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REGISTERED NUMBER: 07875670 (England and Wales)







Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

Fez Investments Limited

Fez Investments Limited (Registered number: 07875670)

Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Consolidated Statement of Comprehensive Income 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


Fez Investments Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D Fairbrother
Mrs V J Fairbrother



REGISTERED OFFICE: Unit 8
Chichester Street
Rochdale
Lancashire
OL16 2AU



REGISTERED NUMBER: 07875670 (England and Wales)



SENIOR STATUTORY AUDITOR: David Adams FCA



AUDITORS: Lindley Adams Limited Chartered Accountants
Statutory Auditor
28 Prescott Street
Halifax
West Yorkshire
HX1 2LG

Fez Investments Limited (Registered number: 07875670)

Report of the Directors
for the Year Ended 31 December 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

D Fairbrother
Mrs V J Fairbrother

POLITICAL DONATIONS AND EXPENDITURE
There were no political donations and expenditure

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Lindley Adams Limited Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





D Fairbrother - Director


27 September 2024

Report of the Independent Auditors to the Members of
Fez Investments Limited


Opinion
We have audited the financial statements of Fez Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Fez Investments Limited


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 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; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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.

Report of the Independent Auditors to the Members of
Fez Investments Limited


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:

As part of our audit, we determined a level for materiality and assessed the risk of material misstatement in the financial statements. Based on our understanding of the company and discussions with the management, we gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates.

We identified the laws and regulations which we considered to have a direct effect on the financial statements and considered that the most significant are the Companies Act 2006, Financial Reporting Standards and UK tax legislation.

The engagement partner assessed that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulations. We enquired with management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations including fraud. We also designed specific appropriate audit procedures including:

- Agreeing financial statement disclosures to supporting documentation;
- Analytical procedures to identify any unusual or unexpected relationships;
- Testing appropriateness of journal entries;
- Review of accounting estimates for potential bias;
- Review of minutes of meetings;
- Enquiring as to actual and potential litigation and claims, and;
- Testing transactions for validity.

We are not aware of any actual or suspected non-compliance with laws and regulations, and we are not responsible for preventing or detecting non-compliance with all laws and regulations. The primary responsibility for the prevention and detection of fraud rests with management and those charged with governance.

There are inherent limitations in audit procedures and there is an unavoidable risk that we may not have detected
material misstatements within the financial statements, even though the audit is properly planned performed in accordance with ISA's UK. The further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk due to error as fraud may involve a deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Fez Investments Limited


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.




David Adams FCA (Senior Statutory Auditor)
for and on behalf of Lindley Adams Limited Chartered Accountants
Statutory Auditor
28 Prescott Street
Halifax
West Yorkshire
HX1 2LG

27 September 2024

Fez Investments Limited (Registered number: 07875670)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 13,332,530 13,029,255

Cost of sales (9,200,689 ) (9,553,509 )
GROSS PROFIT 4,131,841 3,475,746

Distribution costs (519,417 ) (407,008 )
Administrative expenses (2,366,424 ) (2,412,973 )
1,246,000 655,765

Other operating income 285 436,788
OPERATING PROFIT 4 1,246,285 1,092,553

Interest receivable and similar income 5,871 -
1,252,156 1,092,553

Interest payable and similar expenses 5 (75,608 ) (65,392 )
PROFIT BEFORE TAXATION 1,176,548 1,027,161

Tax on profit 6 (284,566 ) (324,735 )
PROFIT FOR THE FINANCIAL YEAR 891,982 702,426

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

891,982

702,426

Profit attributable to:
Owners of the parent 375,238 216,880
Non-controlling interests 516,744 485,546
891,982 702,426

Total comprehensive income attributable to:
Owners of the parent 375,238 216,880
Non-controlling interests 516,744 485,546
891,982 702,426

Fez Investments Limited (Registered number: 07875670)

Consolidated Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 946,549 1,012,829
Tangible assets 10 2,846,689 2,675,028
Investments 11 125,000 125,000
3,918,238 3,812,857

CURRENT ASSETS
Stocks 12 38,914 27,848
Debtors 13 5,128,333 3,771,568
Cash at bank and in hand 112,586 17,092
5,279,833 3,816,508
CREDITORS
Amounts falling due within one year 14 4,344,506 3,657,600
NET CURRENT ASSETS 935,327 158,908
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,853,565

3,971,765

CREDITORS
Amounts falling due after more than one
year

15

(904,809

)

(826,277

)

PROVISIONS FOR LIABILITIES 18 (591,334 ) (476,453 )
NET ASSETS 3,357,422 2,669,035

CAPITAL AND RESERVES
Called up share capital 19 200 200
Capital redemption reserve 20 11 11
Retained earnings 20 2,354,845 2,183,278
SHAREHOLDERS' FUNDS 2,355,056 2,183,489

NON-CONTROLLING INTERESTS 21 1,002,366 485,546
TOTAL EQUITY 3,357,422 2,669,035

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2024 and were signed on its behalf by:





D Fairbrother - Director


Fez Investments Limited (Registered number: 07875670)

Company Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 1,000,091 1,000,091
1,000,091 1,000,091

CURRENT ASSETS
Debtors 13 534,370 554,320
Cash at bank 603 280
534,973 554,600
CREDITORS
Amounts falling due within one year 14 1,395,615 1,402,256
NET CURRENT LIABILITIES (860,642 ) (847,656 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

139,449

152,435

CAPITAL AND RESERVES
Called up share capital 19 200 200
Retained earnings 139,249 152,235
SHAREHOLDERS' FUNDS 139,449 152,435

Company's loss for the financial year (12,986 ) (11,693 )

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by:





D Fairbrother - Director


Fez Investments Limited (Registered number: 07875670)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   
Balance at 1 January 2022 200 2,124,820 11

Changes in equity
Dividends - (158,422 ) -
Total comprehensive income - 216,880 -
Balance at 31 December 2022 200 2,183,278 11

Changes in equity
Dividends - (203,671 ) -
Total comprehensive income - 375,238 -
Balance at 31 December 2023 200 2,354,845 11
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 January 2022 2,125,031 - 2,125,031

Changes in equity
Dividends (158,422 ) - (158,422 )
Total comprehensive income 216,880 485,546 702,426
Balance at 31 December 2022 2,183,489 485,546 2,669,035

Changes in equity
Dividends (203,671 ) - (203,671 )
Total comprehensive income 375,238 516,744 891,982
Balance at 31 December 2023 2,355,056 1,002,290 3,357,346

Fez Investments Limited (Registered number: 07875670)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 200 163,928 164,128

Changes in equity
Deficit for the year - (11,693 ) (11,693 )
Total comprehensive income - (11,693 ) (11,693 )
Total transactions with owners,
recognised directly in equity

-

-

-
Balance at 31 December 2022 200 152,235 152,435

Changes in equity
Deficit for the year - (12,986 ) (12,986 )
Total comprehensive income - (12,986 ) (12,986 )
Total transactions with owners,
recognised directly in equity

-

-

-
Balance at 31 December 2023 200 139,249 139,449

Fez Investments Limited (Registered number: 07875670)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,043,899 2,332,140
Interest paid (17,470 ) (18,208 )
Interest element of hire purchase payments
paid

(58,138

)

(47,184

)
Tax paid (106,688 ) (96,597 )
Net cash from operating activities 861,603 2,170,151

Cash flows from investing activities
Purchase of intangible fixed assets - (975,592 )
Purchase of tangible fixed assets (1,061,769 ) (666,800 )
Sale of tangible fixed assets 325,395 132,920
Interest received 5,871 -
Net cash from investing activities (730,503 ) (1,509,472 )

Cash flows from financing activities
New loans in year - 387,793
Loan repayments in year 61,385 (751,155 )
Capital repayments in year 277,012 15,204
Amount introduced by directors 341,340 1,614,871
Amount withdrawn by directors (511,672 ) (1,730,537 )
Minority interest - (24,431 )
Equity dividends paid (203,671 ) (158,422 )
Net cash from financing activities (35,606 ) (646,677 )

Increase in cash and cash equivalents 95,494 14,002
Cash and cash equivalents at beginning
of year

2

17,092

3,090

Cash and cash equivalents at end of year 2 112,586 17,092

Fez Investments Limited (Registered number: 07875670)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.23 31.12.22
£    £   
Profit before taxation 1,176,548 1,027,161
Depreciation charges 666,606 655,076
Profit on disposal of fixed assets (35,615 ) (21,082 )
Provisions 10,000 -
Finance costs 75,608 65,392
Finance income (5,871 ) -
1,887,276 1,726,547
(Increase)/decrease in stocks (11,066 ) 17,179
(Increase)/decrease in trade and other debtors (936,867 ) 812,038
Increase/(decrease) in trade and other creditors 104,556 (223,624 )
Cash generated from operations 1,043,899 2,332,140

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 112,586 17,092
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 17,092 3,090


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 17,092 95,494 112,586
17,092 95,494 112,586
Debt
Finance leases (1,423,603 ) (277,012 ) (1,700,615 )
Debts falling due within 1 year (993,837 ) (130,437 ) (1,124,274 )
Debts falling due after 1 year (104,949 ) 69,130 (35,819 )
(2,522,389 ) (338,319 ) (2,860,708 )
Total (2,505,297 ) (242,825 ) (2,748,122 )

Fez Investments Limited (Registered number: 07875670)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Fez Investments 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 General Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of twenty years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - Straight line over 3 years
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and equipment - 10% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Fez Investments Limited (Registered number: 07875670)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 2,440,273 2,511,224
Social security costs 245,992 262,599
Other pension costs 135,495 93,771
2,821,760 2,867,594

The average number of employees during the year was as follows:
31.12.23 31.12.22

Drivers 38 44
Logistics 15 14
Administrative 30 31
83 89

31.12.23 31.12.22
£    £   
Directors' remuneration 87,164 40,526
Directors' pension contributions to money purchase schemes 43,891 5,451

4. OPERATING PROFIT

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

31.12.23 31.12.22
£    £   
Hire of plant and machinery 378,147 370,149
Other operating leases 468,841 470,900
Depreciation - owned assets 192,207 116,971
Depreciation - assets on hire purchase contracts 408,121 508,408
Profit on disposal of fixed assets (35,615 ) (21,082 )
Goodwill amortisation 66,280 29,695
Auditors' remuneration 5,500 10,780
Auditors' remuneration for non audit work 12,606 11,103

Fez Investments Limited (Registered number: 07875670)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank interest 376 95
Bank loan interest 12,811 16,986
No description - 977
VAT surcharge 4,283 150
Hire purchase 58,138 47,184
75,608 65,392

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 179,685 197,212

Deferred tax 104,881 127,523
Tax on profit 284,566 324,735

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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


8. DIVIDENDS
31.12.23 31.12.22
£    £   
Ordinary B shares of 0.01 each
Interim 203,671 158,422

Fez Investments Limited (Registered number: 07875670)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 1,325,592
AMORTISATION
At 1 January 2023 312,763
Amortisation for year 66,280
At 31 December 2023 379,043
NET BOOK VALUE
At 31 December 2023 946,549
At 31 December 2022 1,012,829

10. TANGIBLE FIXED ASSETS

Group
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST
At 1 January 2023 15,550 409,337 3,569,595
Additions - - 1,021,605
Disposals - - (1,046,829 )
At 31 December 2023 15,550 409,337 3,544,371
DEPRECIATION
At 1 January 2023 10,702 57,735 1,944,977
Charge for year 4,848 27,231 420,828
Eliminated on disposal - - (812,308 )
At 31 December 2023 15,550 84,966 1,553,497
NET BOOK VALUE
At 31 December 2023 - 324,371 1,990,874
At 31 December 2022 4,848 351,602 1,624,618

Fez Investments Limited (Registered number: 07875670)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 376,336 498,920 206,011 5,075,749
Additions 36,711 - 3,453 1,061,769
Disposals - (146,586 ) (2,536 ) (1,195,951 )
At 31 December 2023 413,047 352,334 206,928 4,941,567
DEPRECIATION
At 1 January 2023 67,897 181,379 138,031 2,400,721
Charge for year 48,358 69,152 29,911 600,328
Eliminated on disposal - (93,335 ) (528 ) (906,171 )
At 31 December 2023 116,255 157,196 167,414 2,094,878
NET BOOK VALUE
At 31 December 2023 296,792 195,138 39,514 2,846,689
At 31 December 2022 308,439 317,541 67,980 2,675,028

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Plant and and Motor
machinery equipment vehicles Totals
£    £    £    £   
COST
At 1 January 2023 3,392,624 86,548 498,920 3,978,092
Additions 1,021,605 - - 1,021,605
Disposals (909,858 ) - (146,586 ) (1,056,444 )
Transfer to ownership (932,089 ) - (33,136 ) (965,225 )
At 31 December 2023 2,572,282 86,548 319,198 2,978,028
DEPRECIATION
At 1 January 2023 1,818,149 - 181,379 1,999,528
Charge for year 331,789 8,655 67,677 408,121
Eliminated on disposal (713,775 ) - (93,335 ) (807,110 )
Transfer to ownership (597,183 ) - (27,238 ) (624,421 )
At 31 December 2023 838,980 8,655 128,483 976,118
NET BOOK VALUE
At 31 December 2023 1,733,302 77,893 190,715 2,001,910
At 31 December 2022 1,574,475 86,548 317,541 1,978,564

Fez Investments Limited (Registered number: 07875670)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


11. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 125,000
NET BOOK VALUE
At 31 December 2023 125,000
At 31 December 2022 125,000
Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 1,000,091
NET BOOK VALUE
At 31 December 2023 1,000,091
At 31 December 2022 1,000,091


12. STOCKS

Group
31.12.23 31.12.22
£    £   
Stocks 38,914 27,848

13. DEBTORS

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,744,528 1,899,377 - -
Other debtors 674,000 - - -
ADD Express Properties 363,364 363,364 363,364 363,364
Other debtors 391,967 9,079 - -
Directors' current accounts 1,166,371 996,062 131,511 151,461
Tax 39,495 39,495 39,495 39,495
Prepayments 399,343 309,717 - -
4,779,068 3,617,094 534,370 554,320

Fez Investments Limited (Registered number: 07875670)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


13. DEBTORS - continued

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Amounts falling due after more than one year:
Other debtors 70,202 - - -
Pall-Ex Investments Ltd - 125,000 - -
Tax 279,063 29,474 - -
349,265 154,474 - -

Aggregate amounts 5,128,333 3,771,568 534,370 554,320

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans and overdrafts (see note 16) 1,124,274 993,837 - -
Hire purchase contracts (see note 17) 831,625 702,275 - -
Trade creditors 1,422,706 1,260,827 - 3,062
Amounts owed to group undertakings - - 1,372,858 1,371,985
Tax 535,054 212,468 15,257 15,257
Social security and other taxes 53,473 54,844 - -
VAT 242,799 231,480 - -
Other creditors 3,351 48,274 - -
Pension deductions 14,882 12,532 - -
Directors' loan accounts - 23 - -
Accruals and deferred income 7,500 11,952 7,500 11,952
Accrued expenses 108,842 129,088 - -
4,344,506 3,657,600 1,395,615 1,402,256

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

Group
31.12.23 31.12.22
£    £   
Bank loans (see note 16) 35,819 104,949
Hire purchase contracts (see note 17) 868,990 721,328
904,809 826,277

Fez Investments Limited (Registered number: 07875670)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


16. LOANS

An analysis of the maturity of loans is given below:

Group
31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 1,055,820 876,137
Bank loan 68,454 117,700
1,124,274 993,837
Amounts falling due between one and two years:
Bank loans - 1-2 years 35,819 64,855
Amounts falling due between two and five years:
Bank loans - 2-5 years - 40,094

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.23 31.12.22
£    £   
Gross obligations repayable:
Within one year 896,165 752,597
Between one and five years 969,581 789,564
1,865,746 1,542,161

Finance charges repayable:
Within one year 64,540 50,322
Between one and five years 100,591 68,236
165,131 118,558

Net obligations repayable:
Within one year 831,625 702,275
Between one and five years 868,990 721,328
1,700,615 1,423,603

Fez Investments Limited (Registered number: 07875670)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


18. PROVISIONS FOR LIABILITIES

Group
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 581,334 476,453

Other provisions 10,000 -

Aggregate amounts 591,334 476,453

Group
Deferred
tax
£   
Balance at 1 January 2023 476,453
Provided during year 104,881
Balance at 31 December 2023 581,334

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary 1 100 100
100 Ordinary B 1 100 100
100 Ordinary B 0.01 - -
200 200

20. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 2,183,278 11 2,183,289
Profit for the year 375,238 375,238
Dividends (203,671 ) (203,671 )
At 31 December 2023 2,354,845 11 2,354,856


Fez Investments Limited (Registered number: 07875670)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


21. NON-CONTROLLING INTERESTS

A.D.D. Express Ltd is owned 70% by Fez Investments Limited and 30% by other parties. The non controlling interest is recognised in the income statement and statement of financial position at 30%.

A.D.D. Northern Hub Limited is owned 69% by Fez Investments Limited and 31% by other parties. The non controlling interest is recognised in the income statement and statement of financial position at 31%.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
D Fairbrother and Mrs V J Fairbrother
Balance outstanding at start of year 790,306 880,375
Amounts advanced 511,648 89,931
Amounts repaid (135,583 ) (180,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,166,371 790,306

There loans are interest free and repayable on demand.

23. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
31.12.23 31.12.22
£    £   
Amount due from related party 363,364 363,364
Management charge - 327,317

Key management personnel of the entity or its parent (in the aggregate)
31.12.23 31.12.22
£    £   
Amount due from related party 1,166,371 140,713