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xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00927723
















FRAMPTONS LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2024


































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FRAMPTONS LIMITED

 
COMPANY INFORMATION


DIRECTORS
J M Edwards (resigned 22 March 2024)
I J Harvey (resigned 28 November 2023)
S Hayward (resigned 31 July 2022)
W R Martin (resigned 28 November 2023)
E J Salt (resigned 25 January 2023)
A W Staples (resigned 28 November 2023)
S Hamrin (appointed 28 November 2023)
M Jerndahl (appointed 28 November 2023)
A Rimell (appointed 28 November 2023)
M Thornkvist (appointed 28 November 2023)




REGISTERED NUMBER
00927723



REGISTERED OFFICE
76 Charlton Road
Shepton Mallet

Somerset

BA4 5PD




INDEPENDENT AUDITORS
Bishop Fleming Bath Limited
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL






FRAMPTONS LIMITED


CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Directors' Responsibilities Statement
 
6
Independent Auditors' Report
 
7 - 10
Statement of Comprehensive Income
 
11
Statement of Financial Position
 
12
Statement of Changes in Equity
 
13
Notes to the Financial Statements
 
14 - 31



FRAMPTONS LIMITED

 
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 APRIL 2024

BUSINESS REVIEW
 
In November 2023 Profuragruppen AB (“Profura”), a privately-owned Gothenburg based investment company, acquired 100% of the share capital of Framptons Group Holdings Limited (Framptons Limited’s parent company). The Group’s shares are now owned by Profurastart 22AB, a wholly owned subsidiary of Profura. At the same time, the Group increased its shareholding in Plant Food Bases Limited to 100%. The Group also settled outstanding loans owed to HSBC and took the decision to move its year-end from June to April to align with Profura. 

This injection of funds has ensured the future of the Group for the long term. The Profura partnership affords knowledge, expertise, and financial stability which will enable the Group to develop into the premier supplier of oat drinks in the UK.

The Group's objective is to focus on plant based products, with oat drinks being the core offering. The Group has a plan to increase production output to 200M litres per year in the medium term and 400M litres in the long term.

Aligned with the strategic vision for the Group, the non-core egg division was sold to Griffiths Family Foods ("GFF") in December 2023. Liquid and frozen egg production was transferred in the period, whilst cooked egg transition is expected in the calendar year 2024. We have been working with GFF and our customers to ensure a smooth transition for the business.

The Group has a unique proposition:
Our single minded oat strategy creates focus, efficiency, and in-depth competence within the segment;
UK production creates cost benefits for both customers and consumers in terms of logistics and is above all better for the environment;
The Group possesses 1L Tetra Edge packing capability as well as 0.5L, 0.75L, & 1L capability in SIG Dome with efficiency as the priority;                                                                                                                
Use of gluten-free oats from the Wessex area makes us the only large-scale field to consumer manufacturer of oat drinks in the UK; and
Multiple accreditations including Red Tractor, BRC, Soil association, BRCGS, and Fairtrade.

The results, compared with the previous year, can be summarised as follows:
Profit of £1.0m vs a prior year loss of £3.7m 
A movement in the statement of financial position to a net asset position of £0.1m versus a prior year net liability position of £0.9m
Improved gross profit margin of 21.2% in FY24 versus 13.6% in FY23                                                             

These are a strong set of results, and the directors are confident that, with the support of Profura, the Group has the knowledge, capability, and resources to deliver on its strategy.

PRINCIPAL RISKS AND UNCERTAINTIES
 
Operational, commercial, and financial risks are all considered in establishing and maintaining the Company’s control environment. The principal risks and uncertainties faced by the Company, in line with the rest of the food manufacturing sector, have been identified as: consumer, and therefore customer demand; competitor activity; pricing and availability of raw materials; liquidity and credit risks; production issues and external factors creating food safety issues; business continuity; recruitment and retention of key staff; health and safety. 
The Company has a programme for continuous review of risk and also maintains an appropriate portfolio of insurance policies in line with the nature, size and complexity of the business.

Page 1


FRAMPTONS LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024

FINANCIAL KEY PERFORMANCE INDICATORS
 
The Directors have determined that the following KPI’s are the most effective measure of progress towards achieving the objectives of the business.

Sales growth %:  2024: 1.8%*   2023: (3.4)%
Gross profit %:   2024: 21.2%  2023: 13.6%
Operating profit %:   2024: 4.9%   2023: (8.4)%
Profit before tax:   2024: £1.3m  2023: £(4.7)m

*Note that 2024 was a 10-month period, versus a 12-month period in 2023 and hence sales have been pro-rated for this calculation.

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY
 
The board of directors of the Company consider, both individually and together, that they have acted in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole and having regard (amongst other matters) to factors (a) to (f) S172 Companies Act 2006, in the decisions taken during the period ended 30 April 2024. Specifically, the Board ensure in all decisions taken that:
Business is conducted morally and ethically, in line with the Company’s Code of Conduct
Short-term gains do not have an adverse consequence on the Company’s long-term strategy, success and benefits
Employee welfare, training and interests are taken care of
Customer and supplier relationships are strong, mutually beneficial and comply with Company’s policies (such as anti-briber and corruption, anti-slavery and human trafficking and corporate social responsibility)
Any community and environmental impacts as a result of the Company’s operations are considered
 
During the financial year, the Company:
The Company continued to invest in its infrastructure throughout the last financial year, notwithstanding significant financial pressures, in order to improve operational performance and customer experience for the longer term
Informally consulted with its employees to ensure its workspaces and working practices were compliant and safe.


This report was approved by the board                                          and signed on its behalf..



A Rimell
Director

Date: 19 September 2024

Page 2


FRAMPTONS LIMITED

 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 APRIL 2024

The directors present their report and the financial statements for the period ended 30 April 2024.

PRINCIPAL ACTIVITY

The principal activity of the Company during the period was food and drink manufacturing.
With the sale of the egg business, the principal activity of the Company will shift from food and drink manufacturing towards drink manufacturing.

RESULTS

The profit for the period, after taxation, amounted to £977,654 (2023: loss £3,686,729).

No dividends were declared or paid during the period. 

DIRECTORS

The directors who served during the period were:

J M Edwards (resigned 22 March 2024)
I J Harvey (resigned 28 November 2023)
S Hayward (resigned 31 July 2022)
W R Martin (resigned 28 November 2023)
E J Salt (resigned 25 January 2023)
A W Staples (resigned 28 November 2023)
S Hamrin (appointed 28 November 2023)
M Jerndahl (appointed 28 November 2023)
A Rimell (appointed 28 November 2023)
M Thornkvist (appointed 28 November 2023)

FUTURE DEVELOPMENTS

The directors intend to continue the development of the company's principal activities.

ENGAGEMENT WITH EMPLOYEES

The Company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees an on various factors affecting performance of the Company. This is achieved through formal and informal meetings. Employee representatives are consulted regularly on a wide range of matters affecting their current and future interests.

Page 3


FRAMPTONS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The Company also places considerable value on the relationship it holds with suppliers, customers and other stakeholders.
Our customers are essential to our business and we aim to work openly and transparently in fostering long term customer relationships. Our business decisions and priorities are based on a good understanding of our customers and their requirements. We hold regular meetings with most of our customers at all levels within the business including the supply chain and commercial teams. Directors are involved in many of these meetings as and when required.
The Company recognises the key role many of our suppliers play in supporting our ability to meet our customer requirements. Company policies in terms of specification, quality and supplier practices are applied in our selection of suppliers. To this end we proactively manage key supplier relationships and hold regular meetings where possible to ensure expectations and requirements for both parties are met. Directors are involved where necessary and where regular market reviews are strategic to the Company and its customers.
The Company aims to foster open and transparent dialogue with the regulatory and industry bodies relevant to the Company’s business operations and products it produces. This also applies in its relationship with other key stakeholders such as its bankers, other funders, and external advisors.
 

DISABLED EMPLOYEES

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the Company continues and that appropriate training is arranged. It is the policy of the Company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION


The Company has continued with investments aimed at improving energy efficiencies across its operations. The combined heat and power installation is now operational providing both power and electricity to the factory. The new biomass boiler is still to be commissioned and is expected to make a major contribution to reducing the Companies carbon footprint and cost of steam generation.
For the year ended 30 April 2024 the Company’s energy consumption (in MWh) and the CO2 equivalent emissions in tonnes (tCO2e) were:
Direct (gas, transport & liquid fuels):  
2024: 27,526 MWh / 5,029 tCO2e; 2023: 32,664 MWh / 5,976 tCO2e.
Indirect (purchased electricity):   
2024: 4,293 MWh / 830 tCO2e; 2023: 7,748 MWh / 1,498 tCO2e.
Indirect (employee owned cars)    
2024: 9 MWh / 1 tCO2e; 2023: 5 MWh / 1.2 tCO2e.
Intensity ratio       
2024: 0.11; 2023: 0.10.

MATTERS COVERED IN THE STRATEGIC REPORT

The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 requires a Strategic Report to be prepared. Where mandatory disclosures in the Directors' Report are considered by the directors to be of strategic importance, these are addressed in the Strategic Report.

Page 4


FRAMPTONS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

The auditorsBishop Fleming Bath Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 19 September 2024 and signed on its behalf.
 





A Rimell
Director

Page 5


FRAMPTONS LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 APRIL 2024

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 6


FRAMPTONS LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRAMPTONS LIMITED
OPINION


We have audited the financial statements of Framptons Limited (the 'Company') for the period ended 30 April 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 30 April 2024 and of its profit for the period 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 United Kingdom, including the Financial Reporting Council'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 Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 7


FRAMPTONS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRAMPTONS LIMITED (CONTINUED)

OPINION 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 period 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 set out on page 6, 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.


Page 8


FRAMPTONS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRAMPTONS LIMITED (CONTINUED)

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 an Auditors' 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 have considered the nature of the industry and sector, control environment and business performance of the entity;
We  have  considered  the  results  of  our  enquiries  with  management  and  the  directors  to  their  own identification and assessment of the risk of irregularities within the entity; and 
We have considered any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance.
°Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.
°The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the areas of high risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102 and UK tax legislation. In addition, we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamental for the Company’s ability to operate or avoid a material penalty. These included health and safety regulations and employment legislation. 

Our audit procedures performed to respond to the risks identified included, but were not limited to:

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with  provisions  of  relevant  laws  and  regulations  described  as  having  a  direct  effect  on  the  financial statements; 
Reviewing  the  financial  statement  disclosures  and  testing  to  supporting  documentation  to  assess  the recognition of revenue;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
In  addressing  the  risk  of  fraud  through  management  override  of  controls,  testing  the  appropriateness  of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.

 
Page 9


FRAMPTONS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRAMPTONS LIMITED (CONTINUED)

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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 an error, as fraud may  involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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.


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 Auditors' 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 2006Our 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 Auditors' 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.






Ria Burridge FCCA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming Bath Limited
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

24 September 2024
Page 10


FRAMPTONS LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 APRIL 2024


10 month period ended
30 April
Year ended
30 June
2024
2023
Note
£
£

  

Turnover
 4 
41,011,441
48,357,037

Cost of sales
  
(32,326,971)
(41,781,646)

Gross profit
  
8,684,470
6,575,391

Distribution costs
  
(1,521,434)
(1,207,790)

Administrative expenses
  
(5,163,057)
(9,423,692)

Operating profit/(loss)
 5 
1,999,979
(4,056,091)

Interest payable and similar expenses
 8 
(738,822)
(654,380)

Profit/(loss) before tax
  
1,261,157
(4,710,471)

Tax charge/(credit)
 9 
(283,503)
1,023,742

Profit/(loss) for the financial period
  
977,654
(3,686,729)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 31 form part of these financial statements.

Page 11


FRAMPTONS LIMITED
REGISTERED NUMBER:00927723

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

30 April
30 June
2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 11 
12,391,416
12,898,222

Investments
 12 
1,045,050
40,045

  
13,436,466
12,938,267

CURRENT ASSETS
  

Stocks
 13 
2,503,033
2,704,735

Debtors: amounts falling due within one year
 14 
7,308,454
9,474,408

Cash at bank and in hand
 15 
718,321
827

  
10,529,808
12,179,970

Creditors: amounts falling due within one year
 16 
(20,485,594)
(22,227,037)

NET CURRENT LIABILITIES
  
 
 
(9,955,786)
 
 
(10,047,067)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
3,480,680
2,891,200

Creditors: amounts falling due after more than one year
 17 
(2,989,682)
(3,757,739)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 20 
(379,883)
-

NET ASSETS/(LIABILITIES)
  
111,115
(866,539)


CAPITAL AND RESERVES
  

Called up share capital 
 21 
158,790
158,790

Share premium account
 22 
1,166,191
1,166,191

Capital redemption reserve
 22 
5,600
5,600

Profit and loss account
 22 
(1,219,466)
(2,197,120)

  
111,115
(866,539)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





A Rimell
Director

Date: 19 September 2024

The notes on pages 14 to 31 form part of these financial statements.

Page 12


FRAMPTONS LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 July 2022
130,208
294,773
5,600
1,705,609
2,136,190


Comprehensive income for the year

Loss for the year
-
-
-
(3,686,729)
(3,686,729)


Contributions by and distributions to owners

Dividends
-
-
-
(216,000)
(216,000)

Shares issued during the year
28,582
871,418
-
-
900,000



At 1 July 2023
158,790
1,166,191
5,600
(2,197,120)
(866,539)


Comprehensive income for the period

Profit for the period
-
-
-
977,654
977,654


At 30 April 2024
158,790
1,166,191
5,600
(1,219,466)
111,115


The notes on pages 14 to 31 form part of these financial statements.

Page 13


FRAMPTONS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

1.


GENERAL INFORMATION

Framptons Limited is a limited liability company which is incorporated in England and Wales. The address of the registered office is 76 Charlton Road, Shepton Mallet, Somerset, BA4 5PD.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Framptons Group Holdings Limited as at 30 April 2024 and these financial statements may be obtained from Companies House.

 
2.3

ASSOCIATES AND JOINT VENTURES

Associates and Joint Ventures are held at cost less impairment.

Page 14


FRAMPTONS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

GOING CONCERN

The Directors assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Company, and the group it is a member of, headed by Framptons Group Holdings Limited, to continue as a going concern. The Directors make this assessment in respect of a period of 12 months from the date of approval of the financial statements. 
During the period ended 30 April 2024 the company made a profit of £977,654 and as at 30 April 2024 had net current liabilities of £9,955,786 and net assets of £111,115.
On 29 November 2023 Profuragruppen AB, a privately owned Gothenburg-based investment company, acquired 100% of the share capital of Framptons Group Holdings Limited. 
Framptons is reliant on support from an intermediate holding company of its new owner, Provator AB, to enable it to continue as a going concern. Framptons has received a letter of support from its owner and the Directors have concluded that this support, and the resources available to Provator AB, provide sufficient support to enable the company to continue as a going concern for a period of at least 12 months from the date of approval of the financial statements.
The directors believe that, taken as a whole, the factors described above enable the Group and the Company to continue as a going concern for the foreseeable future.

 
2.5

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of goods
 
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
 
Rendering of a service
 
Turnover from a contract to provide a services is recognised in the period in which the service are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
 
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the cost incurred and the costs to complete the contract can be measured reliably.

Page 15


FRAMPTONS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (continued)

 
2.6

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Plant and machinery
-
10-15 years
Motor vehicles
-
5 years
Office equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Office equipment has been included within plant and machinery on note 11.

 
2.7

VALUATION OF INVESTMENTS

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.8

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

Page 16


FRAMPTONS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (continued)

 
2.9

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.13

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 17


FRAMPTONS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (continued)

 
2.14

OPERATING LEASES: THE COMPANY AS LESSOR

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 July 2022 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.15

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.16

LEASED ASSETS: THE COMPANY AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.17

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 18


FRAMPTONS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (continued)

 
2.18

CURRENT AND DEFERRED TAXATION

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.19

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Page 19


FRAMPTONS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (continued)


2.19
FINANCIAL INSTRUMENTS (CONTINUED)


Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 20


FRAMPTONS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgments and estimates. 
Stock Provision
Management have considered slow moving reports, expiry reports and expected future custom in relation
to the year end stock listing. As a result, management have deemed it reasonable to recognise a provision
against the stock value held at the year end.
Overhead Absorption
Management have reviewed the processes involved in manufacturing the finished goods stock and have made their best estimate in attributing overhead costs such as electricity, freezing and staff time.
Dilapidations
Management have considered the cost of returning the leasehold property back to its original condition on expiry of the leases. The value recognised in the accounts is management's best estimate based upon available information.


4.


TURNOVER

The whole of the turnover is attributable to the principal activity of the company.

All turnover arose within the United Kingdom.


5.


OPERATING PROFIT/(LOSS)

The operating profit/(loss) is stated after charging:

10 month period ended
30 April
Year ended
30 June
2024
2023
£
£

Depreciation of tangible fixed assets:
- Owned
795,629
1,253,986

  - Held under finance lease
428,936
582,666

Auditors' remuneration
33,788
18,145

Auditors' remuneration - non audit fees
3,000
2,565

Exchange differences
(4,091)
39,893

Defined contribution pension cost
155,466
202,097

Other operating lease rentals
110,903
120,447

Page 21


FRAMPTONS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

6.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


10 month period ended
30 April
Year ended
30 June
2024
2023
£
£

Wages and salaries
6,671,555
8,197,238

Social security costs
625,870
822,821

Cost of defined contribution scheme
155,466
202,097

7,452,891
9,222,156


The average monthly number of employees, including the directors, during the period was as follows:


10 month period ended
       30 April
       Year ended
         30 June
        2024
        2023
            No.
            No.







Manufacturing
209
242



Administrative
21
26



Sales
3
2



Directors
5
5

238
275


7.


DIRECTORS' REMUNERATION

10 month period ended
30 April
Year ended
30 June
2024
2023
£
£

Directors' emoluments
249,661
266,915

Company contributions to defined contribution pension schemes
12,899
15,178

262,560
282,093


During the period retirement benefits were accruing to 2 directors (2023: 3) in respect of defined contribution pension schemes.

Directors' emoluments are also paid through the parent company, Framptons Group Holdings Limited.

Page 22


FRAMPTONS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

8.


INTEREST PAYABLE AND SIMILAR EXPENSES

10 month period ended
30 April
Year ended
30 June
2024
2023
£
£


Bank interest payable
243,852
357,063

Other loan interest payable
83,467
109,904

Loans from group undertakings
247,903
-

Finance leases and hire purchase contracts
163,600
187,413

738,822
654,380


9.


TAXATION


10 month period ended
30 April
Year ended
30 June
2024
2023
£
£

CORPORATION TAX


Adjustments in respect of previous periods
(96,380)
(94,191)


(96,380)
(94,191)


TOTAL CURRENT TAX
(96,380)
(94,191)

DEFERRED TAX


Origination and reversal of timing differences
379,883
(929,551)

TOTAL DEFERRED TAX
379,883
(929,551)


TAXATION ON PROFIT/(LOSS) ON ORDINARY ACTIVITIES
283,503
(1,023,742)
Page 23


FRAMPTONS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
 
9.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE PERIOD/YEAR

The tax assessed for the period/year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 20.5%). The differences are explained below:

10 month period ended
30 April
Year ended
30 June
2024
2023
£
£


Profit/(loss) on ordinary activities before tax
1,261,157
(4,710,471)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 20.5%)
315,289
(965,647)

EFFECTS OF:


Fixed asset differences
(309,433)
105,021

Expenses not deductible for tax purposes
12,961
2,881

Adjustments to tax charge in respect of prior periods
(96,380)
(23,063)

Remeasurement of deferred tax for changes in tax rates
-
(188,453)

Capital gains
501,250
-

Other differences leading to an increase (decrease) in the tax charge
(140,184)
45,519

TOTAL TAX CHARGE FOR THE PERIOD/YEAR
283,503
(1,023,742)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.


10.


DIVIDENDS

30 April
30 June
2024
2023
£
£


Dividends paid
-
216,000

-
216,000

Page 24


FRAMPTONS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

11.


TANGIBLE FIXED ASSETS







Plant and machinery
Motor vehicles
Total

£
£
£



COST OR VALUATION


At 1 July 2023
26,812,517
63,485
26,876,002


Additions
1,245,122
-
1,245,122


Disposals
(3,636,568)
-
(3,636,568)



At 30 April 2024

24,421,071
63,485
24,484,556



DEPRECIATION


At 1 July 2023
13,931,296
46,484
13,977,780


Charge for the period on owned assets
789,739
5,890
795,629


Charge for the period on financed assets
428,936
-
428,936


Disposals
(3,109,205)
-
(3,109,205)



At 30 April 2024

12,040,766
52,374
12,093,140



NET BOOK VALUE



At 30 April 2024
12,380,305
11,111
12,391,416



At 30 June 2023
12,881,221
17,001
12,898,222

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


30 April
30 June
2024
2023
£
£



Plant and machinery
6,327,715
7,022,746

6,327,715
7,022,746

Page 25


FRAMPTONS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

12.


FIXED ASSET INVESTMENTS








Investments in subsidiary companies
Unlisted investments
Investment in joint ventures
Total

£
£
£
£



COST


At 1 July 2023
-
40,000
45
40,045


Additions
1,005,005
-
-
1,005,005


Transfers intra group
45
-
(45)
-



At 30 April 2024
1,005,050
40,000
-
1,045,050





SUBSIDIARY UNDERTAKING


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Plant Food Bases Limited
Food and contract manufacture
Ordinary
100%


13.


STOCKS

30 April
30 June
2024
2023
£
£

Raw materials and consumables
1,681,073
1,803,905

Finished goods and goods for resale
821,960
900,830

2,503,033
2,704,735


Impairment losses of £191,151 (2023: £978,667) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.


14.


DEBTORS

30 April
30 June
2024
2023
£
£


Trade debtors
5,737,889
6,778,148

Amounts owed by group undertakings
-
1,409,898

Other debtors
967,055
544,387

Prepayments and accrued income
603,510
741,975
Page 26


FRAMPTONS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

14.DEBTORS (CONTINUED)


7,308,454
9,474,408


Amounts owed by group undertakings are unsecured, interest free and due on demand.


15.


CASH AND CASH EQUIVALENTS

30 April
30 June
2024
2023
£
£

Cash at bank and in hand
718,321
827

Less: bank overdrafts
-
(178,997)

718,321
(178,170)



16.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30 April
30 June
2024
2023
£
£

Bank overdrafts
-
178,997

Other loans
-
622,995

Trade creditors
4,442,089
9,392,750

Amounts owed to group undertakings
10,819,683
165,550

Amounts owed to joint ventures
-
45

Other taxation and social security
166,268
758,289

Obligations under finance lease and hire purchase contracts
1,235,023
2,651,545

Proceeds of factored debts
1,782,118
5,578,197

Other creditors
117,712
152,574

Accruals and deferred income
1,922,701
2,726,095

20,485,594
22,227,037


Amounts owed to group undertakings are unsecured, due on demand and accrue interest at an arm's length rate. 
Hire purchase creditors are secured against assets as detailed in note 11.
Other loans are secured against asset as detailed in note 18.  
Proceeds of factored debts are secured against monies due from trade debtors and by a mortgage debenture over all the assets of the company.

Page 27


FRAMPTONS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

17.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30 April
30 June
2024
2023
£
£

Other loans
-
546,667

Net obligations under finance leases and hire purchase contracts
2,989,682
3,211,072

2,989,682
3,757,739


Hire purchase creditors are secured against assets as detailed in note 11.


18.


LOANS


Analysis of the maturity of loans is given below:


30 April
30 June
2024
2023
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Other loans
-
622,995


-
622,995

AMOUNTS FALLING DUE 1-2 YEARS

Other loans
-
160,000


-
160,000

AMOUNTS FALLING DUE 2-5 YEARS

Other loans
-
386,667


-
386,667


-
1,169,662


Page 28


FRAMPTONS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

19.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

30 April
30 June
2024
2023
£
£


Within one year
1,235,023
2,651,364

Between 1-5 years
2,989,682
3,211,072

4,224,705
5,862,436

20.


DEFERRED TAXATION






2024
2023


£

£






At beginning of year
-
(929,551)


Charged to profit or loss
(379,883)
929,551



AT END OF YEAR
(379,883)
-

The deferred taxation balance is made up as follows:

30 April
30 June
2024
2023
£
£


Accelerated capital allowances
(2,261,914)
(2,358,127)

Tax losses carried forward
1,655,468
2,235,758

Short term timing differences
226,563
122,369

(379,883)
-


21.


SHARE CAPITAL

30 April
30 June
2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



158,790 (2023: 158,790) A Ordinary shares of £1.00 each
158,790
158,790


Page 29


FRAMPTONS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

22.


RESERVES

Capital redemption reserve

The capital redemption reserve records the nominal value of shares repurchased by the company.

Profit and loss account

The profit and loss account includes all current and prior period retained profit and losses. All are considered distributable.


23.


PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £155,466 (2023: £202,097). Contributions totalling £33,435 (2023: £42,137) were payable to the fund at the reporting date.


24.


COMMITMENTS UNDER OPERATING LEASES

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 April
30 June
2024
2023
£
£


Not later than 1 year
62,535
130,633

Later than 1 year and not later than 5 years
-
40,677

62,535
171,310


25.


RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 33 from the requirement to disclose transactions with group companies.
At the year end, the company had amounts owed to group undertakings totalling £10,927,683 (2023: £165,550).
At the year end, the company had amounts owed from group undertakings totalling £nil (2023: £1,409,898).
Management Personnel

There were no key management personnel other than the directors.

Page 30


FRAMPTONS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

26.


CONTROLLING PARTY

The immediate parent undertaking and parent that prepares consolidated accounts for the smallest group that includes the company is Framptons Group Holdings Limited, a company incorporated in the UK.
The ultimate parent undertaking, and parent that prepares consolidated accounts for the largest group that includes the company is Profuragrupen AB, a company incorporated in Sweden.
The ultimate controlling party is Berndt Ivarsson.

 
Page 31