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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Atlas Chambers |
33 West Street |
Brighton |
East Sussex |
BN1 2RE |
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 |
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 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 21 | 300 | 300 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 138,028 | 96,790 |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 March 2022 | 300 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
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 |
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 |
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. |
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 |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
Disposals | ( |
) |
At 29 September 2023 |
NET BOOK VALUE |
At 29 September 2023 |
At 30 March 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: Crusader House, High Street, Buxted, Uckfield, East Sussex TN22 4LA |
Nature of business: |
% |
Class of shares: | holding |
Crusader Vehicles Limited is included in the consolidated financial statements. |
Registered office: Crusader House, High Street, Buxted, Uckfield, East Sussex TN22 4LA |
Nature of business: |
% |
Class of shares: | holding |
Vehicle Accessory Solutions Ltd is included in the consolidated financial statements. |
Registered office: Crusader House, High Street, Buxted, Uckfield, East Sussex TN22 4LA |
Nature of business: |
% |
Class of shares: | holding |
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 |
Registered office: Crusader House, High Street, Buxted, Uckfield, East Sussex TN22 4LA |
Nature of business: |
% |
Class of shares: | holding |
Capital Vehicle Sales Limited is included in the consolidated financial statements. |
The company was dissolved on 26 December 2023. |
Registered office: 64-66 Westwick Street, Norwich, Norfolk NR2 4SZ |
Nature of business: |
% |
Class of shares: | holding |
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 | - | - |
Other debtors | 76,562 | 148,991 |
Prepayments and accrued income | 205,138 | 105,562 |
1,779,998 | 1,013,686 |
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 |
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 | - | - |
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 |
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 | - |
Bank loans | 72,168 | 81,643 |
Other loans | 500,000 | - |
572,634 | 81,643 |
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: | £ | £ |
Ordinary A | £1 | 100 | 100 |
Ordinary B | £1 | 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 |