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REGISTERED NUMBER: 07340484 (England and Wales)















Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 30 November 2023

for

Family Connect Limited

Family Connect Limited (Registered number: 07340484)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Family Connect Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: M Family
N Missaghi



REGISTERED OFFICE: 6 Sheep Street
Skipton
North Yorkshire
BD23 1JH



REGISTERED NUMBER: 07340484 (England and Wales)



SENIOR STATUTORY AUDITOR: Andrew Wilkinson FCA



AUDITORS: Malcolm Jones & Co Limited
Statutory Auditors
Accountants and Business Advisers
West Hill House
Allerton Hill
Chapel Allerton
Leeds
West Yorkshire
LS7 3QB

Family Connect Limited (Registered number: 07340484)

Strategic Report
for the Year Ended 30 November 2023

The directors present their strategic report for the year ended 30 November 2023.

REVIEW OF THE BUSINESS
The company has had a reasonable year with all three stores performing well, despite the challenging business environment.

The overall level of commission rose slightly during the year. Commission continues to be earned though deals made in previous years, with the results improving against last year.

In 2022/23, the Shipley store won an award for the best store embracing "new EE", beating off all other stores.

PRINCIPAL RISKS AND UNCERTAINTIES
We consider the company to be well placed financially to deal with many of the uncertainties that lie ahead.

The rate of commission received from EE fell between 2016 and 2019, although it did rise from the end of 2019 through to 2022. Since then, the rate has remained fairly constant.

The level of footfall declined significantly between 2019 and 2020 (by some 17%) due mainly to store closures caused by Covid-19, however since then there continues to be increasing footfall with the level now almost back to pre-Covid levels.

KEY PERFORMANCE INDICATORS
The results of the company show that it is performing reasonably, given the very challenging circumstances. The performance of the stores is still ok, with commission received averaging £1,064k per store (it was just under £1,050k last year).

Margins actually decreased in the year, the increase in commission being more than offset by higher rises in the cost of sales. The overall level of profits, excluding dividends received, is down on last year, but changes to the commission structure in 2024 looks to be resulting in a reasonable increase in profits.

The balance sheet remains strong, although a large part of the assets reflect monies owed from the holding company. There are still sufficient reserves within the group, so that even if there was another downturn of results, the company/group would be sufficiently well placed to cope with it.

The company takes a close interest in its staff, who are the people dealing with potential customers. Staff are incentivised so the more money they make for the company reflects on them also.

FUTURE DEVELOPMENTS
Given the challenging times the company has been facing, we have been consolidating the stores with a view to increasing the footfall back to the level of previous years. It is already much improved this year and is now almost back to pre-Covid levels.

A regional commercial manager was been hired by the group towards the end of this financial year and they liaise with the store managers to look at all aspects of each store to try to improve efficiency and profitability. The benefits of this were already being seen before the year end, as the group was rated 8 out of 19 EE group franchises in October 2023, having been 17 out of 19 in December 2022.

ON BEHALF OF THE BOARD:





M Family - Director


21 November 2024

Family Connect Limited (Registered number: 07340484)

Report of the Directors
for the Year Ended 30 November 2023

The directors present their report with the financial statements of the company for the year ended 30 November 2023.

DIVIDENDS
An interim dividend of 4,166.67 per share on the Ordinary "A" £1 shares was paid on 1 December 2022. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary "B" £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 30 November 2023 will be £ 500,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

M Family
N Missaghi

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the 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 company 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 company'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 company's auditors are aware of that information.

Family Connect Limited (Registered number: 07340484)

Report of the Directors
for the Year Ended 30 November 2023


AUDITORS
The auditors, Malcolm Jones & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M Family - Director


21 November 2024

Report of the Independent Auditors to the Members of
Family Connect Limited

Opinion
We have audited the financial statements of Family Connect Limited (the 'company') for the year ended 30 November 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 November 2023 and of its 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 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 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 Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Family Connect Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 company or to cease operations, or have no realistic alternative but to do so.

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework within which the company operates, focusing on those laws and regulations that directly effects how material balances are determined and also the disclosures in the financial statements. the laws and regulations considered by us in this context were the Companies Act 2006 and various taxation legislation.

We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be revenue and cost recognition. Our audit procedures to respond to revenue and cost recognition risks included sample testing a sample of income/costs across the year to agree to supporting documentation and reviewing income and costs either side of the year end to ensure they have been recognised correctly.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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
Family Connect 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.




Andrew Wilkinson FCA (Senior Statutory Auditor)
for and on behalf of Malcolm Jones & Co Limited
Statutory Auditors
Accountants and Business Advisers
West Hill House
Allerton Hill
Chapel Allerton
Leeds
West Yorkshire
LS7 3QB

21 November 2024

Family Connect Limited (Registered number: 07340484)

Statement of Comprehensive
Income
for the Year Ended 30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   

TURNOVER 3,321,655 3,145,204

Cost of sales 2,922,835 2,681,110
GROSS PROFIT 398,820 464,094

Administrative expenses 424,064 402,694
(25,244 ) 61,400

Other operating income 5,116 -
OPERATING (LOSS)/PROFIT 4 (20,128 ) 61,400

Income from shares in group undertakings 5 300,000 500,000
Interest receivable and similar income 146 14
300,146 500,014
280,018 561,414

Interest payable and similar expenses 6 6,845 2,791
PROFIT BEFORE TAXATION 273,173 558,623

Tax on profit 7 592 19,071
PROFIT FOR THE FINANCIAL YEAR 272,581 539,552

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

272,581

539,552

Family Connect Limited (Registered number: 07340484)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 54,785 41,910
Tangible assets 10 200,721 124,896
Investments 11 204,675 204,675
460,181 371,481

CURRENT ASSETS
Stocks 12 66,111 66,333
Debtors 13 1,676,854 1,909,848
Cash at bank and in hand 199,122 173,237
1,942,087 2,149,418
CREDITORS
Amounts falling due within one year 14 369,881 348,695
NET CURRENT ASSETS 1,572,206 1,800,723
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,032,387

2,172,204

CREDITORS
Amounts falling due after more than one
year

15

(120,058

)

(51,483

)

PROVISIONS FOR LIABILITIES 17 (49,074 ) (30,047 )
NET ASSETS 1,863,255 2,090,674

CAPITAL AND RESERVES
Called up share capital 18 121 121
Retained earnings 19 1,863,134 2,090,553
SHAREHOLDERS' FUNDS 1,863,255 2,090,674

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2024 and were signed on its behalf by:





M Family - Director


Family Connect Limited (Registered number: 07340484)

Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 121 2,051,001 2,051,122

Changes in equity
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 539,552 539,552
Balance at 30 November 2022 121 2,090,553 2,090,674

Changes in equity
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 272,581 272,581
Balance at 30 November 2023 121 1,863,134 1,863,255

Family Connect Limited (Registered number: 07340484)

Cash Flow Statement
for the Year Ended 30 November 2023

30.11.23 30.11.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 325,873 59,440
Interest paid - (18 )
Interest element of hire purchase payments
paid

(6,845

)

(2,773

)
Tax paid 18,435 6,104
Net cash from operating activities 337,463 62,753

Cash flows from investing activities
Purchase of intangible fixed assets (35,696 ) (25,030 )
Purchase of tangible fixed assets (40,000 ) (63,823 )
Sale of tangible fixed assets - 21,500
Interest received 146 14
Dividends received 300,000 500,000
Net cash from investing activities 224,450 432,661

Cash flows from financing activities
Capital repayments in year (9,338 ) (3,233 )
Amount introduced by directors 160,085 167,963
Amount withdrawn by directors (186,775 ) (188,960 )
Equity dividends paid (500,000 ) (500,000 )
Net cash from financing activities (536,028 ) (524,230 )

Increase/(decrease) in cash and cash equivalents 25,885 (28,816 )
Cash and cash equivalents at beginning of
year

2

173,237

202,053

Cash and cash equivalents at end of year 2 199,122 173,237

Family Connect Limited (Registered number: 07340484)

Notes to the Cash Flow Statement
for the Year Ended 30 November 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.11.23 30.11.22
£    £   
Profit before taxation 273,173 558,623
Depreciation charges 74,686 47,463
Profit on disposal of fixed assets - (875 )
Finance costs 6,845 2,791
Finance income (300,146 ) (500,014 )
54,558 107,988
Decrease in stocks 222 16,232
Decrease in trade and other debtors 259,684 47,018
Increase/(decrease) in trade and other creditors 11,409 (111,798 )
Cash generated from operations 325,873 59,440

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 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 199,122 173,237
Year ended 30 November 2022
30.11.22 1.12.21
£    £   
Cash and cash equivalents 173,237 202,053


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other
non-cash
At 1.12.22 Cash flow changes At 30.11.23
£    £    £    £   
Net cash
Cash at bank
and in hand 173,237 25,885 199,122
173,237 25,885 199,122
Debt
Finance leases (57,266 ) 9,338 - (135,618 )
(57,266 ) 9,338 - (135,618 )
Total 115,971 35,223 - 63,504

Family Connect Limited (Registered number: 07340484)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Family Connect 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.

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.

Preparation of consolidated financial statements
The financial statements contain information about Family Connect Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Family Connect (Holdings) Ltd, 6 Sheep Street, Skipton, North Yorkshire, BD23 1JH.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax. Turnover includes revenue earned from the sale of goods and from the rendering of services. It is reduced for estimated customer returns, rebates and other similar allowances.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually the point that the customer has signed for the delivery of the goods.

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.

Patents and licences are being amortised evenly over their estimated useful life of five years.

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.
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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

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

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

Family Connect Limited (Registered number: 07340484)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade receivables, cash and bank balances, are initially recognised at transaction price and are subsequently assessed for indicators of impairment at each reporting end date. If an asset is impaired, the impairment loss, which is the difference between the carrying amount and the net present value of the estimated discounted cash flows, is recognised in the profit and loss account.

Basic financial liabilities, including trade payables, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. Where these have been acquired in the ordinary course of business from suppliers and where payment is due within one year, then they are classified as current liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

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

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

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

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.

Family Connect Limited (Registered number: 07340484)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

3. EMPLOYEES AND DIRECTORS
30.11.23 30.11.22
£    £   
Wages and salaries 494,870 484,393
Social security costs 37,059 38,379
Other pension costs 8,578 8,470
540,507 531,242

The average number of employees during the year was as follows:
30.11.23 30.11.22

Directors 2 2
Direct 20 20
Administrative 2 2
24 24

30.11.23 30.11.22
£    £   
Directors' remuneration 24,508 20,655
Directors' pension contributions to money purchase schemes 113 113

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

4. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging/(crediting):

30.11.23 30.11.22
£    £   
Depreciation - owned assets 15,417 15,589
Depreciation - assets on hire purchase contracts 36,448 15,365
Profit on disposal of fixed assets - (875 )
Patents and licences amortisation 22,821 16,510
Auditors' remuneration 7,050 6,755
Property operating lease rentals 88,434 93,854
Non-audit services provided by the auditor 6,833 6,530

5. INCOME FROM SHARES IN GROUP UNDERTAKINGS
30.11.23 30.11.22
£    £   
Shares in group undertakings 300,000 500,000

Family Connect Limited (Registered number: 07340484)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.23 30.11.22
£    £   
Bank interest - 18
Hire purchase 6,845 2,773
6,845 2,791

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.11.23 30.11.22
£    £   
Current tax:
UK corporation tax (18,435 ) (6,104 )

Deferred tax 19,027 25,175
Tax on profit 592 19,071

UK corporation tax has been charged at 25% (2022 - 19%).

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

30.11.23 30.11.22
£    £   
Profit before tax 273,173 558,623
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

68,293

106,138

Effects of:
Expenses not deductible for tax purposes 5,705 3,137
Capital allowances in excess of depreciation - (2,415 )
Dividends received (75,000 ) (95,000 )
Change in rate of deferred tax - 7,211
Change in rate of corporation tax 1,594 -
Total tax charge 592 19,071

8. DIVIDENDS
30.11.23 30.11.22
£    £   
Ordinary "A" shares of £1 each
Interim 500,000 500,000

Family Connect Limited (Registered number: 07340484)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

9. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 December 2022 120,230
Additions 35,696
At 30 November 2023 155,926
AMORTISATION
At 1 December 2022 78,320
Amortisation for year 22,821
At 30 November 2023 101,141
NET BOOK VALUE
At 30 November 2023 54,785
At 30 November 2022 41,910

10. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2022 351,931 81,944 21,334 455,209
Additions - 127,690 - 127,690
At 30 November 2023 351,931 209,634 21,334 582,899
DEPRECIATION
At 1 December 2022 296,426 15,365 18,522 330,313
Charge for year 14,223 36,448 1,194 51,865
At 30 November 2023 310,649 51,813 19,716 382,178
NET BOOK VALUE
At 30 November 2023 41,282 157,821 1,618 200,721
At 30 November 2022 55,505 66,579 2,812 124,896

Family Connect Limited (Registered number: 07340484)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 December 2022 81,944
Additions 127,690
At 30 November 2023 209,634
DEPRECIATION
At 1 December 2022 15,365
Charge for year 36,448
At 30 November 2023 51,813
NET BOOK VALUE
At 30 November 2023 157,821
At 30 November 2022 66,579

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 December 2022
and 30 November 2023 204,675
NET BOOK VALUE
At 30 November 2023 204,675
At 30 November 2022 204,675

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

Premier Communications Ltd
Registered office: 6 Sheep Street, Skipton, North Yorkshire, BD23 1JH
Nature of business: Mobile telephone franchise
%
Class of shares: holding
Ordinary 100.00

12. STOCKS
30.11.23 30.11.22
£    £   
Stocks 66,111 66,333

Family Connect Limited (Registered number: 07340484)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 162,540 116,671
Other debtors 7,368 1,300
Due from subsidiary company 41,553 22,322
Due from holding company 1,371,252 1,701,252
Directors' current accounts 57,741 31,051
Prepayments 36,400 37,252
1,676,854 1,909,848

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Hire purchase contracts (see note 16) 15,560 5,783
Trade creditors 201,043 215,093
Corporation tax 4 4
Social security and other taxes 134,522 107,592
Other creditors 1,790 1,413
Accrued expenses 16,962 18,810
369,881 348,695

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Hire purchase contracts (see note 16) 120,058 51,483

Family Connect Limited (Registered number: 07340484)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.11.23 30.11.22
£    £   
Gross obligations repayable:
Within one year 23,472 9,007
Between one and five years 127,285 54,645
150,757 63,652

Finance charges repayable:
Within one year 7,912 3,224
Between one and five years 7,227 3,162
15,139 6,386

Net obligations repayable:
Within one year 15,560 5,783
Between one and five years 120,058 51,483
135,618 57,266

Non-cancellable operating leases
30.11.23 30.11.22
£    £   
Within one year 79,500 54,500
Between one and five years 147,646 109,659
227,146 164,159

17. PROVISIONS FOR LIABILITIES
30.11.23 30.11.22
£    £   
Deferred tax 49,074 30,047

Deferred
tax
£   
Balance at 1 December 2022 30,047
Charge to Statement of Comprehensive Income during year 19,027
Balance at 30 November 2023 49,074

Family Connect Limited (Registered number: 07340484)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
120 Ordinary "A" £1 120 120
1 Ordinary "B" £1 1 1
121 121

19. RESERVES
Retained
earnings
£   

At 1 December 2022 2,090,553
Profit for the year 272,581
Dividends (500,000 )
At 30 November 2023 1,863,134

20. ULTIMATE PARENT COMPANY

Family Connect (Holdings) Limited is regarded by the directors as being the company's ultimate parent company.

The group prepares consolidated financial statements into which these accounts are consolidated. Those financial statements may be obtained from West Hill House, Allerton Hill, Chapel Allerton, Leeds, LS7 3QB.

21. CAPITAL COMMITMENTS
30.11.23 30.11.22
£    £   
Contracted but not provided for in the
financial statements - 39,000

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022:

30.11.23 30.11.22
£    £   
M Family
Balance outstanding at start of year 31,051 10,054
Amounts advanced 57,741 31,051
Amounts repaid (31,051 ) (10,054 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 57,741 31,051

Family Connect Limited (Registered number: 07340484)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

23. RELATED PARTY DISCLOSURES

Disclosure re subsidiary undertaking:

Dividends received from subsidiary undertaking - £300,000 (2022 - £500,000).

Balances with subsidiary undertaking: Debtors - £41,553 (2022 - £22,322 ).

Disclosure re members of Key Management Personnel:

Balances with Key Management Personnel: Debtors - £57,741 (2022 - £31,051).