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Registered number: 06354726
















FERIDAX GROUP LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


































img2c7c.png


FERIDAX GROUP LIMITED

 
COMPANY INFORMATION


DIRECTORS
Ms L P Taylor 
Ms A Taylor 




REGISTERED NUMBER
06354726



REGISTERED OFFICE
Park Lane

Halesowen

West Midlands

B63 2NT




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

1-3 College Yard

Worcester

WR1 2LB




SOLICITORS
George Green LLP
195 High Street

Cradley Heath

Warley

West Midlands

B64 5HW






FERIDAX GROUP LIMITED


CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Statement of Financial Position
 
10
Company Statement of Financial Position
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14
Consolidated Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 31



FERIDAX GROUP LIMITED

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

BUSINESS REVIEW
 
The principal activity of the business during the year was the distribution of motorcycle spares and accessories in the UK, Europe and Rest of the World. The business continued to operate in a competitive market during which it increased its turnover and maintained profitability.

Turnover increased by 6.5% to £17,917,162 (2022: £16,827,644) and profit after tax fell by 1.8% to £2,454,831 (2022: £2,500,177). The directors continue to review the strategic opportunities of the business going forwards.

The Statement of Financial Position on page 10 of the financial statements shows that net assets have increased to £20,530,208 (2022: £18,875,377). The directors consider turnover, net profit and net assets to be the business’s Key Performance Indicators.

The directors will endeavour the company continues to produce sustained growth within its principal activities.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The directors constantly monitor the risks and uncertainties facing the company with particular reference to the exposure on exchange rates, liquidity, inventories and credit risks. They are confident that there are suitable policies in place and there are no material risks and uncertainties which have not been considered.
The group uses various financial instruments which include cash, trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to manage the company’s daily operations.
The main risks arising from the company’s financial instruments are currency risk, liquidity risk, interest rate risk, and credit risk. The directors review and agree policies for managing each of these risks and they are summarised below:
Currency Risk
The group has limited exposure to translation and transaction foreign exchange risk and do not consider this to have a significant impact on its operations.
Liquidity Risk
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
Interest Rate Risk
The group finances its operations through a mixture of cash and reinvestment of net income. The company has minimal exposure to interest rate risks.
Credit Risk
The group’s principal financial assets are inventories and trade debtors. The principal credit risk arises therefore from its trade debtors. In order to manage credit risk the directors set limits for its customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history. Full retention of title applies to all sales, which further reduces the risk.

Page 1


FERIDAX 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.



Ms A Taylor
Director

Date: 19 July 2024

Page 2


FERIDAX 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 judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 £2,454,831 (2022: £2,500,177).

Dividends of £800,000 (2022: £800,000) were paid during the year.

DIRECTORS

The directors who served during the year were:

Ms L P Taylor 
Ms A Taylor 

FUTURE DEVELOPMENTS

The company will continue its existing strategy to identify possible routes for Growth therefore maximising any opportunities within the motorcycle industry.

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.

Page 3


FERIDAX GROUP LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
POST BALANCE SHEET EVENTS

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

AUDITORS

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

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






Ms A Taylor
Director

Date: 19 July 2024

Park Lane
Halesowen
West Midlands
B63 2NT

Page 4


FERIDAX GROUP LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FERIDAX GROUP LIMITED
OPINION


We have audited the financial statements of Feridax 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 and Company Statements of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Analysis of Net Debt, the Consolidated and 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.


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 5


FERIDAX GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FERIDAX GROUP 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 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.


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 6


FERIDAX GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FERIDAX 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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
the nature of the industry and sector, control environment and business performance;
results of our enquiries of management and the board about their own identifcation and assessment of the risks of irregularities;
any matters we have identifed 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;
the matters discussed among the audit engagement teams regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
Revenue recognition; and
Accounting estimates.

In common with all audits under ISAs (UK), we are also required to specific procedures to respond to the risk of management override.

We 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 in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and tax legislation.

In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate to avoid a material penalty. These include data protection regulation, health and safety regulations and employment legislation.

Audit response to risks identified

As a result of performing the above procedures, we have identified revenue recognition and accounting estimates as key audit matters related to the potential risk of fraud. Our procedures to respond to risks identified included the following:

Documenting and validating the control environment for income and debtors and carrying out walkthrough testing;
Undertaking substantive sample-based testing or proof in total calculations on all material revenue streams to ensure revenue has been recognised appropriately and accurately;
Considering manual income journals as part of our work on fraud risks documented above;
Page 7


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

Reviewing the financial statement disclosures and testing to supporting documentation;
Enquiring of management concerning actual and potential litigation claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement;
Reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant 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.


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.


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.






Gary Woodhall ACA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
1-3 College Yard
Worcester
WR1 2LB

24 July 2024
Page 8


FERIDAX GROUP LIMITED

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
17,917,162
16,827,644

Cost of sales
  
(11,555,998)
(10,444,125)

GROSS PROFIT
  
6,361,164
6,383,519

Administrative expenses
  
(3,252,466)
(3,251,497)

OPERATING PROFIT
 5 
3,108,698
3,132,022

Interest receivable and similar income
 9 
126,796
3,522

PROFIT BEFORE TAXATION
  
3,235,494
3,135,544

Tax on profit
 10 
(780,663)
(635,367)

PROFIT FOR THE FINANCIAL YEAR
  
2,454,831
2,500,177

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
2,454,831
2,500,177

PROFIT FOR THE YEAR ATTRIBUTABLE TO:
  

Owners of the parent company
  
2,454,831
2,500,177

The notes on pages 16 to 31 form part of these financial statements.

Page 9


FERIDAX GROUP LIMITED
REGISTERED NUMBER:06354726

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

FIXED ASSETS
  

Intangible assets
 12 
261,440
331,159

Tangible assets
 13 
265,067
430,356

  
526,507
761,515

CURRENT ASSETS
  

Stocks
 15 
5,911,277
6,641,571

Debtors
 16 
5,360,633
3,092,160

Cash at bank and in hand
 17 
9,742,809
9,384,647

  
21,014,719
19,118,378

Creditors: amounts falling due within one year
 18 
(901,904)
(904,065)

NET CURRENT ASSETS
  
 
 
20,112,815
 
 
18,214,313

TOTAL ASSETS LESS CURRENT LIABILITIES
  
20,639,322
18,975,828

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 21 
(55,048)
(77,201)

Other provisions
 22 
(54,066)
(23,250)

  
 
 
(109,114)
 
 
(100,451)

NET ASSETS
  
20,530,208
18,875,377


CAPITAL AND RESERVES
  

Called up share capital 
 23 
195,000
195,000

Capital redemption reserve
 24 
55,000
55,000

Profit and loss account
 24 
20,280,208
18,625,377

  
20,530,208
18,875,377


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





Ms A Taylor
Director

Date: 19 July 2024

The notes on pages 16 to 31 form part of these financial statements.

Page 10


FERIDAX GROUP LIMITED
REGISTERED NUMBER:06354726

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

FIXED ASSETS
  

Investments
 14 
15,098,500
15,098,500

  
15,098,500
15,098,500

CURRENT ASSETS
  

Debtors
 16 
42,171
28,098

Cash at bank and in hand
 17 
3,000,000
-

  
3,042,171
28,098

Creditors: amounts falling due within one year
 18 
(4,877)
-

NET CURRENT ASSETS
  
 
 
3,037,294
 
 
28,098

TOTAL ASSETS LESS CURRENT LIABILITIES
  
18,135,794
15,126,598

  

Creditors: amounts falling due after more than one year
 19 
-
(1,459,557)

  

NET ASSETS EXCLUDING PENSION ASSET
  
18,135,794
13,667,041

NET ASSETS
  
18,135,794
13,667,041


CAPITAL AND RESERVES
  

Called up share capital 
 23 
195,000
195,000

Capital redemption reserve
 24 
55,000
55,000

Profit and loss account brought forward
  
13,417,041
14,327,041

Profit for the year
  
5,268,753
800,000

Other changes in the profit and loss account

  

(800,000)
(1,710,000)

Profit and loss account carried forward
  
17,885,794
13,417,041

  
18,135,794
13,667,041


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


Ms A Taylor
Director

Date: 19 July 2024

The notes on pages 16 to 31 form part of these financial statements.

Page 11


FERIDAX GROUP LIMITED


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


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

£
£
£
£

At 1 January 2022
250,000
-
17,835,200
18,085,200


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
2,500,177
2,500,177
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
2,500,177
2,500,177


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Equity dividends paid
-
-
(800,000)
(800,000)

Purchase of own shares
-
55,000
(910,000)
(855,000)

Shares cancelled during the year
(55,000)
-
-
(55,000)


TOTAL TRANSACTIONS WITH OWNERS
(55,000)
55,000
(1,710,000)
(1,710,000)


At 1 January 2023
195,000
55,000
18,625,377
18,875,377


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
2,454,831
2,454,831
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
2,454,831
2,454,831


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Equity dividends paid
-
-
(800,000)
(800,000)


TOTAL TRANSACTIONS WITH OWNERS
-
-
(800,000)
(800,000)


AT 31 DECEMBER 2023
195,000
55,000
20,280,208
20,530,208


The notes on pages 16 to 31 form part of these financial statements.

Page 12


FERIDAX GROUP LIMITED


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


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

£
£
£
£

At 1 January 2022
250,000
-
14,327,041
14,577,041


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
800,000
800,000
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
800,000
800,000


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Equity dividends paid
-
-
(800,000)
(800,000)

Purchase of own shares
-
55,000
(910,000)
(855,000)

Shares cancelled during the year
(55,000)
-
-
(55,000)


TOTAL TRANSACTIONS WITH OWNERS
(55,000)
55,000
(1,710,000)
(1,710,000)


At 1 January 2023
195,000
55,000
13,417,041
13,667,041


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
5,268,753
5,268,753
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
5,268,753
5,268,753


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Equity dividends paid
-
-
(800,000)
(800,000)


TOTAL TRANSACTIONS WITH OWNERS
-
-
(800,000)
(800,000)


AT 31 DECEMBER 2023
195,000
55,000
17,885,794
18,135,794


The notes on pages 16 to 31 form part of these financial statements.

Page 13


FERIDAX GROUP LIMITED


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

2023
2022
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the year
2,454,831
2,500,177

ADJUSTMENTS FOR:

Amortisation of intangible assets
69,719
69,719

Depreciation of tangible assets
115,595
112,308

Loss on disposal of tangible assets
1,732
(14,938)

Interest received
(126,796)
(3,522)

Taxation charge
780,663
635,367

Decrease in stocks
730,294
376,478

(Increase)/decrease in debtors
(2,268,473)
216,437

(Decrease) in creditors
(122,482)
(66,284)

Corporation tax (paid)
(651,679)
(563,756)

NET CASH GENERATED FROM OPERATING ACTIVITIES

983,404
3,261,986


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(5,968)
(427,066)

Sale of tangible fixed assets
53,930
15,500

Interest received
126,796
3,522

NET CASH FROM INVESTING ACTIVITIES

174,758
(408,044)

CASH FLOWS FROM FINANCING ACTIVITIES

Purchase of ordinary shares
-
(910,000)

Repayment of loans
-
(1,750,000)

Dividends paid
(800,000)
(800,000)

NET CASH USED IN FINANCING ACTIVITIES
(800,000)
(3,460,000)

INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
358,162
(606,058)

Cash and cash equivalents at beginning of year
9,384,647
9,990,705

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
9,742,809
9,384,647


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
9,742,809
9,384,647

9,742,809
9,384,647


The notes on pages 16 to 31 form part of these financial statements.

Page 14


FERIDAX GROUP LIMITED


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

9,384,647

358,162

9,742,809



9,384,647
358,162
9,742,809

The notes on pages 16 to 31 form part of these financial statements.

Page 15


FERIDAX GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Feridax Group Limited is a private company limited by shares incorporated in England. The registered office is Park Lane, Halesowen, West Midlands, B63 2NT.
The principal activity of the Group the distribution of motorcycle spares and accessories in the UK, Ireland and Channel Islands. The principal activity of the company is that of a holding company.

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 judgement 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.

These financial statements are presented in Sterling, which is the presentation and functional currency of the Group and the Company, and are rounded to the nearest £1.

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 Statement of Financial Position, 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.

 
2.3

GOING CONCERN

The directors have considered the implications of possible future events in relation to the risk of the business continuing to operate as a going concern, and have concluded that there are sufficient cash resources in place to continue to trade. They have not identified any significant issues that are expected to affect the company’s ability to continue as a going concern. 
The directors have reviewed budgets and forecasts for a period of 12 months from approval of the accounts. Considering this, and profits generated by the company, the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Page 16


FERIDAX GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.4

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.

 
2.5

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.

 
2.6

OPERATING LEASES: LESSEE

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

 
2.7

INTEREST INCOME

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

Page 17


FERIDAX GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.8

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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

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 reporting 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 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;
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 reporting date.

 
2.10

INTANGIBLE ASSETS

GOODWILL
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. 
Goodwill is amortised so to allocate the cost of goodwill over the estimated useful life, using the straight line method.

 Amortisation is provided on the following bases:

Goodwill
-
5%
straight line basis

Page 18


FERIDAX GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.11

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.

Depreciation is provided on the following basis:

Leasehold improvements
-
20% straight line
Plant and machinery
-
20% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
20% straight line

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.

 
2.12

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment. 

 
2.13

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 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 profit or loss.

 
2.14

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.

 
2.15

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.

 
2.16

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.

Page 19


FERIDAX GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.17

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

FINANCIAL INSTRUMENTS

The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Derivatives, including forward foreign exchange contracts, are non basic financial instruments.  Derivatives are initially recognised at fair value on the date a derivative contract is entered into and  are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in cost of sales as appropriate. The group does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 
2.19

DIVIDENDS

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

Page 20


FERIDAX GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgements and key sources of estimation uncertainty that the directors have made in the process of applying the group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Stock provision
The Group provides for old and slow moving stock. The rates at which these are provided for are judgements made by the directors to give us as accurate a valuation of the stock held as they possible can.


4.


TURNOVER

The whole of the turnover is attributable to the distribution of motorcycle spares and accessories.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
17,604,902
16,461,820

Rest of Europe
312,260
364,268

Rest of the world
-
1,556

17,917,162
16,827,644



5.


OPERATING PROFIT

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

2023
2022
£
£

Exchange differences
27,959
(68,136)

Other operating lease rentals
167,767
151,242

Amortisation of intangible fixed assets
69,719
69,719

Depreciation of tangible fixed assets
115,595
112,308

Profit on disposal of tangible fixed assets
1,732
(16,291)

Defined pension contribution
82,613
214,621

Page 21


FERIDAX GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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
21,750
19,500

Other services relating to taxation
2,500
2,500


7.


EMPLOYEES

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


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


Wages and salaries
1,350,185
1,126,598
-
-

Social security costs
133,877
111,918
-
-

Cost of defined contribution scheme
82,613
214,621
-
-

1,566,675
1,453,137
-
-


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


        2023
        2022
            No.
            No.







Sales and distribution staff
13
18



Administraton employees
25
20

38
38

Key Management Personnel
The Group has no employees other than the directors, who did not receive any remuneration (2022: £Nil) from the Group itself, only from the subsidiary undertaking, Feridax (1957) Limited.

Page 22


FERIDAX GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
340,285
148,394

Group contributions to defined contribution pension schemes
13,354
151,553

353,639
299,947


During the year retirement benefits were accruing to 4 directors in the subsidiary entity Feridax (1957) Limited (2022: 4) in respect of defined contribution pension schemes.

The highest paid director in the subsidiary entity Feridax (1957) Limited received remuneration of £196,458 (2022: £90,609).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director in the subsidiary entity Feridax (1957) Limited amounted to £7,107 (2022: £6,528).


9.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
126,796
3,522


10.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
802,816
563,757


TOTAL CURRENT TAX
802,816
563,757

DEFERRED TAX


Origination and reversal of timing differences
(22,153)
71,610

TOTAL DEFERRED TAX
(22,153)
71,610


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
780,663
635,367
Page 23


FERIDAX GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is different to the standard rate of corporation tax in the UK of 23.52% (2022: 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,235,494
3,135,544


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022: 19%)
760,988
595,753

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
6,655

Capital allowances for year in excess of depreciation
(18)
(252)

Other differences leading to an increase (decrease) in the tax charge
19,697
13,247

Remeasurement of deferred tax for changes in tax rates
(1,392)
17,186

Movement in deferred tax not recognised
1,388
2,778

TOTAL TAX CHARGE FOR THE YEAR
780,663
635,367

An increase to the main UK corporation tax rate from 19% to 25% was effective from 1 April 2023 which has been reflected in the deferred tax calculations.


11.


DIVIDENDS

2023
2022
£
£


Equity dividends paid
800,000
800,000

Page 24


FERIDAX GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


INTANGIBLE ASSETS

Group





Goodwill

£



COST


At 1 January 2023
1,394,373



At 31 December 2023

1,394,373



AMORTISATION


At 1 January 2023
1,063,214


Charge for the year on owned assets
69,719



At 31 December 2023

1,132,933



NET BOOK VALUE



At 31 December 2023
261,440



At 31 December 2022
331,159

Company
The Company has no intangible assets.



Page 25


FERIDAX GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


TANGIBLE FIXED ASSETS

Group






Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



COST OR VALUATION


At 1 January 2023
43,583
299,989
462,636
424,275
1,230,483


Additions
-
5,001
-
967
5,968


Disposals
-
-
(126,815)
-
(126,815)



At 31 December 2023

43,583
304,990
335,821
425,242
1,109,636



DEPRECIATION


At 1 January 2023
32,862
177,816
186,735
402,714
800,127


Charge for the year on owned assets
2,181
39,894
79,584
(6,064)
115,595


Disposals
-
77
(71,230)
-
(71,153)



At 31 December 2023

35,043
217,787
195,089
396,650
844,569



NET BOOK VALUE



At 31 December 2023
8,540
87,203
140,732
28,592
265,067



At 31 December 2022
10,721
122,173
275,901
21,561
430,356

Company
The Company has no tangible fixed assets.

Page 26


FERIDAX GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



COST OR VALUATION


At 1 January 2023
15,098,500



At 31 December 2023
15,098,500





SUBSIDIARY UNDERTAKING


The following was a subsidiary undertaking of the company:

Name

Class of shares

Holding

Feridax (1957) Limited
Ordinary
100%

The registered office of Feridax (1957) Limited is Park Lane, Halesowen, West Midlands, B63 2NT.


15.


STOCKS

Group
Group
2023
2022
£
£

Raw materials and consumables
5,911,277
6,641,571



16.


DEBTORS

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



Trade debtors
3,783,763
2,260,353
-
-

Other debtors
1,505,238
758,513
16,671
28,098

Prepayments and accrued income
71,632
73,294
25,500
-

5,360,633
3,092,160
42,171
28,098


Page 27


FERIDAX GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


CASH AND CASH EQUIVALENTS

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

Cash at bank and in hand
9,742,809
9,384,647
3,000,000
-



18.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

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

Trade creditors
259,600
355,904
-
-

Corporation tax
428,827
299,843
4,877
-

Other taxation and social security
91,066
65,663
-
-

Other creditors
8,452
-
-
-

Accruals and deferred income
113,959
182,655
-
-

901,904
904,065
4,877
-



19.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Company
Company
2023
2022
£
£

Amounts owed to group undertakings
-
1,459,557

-
1,459,557




20.


FINANCIAL INSTRUMENTS

There were no derivatives to recognise at the year end. The Group had entered into several forward contracts for USD, JPY and EUR totalling £1,785,776 before the year end that commenced after the year end.

Financial liabilities measured at fair value through profit or loss comprise foreign currency forward contracts. The foreign currency forward contracts are not traded in active markets. These have been fair valued using observable forward exchange rates and interest rates corresponding to the maturity of the contract.




Page 28


FERIDAX GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


DEFERRED TAXATION


Group



2023


£






At beginning of year
(77,201)


Charged to profit or loss
22,153



AT END OF YEAR
(55,048)

The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
(55,048)
(80,201)

Other short term timing differences
-
3,000

(55,048)
(77,201)


22.


PROVISIONS


Group



Dilapidation provision

£





At 1 January 2023
23,250


Charged to profit or loss
30,816



AT 31 DECEMBER 2023
54,066

Company
The Company has no provisions.

Page 29


FERIDAX GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



195,000 (2022: 195,000) Ordinary shares of £1.00 each
195,000
195,000

The Group has one class of share capital which carry voting rights and the right to a dividend.



24.


RESERVES

Capital redemption reserve

This reserve represents a non-distributable reserve into which amounts are paid following a redemption or share buyback.

Profit and loss account

This reserve includes all current and prior period retained profits and losses.


25.


PENSION COMMITMENTS

The Group operates a defined contributions 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 £82,613 (2022: £214,621). £7,389 (2022: £Nil) was outstanding at the year end.


26.


COMMITMENTS UNDER OPERATING LEASES

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


Group
Group
2023
2022
£
£

Due within 1 year
169,167
145,000
Company
The Company had no commitments under operating leases.


27.


TRANSACTIONS WITH DIRECTORS

Included within other debtors within one year is £Nil (2022: £20,197) in respect of a loan to Ms A Taylor. Repayments have been made during the year and as at 31 December 2023 the balance is £Nil (2022: £20,197).

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FERIDAX GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

28.


RELATED PARTY TRANSACTIONS


2023
2022
£
£

Rent paid to company with common director
145,000
145,000
Leasehold improvements paid to company with common director
8,650
10,903

The above transactions were made by the Subsidiary.


29.


CONTROLLING PARTY

There is no ultimate controlling party.

 
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