IRIS Accounts Production v24.3.0.553 08728771 Board of Directors 31.3.24 1.4.23 31.3.24 31.3.24 freight transport by road. true true true false true true false false false false true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh087287712023-03-31087287712024-03-31087287712023-04-012024-03-31087287712022-03-31087287712022-04-012023-03-31087287712023-03-3108728771ns15:EnglandWales2023-04-012024-03-3108728771ns14:PoundSterling2023-04-012024-03-3108728771ns10:Director12023-04-012024-03-3108728771ns10:Consolidated2024-03-3108728771ns10:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3108728771ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3108728771ns10:Consolidatedns10:FRS1022023-04-012024-03-3108728771ns10:Consolidatedns10:Audited2023-04-012024-03-3108728771ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3108728771ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3108728771ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3108728771ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-04-012024-03-3108728771ns10:FullAccounts2023-04-012024-03-3108728771ns5:Subsidiary12023-04-012024-03-310872877112023-04-012024-03-3108728771ns10:OrdinaryShareClass12023-04-012024-03-3108728771ns10:Consolidated2023-04-012024-03-3108728771ns10:Director32023-04-012024-03-3108728771ns10:RegisteredOffice2023-04-012024-03-3108728771ns10:Director22023-04-012024-03-3108728771ns10:Consolidated2022-04-012023-03-3108728771ns5:CurrentFinancialInstruments2024-03-3108728771ns5:CurrentFinancialInstruments2023-03-3108728771ns5:ShareCapital2024-03-3108728771ns5:ShareCapital2023-03-3108728771ns5:RetainedEarningsAccumulatedLosses2024-03-3108728771ns5:RetainedEarningsAccumulatedLosses2023-03-3108728771ns5:ShareCapital2022-03-3108728771ns5:RetainedEarningsAccumulatedLosses2022-03-3108728771ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3108728771ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3108728771ns5:NetGoodwill2023-04-012024-03-3108728771ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3108728771ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-04-012024-03-3108728771ns5:PlantMachinery2023-04-012024-03-3108728771ns5:FurnitureFittings2023-04-012024-03-3108728771ns5:MotorVehicles2023-04-012024-03-3108728771ns5:ComputerEquipment2023-04-012024-03-3108728771ns5:CostValuation2023-03-3108728771ns5:Subsidiary112023-04-012024-03-3108728771ns5:Subsidiary12024-03-3108728771ns5:Subsidiary12023-03-3108728771ns5:Subsidiary12023-03-3108728771ns5:Subsidiary12022-04-012023-03-3108728771ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3108728771ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3108728771ns5:DeferredTaxation2023-04-012024-03-3108728771ns5:DeferredTaxation2024-03-3108728771ns10:OrdinaryShareClass12024-03-3108728771ns5:RetainedEarningsAccumulatedLosses2023-03-31
REGISTERED NUMBER: 08728771 (England and Wales)









Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2024

for

Friars 697 Limited

Friars 697 Limited (Registered number: 08728771)






Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Friars 697 Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr C E Mills
Ms V Swindell





REGISTERED OFFICE: Westminster House
10 Westminster Road
Macclesfield
Cheshire
SK10 1BX





BUSINESS ADDRESS: Unit 2A
Floats Road
Wythenshawe
Manchester
M23 9NJ





REGISTERED NUMBER: 08728771 (England and Wales)





AUDITORS: Harts Limited
Chartered Accountants and Statutory Auditors
Westminster House
10 Westminster Road
Macclesfield
Cheshire
SK10 1BX

Friars 697 Limited (Registered number: 08728771)

Group Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

The principal activity of the group in the year under review was that of freight transport by road.

REVIEW OF BUSINESS
The group is well-established in the industry and has continued to succeed in it's operations of freight transport by road.

Turnover for the year ended 31 March 2024 has decreased by 10.6% however the gross profit margin has increased by 3.9%. This can be explained by the scaling back during the year under review, and the closure of the depot at Birmingham airport. This in turn has allowed the group to focus on developing its services in Manchester and London Heathrow.

The group's key financial and other performance indicators during the year were as follows:


Unit 2024 2023
Turnover £'000 10,240 11,456
Gross Profit % 19.2 17.8
Net Profit % -2.5 -1.9
Receivables days 64 49

PRINCIPAL RISKS AND UNCERTAINTIES
The prevailing economic conditions are marked by uncertainty, as challenges emerge from interest rate increases, inflation, energy price surges, and other various global factors. The directors continue to initiate cost saving measures and reposition resources to minimise the ongoing effects of these.

However, in any event, despite the threats outlined above, the group is in a favourable position with a robust customer base, and the directors are confident that the group can successfully tackle the upcoming challenges.

FUTURE DEVELOPMENTS
Although uncertainties persist, the directors are confident that during the next financial year, the group can continue to exploit opportunities within the marketplace to diversify its service offerings, in order to achieve and surpass trade at pre-pandemic levels and regain an acceptable level of profitability.

ON BEHALF OF THE BOARD:





Mr C E Mills - Director


1 November 2024

Friars 697 Limited (Registered number: 08728771)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

DIVIDENDS
No dividends were distributed for the year ended 31 March 2024.

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

Mr C E Mills
Ms V Swindell

Other changes in directors holding office are as follows:

Mr J Heavyside - resigned 30 September 2023

MATTERS COVERED IN THE STRATEGIC REPORT
As permitted by S414c(11) of Companies Act 2006, the director has elected to disclose information, required to be in the director's report by schedule 7 of the 'Large and Medium-sized Companies, and Groups (Accounts and Reports) Regulation 2008, in the Strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Friars 697 Limited (Registered number: 08728771)

Report of the Directors
for the Year Ended 31 March 2024


AUDITORS
The auditors, Harts Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mr C E Mills - Director


1 November 2024

Report of the Independent Auditors to the Members of
Friars 697 Limited

Opinion
We have audited the financial statements of Friars 697 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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
Friars 697 Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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:

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and employment law. In addition the Company has to comply with laws and regulations relating to its operations and health and safety.

We understood how Friars 697 Limited is complying with those frameworks by making inquiries of management and the head of technical, and confirmation to identify any non-compliance with laws and regulations.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by discussion with directors to understand where its considered there was a susceptibility to fraud. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud.

To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify and unusual or unexpected relationships; investigated the rationale behind significant or unusual transactions; and tested journal entries to identify unusual transactions. Controls have also been considered, that the company has established to address risks identified, or that otherwise prevent, defer and detect fraud. No susceptibilities identified in these controls.

Report of the Independent Auditors to the Members of
Friars 697 Limited


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




David Taylor BFP FCA (Senior Statutory Auditor)
for and on behalf of Harts Limited
Chartered Accountants and Statutory Auditors
Westminster House
10 Westminster Road
Macclesfield
Cheshire
SK10 1BX

1 November 2024

Friars 697 Limited (Registered number: 08728771)

Consolidated Income Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 4 10,240,621 11,456,741

Cost of sales (8,276,732 ) (9,414,148 )
GROSS PROFIT 1,963,889 2,042,593

Administrative expenses (2,543,268 ) (2,675,189 )
(579,379 ) (632,596 )

Other operating income 439,708 464,411
OPERATING LOSS 6 (139,671 ) (168,185 )

Interest receivable and similar income 7,980 -
(131,691 ) (168,185 )

Interest payable and similar expenses 8 (132,301 ) (118,961 )
LOSS BEFORE TAXATION (263,992 ) (287,146 )

Tax on loss 9 30,971 (55,932 )
LOSS FOR THE FINANCIAL YEAR (233,021 ) (343,078 )
Loss attributable to:
Owners of the parent (221,449 ) (326,068 )
Non-controlling interests (11,572 ) (17,010 )
(233,021 ) (343,078 )

Friars 697 Limited (Registered number: 08728771)

Consolidated Other Comprehensive Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

LOSS FOR THE YEAR (233,021 ) (343,078 )


OTHER COMPREHENSIVE LOSS
Purchase of own shares - (70,301 )
Income tax relating to other comprehensive
loss

-

-
OTHER COMPREHENSIVE LOSS FOR THE
YEAR, NET OF INCOME TAX

-

(70,301

)
TOTAL COMPREHENSIVE LOSS FOR THE
YEAR

(233,021

)

(413,379

)

Total comprehensive loss attributable to:
Owners of the parent (221,448 ) (396,369 )
Non-controlling interests (11,573 ) (17,010 )
(233,021 ) (413,379 )

Friars 697 Limited (Registered number: 08728771)

Consolidated Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 11 613,396 742,470
Tangible assets 12 2,539,098 2,538,096
Investments 13 - -
3,152,494 3,280,566

CURRENT ASSETS
Debtors 14 2,547,755 2,542,935
Cash at bank and in hand 149,889 324,746
2,697,644 2,867,681
CREDITORS
Amounts falling due within one year 15 (2,430,220 ) (2,859,791 )
NET CURRENT ASSETS 267,424 7,890
TOTAL ASSETS LESS CURRENT LIABILITIES 3,419,918 3,288,456

CREDITORS
Amounts falling due after more than one
year

16

(1,673,758

)

(1,278,387

)

PROVISIONS FOR LIABILITIES 20 (470,497 ) (501,384 )
NET ASSETS 1,275,663 1,508,685

CAPITAL AND RESERVES
Called up share capital 21 1 1
Retained earnings 22 1,289,463 1,510,912
SHAREHOLDERS' FUNDS 1,289,464 1,510,913

NON-CONTROLLING INTERESTS 23 (13,801 ) (2,228 )
TOTAL EQUITY 1,275,663 1,508,685

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2024 and were signed on its behalf by:





Mr C E Mills - Director


Friars 697 Limited (Registered number: 08728771)

Company Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 84,487 84,487
84,487 84,487

CURRENT ASSETS
Debtors 14 1,525 -
Cash in hand (89 ) (89 )
1,436 (89 )
CREDITORS
Amounts falling due within one year 15 (158,062 ) (154,962 )
NET CURRENT LIABILITIES (156,626 ) (155,051 )
TOTAL ASSETS LESS CURRENT LIABILITIES (72,139 ) (70,564 )

CAPITAL AND RESERVES
Called up share capital 21 1 1
Retained earnings 22 (72,140 ) (70,565 )
SHAREHOLDERS' FUNDS (72,139 ) (70,564 )

Company's loss for the financial year (1,575 ) (3,000 )

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2024 and were signed on its behalf by:





Mr C E Mills - Director


Friars 697 Limited (Registered number: 08728771)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 April 2022 1 1,907,281 1,907,282 14,782 1,922,064

Changes in equity
Total comprehensive loss - (396,369 ) (396,369 ) (17,010 ) (413,379 )
Balance at 31 March 2023 1 1,510,912 1,510,913 (2,228 ) 1,508,685

Changes in equity
Total comprehensive loss - (221,449 ) (221,449 ) (11,573 ) (233,022 )
Balance at 31 March 2024 1 1,289,463 1,289,464 (13,801 ) 1,275,663

Friars 697 Limited (Registered number: 08728771)

Company Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 1 2,736 2,737

Changes in equity
Deficit for the year - (3,000 ) (3,000 )
Other comprehensive income - (70,301 ) (70,301 )
Total comprehensive income - (73,301 ) (73,301 )
Balance at 31 March 2023 1 (70,565 ) (70,564 )

Changes in equity
Deficit for the year - (1,575 ) (1,575 )
Total comprehensive income - (1,575 ) (1,575 )
Balance at 31 March 2024 1 (72,140 ) (72,139 )

Friars 697 Limited (Registered number: 08728771)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,327,850 2,246,320
Interest paid (61,193 ) (37,495 )
Interest element of hire purchase payments
paid

(71,108

)

(81,466

)
Tax paid 231,998 (249,977 )
Net cash from operating activities 1,427,547 1,877,382

Cash flows from investing activities
Purchase of tangible fixed assets (920,624 ) (1,550,282 )
Sale of tangible fixed assets 55,207 58,500
Interest received 7,980 -
Net cash from investing activities (857,437 ) (1,491,782 )

Cash flows from financing activities
Repayment of bank loans (200,000 ) (200,000 )
Payment of finance lease obligations (544,967 ) (83,488 )
Share buyback - (70,300 )
Net cash from financing activities (744,967 ) (353,788 )

(Decrease)/increase in cash and cash equivalents (174,857 ) 31,812
Cash and cash equivalents at beginning of
year

2

324,746

292,934

Cash and cash equivalents at end of year 2 149,889 324,746

Friars 697 Limited (Registered number: 08728771)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

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

31.3.24 31.3.23
£    £   
Loss before taxation (263,992 ) (287,146 )
Depreciation charges 1,015,752 1,024,650
(Profit)/loss on disposal of fixed assets (22,263 ) 20,016
Finance costs 132,301 118,961
Finance income (7,980 ) -
853,818 876,481
(Increase)/decrease in trade and other debtors (236,734 ) 890,313
Increase in trade and other creditors 710,766 479,526
Cash generated from operations 1,327,850 2,246,320

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 149,889 324,746
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 324,746 292,934


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 324,746 (174,857 ) 149,889
324,746 (174,857 ) 149,889
Debt
Finance leases (1,381,579 ) 544,967 (836,612 )
Debts falling due within 1 year (200,000 ) - (200,000 )
Debts falling due after 1 year (433,333 ) 199,999 (233,334 )
(2,014,912 ) 744,966 (1,269,946 )
Total (1,690,166 ) 570,109 (1,120,057 )

Friars 697 Limited (Registered number: 08728771)

Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Friars 697 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The financial statements consolidate the financial statements of Friars 697 Limited and all of its subsidiary undertakings. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Turnover
Turnover comprises of revenue recognised by the company in respect of services supplied, exclusive of VAT and trade discounts. Turnover is recognised when the company has the right to consideration which occurs on successful completion of deliveries/collections.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 20% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Friars 697 Limited (Registered number: 08728771)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Friars 697 Limited (Registered number: 08728771)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the group’s contractual obligations expire or are discharged or cancelled.

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

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

4. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

31.3.24 31.3.23
£    £   
Rendering of services 10,240,621 11,456,741
10,240,621 11,456,741

Friars 697 Limited (Registered number: 08728771)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

4. TURNOVER - continued

An analysis of turnover by geographical market is given below:

31.3.24 31.3.23
£    £   
United Kingdom 10,240,621 11,456,741
10,240,621 11,456,741

5. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 4,272,213 4,851,894
Social security costs 419,330 502,486
Other pension costs 88,200 95,452
4,779,743 5,449,832

The average number of employees during the year was as follows:
31.3.24 31.3.23

Directors 3 3
Drivers 94 78
Warehouse 49 39
Operations 27 23
Finance 1 1
174 144

The average number of employees by undertakings that were proportionately consolidated during the year was 174 (2023 - 144 ) .

31.3.24 31.3.23
£    £   
Directors' remuneration 233,692 253,109
Directors' pension contributions to money purchase schemes 2,642 2,658

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

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
31.3.24 31.3.23
£    £   
Emoluments etc 88,692 88,692

Friars 697 Limited (Registered number: 08728771)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

6. OPERATING LOSS

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

31.3.24 31.3.23
£    £   
Depreciation - owned assets 224,417 297,502
Depreciation - assets on hire purchase contracts 662,261 598,074
(Profit)/loss on disposal of fixed assets (22,263 ) 20,016
Goodwill amortisation 129,074 129,075

7. AUDITORS' REMUNERATION
31.3.24 31.3.23
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

11,100

9,000

The above auditors' remuneration includes consolidated audit fee of £3,250 (2022: £3,000).

8. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Mortgage (11 ) -
Loan 61,204 37,495
Hire purchase interest 71,108 81,466
132,301 118,961

9. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
(Over) Under provision in prior year (84 ) (231,998 )

Deferred tax:
Deferred tax (30,137 ) 287,930
Previously unrecognised deferr
ed tax (750 ) -
Total deferred tax (30,887 ) 287,930
Tax on loss (30,971 ) 55,932

Friars 697 Limited (Registered number: 08728771)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

9. TAXATION - continued

Reconciliation of total tax (credit)/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:

31.3.24 31.3.23
£    £   
Loss before tax (263,992 ) (287,146 )
Loss multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 0 %)

(65,998

)

-

Effects of:
Expenses not deductible for tax purposes 35,861 -
Adjustments to tax charge in respect of previous periods (84 ) (231,998 )
Deferred tax - 287,930
forward
Previously unrecognised deferred tax (750 ) -
Total tax (credit)/charge (30,971 ) 55,932

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 March 2024.

31.3.23
Gross Tax Net
£    £    £   
Purchase of own shares (70,301 ) - (70,301 )

10. INDIVIDUAL INCOME STATEMENT

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


11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 1,290,743
AMORTISATION
At 1 April 2023 548,273
Amortisation for year 129,074
At 31 March 2024 677,347
NET BOOK VALUE
At 31 March 2024 613,396
At 31 March 2023 742,470

Friars 697 Limited (Registered number: 08728771)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 609,050 843,712 153,659
Additions - - 46,374
Disposals - - -
At 31 March 2024 609,050 843,712 200,033
DEPRECIATION
At 1 April 2023 514,909 560,030 76,315
Charge for year 32,931 113,041 30,532
Eliminated on disposal - - -
At 31 March 2024 547,840 673,071 106,847
NET BOOK VALUE
At 31 March 2024 61,210 170,641 93,186
At 31 March 2023 94,141 283,682 77,344

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 3,966,746 158,823 5,731,990
Additions 847,266 26,984 920,624
Disposals (240,508 ) - (240,508 )
At 31 March 2024 4,573,504 185,807 6,412,106
DEPRECIATION
At 1 April 2023 1,911,794 130,846 3,193,894
Charge for year 693,324 16,850 886,678
Eliminated on disposal (207,564 ) - (207,564 )
At 31 March 2024 2,397,554 147,696 3,873,008
NET BOOK VALUE
At 31 March 2024 2,175,950 38,111 2,539,098
At 31 March 2023 2,054,952 27,977 2,538,096

Friars 697 Limited (Registered number: 08728771)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

12. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 382,282 2,634,005 3,016,287
Additions - 822,603 822,603
Disposals - (81,750 ) (81,750 )
At 31 March 2024 382,282 3,374,858 3,757,140
DEPRECIATION
At 1 April 2023 198,872 1,545,484 1,744,356
Charge for year 76,456 585,805 662,261
Eliminated on disposal - (76,300 ) (76,300 )
At 31 March 2024 275,328 2,054,989 2,330,317
NET BOOK VALUE
At 31 March 2024 106,954 1,319,869 1,426,823
At 31 March 2023 183,410 1,088,521 1,271,931

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 84,487
NET BOOK VALUE
At 31 March 2024 84,487
At 31 March 2023 84,487

Friars 697 Limited (Registered number: 08728771)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

13. FIXED ASSET INVESTMENTS - continued

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

Subsidiary

Trilogy Freight Limited
Registered office: Westminster House, 10 Westminster Road, Macclesfield, Cheshire, SK10 1BX
Nature of business: Freight Forwarder
%
Class of shares: holding
Ordinary 95.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 1,432,289 1,663,735
Loss for the year (231,446 ) (340,078 )

The issued, subscribed and paid up share capital of Trilogy Freight Limited was £100, consisting of 100 ordinary shares at the nominal value of £1.00 each. The parent company, Friars 697 Limited, owned 95 ordinary shares (95% shareholding) as at 31 March 2024.


14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Trade debtors 1,780,932 1,537,186 - -
Other debtors - 2,500 - -
Taxation 84 231,998 - -
Deferred tax asset - - 1,525 -
Prepayments 766,739 771,251 - -
2,547,755 2,542,935 1,525 -

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Bank loans and overdrafts (see note 17) 200,000 200,000 - -
Hire purchase contracts (see note 18) 467,193 536,525 - -
Trade creditors 922,573 773,294 - -
Amounts owed to group undertakings - - 154,812 151,962
Social security and other taxes 107,237 108,869 - -
VAT 62,412 142,331 - -
Other creditors 627,494 1,058,479 - -
Accrued expenses 43,311 40,293 3,250 3,000
2,430,220 2,859,791 158,062 154,962

Friars 697 Limited (Registered number: 08728771)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

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

Group
31.3.24 31.3.23
£    £   
Bank loans (see note 17) 233,334 433,333
Hire purchase contracts (see note 18) 369,419 845,054
Other creditors 1,071,005 -
1,673,758 1,278,387

17. LOANS

An analysis of the maturity of loans is given below:

Group
31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 200,000 200,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 233,334 200,000
Amounts falling due between two and five years:
Bank loans - 2-5 years - 233,333

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 467,193 536,525
Between one and five years 369,419 845,054
836,612 1,381,579

Group
Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 706,505 722,423
Between one and five years 1,850,570 2,247,959
In more than five years 241,316 579,624
2,798,391 3,550,006

Friars 697 Limited (Registered number: 08728771)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

18. LEASING AGREEMENTS - continued

Operating lease payments recognised as an expense during the year accumulated to £1,028,361 (2023: £1,293,924).

The hire purchase creditor represents vehicles, plant and machinery acquired under finance lease arrangements. Interest is payable as part of the monthly repayments at various rates between 2% and 4%. The Company also has the option to acquire these assets at the end of the respective lease terms and intends to exercise the option.

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.3.24 31.3.23
£    £   
Hire purchase contracts 836,612 1,381,579

Hire purchase creditors are secured on the assets to which they relate.

20. PROVISIONS FOR LIABILITIES

Group
31.3.24 31.3.23
£    £   
Deferred tax 470,497 501,384

Group
Deferred
tax
£   
Balance at 1 April 2023 501,384
Credit to Income Statement during year (30,887 )
Balance at 31 March 2024 470,497

Company
Deferred
tax
£   
Credit to Income Statement during year (1,525 )
Balance at 31 March 2024 (1,525 )

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
155 Ordinary £0.005263158 1 1

There are no restrictions on the issued shares.

Last year 2023, the company purchased back its seven shares at a premium of £70,301.

Friars 697 Limited (Registered number: 08728771)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

22. RESERVES

Group
Retained
earnings
£   

At 1 April 2023 1,510,912
Deficit for the year (221,449 )
At 31 March 2024 1,289,463

Company
Retained
earnings
£   

At 1 April 2023 (70,565 )
Deficit for the year (1,575 )
At 31 March 2024 (72,140 )


23. NON-CONTROLLING INTERESTS

Friars 697 Limited owns 95% of the subsidiary, Trilogy Freight Limited at 31 March 2024. The group recognised a decrease in non-controlling interests of £11,572 (2023: £17,010).

24. OTHER FINANCIAL COMMITMENTS

To fulfil the requirements of operating an external temporary storage facility (ETSF) with HMRC, the group has entered into a guarantee arrangement with Barclays Bank PLC, whereby, the group is a guarantee holder and Barclays is the guarantor. The total potential debt amount is £19,500, out of which, guarantor amount required is £9,750. The guarantee has been secured by a charge on all the group's assets and is payable on demand.

25. CONTROLLING PARTY

The controlling party is Mr. Craig Edwin Mills, who owns more than 95% shareholding in Friars 697 Limited.