REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
FTFM HOLDINGS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
FTFM HOLDINGS LIMITED |
FTFM HOLDINGS LIMITED (REGISTERED NUMBER: 07839025) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
FTFM HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
2nd Floor |
Medway Bridge House |
1-8 Fairmeadow |
Maidstone |
Kent |
ME14 1JP |
FTFM HOLDINGS LIMITED (REGISTERED NUMBER: 07839025) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Share premium | 7 |
Capital redemption reserve | 7 |
Retained earnings | 7 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
FTFM HOLDINGS LIMITED (REGISTERED NUMBER: 07839025) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
FTFM Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The principal activity of FTFM Holdings Limited is that of activities of a holding company of a financial services group. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future. The directors believe this to be the case as the company has positive reserves. |
Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Share based payment |
The company issues share options to certain employees of the group. The key terms of the arrangement are disclosed in the notes. |
Recognition of income |
Dividends paid and received are included in the company financial statements in the period in which the related dividends are actually paid or received or, in respect of the company's final dividend for the year, approved by shareholders. |
Investments |
Investments are valued at cost less impairment. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. |
Financial reporting standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
- the requirements of Section 7 Statement of Cash Flows; |
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d); |
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A; |
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; |
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
- the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
FTFM HOLDINGS LIMITED (REGISTERED NUMBER: 07839025) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 77 Mount Ephraim, Tunbridge Wells, TN4 8BS |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
The directors consider the company to be dormant. |
Registered office: 77 Mount Ephraim, Tunbridge Wells, TN4 8BS |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
The directors consider the company to be dormant. |
Registered office: 77 Mount Ephraim, Tunbridge Wells, TN4 8BS |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
All of the above companies are registered in England and Wales. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
FTFM HOLDINGS LIMITED (REGISTERED NUMBER: 07839025) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £0.10 | 662 | 1,076 |
During the year, 1,036 shares were repurchased by the company for £100 per share and a further 3,106 shares were repurchased by the company for £125 per share. |
Last year, 763 ordinary £0.10 shares were issued at a premium of £49.90 per share. |
7. | RESERVES |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2023 | 964,074 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Purchase of own shares | (491,850 | ) | - | 414 | (491,436 | ) |
At 31 March 2024 | 964,488 |
8. | RELATED PARTY DISCLOSURES |
No disclosure has been made of transactions with group undertakings where 100% or more of the voting rights are controlled within the group. |
9. | ULTIMATE CONTROLLING PARTY |
The directors consider the ultimate controlling party to be The Karen Vidler Discretionary Trust. |
10. | SHARE-BASED PAYMENT TRANSACTIONS |
In the past, the company has granted share option to certain employees of the group. The options only vested upon the sale or change of control of the group or a key subsidiary of the group and their exercise price was £50 each if the option holder remained an employee of the group. |
During the prior year, 763 options were exercised, whilst the remaining 676 lapsed. |
The directors concluded previously that the value of these options were not material and therefore no provision was previously made. |