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Registered number: 06659207









FLEET RETAIL GROUP LIMITED









ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FLEET RETAIL GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
M J Lowry 
M A Stevens BSc FCA 
R J Bonnington 




Registered number
06659207



Registered office
Fleet House
Culpeper Close

Medway City Estate

Rochester

Kent

ME2 4HN




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA





 
FLEET RETAIL GROUP LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 10
Consolidated statement of comprehensive income
11
Consolidated balance sheet
12 - 13
Company balance sheet
14
Consolidated statement of changes in equity
15
Company statement of changes in equity
16
Consolidated statement of cash flows
17 - 18
Notes to the financial statements
19 - 35


 
FLEET RETAIL GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report accompanying the financial statements for the year ended 31 December 2023.

Business review
 
The results for the group for the year ended 31 December 2023 are set out in the financial statements on pages 10 to 34. The directors consider that the pre-tax profit for the year of £1,041,017 was a positive result. Turnover has grown significantly and this has had a positive impact on profitability. Trading has remained strong into 2024.The tight control of overhead costs and the levels of working capital employed have been important factors in the achievement of the results.
The group’s French operation has also grown strongly and made a positive contribution to group
Profitability. This is expected to improve further in the coming year.

Principal risks and uncertainties
 
The key business risks and uncertainties affecting the company relate to the stability of the UK economy and competition from similar operators in the industry.
The directors monitor and review the key risks of the business.

Credit risk

The exposure to bad debts and credit risk is proactively managed, including monitoring of debts on a daily basis. Credit decisions are taken by the directors who oversee the grant of all credit terms.

Foreign exchange risk

The group makes some sales and purchases in currencies other than sterling. To manage the risk
associated with the fluctuation of foreign currency exchange rates, the group enters into forward foreign exchange contracts.

Liquidity risks

The group is financed through the confidential discounting of its trade debts. The maximum facility available to the group is £3.5 million. The amount available at any time is determined by the value of trade debts discounted up to this limit. The directors actively manage the cash flow on a daily basis, including projections of future cash requirements. These forecasts and projections, taking into account likely changes in trading performance, show that the group is able to continue to operate within the level of the facility and in compliance with the covenants to which the facility is subject.

Interest rate risks

The company accepts a certain degree of interest rate risk and other market price risks and continues to monitor these on an ongoing basis.

Financial key performance indicators
 
The group's key performance indicators remain turnover, gross margin and retained profits which best communicate the financial performance of the group.

Page 1

 
FLEET RETAIL GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


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



M A Stevens BSc FCA
Director

Date: 26 July 2024

Page 2

 
FLEET RETAIL GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the group and of the profit or loss of the group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the group'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 group 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 the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £767,605 (2022 - £777,993).

Dividends were voted and paid in the year totalling £512,099 (2022: £770,112).

Directors

The directors who served during the year were:

M J Lowry 
M A Stevens BSc FCA 
R J Bonnington (appointed 17 October 2023)
D P Lowry (resigned 10 July 2023)

Future developments

The Group has progressed further in European markets and beyond as part of its strategy to diversify outside the UK market. The worldwide supply base has supported this growth and has proved an important part in the building of relationships and business with new and existing customers, The future is positive as past successes are expected to continue to provide further impetus to sales growth and profitability.
The Group remains in a good financial position and this has been a strength in a competitive business environment. The directors anticipate this will continue into the future.

Page 3

 
FLEET RETAIL GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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 and the group'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 and the group's auditors are aware of that information.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 July 2024 and signed on its behalf.
 





M A Stevens BSc FCA
Director

Page 4

 
FLEET RETAIL GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET RETAIL GROUP LIMITED
 

Opinion


We have audited the financial statements of Fleet Retail Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 group's and of the parent company's affairs as at 31 December 2023 and of the group's 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 group 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 group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 5

 
FLEET RETAIL GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET RETAIL GROUP LIMITED (CONTINUED)


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.


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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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.


Page 6

 
FLEET RETAIL GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET RETAIL GROUP LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
FLEET RETAIL GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET RETAIL GROUP 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 Group 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
•  The engagement partner ensured that the engagement team collectively had the appropriate competence,  capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and    other management, and from our commercial knowledge and experience of the relevant sector;
•  The specific laws and regulations which we considered may have a direct material effect on the financial   statements or the operations of the company, are as follows;
                 o Companies Act 2006
                 o FRS102
                 o Health and Safety legislation
                 o Employment legislation
                 o Tax legislation
                 o Forest Stewardship Council (FSC)
                 o ISO 9001 and ISO 14001
•  We assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management, reviewing board minutes and inspecting legal correspondence;
•  Laws and regulations were communicated within the audit team at the planning meeting, and during the    audit as any further laws and regulation were identified. The audit team remained alert to instances of    non-compliance throughout the audit; and
•  As auditors of all group companies we were able to cover the above matters at a group and component    level and thereby ensure the audit team were aware of the above matters across all group companies.
 
Page 8

 
FLEET RETAIL GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET RETAIL GROUP LIMITED (CONTINUED)


We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
•  Making enquires of management as to where they consider there was susceptibility to fraud and their    knowledge of actual suspected and alleged fraud;
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
•  Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
•  Assessing whether judgement and assumptions made in determining significant accounting estimates,    were indicative of management bias; and
•  Investigating the rationale behind significant transactions, or transactions that are unusual or outside the    company’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
•  Management bias in the estimates and judgements made;
•  Management override of controls; and
•  Posting of unusual journals or transactions.
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 Auditors' report.


Page 9

 
FLEET RETAIL GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET RETAIL GROUP LIMITED (CONTINUED)


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.





Mario Cientanni (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

10 September 2024
Page 10

 
FLEET RETAIL GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
14,325,748
12,729,176

Cost of sales
  
(10,709,934)
(9,717,160)

Gross profit
  
3,615,814
3,012,016

Administrative expenses
  
(2,454,109)
(1,959,166)

Operating profit
 5 
1,161,705
1,052,850

Interest receivable and similar income
 9 
100,901
14,675

Interest payable and similar expenses
 10 
(244,349)
(123,743)

Profit before taxation
  
1,018,257
943,782

Tax on profit
 11 
(250,652)
(165,789)

Profit for the financial year
  
767,605
777,993

Profit for the year attributable to:
  

Owners of the parent company
  
767,605
777,993

  
767,605
777,993

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 19 to 35 form part of these financial statements.

Page 11

 
FLEET RETAIL GROUP LIMITED
REGISTERED NUMBER: 06659207

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
515,819
619,278

  
515,819
619,278

Current assets
  

Stocks
 16 
2,212,096
2,020,280

Debtors: amounts falling due within one year
 17 
5,238,322
3,671,470

Cash at bank and in hand
 18 
357,396
366,150

  
7,807,814
6,057,900

Creditors: amounts falling due within one year
 19 
(5,905,472)
(4,119,744)

Net current assets
  
 
 
1,902,342
 
 
1,938,156

Total assets less current liabilities
  
2,418,161
2,557,434

Creditors: amounts falling due after more than one year
 20 
(790,789)
(1,165,395)

Provisions for liabilities
  

Deferred taxation
 23 
(44,974)
(65,147)

Net assets
  
1,582,398
1,326,892


Capital and reserves
  

Called up share capital 
 24 
61
61

Share premium account
  
442,140
442,140

Profit and loss account
  
1,140,197
884,691

  
1,582,398
1,326,892


Page 12

 
FLEET RETAIL GROUP LIMITED
REGISTERED NUMBER: 06659207
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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




M A Stevens BSc FCA
Director

Date: 26 July 2024

The notes on pages 19 to 35 form part of these financial statements.

Page 13

 
FLEET RETAIL GROUP LIMITED
REGISTERED NUMBER: 06659207

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 15 
710,817
710,817

  
710,817
710,817

Current assets
  

Debtors: amounts falling due within one year
 17 
658,212
630,033

Cash at bank and in hand
 18 
48,700
59,203

  
706,912
689,236

Creditors: amounts falling due within one year
 19 
(929,739)
(759,168)

Net current liabilities
  
 
 
(222,827)
 
 
(69,932)

Total assets less current liabilities
  
487,990
640,885

  

Creditors: amounts falling due after more than one year
 20 
(48,561)
(87,417)

  

Net assets
  
439,429
553,468


Capital and reserves
  

Called up share capital 
 24 
61
61

Share premium account
  
442,140
442,140

Profit and loss account
  
(2,772)
111,267

  
439,429
553,468


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


M A Stevens BSc FCA
Director

Date: 26 July 2024

The notes on pages 19 to 35 form part of these financial statements.

Page 14

 
FLEET RETAIL GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent company
Total equity

£
£
£
£
£

At 1 January 2023
61
442,140
884,691
1,326,892
1,326,892



Profit for the year
-
-
767,605
767,605
767,605

Dividends: Equity capital
-
-
(512,099)
(512,099)
(512,099)


At 31 December 2023
61
442,140
1,140,197
1,582,398
1,582,398



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent company
Total equity

£
£
£
£
£

At 1 January 2022
61
442,140
876,810
1,319,011
1,319,011



Profit for the year
-
-
777,993
777,993
777,993

Dividends: Equity capital
-
-
(770,112)
(770,112)
(770,112)


At 31 December 2022
61
442,140
884,691
1,326,892
1,326,892


The notes on pages 19 to 35 form part of these financial statements.

Page 15

 
FLEET RETAIL GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


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

£
£
£
£

At 1 January 2023
61
442,140
111,267
553,468



Profit for the year
-
-
398,060
398,060

Dividends: Equity capital
-
-
(512,099)
(512,099)


At 31 December 2023
61
442,140
(2,772)
439,429



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


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

£
£
£
£

At 1 January 2022
61
442,140
402,808
845,009



Profit for the year
-
-
478,571
478,571

Dividends: Equity capital
-
-
(770,112)
(770,112)


At 31 December 2022
61
442,140
111,267
553,468


The notes on pages 19 to 35 form part of these financial statements.

Page 16

 
FLEET RETAIL GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
767,605
777,993

Adjustments for:

Depreciation of tangible assets
151,434
143,994

Profit on disposal of tangible assets
(12,211)
(29,507)

Interest paid
244,349
123,743

Interest received
(100,901)
(14,675)

Taxation charge
250,652
165,789

(Increase)/decrease in stocks
(191,816)
64,738

(Increase)/decrease in debtors
(1,566,852)
191,920

Increase/(decrease) in creditors
1,063,218
(29,293)

Corporation tax (paid)
(138,720)
(218,689)

Net cash generated from operating activities

466,758
1,176,013


Cash flows from investing activities

Purchase of tangible fixed assets
(87,549)
(380,783)

Sale of tangible fixed assets
51,785
141,000

Interest received
100,901
14,675

HP interest paid
(21,822)
(17,412)

Net cash from investing activities

43,315
(242,520)
Page 17

 
FLEET RETAIL GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash flows from financing activities

New secured loans
126,793
-

Repayment of loans
-
(676,536)

Repayment of/new finance leases
9,866
86,692

Dividends paid
(512,099)
(770,112)

Interest paid
(222,527)
(106,331)

Net cash used in financing activities
(597,967)
(1,466,287)

Net (decrease) in cash and cash equivalents
(87,894)
(532,794)

Cash and cash equivalents at beginning of year
(332,482)
200,312

Cash and cash equivalents at the end of year
(420,376)
(332,482)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
357,396
366,150

Bank overdrafts
(777,772)
(698,632)

(420,376)
(332,482)


The notes on pages 19 to 35 form part of these financial statements.

Page 18

 
FLEET RETAIL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company, incorporated in England and Wales, has its registered office at Fleet House, Sunderland Quay, Culpeper Close, Medway City Estate, Rochaster, Kent ME2 4HN.
The principal activity of the group is that of the purchase and sale of luxury paper and polythene carrier bags, rigid boxes, tissue paper, ribbon, stickers, greetings cards, gift wraps and garment hangers.

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 group management to exercise judgment in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014.

Page 19

 
FLEET RETAIL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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 Consolidated 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'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the group has transferred the significant risks and rewards of ownership to the buyer;
the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the group 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.

Page 20

 
FLEET RETAIL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the group 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.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group 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 Balance sheet. The assets of the plan are held separately from the group in independently administered funds.

Page 21

 
FLEET RETAIL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year 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 balance sheet date in the countries where the company and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 balance sheet date.

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

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.

Page 22

 
FLEET RETAIL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance

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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.15

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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 profit or loss.

 
2.16

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.

 
2.17

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

Page 23

 
FLEET RETAIL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

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.

  
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.20

Financial instruments

The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the group's Balance sheet when the group becomes party to the contractual provisions of the instrument.

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 group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

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 group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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 payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Page 24

 
FLEET RETAIL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)


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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

 
2.21

Hedge accounting

The group uses foreign currency forward contracts to manage its exposure to cash flow risk on its foreign currency transactions. These derivatives are measured at fair value at each balance sheet date.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.

 
2.22

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 25

 
FLEET RETAIL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the company's accounting policies:
There were no significant judgments exercised by management in the preparation of the financial statements.
b) Key accounting estimates and assumptions:
The group made key assumptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.13 of the accounting policies.


4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
11,767,059
11,846,342

Rest of Europe
2,159,511
594,867

Rest of the world
399,178
287,967

14,325,748
12,729,176



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
151,434
143,994

Exchange differences
194,690
(178,229)

Other operating lease rentals
213,822
194,326

Defined contribution pension costs
77,949
48,591


6.


Auditors' remuneration

During the year, the group obtained the following services from the company's auditors:


2023
2022
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
13,600
10,790

All other non-audit services
9,805
9,190

Page 26

 
FLEET RETAIL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

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


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
903,685
686,052
122,800
62,808

Social security costs
155,520
108,914
11,500
2,575

Cost of defined contribution scheme
77,949
48,591
-
-

1,137,154
843,557
134,300
65,383


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Director
3
3
3
3



Employees
12
10
-
-

15
13
3
3


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
236,133
167,808

236,133
167,808


During the year retirement benefits were accruing to no directors (2022 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable

2023
2022
£
£


Other interest receivable
100,901
14,675

100,901
14,675

Page 27

 
FLEET RETAIL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
222,527
106,331

Finance leases and hire purchase contracts
21,822
17,412

244,349
123,743


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
270,825
166,880


Deferred tax


Origination and reversal of timing differences
(20,173)
(1,091)


Tax on profit
250,652
165,789

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 19%/25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,018,257
943,782


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19/25% (2022 - 19%)
239,500
179,319

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
8,693
4,902

Capital allowances for year (in excess of)/less than depreciation
21,811
7,752

Deferred Tax
(20,173)
(1,091)

Other timing differences leading to an increase (decrease) in taxation
821
(25,093)

Total tax charge for the year
250,652
165,789

Page 28

 
FLEET RETAIL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2023
2022
£
£


Dividends
512,099
770,112

512,099
770,112


13.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 January 2023
568,208



At 31 December 2023

568,208



Amortisation


At 1 January 2023
568,208



At 31 December 2023

568,208



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 29

 
FLEET RETAIL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets

Group






Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
693,702
24,319
283,862
1,001,883


Additions
66,390
1,369
19,790
87,549


Disposals
(98,360)
-
(31,285)
(129,645)



At 31 December 2023

661,732
25,688
272,367
959,787



Depreciation


At 1 January 2023
186,081
17,116
179,408
382,605


Charge for the year on owned assets
26,863
2,554
22,762
52,179


Charge for the year on financed assets
99,255
-
-
99,255


Disposals
(58,786)
-
(31,285)
(90,071)



At 31 December 2023

253,413
19,670
170,885
443,968



Net book value



At 31 December 2023
408,319
6,018
101,482
515,819



At 31 December 2022
507,621
7,203
104,454
619,278


15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
710,817



At 31 December 2023
710,817




Page 30

 
FLEET RETAIL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Country of incorporation

Class of shares

Holding

Fleet Retail Packaging Limited
England and Wales
Ordinary
100%
Thomas Norman (UK) Limited
England and Wales
Ordinary
100%
Fleet Luxury Packaging SARL
France
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Fleet Retail Packaging Limited
1,395,016
255,372

Thomas Norman (UK) Limited
31,464
-

Fleet Luxury Packaging SARL
394,935
281,802


16.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
2,212,096
2,020,280

2,212,096
2,020,280


The difference the between purchase price or production cost of stocks and their replacement cost is not material.

Page 31

 
FLEET RETAIL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
3,743,976
2,361,898
-
-

Amounts owed by group undertakings
-
-
80,401
-

Amounts owed by related parties
378,820
378,820
378,820
378,820

Other debtors
1,023,677
844,993
198,991
251,213

Prepayments and accrued income
91,849
85,759
-
-

5,238,322
3,671,470
658,212
630,033



18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
357,396
366,150
48,700
59,203

Less: bank overdrafts
(777,772)
(698,632)
-
-

(420,376)
(332,482)
48,700
59,203



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
777,772
698,632
-
-

Bank loans
2,076,879
1,591,131
38,856
38,857

Trade creditors
1,705,243
786,644
-
-

Amounts owed to group undertakings
-
-
801,178
632,208

Corporation tax
241,301
110,811
60,911
65,343

Other taxation and social security
485,617
553,831
3,334
-

Obligations under finance lease and hire purchase contracts
98,957
73,440
-
-

Other creditors
232,492
132,204
-
-

Accruals and deferred income
287,211
173,051
25,460
22,760

5,905,472
4,119,744
929,739
759,168


Page 32

 
FLEET RETAIL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
506,894
865,849
48,561
87,417

Net obligations under finance leases and hire purchase contracts
283,895
299,546
-
-

790,789
1,165,395
48,561
87,417


Bank loans and invoice discounting facilities are secured by way of a fixed and floating charge over all assets and undertakings of the company and its subsidiary, Fleet Retail Packaging Limited.
Obligations under hire purchase contracts are secured against the assets to which they relate.


21.


Loans


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
2,076,879
1,591,131
38,856
38,857

Amounts falling due 1-2 years

Bank loans
288,857
358,956
38,857
38,857

Amounts falling due 2-5 years

Bank loans
218,037
506,893
9,704
48,560


2,583,773
2,456,980
87,417
126,274



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
98,957
73,440

Between 1-5 years
283,895
299,546

382,852
372,986

Page 33

 
FLEET RETAIL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(65,147)
(66,238)


Charged to profit or loss
20,173
1,091



At end of year
(44,974)
(65,147)




Group
Group
2023
2022
£
 
£
 

Accelerated capital allowances
(44,974)
(65,147)

(44,974)
(65,147)


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



53 (2022 - 53) Ordinary share capital shares of £1.00 each
53
53
4 (2022 - 4) Ordinary "A" shares of £1.00 each
4
4
4 (2022 - 4) Ordinary "B" shares of £1.00 each
4
4

61

61



25.


Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £62,306 (2022 - £45,419).
As at the balance sheet date, the group had unpaid pension liabilities of £22,567 
(2022 - £Nil).

Page 34

 
FLEET RETAIL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Commitments under operating leases

At 31 December 2023 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
133,149
133,149

Later than 1 year and not later than 5 years
399,447
532,596

532,596
665,745

27.


Related party transactions

Fleet House Investments Limited and Lowry Edwards Developments Limited are deemed to be related
parties by virtue of common control.
The transactions which occurred during the year and outstanding balances as at 31 December 2023 are
as follows:


2023
2022
£
£

Fleet House Investments Limited - Debtor
378,820
378,820
Fleet House Investments Limited - Rent paid
47,406
51,253
Lowry Edwards Developments Limited - Loan advance
717,535
528,121
1,143,761
958,194

Included within debtors due within one year is an amount owed by the directors amounting to £198,462 (2022: £251,068). The maximum balance outstanding during the year was £198,463 (2022: £251,068). This amount has been repaid subsequent to the year end.


28.


Controlling party

The company is controlled by Mr M Lowry at 31 December 2023. From 30 January 2024, the parent company became Lowry Holdco Ltd, a company incorporated in England and Wales. Mr M Lowry retains control.

 
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