Company registration number 09327198 (England and Wales)
FRIAR 146 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
FRIAR 146 LIMITED
COMPANY INFORMATION
Directors
D C Hateley
S J E Hateley
M L Pearson
Secretary
S J E Hateley
Company number
09327198
Registered office
c/o Lasershape
Chilwell Meadows Business Park
Brailsford Way
Chilwell
Nottingham
NG9 6DH
Auditor
DJH Audit Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
FRIAR 146 LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 27
FRIAR 146 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Review of the business

The Group continues to return positive results for the trading year under review all be it within the challenging market place and economic environment brought about with inflation and inter country conflicts.

The targets set out by the Directors in 2020, in their five year plan for profitability and stability within the group, have been achieved. Following a period of reflection the next five year plan will be in place during 2025 with the Directors focusing on continued growth of the group through innovation and strategic investment.

 

The Directors are eager to be starting the journey into their new five year plan in the next financial year to bring growth to the company and an increased market share. With a key focus on Lasershape’s advanced software and technologies, the next phase promises to be an exciting one in the business’ history.

 

The first new phase for expansion is expected to be launched early in 2025 to the wider marketplace, showcasing a brand-new innovation not currently available in the UK. The Directors expect this to cement the company’s place as market leaders in moving the industry into the next generation and bringing new technology to the UK.

 

The directors are minded to maintain the wellbeing of the dedicated workforce who have been part of the recent success.

 

Whilst turnover increased by just under 2% this has been attributed to the decrease in raw material prices which have fallen in the trading period. At a contribution level the group has seen an increase of over £500k but this increase diminished before the Gross Profit line due the increase in cost of labour. Gross Profit increased by 3%. Fixed costs were on par with the previous year. Power contracts were renewed and in some cases at a lower rate whilst salary increase negated that saving.

EBITDA showed a result of £1,664,181 12.6% (2023 - £1,601,554 12.5%) which is an increase of 3.9% over the previous year.

The net asset position of the group is £2,299,436 (2023 - £1,697,415).

Continued development of the group’s inhouse ERP system, WorkFlow, in the areas of “just in time” stock holding and material utilisation have brought benefits in the period under review, whilst maintaining a disciplined production system which has lead to increased savings in production throughout.

 

Principle risks and uncertainties

Competition in our marketplace.

Lasershape is a service provider and relies on its customers. Customer care and relationships are our top priorities delivered by the provision of an unrivalled level of customer support and solution provision. The range of end user markets remains well spread and the top customer accounted for 7.2% of sales (2023 - 6.8%).

Supply chain

Key suppliers of material and consumables remain constant. We value the continued support and service of the stockholders and consumable suppliers. There has been little disruption to supply over the last year. The group feels that the spread of stockholders we engage will soften any adverse impact on the supply chain.

Workforce

The group is indebted to the contribution made by all of the employees throughout this period. Their input has been a key factor in the group reaching its five year plan. The average age of the staff remains around 40 years old, continued personal development and training provides the level of capability the group requires to maintain the service levels expected by our customers.

 

FRIAR 146 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

Financial risk management policies

As part of the yearly budgetary reviews by the company the Directors and senior management team assess business risks:-

Asset management – Considerable attention is given to the selection and maintenance of the plant.

Credit risk – Stringent credit control procedures are maintained to manage credit risks. The Company maintains close working relationships with its customers and resolves overdue payments promptly.

Liquidity riskThe company prepares a rolling three month cashflow which identifies potential liquidity issues however the company has adequate cash resources, backed by bank facilities together with more than adequate lines of credit with key suppliers to meet its requirements.

Quarterly, the Directors and senior management team meet to assess and manage any risks to the business.

Economic uncertainty

In the period under review global events, higher interest rates and inflationary pressure has led to recessionary conditions. A good diverse customer base, engaged suppliers, a dedicated workforce, taken with advance in technology should help keep the recessionary impact at bay.

Key performance indicators

The key performance indicators of the trading company are;

                                 2024        2023 2022

Gross margin percentage                           28% 27%     23%

Earnings before interest, tax and depreciation         £1,664,181 £1,601,554 £1,236,816

On behalf of the board

S J E Hateley
Director
8 October 2024
FRIAR 146 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company and group continued to be that of laser cutting, water cutting and folded metal solutions.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £200,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D C Hateley
S J E Hateley
M L Pearson
Auditor

DJH Audit Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be reappointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
S J E Hateley
Director
8 October 2024
FRIAR 146 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FRIAR 146 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FRIAR 146 LIMITED
- 5 -
Opinion

We have audited the financial statements of Friar 146 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

FRIAR 146 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FRIAR 146 LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following:

• obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;

• obtaining an understanding of the entity's policies and procedures and how the entity has complied with these, through discussions and walkthrough testing;

• obtaining an understanding of the entity's risk assessment process, including the risk of fraud;

• enquiring of management as to actual and potential fraud, litigation and claims;

• designing our audit procedures to respond to our risk assessment;

• performing audit testing over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business;

• assessing whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

• performing analytical procedures to identify any large, unusual or unexpected relationships.

 

 

FRIAR 146 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FRIAR 146 LIMITED
- 7 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Gavin Robert Booth
Senior Statutory Auditor
For and on behalf of DJH Audit Limited
(Statutory Auditor)
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
8 October 2024
FRIAR 146 LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
13,115,066
12,854,030
Cost of sales
(9,475,053)
(9,330,993)
Gross profit
3,640,013
3,523,037
Administrative expenses
(2,461,029)
(2,335,293)
Operating profit
4
1,178,984
1,187,744
Interest receivable and similar income
8
41,344
3,028
Interest payable and similar expenses
9
(114,332)
(130,445)
Profit before taxation
1,105,996
1,060,327
Tax on profit
10
(303,975)
(186,343)
Profit for the financial year
23
802,021
873,984
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

FRIAR 146 LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,063,083
1,857,503
Current assets
Stocks
15
590,077
505,772
Debtors
16
2,325,170
2,143,224
Cash at bank and in hand
1,645,593
1,506,373
4,560,840
4,155,369
Creditors: amounts falling due within one year
17
(2,797,450)
(2,998,970)
Net current assets
1,763,390
1,156,399
Total assets less current liabilities
3,826,473
3,013,902
Creditors: amounts falling due after more than one year
18
(1,072,782)
(1,133,766)
Provisions for liabilities
Deferred tax liability
20
454,255
182,721
(454,255)
(182,721)
Net assets
2,299,436
1,697,415
Capital and reserves
Called up share capital
22
100
100
Other reserves
23
909,521
909,521
Profit and loss reserves
23
1,389,815
787,794
Total equity
2,299,436
1,697,415

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 8 October 2024 and are signed on its behalf by:
08 October 2024
S J E Hateley
Director
Company registration number 09327198 (England and Wales)
FRIAR 146 LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
5,325,302
5,036,857
Current assets
Debtors
16
-
0
171,780
Creditors: amounts falling due within one year
17
(1,702,856)
(1,874,636)
Net current liabilities
(1,702,856)
(1,702,856)
Net assets
3,622,446
3,334,001
Capital and reserves
Called up share capital
22
100
100
Other reserves
23
3,333,901
3,333,901
Profit and loss reserves
23
288,445
-
Total equity
3,622,446
3,334,001

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £488,445 (2023 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 8 October 2024 and are signed on its behalf by:
08 October 2024
S J E Hateley
Director
Company registration number 09327198 (England and Wales)
FRIAR 146 LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Other Reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
100
909,521
(86,190)
823,431
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
873,984
873,984
Balance at 30 June 2023
100
909,521
787,794
1,697,415
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
802,021
802,021
Dividends
11
-
-
(200,000)
(200,000)
Balance at 30 June 2024
100
909,521
1,389,815
2,299,436
FRIAR 146 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Other Reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
100
3,333,901
-
0
3,334,001
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
-
-
0
Balance at 30 June 2023
100
3,333,901
-
0
3,334,001
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
488,445
488,445
Dividends
11
-
-
(200,000)
(200,000)
Balance at 30 June 2024
100
3,333,901
288,445
3,622,446
FRIAR 146 LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,194,616
1,874,938
Interest paid
(114,332)
(130,445)
Net cash inflow from operating activities
1,080,284
1,744,493
Investing activities
Purchase of tangible fixed assets
(126,946)
(119,796)
Proceeds from disposal of tangible fixed assets
10,000
1,600
Interest received
41,344
3,028
Net cash used in investing activities
(75,602)
(115,168)
Financing activities
Repayment of borrowings
(87,714)
(78,318)
Repayment of bank loans
(83,344)
(83,322)
Payment of hire purchase obligations
(421,368)
(340,589)
Dividends paid to equity shareholders
(200,000)
-
0
Net cash used in financing activities
(792,426)
(502,229)
Net increase in cash and cash equivalents
212,256
1,127,096
Cash and cash equivalents at beginning of year
1,433,337
306,241
Cash and cash equivalents at end of year
1,645,593
1,433,337
Relating to:
Cash at bank and in hand
1,645,593
1,506,373
Bank overdrafts included in creditors payable within one year
-
(73,036)
FRIAR 146 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
1
Accounting policies
Company information

Friar 146 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is c/o Lasershape, Chilwell Meadows Business Park, Brailsford Way, Chilwell, Nottingham, NG9 6DH.

 

The group consists of Friar 146 Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Friar 146 Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years. Goodwill is now fully amortised.

FRIAR 146 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Straight line over life of the lease
Plant and equipment
10 - 25% Straight line per annum
Fixtures and fittings
10 - 40% Straight line per annum
Motor vehicles
20% Straight line per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FRIAR 146 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

FRIAR 146 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

FRIAR 146 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful life of tangible fixed assets

The company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programs.

 

Judgment is applied by management when determining the residual values for tangible fixed assets. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at.

Valuation of work in progress

Work in progress is valued at the lower of cost and net realisable value based on the stage of completion.

This estimation of the costs, including labour and machine rates requires the exercise of management

judgement. The rates are reviewed and updated monthly.

Recoverability of debtors

Management review the debtors on a periodic basis for any irrecoverable balances and make appropriate provision for any doubtful debts.

FRIAR 146 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Sales of goods
12,613,059
12,262,640
Sales of scrap metals
502,008
591,390
13,115,066
12,854,030
2024
2023
£
£
Turnover analysed by geographical market
UK
13,015,748
12,728,549
Rest of the world
99,319
125,481
13,115,067
12,854,030
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
40
122
Depreciation of owned tangible fixed assets
485,198
413,810
Loss on disposal of tangible fixed assets
36,168
7,400
Operating lease charges
602,709
612,937
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements
20,000
17,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production, engineering and despatch
76
70
-
-
Administration
15
14
2
2
Sales
15
15
-
-
Total
106
99
2
2
FRIAR 146 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,181,674
2,877,717
-
0
-
0
Social security costs
310,577
275,390
-
-
Pension costs
59,111
57,518
-
0
-
0
3,551,362
3,210,625
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
158,228
143,414
Company pension contributions to defined contribution schemes
1,321
1,321
159,549
144,735

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

 

The directors are considered to be the key management personnel of the group.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
41,344
3,028
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
22,955
36,762
Interest on invoice finance arrangements
53
2,232
Interest on finance leases and hire purchase contracts
91,273
91,451
114,281
130,445
Other finance costs:
Interest on tax
51
-
Total finance costs
114,332
130,445
FRIAR 146 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
32,441
-
0
Deferred tax
Origination and reversal of timing differences
243,075
186,343
Previously unrecognised tax loss, tax credit or timing difference
28,459
-
0
Total tax charge
303,975
186,343

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,105,996
1,060,327
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
276,499
217,367
Tax effect of expenses that are not deductible in determining taxable profit
3,854
1,718
Tax effect of utilisation of tax losses not previously recognised
(98,660)
(57,373)
Effect of change in corporation tax rate
-
38,960
Qualifying reasearch and development costs
-
0
(6,007)
Super-deduction
-
0
(42,964)
Excess capital allowances over depreciation
(147,551)
(112,741)
Deferred tax timing differences
243,075
147,383
Deferred tax adjustments in respect of prior years
28,459
-
Marginal relief
(1,701)
-
Taxation charge for the year
303,975
186,343
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
200,000
-
FRIAR 146 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
12
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
68,586
3,980,040
322,339
59,673
4,430,638
Additions
-
0
665,352
71,594
-
0
736,946
Disposals
-
0
(756,839)
(47,090)
-
0
(803,929)
At 30 June 2024
68,586
3,888,553
346,843
59,673
4,363,655
Depreciation and impairment
At 1 July 2023
39,298
2,232,916
296,943
3,978
2,573,135
Depreciation charged in the year
6,759
444,567
21,938
11,934
485,198
Eliminated in respect of disposals
-
0
(710,671)
(47,090)
-
0
(757,761)
At 30 June 2024
46,057
1,966,812
271,791
15,912
2,300,572
Carrying amount
At 30 June 2024
22,529
1,921,741
75,052
43,761
2,063,083
At 30 June 2023
29,288
1,747,124
25,396
55,695
1,857,503
The company had no tangible fixed assets at 30 June 2024 or 30 June 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
(restated)
Plant and equipment
1,808,417
1,755,771
-
0
-
0
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
-
0
-
0
5,325,302
5,036,857
FRIAR 146 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
13
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Company
Investments
£
Cost or valuation
At 1 July 2023
5,036,857
Additions
288,445
At 30 June 2024
5,325,302
Carrying amount
At 30 June 2024
5,325,302
At 30 June 2023
5,036,857
14
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Lasershape Limited
England and Wales
Ordinary
100.00
-
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
274,864
235,298
-
-
Work in progress
315,213
270,474
-
-
590,077
505,772
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,015,173
1,684,147
-
0
-
0
Amounts owed by group undertakings
-
-
-
171,780
Other debtors
1,276
2,011
-
0
-
0
Prepayments and accrued income
308,721
457,066
-
0
-
0
2,325,170
2,143,224
-
171,780
FRIAR 146 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Loans and borrowings
19
688,191
682,669
-
0
-
0
Trade creditors
1,704,990
1,791,808
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,702,856
1,874,636
Corporation tax payable
32,441
-
0
-
0
-
0
Other taxation and social security
173,525
173,960
-
-
Other creditors
77,756
155,645
-
0
-
0
Accruals and deferred income
120,547
194,888
-
0
-
0
2,797,450
2,998,970
1,702,856
1,874,636
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Loans and borrowings
19
1,072,782
1,133,766
-
0
-
0
19
Loans and borrowings
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
-
0
83,344
-
0
-
0
Bank overdrafts
-
0
73,036
-
0
-
0
Hire purchase and finance lease
1,614,338
1,425,706
-
-
Other loans
146,635
234,349
-
0
-
0
1,760,973
1,816,435
-
-
Payable within one year
688,191
682,669
-
0
-
0
Payable after one year
1,072,782
1,133,766
-
0
-
0

The obligations under hire purchase agreements are secured against the assets to which they relate. The aggregate liabilities are £1,614,338 (2023 - £1,425,706)

Also included in loans and borrowings above is an amount of £146,635 received previously under the Coronavirus Business Interruption Loan Scheme (CBILS ) (2023 - £317,378). Under the terms of this loan, the repayment period is 60 months for both, ending September 2025 and January 2026. The interest rate on this loan is 10.10%.

FRIAR 146 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
454,255
311,163
Tax losses
-
(127,409)
Other movement
-
(1,033)
454,255
182,721
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
182,721
-
Charge to profit or loss
271,534
-
Liability at 30 June 2024
454,255
-

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £107,193 (2023 - £72,648).

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
59,111
57,518

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the balance sheet date, pension contributions of £12,822 (2023 - £16,545) were due from the group.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
1,000
1,000
100
100
FRIAR 146 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
23
Reserves

Profit and loss reserves

This reserve records retained earnings and accumulated losses.

 

Other reserve

This is a merger reserve which was arose on the creation of the group.

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
(restated)
Within one year
435,581
512,952
-
-
Between two and five years
552,532
915,795
-
-
988,113
1,428,747
-
-
25
Related party transactions

The company has taken advantage of the exemption under section 33.11A of FRS102 'Related Party Transactions' for wholly owned subsidiaries not to disclose intra-group transactions.

 

During the year the company has made purchases of £1,914 (2023 - £720) with a related party, no balances were outstanding at the year end regarding related parties.

 

These parties are connected through a common director.

 

26
Controlling party

The ultimate controlling party is S J E Hateley.

FRIAR 146 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
802,021
873,984
Adjustments for:
Taxation charged
303,975
186,343
Finance costs
114,332
130,445
Investment income
(41,344)
(3,028)
Loss on disposal of tangible fixed assets
36,168
7,400
Depreciation and impairment of tangible fixed assets
485,198
413,810
Movements in working capital:
(Increase)/decrease in stocks
(84,305)
375,816
(Increase)/decrease in debtors
(181,946)
475,614
Decrease in creditors
(239,483)
(585,446)
Cash generated from operations
1,194,616
1,874,938
28
Analysis of changes in net debt - group
1 July 2023
Cash flows
Hire purchase agreements
30 June 2024
£
£
£
£
Cash at bank and in hand
1,506,373
139,220
-
1,645,593
Bank overdrafts
(73,036)
73,036
-
-
0
1,433,337
212,256
-
1,645,593
Borrowings excluding overdrafts
(317,693)
171,058
-
(146,635)
Obligations under hire purchase agreements
(1,425,706)
421,368
(610,000)
(1,614,338)
(310,062)
804,682
(610,000)
(115,380)
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