REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 29 February 2024 |
for |
Fryett's Fabrics Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 29 February 2024 |
for |
Fryett's Fabrics Limited |
Fryett's Fabrics Limited (Registered number: 05672966) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Notes to the Financial Statements | 14 |
Fryett's Fabrics Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
116 Duke Street |
Liverpool |
Merseyside |
L1 5JW |
Fryett's Fabrics Limited (Registered number: 05672966) |
Strategic Report |
for the Year Ended 29 February 2024 |
The directors present their strategic report for the year ended 29 February 2024. |
The company is a wholly owned subsidiary of Fryetts Holdings Limited. Fryetts Holdings acquired the entire share capital of the company on 27th November 2009 as part of a group reorganisation. |
The company's business consists of the wholesale of fabrics and curtains. |
These accounts cover Fryetts Fabrics Limited as a individual entity. The groups consolidated accounts are prepared by the groups parent PBM Management Limited. |
REVIEW OF BUSINESS |
We have continued to perform well during the year. Following the increase in turnover post-COVID due to pent-up demand, sales have now settled above pre-COVID levels, despite the recent economic uncertainty. Overall, turnover decreased by 9% in the year. Sales to customers in the leisure sector were hit the hardest by the challenging market conditions, which resulted in a 36% decrease in turnover. |
The margin on sales to our larger customers has reduced due to a range of cost pressures, with notable increases in raw material and transport costs. However, we have managed to further increase our market share of cut length products, where the margin is stronger. As a result, the gross profit margin has improved by 2%. |
Despite the higher gross margin, retained profits after tax reduced by 15%. This was due to the decline in turnover alongside foreign currency losses in the year and a higher corporation tax rate. |
The company's reserves at the year-end reduced by almost £550k, after paying out dividends of £3m. The reserves, together with the cash balances, are sufficient to manage foreign currency fluctuations, cost increases and any decline in the sector. |
The number of employees has remained consistent at 45. |
FUTURE DEVELOPMENTS |
In the next financial year, the group are upgrading their IT systems. This will modernise the group's infrastructure, improve access to information and provide a better foundation to target growth. |
Fryett's Fabrics Limited (Registered number: 05672966) |
Strategic Report |
for the Year Ended 29 February 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company is exposed to fluctuations in demand that could arise due to changes in the economic climate. We manage this by ensuring that we have sufficient reserves to fund any period of decline. |
The continued uncertainty surrounding Brexit is a risk to the business, although our exposure to imports and exports from the EU is minimal. |
The company is exposed to foreign exchange risk as some products are purchased in US Dollars and sold in Sterling. We manage this risk by holding funds in US Dollars and Euros and by forward buying currency. |
The company is not exposed to interest rate risk as we have no external financing. |
The company also faces uncertainties due to changes in fashion and demographic trends which can result in stock obsolescence. To help reduce this uncertainty we actively research market trends to assist our design development and purchasing decisions. |
ON BEHALF OF THE BOARD: |
Fryett's Fabrics Limited (Registered number: 05672966) |
Report of the Directors |
for the Year Ended 29 February 2024 |
The directors present their report with the financial statements of the company for the year ended 29 February 2024. |
DIVIDENDS |
An interim dividend of £ |
The total distribution of dividends for the year ended 29 February 2024 will be £ |
FUTURE DEVELOPMENTS |
Details of future developments are included within the Review of Business in the Strategic Report. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report. |
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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Fryett's Fabrics Limited (Registered number: 05672966) |
Report of the Directors |
for the Year Ended 29 February 2024 |
AUDITORS |
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Fryett's Fabrics Limited |
Opinion |
We have audited the financial statements of Fryett's Fabrics Limited (the 'company') for the year ended 29 February 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 29 February 2024 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 |
Fryett's Fabrics 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 four, 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. |
Report of the Independent Auditors to the Members of |
Fryett's Fabrics 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: |
Identifying and Assessing Potential Risks Related to Irregularities |
Enquiring of management, including obtaining and reviewing supporting documentation concerning the company's policies and procedures relating to: |
Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance |
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud |
the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations |
discussing among the engagement team including relevant internal specialists, including tax, valuations, pensions and IT regarding how and where fraud might occur in the financial statements and any potential indicators of fraud |
obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the Companies Act 2006, Pension legislation, Tax legislation, and Health and Safety requirements. |
Audit Response to Risks Identified |
In addition to the above, our procedures to respond to risks identified included the following: |
reviewing the Financial Statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above; |
enquiring of management concerning actual and potential litigation and claims; |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and |
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
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 |
Fryett's Fabrics 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. |
for and on behalf of |
116 Duke Street |
Liverpool |
Merseyside |
L1 5JW |
Fryett's Fabrics Limited (Registered number: 05672966) |
Income Statement |
for the Year Ended 29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
2,855,449 | 3,711,342 |
Other operating income |
OPERATING PROFIT | 5 |
Income from fixed asset investments |
Interest receivable and similar income |
374,137 | 46,991 |
3,239,393 | 3,817,266 |
Gain/loss on revaluation of investments | 19,495 | 9,440 |
3,258,888 | 3,826,706 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
Fryett's Fabrics Limited (Registered number: 05672966) |
Other Comprehensive Income |
for the Year Ended 29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Fryett's Fabrics Limited (Registered number: 05672966) |
Balance Sheet |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Investments | 13 |
Cash at bank and in hand | 14 |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Share premium | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Fryett's Fabrics Limited (Registered number: 05672966) |
Statement of Changes in Equity |
for the Year Ended 29 February 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 March 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 28 February 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 29 February 2024 |
Fryett's Fabrics Limited (Registered number: 05672966) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Fryetts Fabrics Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 05672966 and the registered office is Marshall House, Rake Lane, Clifton, Manchester M27 8LJ. |
The presentation and functional currency of the financial statements is the Pound Sterling (£). |
The principal activity of the company is that of the wholesale of fabrics and curtains. |
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 other than current asset investments which are held at fair value. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on experience and other factors considered to be relevant. Actual results may differ from these estimates. |
The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: |
Impairment of slow moving and obsolete stock |
As stated in the accounting policy stock is valued at the lower of cost and net realisable value with an allowance for slow moving and obsolete stock. This allowance is reviewed annually by the directors and is based on historical sales, future orders and age of the stock. The allowance this year was £397,162. |
Estimated useful lives and residual values of fixed assets |
As described in the accounting policies, depreciation and ammortisation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised if necessary. The net book value of tangible fixed assets as at 28 February 2024 was £215,878 after a depreciation charge of £70,878. |
Allowance for doubtful debts |
The company assesses its doubtful debt allowance at each reporting date. Key assumptions applied are the estimated debt recovery rates and the future market conditions that could affect recovery. Bad debts of £2,308 have been provided for in the year. |
Fryett's Fabrics Limited (Registered number: 05672966) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Income recognition |
Turnover represents net invoiced sales from the supply of furnishing fabrics and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Income is recognised when goods are despatched. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Property improvements - 2% on cost |
Plant and machinery - 15% on cost |
Motor vehicles - 25% on cost |
Computer equipment - 33% on cost |
Tangible fixed assets are held at cost less any provisions for impairment where applicable. |
Investments in associates |
Investments in associate undertakings are recognised at cost less any provision for impairment. |
Stocks |
Inventories are stated at the lower of cost and estimated selling price less costs to sell. Inventories are recognised as an expense in the period in which the related revenue is recognised. Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition. At the end of each reporting period inventories are assessed for impairment. If an item of inventory is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account. |
Financial instruments |
Trade debtors are recognised initially at fair value and subsequently measured at amortised cost less provision for impairment. A provision for impairment in trade debtors is established when there is evidence that the company will not be able to collect all amounts due. |
Trade creditors represent outstanding invoices due to suppliers for purchases made, trade creditors are paid within the terms given by the supplier. |
Loans made to group undertakings are unsecured, interest free and repayable on demand. |
Directors loans, being repayable on demand, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Other loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Fryett's Fabrics Limited (Registered number: 05672966) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result, Exchange differences arise from trading in US Dollars and Euros. |
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. |
Current asset investments |
All current asset investments are stated at fair value, which is market value. Any changes in value of investments is written to the profit and loss account in the year it is incurred. |
Cash and cash equivalents |
Cash at bank and in hand is represented by amounts deposited at the company bank accounts, cash is available immediately on request. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
29.2.24 | 28.2.23 |
£ | £ |
United Kingdom |
Europe |
Other | 374,357 | 567,060 |
4. | EMPLOYEES AND DIRECTORS |
29.2.24 | 28.2.23 |
£ | £ |
Wages and salaries |
Other pension costs |
Fryett's Fabrics Limited (Registered number: 05672966) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
29.2.24 | 28.2.23 |
Production | 30 | 28 |
Administration | 8 | 10 |
Sales | 7 | 7 |
The company operates a defined contribution pension scheme that all employees in that company are entitled to join. The cost for the year amounted to £141,147 (2023 - £138,373). Included in other creditors is £11,381 (2023 - £11,324) relating to pension contributions unpaid at the year end. |
All key management roles are held by directors. |
29.2.24 | 28.2.23 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
29.2.24 | 28.2.23 |
£ | £ |
Emoluments etc |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
29.2.24 | 28.2.23 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Taxation advisory services |
Other non- audit services |
Foreign currency (gains)/losses | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
29.2.24 | 28.2.23 |
£ | £ |
Other interest paid |
Fryett's Fabrics Limited (Registered number: 05672966) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
29.2.24 | 28.2.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
29.2.24 | 28.2.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Deferred Tax movement | 7,736 | (15,826 | ) |
Total tax charge | 795,188 | 657,195 |
8. | DIVIDENDS |
29.2.24 | 28.2.23 |
£ | £ |
Interim |
Fryett's Fabrics Limited (Registered number: 05672966) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
9. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
10. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
PROVISIONS |
At 1 March 2023 |
and 29 February 2024 | 47,134 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
11. | STOCKS |
29.2.24 | 28.2.23 |
£ | £ |
Stocks |
Stock represents bulk and cut length fabric held for resale. |
Fryett's Fabrics Limited (Registered number: 05672966) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 1,261,018 | 4,752,518 |
Other debtors |
Directors' current accounts | 2,625 | - |
Prepayments |
13. | CURRENT ASSET INVESTMENTS |
29.2.24 | 28.2.23 |
£ | £ |
Listed investments | 316,975 | 280,769 |
Market value of listed investments at 29 February 2024 - £ 316,975 (2023 - £ 280,769 ). |
14. | CASH AT BANK AND IN HAND |
The company has the following banking facilities:- |
Company Barclaycard facility of £37,500 |
Letters of Credit facility of £150,000 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 536,348 | 386,715 |
Accrued expenses |
16. | PROVISIONS FOR LIABILITIES |
29.2.24 | 28.2.23 |
£ | £ |
Deferred tax | 9,316 | 1,580 |
Deferred |
tax |
£ |
Balance at 1 March 2023 |
Provided during year |
Balance at 29 February 2024 |
Fryett's Fabrics Limited (Registered number: 05672966) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.24 | 28.2.23 |
value: | £ | £ |
Ordinary | 0.01 | 4,300 | 4,300 |
All shares issued are non-redeemable and rank equally in terms of:- |
(a) voting rights - one vote for each share |
(b) rights to participate in all dividend distributions for that class of share; and |
(c) rights to participate in any capital distribution on winding up |
18. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 March 2023 | 15,573,434 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 29 February 2024 | 15,024,818 |
19. | IMMEDIATE AND ULTIMATE PARENT COMPANIES |
The company's immediate parent undertaking is Fryetts Holdings Limited, a company registered in England and Wales, the registered office is Marshall House, Rake Lane, Clifton, Manchester M27 8LJ. |
The company's ultimate parent undertaking is PBM Management Limited, a company registered in England and Wales, the registered office is 116 Duke Street, Liverpool L1 5JW. |
PBM Management Limited prepare consolidated financial statements which are available from Companies House, Crown Way, Cardiff, CF14 3UZ. |
20. | RELATED PARTY DISCLOSURES |
29.2.24 | 28.2.23 |
£ | £ |
Sales commissions paid | ( |
) | ( |
) |
Management fees paid | ( |
) | ( |
) |
Amount due from related party |
Amount due to related party | ( |
) |
21. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party of the company is Mr P. Marshall, who is a director, by virtue of his shareholding in PBM Management Limited. |