REGISTERED NUMBER: |
F.A. SECRETT LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
F.A. SECRETT LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
F.A. SECRETT LIMITED (REGISTERED NUMBER: 00427249) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
F.A. SECRETT LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Wey Court West |
Union Road |
Farnham |
Surrey |
GU9 7PT |
F.A. SECRETT LIMITED (REGISTERED NUMBER: 00427249) |
BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
NET ASSETS |
F.A. SECRETT LIMITED (REGISTERED NUMBER: 00427249) |
BALANCE SHEET - continued |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
F.A. SECRETT LIMITED (REGISTERED NUMBER: 00427249) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
F.A. Secrett Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents net sales of goods, excluding value added tax. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each assets over its estimated useful life. |
Car park & roads |
(included in buildings & premises) | 10% SL |
Fixtures & fittings | 10% SL |
Office equipment | 12.5% SL |
Plant and equipment | 12.5% SL |
Glasshouses & sheds | 12.5% SL |
Motor vehicles | 25% SL |
Buildings & premises | 5% SL |
New nursery | linked to a useful life of 45 years |
No depreciation is charged on freehold land, the cost of which is included within "buildings & premises". |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
F.A. SECRETT LIMITED (REGISTERED NUMBER: 00427249) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
F.A. SECRETT LIMITED (REGISTERED NUMBER: 00427249) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution benefit scheme for general staff members and a separate executive scheme for the directors. The assets of both schemes are held separately from those of the company, with the assets of the staff scheme being in an independently administered fund. Contributions payable for the year for both schemes are charged in the profit and loss account. During the year the amounts charged to the profit and loss account were £8,325 (2022: £8,178) for the staff scheme and £1,013 (2022: £1,090) for the directors' scheme. At the balance sheet date the amount of unpaid contributions in respect of the financial year was £2,275 (2022: £1,872). |
Unlisted investments |
Investments in the shares of unquoted companies are stated at cost, less a provision for impairment if applicable. |
Details of other unlisted investments are given in note 6. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | Buildings | machinery |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
F.A. SECRETT LIMITED (REGISTERED NUMBER: 00427249) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Included in cost of land and buildings is freehold land of £ 64,207 (2022 - £ 64,207 ) which is not depreciated. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
F.A. SECRETT LIMITED (REGISTERED NUMBER: 00427249) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
5. | FIXED ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Loans to group undertakings |
Other investments not loans |
Additional information is as follows: |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 | 840,777 |
PROVISIONS |
At 1 January 2023 |
and 31 December 2023 | 839,393 | - | 839,393 |
NET BOOK VALUE |
At 31 December 2023 | 1,384 |
At 31 December 2022 | 1,384 |
Loans to |
group |
undertakings |
£ |
At 1 January 2023 |
New in year |
Other movement | ( |
) |
At 31 December 2023 |
The balance shown under "Loans to group undertakings" is denominated in euros and is technically repayable on demand, although repayment will not be requested while the Spanish company concerned meets its obligations to FA Secrett Ltd under the terms of a supply agreement. |
F.A. SECRETT LIMITED (REGISTERED NUMBER: 00427249) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Corporation tax recoverable | 12,057 | 12,057 |
VAT |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Deferred tax asset | 179,299 | 223,400 |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 9) |
Trade creditors |
Social security and other taxes |
VAT | - | 1,515 |
Accruals & other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 9) |
F.A. SECRETT LIMITED (REGISTERED NUMBER: 00427249) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
9. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 1,735 | 4,937 |
The hire purchase liabilities are secured on the assets to which they relate. |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
F.A. SECRETT LIMITED (REGISTERED NUMBER: 00427249) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is FAS Holdings Limited. |
The ultimate controlling party is |