and to ensure realistic and appropriate provisioning and write offs.

The company has a business loan fund to support businesses unable to attract mainstream finance. Its prime objectives are to create economic and social impacts in the communities in which it operates, whilst at the same time, achieving sustainability to ensure continued operational capability in the long term. The aim is to help address the market failure arising from the risk averse lending policies adopted by the banks since the financial crisis of 2009. By implication, the company has to be astute at establishing its own appetite to risk in order to maintain a presence in this market whilst remaining sustainable, and to ensure sufficient long-term capital and short-term liquidity to facilitate this.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

12. RELATED PARTY DISCLOSURES

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 entities within the group. At the year end, the Company was owed £77,855 (2023: £237,030) by fellow group members. These amounts are interest free, unsecured and repayable on demand.

13. PARENT UNDERTAKING AND ULTIMATE HOLDING COMPANY

The parent undertaking and ultimate holding company is Finance for Enterprise Limited, a private company, limited by guarantee, registered in England and Wales. The registered office is; Oak House, Heavens Walk, Doncaster, England, DN4 5HZ.

FFE SPV Limited (Registered number: 11281716)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

14. ENVIRONMENTAL SOCIAL AND CORPORATE GOVERNANCE

Good environmental, social, and corporate governance is important to Finance For Enterprise and it seeks sustainable business practises for the organisation and that of our SME borrower loan portfolio.

As we look to the future, growing and better measuring our impact, whilst protecting the environment and supporting the just transition to a low carbon future, will be core to our activity.

The board is seeking advice to find effective ways of developing a net zero carbon strategy.