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REGISTERED NUMBER: 08423407 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

FOR

FFTF HOLDINGS LTD

FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


FFTF HOLDINGS LTD

COMPANY INFORMATION
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023







DIRECTORS: K Shoebridge
D R Shoebridge





REGISTERED OFFICE: Crusader House
High Street
Buxted
TN22 4LA





REGISTERED NUMBER: 08423407 (England and Wales)





AUDITORS: Galloways Accounting (Audit) Limited
Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE

FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

GROUP STRATEGIC REPORT
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

The directors present their strategic report of the company and the group for the period 31 March 2022 to 29 September 2023.

REVIEW OF BUSINESS
The Group's principal activities during the 18-month period were those of van leasing specialists and the supply and installation of vehicle accessories.

The Group's key financial and other performance indicators were as follows:


18-months to
29/09/2023
12-months to
30/03/2022
Group revenue £35,795,500 £14,497,274
Group operating profit £349,375 £362,598
Profit before tax £298,361 £185,545
Shareholder funds £491,375 £481,377

The financial statements are for an extended 18-month period to 29 September 2023 due to a change in balance sheet date for administrative reasons.

The Group has performed well during the period with the restricted new vehicle supply helping the van leasing part of the group maintain good margins. Vehicle accessory sales were badly hit during Covid being impacted by both the low supply of new vehicles and the loss of a major customer. This part of our business stabilised in the period and provides the opportunity for future growth.

In common with many other businesses, the Group saw increases in our underlying costs particularly in relation to employment costs and vehicle running costs.

During the period two of the Group's subsidiaries (Capital Vehicle Sales Limited and Ten 05 Limited) have ceased trading to enable the Directors to focus on the core business services. The profit before tax in the prior period was reduced by £150,000 due to the impairment in the investment in Van Pro Engineering Limited, in voluntary liquidation and therefore not included in these consolidated statements.

The Group has shareholder funds of £491k (£481k 2022) which is underpinned by freehold property of £646k (£611k 2022).

COMPANY STRATEGY
The company remains focused on growing organically and achieving stable results in a difficult market. Trading conditions have become tougher due to market corrections now that the supply of new vehicles has normalised. This presents opportunities for our vehicle accessory business with increased supply to rental and fleet customers but a squeezing of margins in a competitive lease vehicles market.

Following significant investment in recent years, the Directors are confident that the management systems in place will provide the tools to successfully manage the business, allowing development of its own management reports and identify potential risks and opportunities which enable timely management action to be taken.


FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

GROUP STRATEGIC REPORT
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
Risk Potential impacts Mitigating actions

Failure to respond to
changes in the market
and economic risks
Reduced customer confidence has negative
impact on sales volume
Inventory procurement and pricing is
reviewed regularly
Supply chain issues have a negative impact
on sales volumes
Regular communication with key
suppliers is maintained
Reduced profitability from wider economic
factors
Monitoring of UK economic conditions
and competitor activity

Failure to meet customer
expectations
Reputational damage Continued review of our customer
systems to ensure we maintain our
service levels including ongoing
investment in our IT and processes
Reduced customer retention Regular meetings and feedback from
key customers is sought

Failure to maintain
relationships with key
suppliers
Reduced access to vehicles on favourable
terms
Maintaining a diverse source of
vehicles and funding
Reduction in availability of funding Regular communication with
manufacturers and finance companies

Legislative, regulatory
changes
Non-compliance with FCA regulations leading
to trading restrictions
FCA compliance training and testing

IT systems and data
security
Business interruption or reduced operational
efficiency
Investment in robust IT systems with
the support of external specialists

Failure to attract and
retain our skilled team
Loss of knowledge and experience Investment in our employees through
training and contracts that reward
performance and development

Failure to comply with
Health and Safety
standards
Failure to manage risks for both our
customers and staff
Health and safety measures are
monitored and actioned with the
support of external specialists to
provide a safe working environment for
customers and staff

FINANCIAL INSTRUMENTS
The group has loans as detailed in note 17. The directors manage the risks associated to exposure to credit and cash flow risks from these loans.

ON BEHALF OF THE BOARD:





D R Shoebridge - Director


26 September 2024

FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

REPORT OF THE DIRECTORS
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

The directors present their report with the financial statements of the company and the group for the period 31 March 2022 to 29 September 2023.

DIVIDENDS
The total amount of dividends voted during the period was £191,000 (2022: £97.500).

DIRECTORS
The directors shown below have held office during the whole of the period from 31 March 2022 to the date of this report.

K Shoebridge
D R Shoebridge

DISCLOSURE IN THE STRATEGIC REPORT
The group has chosen, in accordance with the Companies Act 2006 s414C(11), to set out in the group's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report.

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;
- 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





D R Shoebridge - Director


26 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FFTF HOLDINGS LTD

Opinion
We have audited the financial statements of FFTF Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 29 September 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 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 29 September 2023 and of the group's profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

Other matter; prior year financial statements unaudited
The comparative amounts are unaudited since the company did not have an audit for the year ended 30 March 2022.

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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FFTF HOLDINGS LTD


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 four, 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:

Based on our understanding of the company and industry, we considered the risk of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed included:

- Enquiring of management whether there were instances of non-compliance with laws and regulation or fraud;
- Review of legal expenses for evidence of fees relating to non-compliance;
- Review of valuation estimates to ensure not influenced by management bias;

-
Review of journal entries, non-sales bank receipts and non-purchase bank payments for unusual accounting
entries; and

-
Cut off procedures to confirm that revenue from goods and services had been recognised as revenue in the
correct period.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FFTF HOLDINGS LTD


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.




Christian Heeger BSc FCA (Senior Statutory Auditor)
for and on behalf of Galloways Accounting (Audit) Limited
Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE

26 September 2024

FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

Period
31.3.22
to Year Ended
29.9.23 30.3.22
Notes £    £   

TURNOVER 3 35,795,500 14,497,274

Cost of sales 31,306,681 12,099,980
GROSS PROFIT 4,488,819 2,397,294

Administrative expenses 4,150,444 2,075,139
338,375 322,155

Other operating income 11,000 40,443
OPERATING PROFIT 5 349,375 362,598

Interest receivable and similar income 2,187 1,446
351,562 364,044
Gain/(loss) on revaluation of fixed asset
investments

-

(150,000

)
351,562 214,044

Interest payable and similar expenses 6 53,201 28,499
PROFIT BEFORE TAXATION 298,361 185,545

Tax on profit 7 73,407 53,017
PROFIT FOR THE FINANCIAL PERIOD 224,954 132,528

OTHER COMPREHENSIVE INCOME
Freehold property revaluation 43,583 110,471
Income tax relating to other comprehensive
income

(32,762

)

-
OTHER COMPREHENSIVE INCOME FOR
THE PERIOD, NET OF INCOME TAX

10,821

110,471
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

235,775

242,999

Profit attributable to:
Owners of the parent 134,055 183,775
Non-controlling interests 90,899 (51,247 )
224,954 132,528

Total comprehensive income attributable to:
Owners of the parent 142,279 267,733
Non-controlling interests 93,496 (24,734 )
235,775 242,999

FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

CONSOLIDATED BALANCE SHEET
29 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 5,420 2,789
Tangible assets 11 962,335 826,701
Investments 12 - -
967,755 829,490

CURRENT ASSETS
Stocks 13 1,383,903 604,333
Debtors 14 1,779,998 1,013,686
Cash at bank 1,451,204 411,676
4,615,105 2,029,695
CREDITORS
Amounts falling due within one year 15 4,475,007 1,744,070
NET CURRENT ASSETS 140,098 285,625
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,107,853

1,115,115

CREDITORS
Amounts falling due after more than one
year

16

(509,059

)

(595,862

)

PROVISIONS FOR LIABILITIES 20 (107,419 ) (37,876 )
NET ASSETS 491,375 481,377

CAPITAL AND RESERVES
Called up share capital 21 300 300
Revaluation reserve 92,182 83,958
Retained earnings 438,511 495,456
SHAREHOLDERS' FUNDS 530,993 579,714

NON-CONTROLLING INTERESTS 22 (39,618 ) (98,337 )
TOTAL EQUITY 491,375 481,377

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





D R Shoebridge - Director


FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

COMPANY BALANCE SHEET
29 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 376 876
376 876

CURRENT ASSETS
Debtors 14 6,036 58,508
Cash at bank - 46
6,036 58,554
CREDITORS
Amounts falling due within one year 15 6,058 6,103
NET CURRENT (LIABILITIES)/ASSETS (22 ) 52,451
TOTAL ASSETS LESS CURRENT
LIABILITIES

354

53,327

CAPITAL AND RESERVES
Called up share capital 21 300 300
Retained earnings 54 53,027
SHAREHOLDERS' FUNDS 354 53,327

Company's profit for the financial year 138,028 96,790

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





K Shoebridge - Director


FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 31 March 2021 300 409,431 -

Changes in equity
Dividends - (97,750 ) -
Total comprehensive income - 183,775 83,958
Balance at 30 March 2022 300 495,456 83,958

Changes in equity
Dividends - (191,000 ) -
Total comprehensive income - 134,055 8,224
Balance at 29 September 2023 300 438,511 92,182
Non-controlling Total
Total interests equity
£    £    £   
Balance at 31 March 2021 409,731 (73,603 ) 336,128

Changes in equity
Dividends (97,750 ) - (97,750 )
Total comprehensive income 267,733 (24,734 ) 242,999
Balance at 30 March 2022 579,714 (98,337 ) 481,377

Changes in equity
Dividends (191,000 ) (34,777 ) (225,777 )
Total comprehensive income 142,279 93,496 235,775
Balance at 29 September 2023 530,993 (39,618 ) 491,375

FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 31 March 2021 300 53,987 54,287

Changes in equity
Dividends - (97,750 ) (97,750 )
Total comprehensive income - 96,790 96,790
Balance at 30 March 2022 300 53,027 53,327

Changes in equity
Dividends - (191,000 ) (191,000 )
Total comprehensive income - 138,028 138,028
Balance at 29 September 2023 300 55 355

FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

Period
31.3.22
to Year Ended
29.9.23 30.3.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 25 1,208,218 127,706
Interest paid (34,517 ) (21,213 )
Interest element of hire purchase payments
paid

(18,684

)

(7,286

)
Tax paid (57,955 ) (33,928 )
Net cash from operating activities 1,097,062 65,279

Cash flows from investing activities
Purchase of intangible fixed assets (2,875 ) (2,875 )
Purchase of tangible fixed assets (57,142 ) (37,458 )
Sale of tangible fixed assets 91,475 76,390
Interest received 2,187 1,446
Net cash from investing activities 33,645 37,503

Cash flows from financing activities
New loans in year 500,000 -
Loan repayments in year (212,674 ) (72,214 )
Hire purchase repayments in year (154,118 ) (103,292 )
Amount introduced by directors 924 38,055
Equity dividends paid (191,000 ) (97,750 )
Dividends paid to minority interests (34,777 ) -
Net cash from financing activities (91,645 ) (235,201 )

Increase/(decrease) in cash and cash equivalents 1,039,062 (132,419 )
Cash and cash equivalents at beginning
of period

26

411,676

544,095

Cash and cash equivalents at end of
period

26

1,450,738

411,676

FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

1. STATUTORY INFORMATION

FFTF Holdings Ltd is a private company, limited by shares , registered in England and Wales. 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 (£).


The principal activity of the group is the sale of commercial vehicles and accessories and the rental of commercial vehicles.

The financial statements are for the eighteen months from 31 March 2022 to 29 September 2023, whereas the comparatives are for the twelve months from 31 March 2021 to 30 March 2022. The balance sheet date was changed for administrative purposes. The comparatives are not entirely comparable.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The directors have taken steps to ensure the group continues as a going concern for the foreseeable future, including addressing group strategy to increase revenue streams, and by reducing future distributions. Therefore, the directors believe that the financial statements should be prepared on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of vehicles and accessories is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliability, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery of the goods.

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from the fitting of accessories is recognised at the date of completion of the fitting.

When the outcome of a transaction can be estimated reliably, turnover from commission is recognised at the date of sale of the vehicle to which the commission relates.

Turnover from the rental of vehicles is recognised over the rental period on a straight line basis.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of thirty three years.

FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 1% on cost
Improvements to property - 10% on cost and 2% on cost
Plant and machinery - 25% on reducing balance, 25% on cost and 20% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost and 25% on reducing balance
Computer equipment - 33% on cost and 25% on cost

Land is not depreciated.

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Freehold property is measured at fair value at each reporting date with changes in fair value recognised in other comprehensive income. The fair value is based on the open market value of similar properties within the same area.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Taxation
Taxation for the period 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.

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 period 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.

FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

Period
31.3.22
to Year Ended
29.9.23 30.3.22
£    £   
Vehicles 29,040,869 8,740,270
Commissions 2,488,047 1,334,630
Accessory fit out 3,962,883 4,086,469
Rental 159,581 306,276
Other 144,120 29,629
35,795,500 14,497,274

Turnover is categorised as following:

Period 31.3.22
to 29.09.23
Year ended
30.03.22
£    £   
Sale of goods 33,003,752 12,826,740
Rendering of services 303,701 335,904
Commissions 2,488,047 1,334,630
35,795,500 14,497,274

4. EMPLOYEES AND DIRECTORS
Period
31.3.22
to Year Ended
29.9.23 30.3.22
£    £   
Wages and salaries 2,687,123 1,858,040
Social security costs 281,429 175,461
Other pension costs 400,893 44,882
3,369,445 2,078,383

FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the period was as follows:
Period
31.3.22
to Year Ended
29.9.23 30.3.22

Technicians 22 24
Sales 23 28
Administration 3 3
Management 6 6
54 61

Period
31.3.22
to Year Ended
29.9.23 30.3.22
£    £   
Directors' remuneration 12,414 8,276
Directors' pension contributions to money purchase schemes 200,000 61

5. OPERATING PROFIT

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

Period
31.3.22
to Year Ended
29.9.23 30.3.22
£    £   
Hire of plant and machinery 96,043 92,437
Other operating leases 176,610 143,432
Depreciation - owned assets 151,690 103,757
Profit on disposal of fixed assets (49,590 ) (27,854 )
Development costs amortisation 244 86
Auditors' remuneration 22,000 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
31.3.22
to Year Ended
29.9.23 30.3.22
£    £   
Bank loan interest 34,284 21,213
Interest on tax 233 -
Hire purchase 18,684 7,286
53,201 28,499

FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
31.3.22
to Year Ended
29.9.23 30.3.22
£    £   
Current tax:
UK corporation tax 36,626 58,289
(Over)/under provision in
prior period - (4,775 )
Total current tax 36,626 53,514

Deferred tax 36,781 (497 )
Tax on profit 73,407 53,017

UK corporation tax has been charged at 20.99 % .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
31.3.22
to Year Ended
29.9.23 30.3.22
£    £   
Profit before tax 298,361 185,545
Profit multiplied by the standard rate of corporation tax in the UK of 20.993
% (2022 - 19 %)

62,635

35,254

Effects of:
Expenses not deductible for tax purposes 16,848 15,015
Utilisation of tax losses (10,533 ) -
Adjustments to tax charge in respect of previous periods - (4,775 )
Timing differences (4,563 ) 6,905
Tax rate changes 9,020 618
Total tax charge 73,407 53,017

Tax effects relating to effects of other comprehensive income

31.3.22 to 29.9.23
Gross Tax Net
£    £    £   
Freehold property revaluation 43,583 (32,762 ) 10,821

An increase in the UK corporation rate from 19% to 25% was effective from 1 April 2023.

The deferred liability expected to reverse in 2023/24 is £21,455 (2022: £36,781). This relates to accelerated capital allowances.

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

9. DIVIDENDS
Period
31.3.22
to Year Ended
29.9.23 30.3.22
£    £   
Ordinary A shares of £1 each
Interim 40,500 18,000
Ordinary B shares of £1 each
Interim 20,500 12,000
Ordinary C shares of £1 each
Interim 130,000 67,750
191,000 97,750

10. INTANGIBLE FIXED ASSETS

Group
Development
costs
£   
COST
At 31 March 2022 2,875
Additions 2,875
At 29 September 2023 5,750
AMORTISATION
At 31 March 2022 86
Amortisation for period 244
At 29 September 2023 330
NET BOOK VALUE
At 29 September 2023 5,420
At 30 March 2022 2,789

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 31 March 2022 625,088 31,869 131,480
Additions - 6,500 -
Disposals - - -
Revaluations 43,583 - -
At 29 September 2023 668,671 38,369 131,480
DEPRECIATION
At 31 March 2022 14,088 3,794 105,016
Charge for period 8,917 3,356 13,959
Eliminated on disposal - - -
At 29 September 2023 23,005 7,150 118,975
NET BOOK VALUE
At 29 September 2023 645,666 31,219 12,505
At 30 March 2022 611,000 28,075 26,464

FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 31 March 2022 17,636 408,342 36,280 1,250,695
Additions 3,469 273,579 1,578 285,126
Disposals - (112,626 ) - (112,626 )
Revaluations - - - 43,583
At 29 September 2023 21,105 569,295 37,858 1,466,778
DEPRECIATION
At 31 March 2022 13,696 255,042 32,358 423,994
Charge for period 2,767 119,917 2,774 151,690
Eliminated on disposal - (71,241 ) - (71,241 )
At 29 September 2023 16,463 303,718 35,132 504,443
NET BOOK VALUE
At 29 September 2023 4,642 265,577 2,726 962,335
At 30 March 2022 3,940 153,300 3,922 826,701

The freehold property with a carrying value of £645,666 (2022: £611,000) and motor vehicles with a carrying value of £262,726 (2022: £130,201) are pledged as security for liabilities.

Cost or valuation at 29 September 2023 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2022 49,471 - -
Valuation in 2023 104,583 - -
Cost 514,617 38,369 131,480
668,671 38,369 131,480

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2022 - - - 49,471
Valuation in 2023 - - - 104,583
Cost 21,105 569,295 37,858 1,312,724
21,105 569,295 37,858 1,466,778

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 514,617 514,617
Aggregate depreciation 14,088 9,392

FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

11. TANGIBLE FIXED ASSETS - continued

Group

The freehold property was valued on an open market value based on its current usage on 19 January 2023 by Harwoods Chartered Surveyors. The directors are of the opinion that the fair value is unchanged at the balance sheet date.

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 31 March 2022 876
Disposals (500 )
At 29 September 2023 376
NET BOOK VALUE
At 29 September 2023 376
At 30 March 2022 876

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Crusader Vehicles Limited
Registered office: Crusader House, High Street, Buxted, Uckfield, East Sussex TN22 4LA
Nature of business: Supply of commercial vehicles
%
Class of shares: holding
Ordinary 100.00

Crusader Vehicles Limited is included in the consolidated financial statements.

Vehicle Accessory Solutions Ltd
Registered office: Crusader House, High Street, Buxted, Uckfield, East Sussex TN22 4LA
Nature of business: Supply and fit of vehicles accessories
%
Class of shares: holding
Ordinary 76.00

Vehicle Accessory Solutions Ltd is included in the consolidated financial statements.

Ten 05 Limited
Registered office: Crusader House, High Street, Buxted, Uckfield, East Sussex TN22 4LA
Nature of business: Sale and rental of commercial vehicles
%
Class of shares: holding
Ordinary 80.00

Ten 05 Limited is included in the consolidated financial statements.

Ten 05 Limited has claimed exemption from the audit requirement under s479A of the Companies Act 2006. FFTF Holdings Ltd has guaranteed the liabilities of Ten 05 Limited in order that it qualify for this exemption in respect of the period ended 29 September 2023:

FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

12. FIXED ASSET INVESTMENTS - continued

Capital Vehicle Sales Limited
Registered office: Crusader House, High Street, Buxted, Uckfield, East Sussex TN22 4LA
Nature of business: Supply of commercial vehicles
%
Class of shares: holding
Ordinary 100.00

Capital Vehicle Sales Limited is included in the consolidated financial statements.

The company was dissolved on 26 December 2023.

Van Pro Engineering Ltd
Registered office: 64-66 Westwick Street, Norwich, Norfolk NR2 4SZ
Nature of business: Manufacture of vehicle accessories
%
Class of shares: holding
Ordinary 80.00

Van Pro Engineering Limited is a 100% subsidiary of Vehicle Accessory Solutions Ltd, so an indirect subsidiary of FFTF Holdings Ltd.

Van Pro Engineering Limited is not included in the consolidated financial statements. It had been in a creditors' voluntary liquidation since 19 November 2020 and therefore, the directors do not consider that the company was under control of the group.

The company was dissolved on 2 August 2023.


13. STOCKS

Group
2023 2022
£    £   
Vehicle stock 1,186,304 144,010
Work-in-progress 5,000 5,000
Parts and consumables stock 192,599 455,323
1,383,903 604,333

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,498,298 759,133 - -
Amounts owed by group undertakings - - 6,036 58,508
Other debtors 76,562 148,991 - -
Prepayments and accrued income 205,138 105,562 - -
1,779,998 1,013,686 6,036 58,508

FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) 72,634 81,643 466 -
Other loans (see note 17) 500,000 - - -
Hire purchase contracts (see note 18) 108,383 63,988 - -
Trade creditors 2,284,013 916,565 - -
Amounts owed to group undertakings - - 5,495 6,007
Tax 44,682 66,011 - -
Social security and other taxes 84,937 32,317 - -
VAT 240,332 148,990 - -
Other creditors 238,424 360,523 - -
Directors' loan accounts 1,020 96 97 96
Accruals and deferred income 900,582 73,937 - -
4,475,007 1,744,070 6,058 6,103

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
£    £   
Bank loans (see note 17) 367,862 484,136
Hire purchase contracts (see note 18) 141,197 111,726
509,059 595,862

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 466 - 466 -
Bank loans 72,168 81,643 - -
Other loans 500,000 - - -
572,634 81,643 466 -
Amounts falling due between one and two years:
Bank loans - 1-2 years 72,168 81,641 - -
Amounts falling due between two and five years:
Bank loans - 2-5 years 94,307 199,083 - -
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more than 5 years
by instalments 201,387 203,412 - -
201,387 203,412 - -

The bank loans are subject to interest charged at between 2.5% and base rate plus 2.5%. The other loan is subject to interest charged at 3% plus LIBOR. The total amount of interest charged in the period on the loans was £34,284 (2022: £21,213).

FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 108,383 63,988
Between one and five years 141,197 111,726
249,580 175,714

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 119,482 57,056
Between one and five years 149,119 86,185
268,601 143,241

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Hire purchase contracts 249,580 175,714
Invoice discounting facility 202,841 289,763
Bank loans 385,863 464,116
838,284 929,593

Bank loans are secured by a first legal charge over the freehold property, an unlimited debenture and an unlimited omnibus guarantee within the group. Remaining bank loans are unsecured. Hire purchase liabilities are secured on the assets to which they relate. The invoice discounting facility is secured on fixed and floating charges over the freehold property, plant and machinery and the company's debts.

20. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 74,657 37,876
Other timing differences 32,762 -
107,419 37,876

Group
Deferred
tax
£   
Balance at 31 March 2022 37,876
Provided during period 69,543
Balance at 29 September 2023 107,419

FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary A £1 100 100
100 Ordinary B £1 100 100
100 Ordinary C £1 100 100
300 300

The A, B and C ordinary shares rank pari passu in all respects save that each class of share shall be entitled to varying rates of dividends.

22. NON-CONTROLLING INTERESTS

The movement in non-controlling interests was as follows:

2023 2022
£    £   
At the beginning of the period (98,337 ) (73,603 )
Total comprehensive income/(loss) attributable to non-controlling interests 93,496 (24,734 )
Dividends attributable to non-controlling interests (34,777 ) -
At the end of the period (39,618 ) (98,337 )

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Group:
During the period, the group advanced £775 (2022: £35,760) to directors of subsidiaries of the group. Repayments were received amounting to £34,777 (2022: £nil) and one of the directors ceased to be a director. At the period end, the directors owed the group £nil (2022: £73,537). The advances were unsecured and repayable on demand. One director's advance was interest free and the other director's advance had interest charged at 2%.

24. RELATED PARTY DISCLOSURES

Group:
Dividends amounting to £191,000 were voted to the directors in the period (2022: £97,750).

At the period end, the group owed a director £1,019 (2022: £nil). The liability was interest-free, unsecured and repayable on demand.

At the period end, a shareholder owed the group £39,922 (2022: £38,760). The amount had interest charged at 2%. It was unsecured and repayable on demand.

Key management remuneration was £787,788 (2022: £60,543).

Company:
Dividends amounting to £191,000 were voted to the directors in the period (2022: £97,750).

At the period end, FFTF Holdings Limited was owed £6,036 (2022: £6,036) by a subsidiary.

FFTF HOLDINGS LTD (REGISTERED NUMBER: 08423407)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2022 TO 29 SEPTEMBER 2023

25. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period
31.3.22
to Year Ended
29.9.23 30.3.22
£    £   
Profit before taxation 298,361 185,545
Depreciation charges 151,936 103,842
Profit on disposal of fixed assets (50,090 ) (27,854 )
Loss on revaluation of fixed assets - 150,000
Finance costs 53,201 28,499
Finance income (2,187 ) (1,446 )
451,221 438,586
Increase in stocks (779,570 ) (113,484 )
(Increase)/decrease in trade and other debtors (766,311 ) 705,634
Increase/(decrease) in trade and other creditors 2,302,878 (903,030 )
Cash generated from operations 1,208,218 127,706

26. 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:

Period ended 29 September 2023
29.9.23 31.3.22
£    £   
Cash and cash equivalents 1,451,204 411,676
Bank overdrafts (466 ) -
1,450,738 411,676
Year ended 30 March 2022
30.3.22 31.3.21
£    £   
Cash and cash equivalents 411,676 544,095


27. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 31.3.22 Cash flow changes At 29.9.23
£    £    £    £   
Net cash
Cash at bank 411,676 1,039,528 1,451,204
Bank overdrafts - (466 ) (466 )
411,676 1,039,062 1,450,738
Debt
Finance leases (175,714 ) 154,118 (227,984 ) (249,580 )
Debts falling due
within 1 year (373,432 ) (401,577 ) - (775,009 )
Debts falling due
after 1 year (484,136 ) 116,274 - (367,862 )
(1,033,282 ) (131,185 ) (227,984 ) (1,392,451 )
Total (621,606 ) 907,877 (227,984 ) 58,287