REGISTERED NUMBER: 10058549 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
FINCHER HOLDINGS LIMITED |
REGISTERED NUMBER: 10058549 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
FINCHER HOLDINGS LIMITED |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 17 |
FINCHER HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
161 Newhall Street |
Birmingham |
B3 1SW |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The Directors present their strategic report of the group for the year ended 31 December 2023. This strategic review is written in the context of the risks and uncertainties faced by the group and is consistent with the size and non-complex nature of the group's operations. |
REVIEW OF BUSINESS |
The directors are satisfied with the results of the group given the challenging market conditions and general economic climate that prevailed during the year. The group supplies the hair and beauty industry and saw a small decline of 2.6% in turnover compared to the previous year. This is primarily attributed to the natural lifecycle of a non-exclusive brand and a full year impact following the closure of a store in 2022. These have been offset by a large degree by increases in sales of other brands and products, together with additional sales following the hive-up in the year from a business purchased at the end of 2022. The group has also seen rising costs, in particular, payroll, rates and utility costs as a result of legislative changes, removal of Covid relief and inflationary pressures. Despite these factors, the group have reported a robust profit and an increase in Net Assets. The group continues to have a high level of cash reserves which puts it in a strong position to exploit future trading opportunities as and when they arise. |
The group is always evolving, adding new products to its offering, and devising strategies to grow the business with existing customers as well as attracting new customers. The directors remain committed to sustainably growing the business by growing the group's customer base and continuing to invest in the team, technology and new products. Since the year end, the group has continued to trade in line with the directors' expectations. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The risks faced by the group are regularly reviewed by the board and appropriate management strategies are put in place to monitor and mitigate them. |
As for many groups of this size the business environment continues to be challenging, the market is highly competitive and as a result there is always downward pressure on margins. Due to the group's dedication to customer care and extensive product range priced competitively and representing value for money the group enjoy a loyal and longstanding customer base. The directors, having reflected upon the current position of the group, consider it is operationally and financially well placed to face the challenges of the continuing economic uncertainty. |
The group holds a significant level of stock and therefore there is a potential risk of stock obsolescence. Stock is actively managed and reviewed frequently to identify slow moving stock lines so that management can act accordingly to mitigate the risk of obsolete stock. |
The group is also exposed to foreign currency exchange risk due to a reasonable proportion of purchases being made from overseas suppliers. |
The quality of staff is an integral factor of the group's performance, in particular the branch managers. The resignation of key individuals and the possibility of not being able to recruit people with the necessary skills to replace them represent a key risk to the business. To mitigate this issue the group has had, for a number of years, schemes linked to their results that are designated to retain key individuals. |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
SECTION 172(1) STATEMENT |
The Board of Directors always consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole, having regard to the stakeholders and matters set out in s172(1) (a)-(f) of the Companies Act 2006, in the decisions taken during the year ended 31 December 2023 and this is exhibited within this report. |
The directors understand the business and the environment in which it operates. This is key when considering the likely consequences of any long term decisions. |
We are committed to respecting and upholding human rights within our business and within our supply chain. We recognise our responsibility to identify and address potential or actual human rights infringements linked to the products and services we provide. We encourage our suppliers to uphold the same standards as we apply to ourselves. |
The group is committed to conducting its operations in a socially responsible manner and will not tolerate any form of bribery or corruption from its employees, suppliers or any other parties. The group conducts its business with honesty and integrity and expects all of the employees to maintain high standards. Both the antibribery and Whistle Blowing policies are available upon request. |
Where possible the group works with its suppliers to reduce the impact on the environment by utilising reusable packaging materials. Additionally the group seeks to recycle materials where it is able to do so. |
The group recognises that its employees and their skills are key to business success and seeks to train and support its employees in the delivery of its excellent products and services. Employee welfare and wellbeing are of utmost importance and the group engages with them all through regular internal communications. |
The group has policies in place which are designed to ensure that all IT and other communication equipment and resources, are used properly and kept secure. The group has various monitoring, firewalls and anti-virus software with structured file access in place to protect against the risk of IT security breaches. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The Directors consider the return on capital employed as being the key performance indicator as this communicates the financial performance and strength of the group as a whole. The group saw a decrease in turnover from £41,261,710 in 2022 to £40,209,455 in 2023, return on capital employed (operating profit, excluding exceptional items, expressed as a percentage of total assets less current liabilities) was 4.75%, (2022: 15.78%). |
ON BEHALF OF THE BOARD: |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
DIVIDENDS |
Dividends of £596,000 (2022: £697,667) were paid on ordinary shares in the year. |
Dividends of £72,062 (2022: £38,500) were paid on the preference shares in the year. |
FUTURE DEVELOPMENTS |
This is covered within the strategic report on page 2. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
ENGAGEMENT WITH EMPLOYEES |
The company places considerable value on the involvement of its employees and is committed to keeping |
employees as fully informed as possible with regard to the company's performance. |
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
This is covered within the strategic report on page 2. |
STREAMLINED ENERGY AND CARBON REPORTING |
The company's greenhouse gas emissions and energy consumption, as required under the SECR framework provisions, are as follows: |
2023 | 2022 |
Scope |
KW |
CO2e (tonnes) |
KW |
CO2e (tonnes) |
Electricity | 2 | 703,327 | 145.64 | 731,786 | 141.51 |
Gas | 1 | 1,115,294 | 226.04 | 1,018,750 | 206.06 |
Transport | 1 | 2,004,208 | 492.03 | 1,845,204 | 463.38 | (includes fuel used in company cars, fleet vehicles, personal/hire cars on business use) |
We have followed the 2019 HM Government Environmental Reporting Guidelines and used the 2023 Government Conversion Factors for Company Reporting go Greenhouse Gas Emissions. |
The metric of CO2 equivalent (kg) relative to turnover (£M) has been considered the most appropriate way to track energy efficiency. For the year ended 31 December 2023 this was 21.5 (2022: 19.7). |
The company has the following energy efficiency initiatives: |
- moving car fleet to either fully electric or hybrid vehicles where possible with vans to be changed to electric when ranges become viable; |
- solar panels are installed on the company's head office; |
- continued investment in the store base, with particular emphasis of upgrading old light fittings for new energy saving LED lighting. |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable 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 company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FINCHER HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Fincher Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FINCHER HOLDINGS LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors 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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept 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 Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the 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. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws 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 discussions with directors and other management, and from our commercial knowledge and experience of the industry sector; |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FINCHER HOLDINGS LIMITED |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC and other relevant parties. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
161 Newhall Street |
Birmingham |
B3 1SW |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 4 | 40,209,455 | 41,261,710 |
Cost of sales | 23,514,658 | 24,137,730 |
GROSS PROFIT | 16,694,797 | 17,123,980 |
Distribution costs | 841,303 | 847,911 |
Administrative expenses | 15,175,225 | 13,726,707 |
16,016,528 | 14,574,618 |
678,269 | 2,549,362 |
Other operating income | 89,906 | - |
OPERATING PROFIT | 6 | 768,175 | 2,549,362 |
Income from other participating interests | 278,946 | 340,444 |
Interest receivable and similar income |
Group | 7 | 137,321 | 29,866 |
Joint ventures | 13,952 | 898 |
430,219 | 371,208 |
1,198,394 | 2,920,570 |
Interest payable and similar expenses | 8 | (95,509 | ) | (67,459 | ) |
PROFIT BEFORE TAXATION | 1,102,885 | 2,853,111 |
Tax on profit | 9 | 370,635 | 616,796 |
PROFIT FOR THE FINANCIAL YEAR |
Other comprehensive income | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
732,250 |
2,236,315 |
Profit attributable to: |
Owners of the parent | 732,250 | 2,236,315 |
Total comprehensive income attributable to: |
Owners of the parent | 732,250 | 2,236,315 |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | 902,060 | 1,148,374 |
Tangible assets | 13 | 1,380,442 | 1,421,426 |
Investments | 14 |
Interest in joint venture |
Share of gross assets | 1,680,234 | 1,956,196 |
3,962,736 | 4,525,996 |
CURRENT ASSETS |
Stocks | 15 | 6,316,284 | 6,326,260 |
Debtors | 16 | 4,526,119 | 4,138,108 |
Investments | 17 | - | 1,008,513 |
Cash at bank | 6,136,195 | 4,284,169 |
16,978,598 | 15,757,050 |
CREDITORS |
Amounts falling due within one year | 18 | 4,784,431 | 4,128,906 |
NET CURRENT ASSETS | 12,194,167 | 11,628,144 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
16,156,903 |
16,154,140 |
CREDITORS |
Amounts falling due after more than one year |
19 |
- |
(157,266 |
) |
PROVISIONS FOR LIABILITIES | 22 | (146,779 | ) | (123,000 | ) |
NET ASSETS | 16,010,124 | 15,873,874 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 12,000 | 12,000 |
Share premium | 24 | 2,435,304 | 2,435,304 |
Other reserves | 24 | 5,257,716 | 5,257,716 |
Retained earnings | 24 | 8,305,104 | 8,168,854 |
SHAREHOLDERS' FUNDS | 16,010,124 | 15,873,874 |
The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by: |
O J M Fincher - Director |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Debtors | 16 |
CREDITORS |
Amounts falling due within one year | 18 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
19 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Share premium | 24 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 578,729 | 672,010 |
The financial statements were approved by the Board of Directors and authorised for issue on |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Share | Other | Total |
capital | earnings | premium | reserves | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2022 | 12,000 | 6,630,206 | 2,435,304 | 5,257,716 | 14,335,226 |
Changes in equity |
Dividends | - | (697,667 | ) | - | - | (697,667 | ) |
Total comprehensive income | - | 2,236,315 | - | - | 2,236,315 |
Balance at 31 December 2022 | 12,000 | 8,168,854 | 2,435,304 | 5,257,716 | 15,873,874 |
Changes in equity |
Dividends | - | (596,000 | ) | - | - | (596,000 | ) |
Total comprehensive income | - | 732,250 | - | - | 732,250 |
Balance at 31 December 2023 | 12,000 | 8,305,104 | 2,435,304 | 5,257,716 | 16,010,124 |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2023 |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,649,160 | 2,379,294 |
Interest paid | (23,447 | ) | (25,888 | ) |
Finance costs paid | (72,062 | ) | (38,500 | ) |
Tax paid | (247,562 | ) | (652,079 | ) |
Net cash from operating activities | 1,306,089 | 1,662,827 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (248,593 | ) | (316,055 | ) |
Purchase of fixed asset investments | - | (100,000 | ) |
Sale of tangible fixed assets | 24,900 | 34,995 |
Current asset investment | 1,008,513 | (1,008,513 | ) |
Interest received | 137,319 | 28,968 |
Dividends received | 500,000 | 300,000 |
Interest element of hire purchase | - | (3,071 | ) |
Cash acquired with subsidiary | - | 25,525 |
Net cash from investing activities | 1,422,139 | (1,038,151 | ) |
Cash flows from financing activities |
New loans in year | - | (1,189,378 | ) |
Loan repayments in year | (79,691 | ) | (900,000 | ) |
Capital repayments in year | - | (67,963 | ) |
Amount withdrawn by directors | (200,511 | ) | - |
Equity dividends paid | (596,000 | ) | (697,667 | ) |
Net cash from financing activities | (876,202 | ) | (2,855,008 | ) |
Increase/(decrease) in cash and cash equivalents | 1,852,026 | (2,230,332 | ) |
Cash and cash equivalents at beginning of year |
2 |
4,284,169 |
6,514,501 |
Cash and cash equivalents at end of year |
2 |
6,136,195 |
4,284,169 |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 1,102,885 | 2,853,111 |
Depreciation charges | 517,414 | 508,803 |
(Profit)/loss on disposal of fixed assets | (6,421 | ) | 38,907 |
Finance costs | 95,509 | 67,459 |
Finance income | (430,219 | ) | (371,208 | ) |
1,279,168 | 3,097,072 |
Decrease/(increase) in stocks | 9,976 | (434,727 | ) |
(Increase)/decrease in trade and other debtors | (187,500 | ) | 557,928 |
Increase/(decrease) in trade and other creditors | 547,516 | (840,979 | ) |
Cash generated from operations | 1,649,160 | 2,379,294 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 6,136,195 | 4,284,169 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 4,284,169 | 6,514,501 |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank | 4,284,169 | (4,662,475 | ) | 6,136,195 |
4,284,169 | (4,662,475 | ) | 6,136,195 |
Liquid resources |
Current asset |
investments | 1,008,513 | (1,008,513 | ) | - |
1,008,513 | (1,008,513 | ) | - |
Debt |
Debts falling due |
within 1 year | (13,381 | ) | 13,381 | - |
Debts falling due |
after 1 year | (66,310 | ) | 66,310 | - |
(79,691 | ) | 79,691 | - |
Total | 5,212,991 | (5,591,297 | ) | 6,136,195 |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Fincher Holdings Limited is a private company, limited by shares, registered in England. The company's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The Group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the Group's share of the results of joint ventures made up to 31 December 2023. |
Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities. |
Joint ventures are accounted for using the equity method of accounting. |
Joint ventures |
An entity is treated as a joint venture where the Group is party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control. |
In the accounts, interest in joint ventures are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including translation costs) and is subsequently adjusted to reflect the investor's share of the profit or loss, other comprehensive income and equity of the joint venture. The statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. Any share of losses are only recognised to the extent that they do not reduce the investment balance below zero as the Group has no obligations to make payments on behalf of the joint venture, and any share of subsequent profits shall be accounted for once the unrecognised profits are equal to the unrecognised losses. In the balance sheet, the interests in joint ventures are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any unrealised profits and losses from transactions between the Group and the joint venture are eliminated to the extent of the Group's interest in the joint venture. |
Any premium on acquisition is included within the equity method accounted figure in the financial statements as goodwill. This goodwill is amortised over 10 years. Where there are indicators of impairment, the investment as a whole is tested for impairment. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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 on a straight line basis over its useful economic life of ten years. |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investments in subsidiaries |
Investments in subsidiary and associate undertakings are recognised at cost less accumulated losses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
(a) Trade and other debtors |
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment. |
(b) Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
The preparation of financial statements in conformity with Generally Accepted Accounting Principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. |
Some of these estimates and judgements are inherently uncertain and subject to change. The impact of any change in accounting estimates is reflected in the period in which the estimate is revised, if the revision only affects that period, or in the period of the revision and future periods if the revision affects both current and future periods. In this respect, the directors believe that the critical accounting policies where judgements or estimations are necessarily applied are as follows: |
Stock |
The Group holds a significant level of goods for resale. Provision is made for slow-moving and potentially obsolete stock. This, by its very nature, requires management to make judgements. These are based on historical experience and on other factors that are believed to be relevant in the circumstances. |
Goodwill arising on consolidation |
The recognition of goodwill arising on consolidation, by its nature, requires management to make judgements regarding the value of goodwill. This is based on the directors' knowledge of the entities being consolidation, and the market in which they operate, as well as historic experience. |
Goodwill arising on consolidation is amortised over its useful economic life, which is based on the judgement of the directors. The directors review the remaining economic life of goodwill arising on consolidation, and any impairment, on an annual basis. |
Fair value of loans to related parties |
The Group makes an assessment of the market rate of interest which would apply to loans to related parties, in order to determine whether there is a material difference between the loan carrying value and the fair value of cash flows arising from loans to related parties discounted at a market rate of interest. The carrying value of loans to related parties are not discounted where this difference is not material. |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 7,798,407 | 7,237,868 |
Social security costs | 694,268 | 653,250 |
Other pension costs | 603,543 | 554,650 |
9,096,218 | 8,445,768 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Selling and distribution | 254 | 266 |
Administration | 49 | 42 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 427,575 | 358,638 |
Directors' pension contributions to money purchase schemes | 137,707 | 108,367 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 310,174 | 231,376 |
Pension contributions to money purchase schemes | 16,249 | 2,119 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases | 1,932,679 | 1,787,293 |
Depreciation - owned assets | 271,098 | 279,482 |
(Profit)/loss on disposal of fixed assets | (6,421 | ) | 38,907 |
Goodwill amortisation | 246,314 | 229,321 |
Auditors' remuneration | 36,017 | 42,889 |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2023 | 2022 |
Share of joint ventures' interest receivable | 13,952 | 898 |
Other interest receivable | 137,321 | 28,968 |
151,273 | 29,866 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 5,157 | 231 |
Interest to HMRC | 1,019 | - |
Other loan interest | 17,271 | 25,657 |
Hire purchase | - | 3,071 |
Preference share dividends | 72,062 | 38,500 |
95,509 | 67,459 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 346,162 | 603,165 |
Adjustments in respect of previous periods | 694 | 4,631 |
Total current tax | 346,856 | 607,796 |
Deferred tax | 23,779 | 9,000 |
Tax on profit | 370,635 | 616,796 |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 1,102,885 | 2,853,111 |
Profit multiplied by the standard rate of corporation tax in the UK of 23.520 % (2022 - 19 %) |
259,399 |
542,091 |
Effects of: |
Expenses not deductible for tax purposes | 32,432 | 17,394 |
Depreciation in excess of capital allowances | 27,333 | 43,571 |
Adjustments to tax charge in respect of previous periods | 694 | 4,631 |
Profit on disposal | (1,510 | ) | - |
Deferred tax change | 23,779 | (831 | ) |
Other differences leading to an increase (decrease) in tax charge | 28,508 | 9,940 |
Total tax charge | 370,635 | 616,796 |
10. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
11. | DIVIDENDS |
Dividends paid during the year on ordinary shares amounted to £596,000 (2022: £697,667). |
Dividends paid during the year on preference shares amounted to £72,062 (2022: £38,500). |
12. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 2,818,672 |
AMORTISATION |
At 1 January 2023 | 1,670,298 |
Amortisation for year | 246,314 |
At 31 December 2023 | 1,916,612 |
NET BOOK VALUE |
At 31 December 2023 | 902,060 |
At 31 December 2022 | 1,148,374 |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 1,219,781 | 3,794,714 | 302,423 | 5,316,918 |
Additions | 86,113 | 81,422 | 81,058 | 248,593 |
Disposals | - | - | (37,168 | ) | (37,168 | ) |
At 31 December 2023 | 1,305,894 | 3,876,136 | 346,313 | 5,528,343 |
DEPRECIATION |
At 1 January 2023 | 959,567 | 2,831,398 | 104,527 | 3,895,492 |
Charge for year | 48,241 | 162,983 | 59,874 | 271,098 |
Eliminated on disposal | - | - | (18,689 | ) | (18,689 | ) |
At 31 December 2023 | 1,007,808 | 2,994,381 | 145,712 | 4,147,901 |
NET BOOK VALUE |
At 31 December 2023 | 298,086 | 881,755 | 200,601 | 1,380,442 |
At 31 December 2022 | 260,214 | 963,316 | 197,896 | 1,421,426 |
Leasehold improvements include long leasehold property at a cost of £99,077 (2022: £99,077). |
14. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in joint |
venture |
£ |
COST |
At 1 January 2023 | 1,956,196 |
Share of profit/(loss) | 224,038 |
Dividends received | (500,000 | ) |
At 31 December 2023 | 1,680,234 |
NET BOOK VALUE |
At 31 December 2023 | 1,680,234 |
At 31 December 2022 | 1,956,196 |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
14. | FIXED ASSET INVESTMENTS - continued |
Company |
Listed |
investment |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Pavilion Drive, Off Holford Drive, Birmingham, West Midlands, B6 7BB |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Unit 5, Peter Baines Industrial Estate, Woods Lane, Derby, Derbyshire, United Kingdom, DE22 3UD. |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Registered office: Pavilion Drive, Off Holford Drive, Birmingham, West Midlands, B6 7BB |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
14. | FIXED ASSET INVESTMENTS - continued |
Registered office: Pavilion Drive, Off Holford Drive, Birmingham, West Midlands, B6 7BB |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Joint venture |
Registered office: Capital Hair & Beauty Crowhurst Corner, Crowhurst Road, Brighton, East Sussex, England, BN1 8AP |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
During the year, on 31 March 2023, the trade and assets of Sasha Hair & Beauty were hived up into Aston & Fincher Limited. Since the year end, on 27 August 2024, Sasha Hair & Beauty was dissolved. |
15. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 6,316,284 | 6,326,260 |
An impairment loss of £45,225 (2022: £157,588) has been recognised in profit and loss. |
16. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 1,486,816 | 1,357,014 |
Other debtors | 510,476 | 477,860 |
Directors' current accounts | 943,385 | 742,874 | - | - |
Prepayments | 396,064 | 370,982 |
3,336,741 | 2,948,730 |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
16. | DEBTORS - continued |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due after more than one | year: |
Other debtors | 1,189,378 | 1,189,378 |
Aggregate amounts | 4,526,119 | 4,138,108 |
Statutory disclosures related to amounts due from the directors and related parties are given in note 26 to the financial statements. |
17. | CURRENT ASSET INVESTMENTS |
Group |
2023 | 2022 |
£ | £ |
Amounts held on bank deposits | - | 1,008,513 |
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 20) | - | 13,381 |
Trade creditors | 2,717,331 | 2,292,532 |
Tax | 138,145 | 107,711 |
Social security and other taxes | 317,027 | 229,489 |
Other creditors | 834,937 | 833,779 |
Accrued expenses | 776,991 | 652,014 |
4,784,431 | 4,128,906 |
Within other creditors, group only, there is £700,000 (2022: £700,000) of preference shares in Aston & Fincher Limited, which are treated as debt. |
Statutory disclosures related to amounts due to the directors and related parties are given in note 26 to the financial statements. |
19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 20) | - | 66,310 |
Other creditors | - | 90,956 |
- | 157,266 |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
Within other creditors, both group and company, there is £Nil (2022: £90,956) in relation to a loan to a related party, repayable in installments, which is due after more than one year. The loan is interest free and has been discounted at an appropriate rate of interest and the unwinding of this discount is charged to the consolidated statement of comprehensive income as interest payable. |
20. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | - | 13,381 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | - | 66,310 |
21. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year | 1,512,619 | 1,450,853 |
Between one and five years | 3,722,494 | 3,826,445 |
In more than five years | 2,715,218 | 3,075,529 |
7,950,331 | 8,352,827 |
22. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 146,779 | 123,000 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 123,000 |
Charge to Statement of Comprehensive Income during year | 23,779 |
Balance at 31 December 2023 | 146,779 |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary Shares | £1 | 12,000 | 12,000 |
24. | RESERVES |
Group |
Retained | Share | Other |
earnings | premium | reserves | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 8,168,854 | 2,435,304 | 5,257,716 | 15,861,874 |
Profit for the year | 732,250 | 732,250 |
Dividends | (596,000 | ) | (596,000 | ) |
At 31 December 2023 | 8,305,104 | 2,435,304 | 5,257,716 | 15,998,124 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2023 | 2,602,949 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 2,585,678 |
Share premium account |
Includes any premiums received on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the share premium. |
Other reserves |
Includes negative goodwill arising on consolidation of the Group accounts. |
Profit and loss account |
Includes all prior and current period profits and losses relating to the parent Company, its subsidiaries and its share of the profits or losses of joint ventures for the period since acquisition. |
25. | PENSION COMMITMENTS |
Aston & Fincher Limited 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 £603,543 (2022: £554,650). Contributions totalling £32,478 (2022: £26,927) were payable to the fund at the balance sheet date. |
FINCHER HOLDINGS LIMITED (REGISTERED NUMBER: 10058549) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
26. | RELATED PARTY DISCLOSURES |
Key management compensation paid during the year amounted to £474,325 (2022: £399,376). |
At the year end total balances due from two directors amounted to £943,385 (2022: £742,874). The loans are interest free, unsecured and have no fixed repayment dates. |
During the year, purchases of £2,281,543 (2022: £2,131,987) were made by Aston & Fincher Limited from The Avec Corporation Limited, a joint venture. At the year end date a balance of £294,385 (2022: £186,008) was due to that company, which is included within trade creditors. |
During the year, a dividend was received from Avec Corporation Limited totalling £500,000 (2022: £300,000). |
During the year the group paid rent and other charges to a related party of £314,000 (2022: £277,600). |
At the year end, a loan to a related party totalled £1,189,378 (2022: £1,189,378). The loan carried an interest rate of 0% and is repayable with 367 days notice of the company. The fair value of the loan discounted at a market rate of interest is not materially different from the carrying value and therefore the loan receivable has not been discounted. |
At the year end other related parties owed the group £19,202 (2022: £44,564). This advance is interest free. |
The directors have taken advantage of the exemption from disclosing transactions between consolidated Group undertakings as available under FRS 102. |
27. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is O J M Fincher. |
O. J. Fincher is director and majority shareholder of Fincher Holdings Limited. |
28. | GUARANTEES |
Total bank guarantees given on behalf of a related party which are not included in the balance sheet amount to £1,187,219 (2022: £1,250,140). This guarantee relates to a commercial mortgage underpinned by property assets held by the related party, which is secured on assets held by the group. |