REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
FRASERS HOLDINGS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
FRASERS HOLDINGS LIMITED |
FRASERS HOLDINGS LIMITED (REGISTERED NUMBER: 13319793) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FRASERS HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
FRASERS HOLDINGS LIMITED (REGISTERED NUMBER: 13319793) |
BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
FRASERS HOLDINGS LIMITED (REGISTERED NUMBER: 13319793) |
BALANCE SHEET - continued |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve |
Retained earnings |
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 Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FRASERS HOLDINGS LIMITED (REGISTERED NUMBER: 13319793) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Frasers Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 13319793 and registered office is 7 Arkwright Road, Reading, Berkshire RG2 0LU. |
The principal activity of the company is that of a holding company to a trading subsidiary undertaking. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in Pound Sterling (£), which is also the functional currency of the company. |
Preparation of consolidated financial statements |
The financial statements contain information about Frasers Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Going concern |
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the Company's accounting policies, management is required to make judgements, estimates,and assumptions about the the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic; experience and other factors that are considered to 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Valuation of land and buildings |
As described in note 5 to the financial statements, land and buildings are stated at fair value based on the valuation performed by an independent professional valuer, Haslams, Chartered Surveyors with recent experience in the location and category of property valued. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset. |
FRASERS HOLDINGS LIMITED (REGISTERED NUMBER: 13319793) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from land and buildings is recognised in the period the property rental becomes becomes receivable. |
Tangible fixed assets |
Land and buildings held and used in the Company's own activities are stated at their revalued amount. The revalued amount equates to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out so that carrying amounts do not materially differ from using the fair value at the the balance sheet date. |
Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve. |
Depreciation on revalued buildings is charged to profit or loss so as to write off its value, less residual value, over its estimated useful life of 50 years, using the straight line method. |
At each balance sheet date, the Company reviews the carrying amounts of its land and buildings to determine whether there is any indication it has 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 an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
FRASERS HOLDINGS LIMITED (REGISTERED NUMBER: 13319793) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Trade and other debtors are initially recognised at transaction price and are subsequently remeasured to amortised cost using the effective interest method, less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Loans receivable are measured initially at fair value, net of transaction costs, and non-current loans receivable are subsequently remeasured to amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current liabilities. |
Trade and other creditors are initially recognised at transaction price and are subsequently remeasured to amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Loans payable are measured initially at fair value, net of transaction costs, and non-current loans payable are subsequently remeasured to amortised cost using the effective interest method. |
Taxation |
Tax on profit represents the sum of the tax currently payable and deferred tax. |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from the profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the year. |
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities and the corresponding tax bases used to compute taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for temporary differences to the extent that it is probable that taxable profits will be available to utilise the timing difference. |
Deferred tax liabilities and assets are measured at tax rates that are expected to apply in the period the liability is settled or the asset realised. The measurement of deferred tax liabilities and assets reflects the tax consequences in which the company expects to recover or settle the underlying amount of its assets and liabilities. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
FRASERS HOLDINGS LIMITED (REGISTERED NUMBER: 13319793) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST OR VALUATION |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Included in cost or valuation of land and buildings is freehold land of £ 310,000 (2023 - £ 310,000 ) which is not depreciated. |
Cost or valuation at 31 March 2024 is represented by: |
Freehold |
property |
£ |
Valuation in 2020 | 236,000 |
Cost | 764,000 |
1,000,000 |
FRASERS HOLDINGS LIMITED (REGISTERED NUMBER: 13319793) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
31.3.24 | 31.3.23 |
£ | £ |
Cost | 764,000 | 764,000 |
Aggregate depreciation | 136,495 | 125,987 |
Value of land in freehold land and buildings | 238,694 | 238,694 |
Freehold land and buildings were valued on an open market basis on 3 February 2020 by Haslams, Chartered Surveyors . |
5. | FIXED ASSET INVESTMENTS |
Shares in group undertakings |
The Company's investment in group undertakings at the balance sheet date comprises a 100% holding in the issued ordinary shares of Frasers Office Supplies Limited, registered number 00388377 (England and Wales). |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Taxation and social security |
FRASERS HOLDINGS LIMITED (REGISTERED NUMBER: 13319793) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
Bank loans are secured by a fixed charge over freehold property, and fixed and floating charge over all assets. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.03.24 | 31.03.23 |
value: | £ | £ |
291 | Ordinary A shares | £1 | 291 | 291 |
225 | Ordinary B shares | £1 | 225 | 225 |
26 | Ordinary C shares | £1 | 26 | 26 |
225 | Ordinary D shares | £1 | 225 | 225 |
265 | Ordinary E shares | £1 | 265 | 265 |
1,032 | 1,032 |
Ordinary A and B shares as a class rank equally for participation in the freehold property assets of the Company. Ordinary C, D and E shares as a class rank equally in the trading assets of the Company. |