REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 29 February 2024 |
for |
Fryett's Holdings Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 29 February 2024 |
for |
Fryett's Holdings Limited |
Fryett's Holdings Limited (Registered number: 07059138) |
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 Holdings 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 Holdings Limited (Registered number: 07059138) |
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 an intermediate parent within the PBM Group. Its is the 100% parent of Fryetts Fabrics Ltd and Fryetts Investment Limited, with the group parent being PBM Management Ltd. |
The company's business consists of the granting of credit, in the form of loans, to businesses, rental of investment property and investment in share portfolios. |
These accounts cover Fryetts Holdings 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, despite the recent economic uncertainty and tough market conditions. |
Overall, turnover has increased by 73%, which is largely due to the increased interest received on cash reserves. |
This has led to a 77% increase in operating profit, as administrative expenses remained stable. Net profit before tax decreased but this is due to last years figures including a large property revaluation gain. Despite this, the tax charge for the year increased, due to a combination of higher taxable profits and an increased corporation tax rate. |
A £3m dividend was received from our subsidiary in the year (2023 - £3m). |
The company's reserves at the year-end increased by £3.5 million to just over £39m, mainly due to the increase in the value of investments. |
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 foundation to target growth. |
Fryett's Holdings Limited (Registered number: 07059138) |
Strategic Report |
for the Year Ended 29 February 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
As this is a holding company most of the risks and uncertainties are faced by the subsidiary but will flow through due to subsidiary revaluations. |
The group 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 group 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 group is not exposed to interest rate risk as we have no external financing. |
The group 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 Holdings Limited (Registered number: 07059138) |
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 |
Interim dividends per share were paid during the year as follows: |
'C' Ordinary 1p | - | £6.8445 | - 28 February 2024 |
'D' Ordinary 1p | - | £6.8058 | - 28 February 2024 |
The total distribution of dividends for the year ended 29 February 2024 will be £ |
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 Holdings Limited (Registered number: 07059138) |
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 Holdings Limited |
Opinion |
We have audited the financial statements of Fryett's Holdings 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 Holdings 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 Holdings 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 Holdings 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 Holdings Limited (Registered number: 07059138) |
Income Statement |
for the Year Ended 29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING PROFIT | 4 |
Income from shares in group undertakings |
Other current asset investment |
3,040,377 | 3,053,812 |
3,902,506 | 3,541,544 |
Gain/loss on revaluation of assets | 101,563 | 1,091,238 |
PROFIT BEFORE TAXATION |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
Fryett's Holdings Limited (Registered number: 07059138) |
Other Comprehensive Income |
for the Year Ended 29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Investment in subsidiaries revaluation | ( |
) |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Fryett's Holdings Limited (Registered number: 07059138) |
Balance Sheet |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 7 |
Investment property | 8 |
CURRENT ASSETS |
Debtors | 9 |
Investments | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 12 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Share premium | 14 |
Revaluation reserve | 14 |
Fair value reserve | 14 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Fryett's Holdings Limited (Registered number: 07059138) |
Statement of Changes in Equity |
for the Year Ended 29 February 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
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 |
Fair |
Revaluation | value | Total |
reserve | reserve | 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 Holdings Limited (Registered number: 07059138) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Fryett's Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07059138 and the registered office is Marshall House, Rake Lane, Clifton, Manchester M27 8LJ. |
The presentational and functional currency of the financial statements is the Pound Sterling (£). |
The principal activity of the company is the granting of credit, in the form of loans, to businesses and rental of investment property. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There 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. |
Preparation of consolidated financial statements |
The financial statements contain information about Fryett's 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 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, PBM Management Limited, . |
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: |
Valuation of fixed asset investments |
As stated in the accounting policy the investments in the company's balance sheet have been revalued. The year end valuation at 29 February 2024 is based on the net asset basis for investment companies and the earning basis for trading companies. The total revaluation in the year is £2,740,701. |
Fryett's Holdings Limited (Registered number: 07059138) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is derived from ordinary activities and represents interest due on loans received, along with any fees and charges and income from investment properties. It is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales axes. Interest income is recognised on an accruals basis to the extent that such amounts will be collected and rental income is recognised as the rents become due. |
Investment property |
Investment property is shown at most recent valuation. The value is reviewed annually by the director. Any aggregate surplus or deficit arising from changes in value are recognised in profit or loss. |
No depreciation is provided for in respect of investment properties in accordance with UKGAAP. Such properties are held for their investment potential and not for consumption within the business. This is a departure from the Companies Act 2006 which requires all properties to be depreciated, the directors consider that to depreciate them would not enable the financial statements to give a true and fair view. |
Financial instruments |
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. |
Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
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. |
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. |
Fryett's Holdings Limited (Registered number: 07059138) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Loans and advances |
Loans and advances are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise when the company provides money directly to a customer with no intention of trading the receivable. Loans and receivables are measured at amortised cost using the straight line method. |
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. |
Fixed asset investments |
The directors revalue the company's investments in its subsidiaries and associates each year. The net asset basis is the method used for the valuation of investment companies and the earnings basis for trading companies. Any aggregate surplus or deficit from changes in value are transferred to a revaluation reserve. All of the company's subsidiary investments are owned 100%. |
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. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 29 February 2024 nor for the year ended 28 February 2023. |
The average number of employees during the year was NIL (2023 - NIL). |
29.2.24 | 28.2.23 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
29.2.24 | 28.2.23 |
£ | £ |
Loss on disposal of fixed assets |
Auditors' remuneration |
5. | 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 |
Fryett's Holdings Limited (Registered number: 07059138) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | TAXATION - continued |
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: |
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 | ( |
) | ( |
) |
Chargeable gains and losses | - | 728 |
Deferred Tax | 20,313 | - |
Total tax charge | 232,239 | 93,502 |
Tax effects relating to effects of other comprehensive income |
29.2.24 |
Gross | Tax | Net |
£ | £ | £ |
Investment in subsidiaries revaluation | - | 2,740,701 |
28.2.23 |
Gross | Tax | Net |
£ | £ | £ |
Investment in subsidiaries revaluation | ( |
) | - | (3,139,449 | ) |
6. | DIVIDENDS |
29.2.24 | 28.2.23 |
£ | £ |
'C' Ordinary shares of 1p each |
Interim |
'D' Ordinary shares of 1p each |
Interim | 1,050,000 | 1,050,000 |
Fryett's Holdings Limited (Registered number: 07059138) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 1 March 2023 |
Revaluations |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Cost or valuation at 29 February 2024 is represented by: |
Interest |
Shares in | in other |
group | participating |
undertakings | interests | Totals |
£ | £ | £ |
Valuation in 2016 | 14,775,583 | (1 | ) | 14,775,582 |
Valuation in 2017 | (2,503,776 | ) | - | (2,503,776 | ) |
Valuation in 2018 | 154,490 | - | 154,490 |
Valuation in 2019 | (1,952,804 | ) | - | (1,952,804 | ) |
Valuation in 2020 | (6,062,000 | ) | - | (6,062,000 | ) |
Valuation in 2021 | 360,270 | - | 360,270 |
Valuation in 2022 | 9,433,855 | - | 9,433,855 |
Valuation in 2023 | (3,139,448 | ) | - | (3,139,448 | ) |
Valuation in 2024 | 2,740,701 | - | 2,740,701 |
Cost | 12,645,347 | 1 | 12,645,348 |
26,452,218 | - | 26,452,218 |
At the year end the fixed asset investments have been valued by the directors using the net assets basis for investment companies and the earnings method for trading companies. |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Marshall House, Rake Lane, Clifton, Manchester M27 8LJ |
Nature of business: |
% |
Class of shares: | holding |
29.2.24 | 28.2.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Fryett's Holdings Limited (Registered number: 07059138) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
7. | FIXED ASSET INVESTMENTS - continued |
Registered office: Marshall House, Rake Lane, Clifton, Manchester M27 8LJ |
Nature of business: |
% |
Class of shares: | holding |
29.2.24 | 28.2.23 |
£ | £ |
Aggregate capital and reserves |
8. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Investment properties were valued in February 2023 by Roger Hannah Ltd, the directors therefore revalued to open market value per the valuation.The valuation is based on the rental value. |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2023 | 1,200,000 |
Cost | 1,800,000 |
3,000,000 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Other debtors |
10. | CURRENT ASSET INVESTMENTS |
29.2.24 | 28.2.23 |
£ | £ |
Listed investments | 2,157,427 | 2,062,320 |
Market value of listed investments at 29 February 2024 - £ 2,157,427 (2023 - £ 2,062,320 ). |
Fryett's Holdings Limited (Registered number: 07059138) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Amounts owed to participating interests | 3,211,118 | 6,702,618 |
Tax |
Other creditors |
12. | PROVISIONS FOR LIABILITIES |
29.2.24 | 28.2.23 |
£ | £ |
Deferred tax | 20,313 | - |
Deferred |
tax |
£ |
Provided during year |
Balance at 29 February 2024 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.24 | 28.2.23 |
value: | £ | £ |
'A' Ordinary | £1 | 284,900 | 284,900 |
'B' Ordinary | £1 | 155,900 | 155,900 |
'C' Ordinary | 1p | 2,849 | 2,849 |
155,900 | 'D' Ordinary | 1p | 1,559 | 1,559 |
445,208 | 445,208 |
The different classes of shares constitute different classes of shares and confer upon the holders the following rights:- |
'A' and 'B' shares hold one right to vote and a right to participate in all capital pro rata to the number of shares held. |
'C' and 'D' shares have one right to vote and a right to participate in capital to par value only. |
Fryett's Holdings Limited (Registered number: 07059138) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
14. | RESERVES |
Fair |
Retained | Share | Revaluation | value |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 March 2023 | 35,130,918 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Revaluation reserve | - | - | 2,740,701 | - | 2,740,701 |
At 29 February 2024 | 38,643,449 |
15. | ULTIMATE PARENT COMPANY |
The ultimate parent company is PBM Management Limited,a company registered in England and Wales. |
PBM Management Limited prepare consolidated financial statements which are available from Companies House, Crown Way, Cardiff, CF14 3UZ. |
16. | RELATED PARTY DISCLOSURES |
Included within other debtors is a loan of £174,654 (2023 - £170,852) to Mr H Marshall, a close family member. Interest was charged on this loan at the normal commercial rate. |
17. | 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. |