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GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

FDBC HOLDINGS LIMITED

FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 June 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 6

Consolidated Statement of 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


FDBC HOLDINGS LIMITED

COMPANY INFORMATION
for the year ended 30 June 2024







DIRECTORS: C Hodgson
A J Burnett
J D Porter





REGISTERED OFFICE: Shacklock House
Brierley Industrial Park
Brierley Park Close
Sutton-in-Ashfield
Nottinghamshire
NG17 3FW





REGISTERED NUMBER: 12650993 (England and Wales)





AUDITORS: Hewitt Card Limited
Statutory Auditors
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN

FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)

GROUP STRATEGIC REPORT
for the year ended 30 June 2024

The directors present their strategic report of the company and the group for the year ended 30 June 2024.

Our objectives are to provide a reliable, competitive and quality plumbing and electrical service to the construction industry. We have become one of the largest suppliers of this service in the East Midlands due to specialist knowledge and expertise built up over 50 years. We continually aim to improve and develop our skills, services and compliance to satisfy our customer's needs.

REVIEW OF BUSINESS
The directors are pleased with the overall performance of the business for the year, seeing a substantial increase in turnover whilst maintain the group's gross profit margin.

The focus to improve the current position has proved particularly relevant given the situation with supply chain issues. The group has managed funds and resources prudently throughout and has taken advantage of opportunities as they have arisen.

The group has seen a significant increase in net assets, and thus shareholders' funds which the directors' are confident that can be maintained and improved upon in coming years.

The directors are confident that trading levels will be maintained at a similar level with the same importance placed on continuing to ensure profitability is kept at a high level. The group is continuing to identify and tender for opportunities in the sector.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have assessed the risks facing the group and we recognize, in particular, the threat from competition, labour shortages, material inflation and the wider political and economic conditions. The board are focused on mitigating these risks and is continually monitoring and adjusting to maintain and strengthen its position.

ON BEHALF OF THE BOARD:





C Hodgson - Director


8 November 2024

FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)

REPORT OF THE DIRECTORS
for the year ended 30 June 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of plumbing, heating and electrical engineers.

DIVIDENDS
Interim dividends per A Ordinary share were paid as follows:
£3.1675 - 31 July 2023
£3.3498 - 31 August 2023
£3.3498 - 30 September 2023
£3.5831 - 31 October 2023
£3.3498 - 30 November 2023
£3.3498 - 31 December 2023
£3.3498 - 31 January 2024
£3.3498 - 28 February 2024
£3.3498 - 31 March 2024
£7.5835 - 30 April 2024
£63.5418 - 31 May 2024
£3.5418 - 30 June 2024
£104.8659

Interim dividends per B Ordinary share were paid as follows:
£3.0146 - 31 July 2023
£3.2122 - 31 August 2023
£3.2122 - 30 September 2023
£3.2122 - 31 October 2023
£3.2122 - 30 November 2023
£3.2122 - 31 December 2023
£3.2122 - 31 January 2024
£3.2122 - 28 February 2024
£3.2122 - 31 March 2024
£7.2209 - 30 April 2024
£63.3675 - 31 May 2024
£3.3675 - 30 June 2024
£102.6684

Interim dividends per C Ordinary share were paid as follows:
£3.4564 - 31 July 2023
£3.6540 - 31 August 2023
£3.6540 - 30 September 2023
£3.6540 - 31 October 2023
£3.6540 - 30 November 2023
£3.6540 - 31 December 2023
£3.6540 - 31 January 2024
£3.6540 - 28 February 2024
£3.6540 - 31 March 2024
£8.4209 - 30 April 2024
£63.8534 - 31 May 2024
£3.8534 - 30 June 2024
£108.8163

Interim dividends per D Ordinary share were paid as follows:
£4.6380 - 31 July 2023
£4.9151 - 31 August 2023
£4.9151 - 30 September 2023
£4.9151 - 31 October 2023

FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)

REPORT OF THE DIRECTORS
for the year ended 30 June 2024

£4.9151 - 30 November 2023
£4.9151 - 31 December 2023
£4.9151 - 31 January 2024
£4.9151 - 28 February 2024
£4.9151 - 31 March 2024
£10.9475 - 30 April 2024
£65.4737 - 31 May 2024
£5.4737 - 30 June 2024
£125.8534

Interim dividends per E Ordinary share were paid as follows:
£4.6939 - 31 July 2023
£5.0173 - 31 August 2023
£5.0173 - 30 September 2023
£5.0173 - 31 October 2023
£5.0173 - 30 November 2023
£5.0173 - 31 December 2023
£5.0173 - 31 January 2024
£5.0173 - 28 February 2024
£5.0173 - 31 March 2024
£10.3118 - 30 April 2024
£65.1559 - 31 May 2024
£5.1559 - 30 June 2024
£125.4559

Interim dividends per F Ordinary share were paid as follows:
£4.4800 - 31 July 2023
£4.7341 - 31 August 2023
£4.7341 - 30 September 2023
£4.7341 - 31 October 2023
£4.7341 - 30 November 2023
£4.7341 - 31 December 2023
£4.7341 - 31 January 2024
£4.7341 - 28 February 2024
£4.7341 - 31 March 2024
£11.8640 - 30 April 2024
£65.9320 - 31 May 2024
£5.9320 - 30 June 2024
£126.0808


The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 June 2024 will be £783,380.28.

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

C Hodgson
A J Burnett
J D Porter


FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)

REPORT OF THE DIRECTORS
for the year ended 30 June 2024

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). 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

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

ON BEHALF OF THE BOARD:





C Hodgson - Director


8 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FDBC HOLDINGS LIMITED

Opinion
We have audited the financial statements of FDBC Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Statement of 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 30 June 2024 and of the group's 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 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
FDBC HOLDINGS 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 five, 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:

We have adopted a risk based approach based upon analytical procedures and knowledge of the clients systems and environment it operates in.

This enables us to design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for the audit opinion.
To obtain an understanding of internal control where relevant to the audit to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the companys internal control.
To evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
To conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern.

The likelihood of detecting irregularities is inherently difficult and we have designed our tests and procedures to reduce this risk.
- We have enquired of management and the company's solicitors around actual and potential litigation and claims.
- Review of company minutes of meetings of those charged with governance.
- Reviewing financial statements disclosure and testing supporting documentation to assess compliance with applicable laws and regulations
- Review and testing of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions.

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
FDBC 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.




Mr James Timothy Card FCCA (Senior Statutory Auditor)
for and on behalf of Hewitt Card Limited
Statutory Auditors
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN

8 November 2024

FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

TURNOVER 21,138,211 22,319,641

Cost of sales 16,283,256 17,630,368
GROSS PROFIT 4,854,955 4,689,273

Administrative expenses 2,240,695 2,441,055
OPERATING PROFIT 5 2,614,260 2,248,218

Interest receivable and similar income 9,105 1,006
2,623,365 2,249,224

Interest payable and similar expenses 6 152,570 233,787
PROFIT BEFORE TAXATION 2,470,795 2,015,437

Tax on profit 7 707,962 501,833
PROFIT FOR THE FINANCIAL YEAR 1,762,833 1,513,604

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,762,833

1,513,604

Profit attributable to:
Owners of the parent 1,762,833 1,513,604

Total comprehensive income attributable to:
Owners of the parent 1,762,833 1,513,604

FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)

CONSOLIDATED BALANCE SHEET
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 2,013,609 2,349,210
Tangible assets 11 28,320 41,761
Investments 12 - -
2,041,929 2,390,971

CURRENT ASSETS
Stocks 13 466,213 460,308
Debtors 14 3,680,373 3,946,125
Cash at bank and in hand 1,626,956 2,735,192
5,773,542 7,141,625
CREDITORS
Amounts falling due within one year 15 4,150,271 5,056,003
NET CURRENT ASSETS 1,623,271 2,085,622
TOTAL ASSETS LESS CURRENT LIABILITIES 3,665,200 4,476,593

CREDITORS
Amounts falling due after more than one year 16 (5,102 ) (1,792,788 )

PROVISIONS FOR LIABILITIES 19 (6,168 ) (9,328 )
NET ASSETS 3,653,930 2,674,477

CAPITAL AND RESERVES
Called up share capital 20 751 751
Retained earnings 21 3,653,179 2,673,726
3,653,930 2,674,477

The financial statements were approved by the Board of Directors and authorised for issue on 8 November 2024 and were signed on its behalf by:




C Hodgson - Director



A J Burnett - Director


FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)

COMPANY BALANCE SHEET
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 7,460,000 7,460,000
7,460,000 7,460,000

CURRENT ASSETS
Cash at bank 518,298 622,742

CREDITORS
Amounts falling due within one year 15 2,157 849,045
NET CURRENT ASSETS/(LIABILITIES) 516,141 (226,303 )
TOTAL ASSETS LESS CURRENT LIABILITIES 7,976,141 7,233,697

CREDITORS
Amounts falling due after more than one year 16 - 1,781,563
NET ASSETS 7,976,141 5,452,134

CAPITAL AND RESERVES
Called up share capital 20 751 751
Retained earnings 7,975,390 5,451,383
7,976,141 5,452,134

Company's profit for the financial year 3,307,387 1,027,128

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 8 November 2024 and were signed on its behalf by:




C Hodgson - Director



A J Burnett - Director


FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 July 2022 1,001 1,470,615 1,256,255 2,727,871

Changes in equity
Issue of share capital (250 ) - (1,256,255 ) (1,256,505 )
Dividends - (310,493 ) - (310,493 )
Total comprehensive income - 1,513,604 - 1,513,604
Balance at 30 June 2023 751 2,673,726 - 2,674,477

Changes in equity
Dividends - (783,380 ) - (783,380 )
Total comprehensive income - 1,762,833 - 1,762,833
Balance at 30 June 2024 751 3,653,179 - 3,653,930

FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 July 2022 1,001 4,734,748 1,256,255 5,992,004

Changes in equity
Issue of share capital (250 ) - (1,256,255 ) (1,256,505 )
Dividends - (310,493 ) - (310,493 )
Total comprehensive income - 1,027,128 - 1,027,128
Balance at 30 June 2023 751 5,451,383 - 5,452,134

Changes in equity
Dividends - (783,380 ) - (783,380 )
Total comprehensive income - 3,307,387 - 3,307,387
Balance at 30 June 2024 751 7,975,390 - 7,976,141

FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 June 2024

30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,892,268 3,532,035
Interest paid (151,633 ) (232,850 )
Interest element of hire purchase payments
paid

(937

)

(937

)
Tax paid (504,506 ) (516,106 )
Net cash from operating activities 2,235,192 2,782,142

Cash flows from investing activities
Purchase of tangible fixed assets (1,233 ) (18,711 )
Sale of tangible fixed assets - 1
Interest received 9,105 1,006
Net cash from investing activities 7,872 (17,704 )

Cash flows from financing activities
New loans in year - 2,561,799
Loan repayments in year (2,561,797 ) (3,268,750 )
Capital repayments in year (6,123 ) (6,122 )
Share buyback - (1,256,505 )
Equity dividends paid (783,380 ) (310,493 )
Net cash from financing activities (3,351,300 ) (2,280,071 )

(Decrease)/increase in cash and cash equivalents (1,108,236 ) 484,367
Cash and cash equivalents at beginning of
year

2

2,735,192

2,250,825

Cash and cash equivalents at end of year 2 1,626,956 2,735,192

FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 June 2024

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

30.6.24 30.6.23
£    £   
Profit before taxation 2,470,795 2,015,437
Depreciation charges 350,262 350,381
Loss on disposal of fixed assets 11 3,121
Finance costs 152,570 233,787
Finance income (9,105 ) (1,006 )
2,964,533 2,601,720
Increase in stocks (5,905 ) (25,931 )
Decrease in trade and other debtors 265,752 122,729
(Decrease)/increase in trade and other creditors (332,112 ) 833,517
Cash generated from operations 2,892,268 3,532,035

2. CASH AND CASH EQUIVALENTS

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

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 1,626,956 2,735,192
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 2,735,192 2,250,825


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 2,735,192 (1,108,236 ) 1,626,956
2,735,192 (1,108,236 ) 1,626,956
Debt
Finance leases (17,348 ) 6,123 (11,225 )
Debts falling due within 1 year (780,236 ) 780,236 -
Debts falling due after 1 year (1,781,563 ) 1,781,563 -
(2,579,147 ) 2,567,922 (11,225 )
Total 156,045 1,459,686 1,615,731

FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 June 2024

1. STATUTORY INFORMATION

FDBC Holdings 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Sale of goods
Turnover from the sale of goods is recognised when;
- the significant risks and rewards of ownership of the goods has transferred to the buyer
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold
- the amount of turnover can be measured reliably
- it is probable that the economic benefits associated with the transaction will flow to the company
- the costs incurred or to be incurred in respect of the transaction can be measured reliably

Rendering of services
Turnover from a contract to provide services is recognised in the period by reference to the stage of completion of the contract when all of the following conditions are satisfied;
- the amount of turnover can be measured reliably
- it is probable that the economic benefits associated with the services will flow to the company
- the stage of completion of the contract at the reporting date can be measured reliably
- the costs incurred and the costs to complete the contract can be measured reliably

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, 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.
Plant and machinery - 25% on reducing balance, 20% on cost and Straight line over 3 years
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance and Straight line over 3 years

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


FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

The group participates in a defined benefit multi employer scheme. Contributions payable to the pension scheme are charged to the profit and loss in the period to which they relate. The assets of the scheme are held separately from the group in independently administered funds.

4. EMPLOYEES AND DIRECTORS
30.6.24 30.6.23
£    £   
Wages and salaries 4,969,959 5,280,252
Social security costs 497,179 576,132
Other pension costs 110,555 159,679
5,577,693 6,016,063

The average number of employees during the year was as follows:
30.6.24 30.6.23

Direct labour and supervision 92 97
Administrative 27 26
Directors 3 3
122 126

FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

4. EMPLOYEES AND DIRECTORS - continued

30.6.24 30.6.23
£    £   
Directors' remuneration 37,582 38,096
Directors' pension contributions to money purchase schemes 6,972 6,413

5. OPERATING PROFIT

The operating profit is stated after charging:

30.6.24 30.6.23
£    £   
Other operating leases 409,814 413,313
Depreciation - owned assets 10,217 8,852
Depreciation - assets on hire purchase contracts 4,446 5,928
Loss on disposal of fixed assets 11 3,121
Goodwill amortisation 335,601 335,601
Auditors' remuneration 19,300 19,220

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.24 30.6.23
£    £   
Loan note interest 151,633 232,850
Hire purchase 937 937
152,570 233,787

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.6.24 30.6.23
£    £   
Current tax:
UK corporation tax 711,122 504,375
Tax in respect of previous
years - (5,121 )
Total current tax 711,122 499,254

Deferred tax (3,160 ) 2,579
Tax on profit 707,962 501,833

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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.


FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

9. DIVIDENDS

30.06.24
£
A Ordinary shares of £1 each
Interim 314,598

B Ordinary shares of £1 each
Interim 128,335

C Ordinary shares of £1 each
Interim 136,020

D Ordinary shares of £1 each
Interim 78,658

E Ordinary shares of £1 each
Interim 62,728

F Ordinary shares of £1 each
Interim 63,040
783,380

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 3,356,013
AMORTISATION
At 1 July 2023 1,006,803
Amortisation for year 335,601
At 30 June 2024 1,342,404
NET BOOK VALUE
At 30 June 2024 2,013,609
At 30 June 2023 2,349,210

FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 17,997 23,360 24,835 22,328 88,520
Additions - 650 - 583 1,233
Disposals (2,476 ) (2,519 ) - (1,148 ) (6,143 )
At 30 June 2024 15,521 21,491 24,835 21,763 83,610
DEPRECIATION
At 1 July 2023 17,187 16,542 7,051 5,979 46,759
Charge for year 761 2,175 4,446 7,281 14,663
Eliminated on disposal (2,470 ) (2,517 ) - (1,145 ) (6,132 )
At 30 June 2024 15,478 16,200 11,497 12,115 55,290
NET BOOK VALUE
At 30 June 2024 43 5,291 13,338 9,648 28,320
At 30 June 2023 810 6,818 17,784 16,349 41,761

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023
and 30 June 2024 24,835
DEPRECIATION
At 1 July 2023 7,051
Charge for year 4,446
At 30 June 2024 11,497
NET BOOK VALUE
At 30 June 2024 13,338
At 30 June 2023 17,784

FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 7,460,000
NET BOOK VALUE
At 30 June 2024 7,460,000
At 30 June 2023 7,460,000

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

Subsidiaries

SPHE Holdings Limited
Registered office: Shacklock House, Brierley Industrial Park, Brierley Park Close, Stanton Hill, Nottinghamshire, NG17 3FW
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 2,010,478 2,009,463
Profit for the year 3,455,935 1,338,060

SPHE Limited
Registered office: Shacklock House, Brierley Industrial Park, Brierley Park Close, Stanton Hill, Nottinghamshire, NG17 3FW
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 2,124,060 2,123,671
Profit for the year 3,457,649 1,341,435

Neil Shacklock Plumbing and Heating Contractors Limited
Registered office: Shacklock House, Brierley Industrial Park, Brierley Park Close, Stanton Hill, Nottinghamshire, NG17 3FW
Nature of business: Plumbing, heating and electrical contractors
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 1,120,451 2,330,807
Profit for the year 2,249,244 2,163,532


FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

13. STOCKS

Group
30.6.24 30.6.23
£    £   
Raw materials 466,213 460,308

14. DEBTORS

Group
30.6.24 30.6.23
£    £   
Amounts falling due within one year:
Trade debtors 3,151,671 3,418,167
VAT 170,772 183,100
3,322,443 3,601,267

Amounts falling due after more than one year:
Trade debtors 357,930 344,858

Aggregate amounts 3,680,373 3,946,125

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Bank loans and overdrafts (see note 17) - 780,236 - 780,236
Hire purchase contracts (see note 18) 6,123 6,123 - -
Trade creditors 3,253,730 3,529,969 - -
Amounts owed to group undertakings - - 250 66,900
Tax 419,319 212,703 - -
Social security and other taxes 172,087 201,046 - -
Other creditors 75,486 81,919 - -
Accrued expenses 223,526 244,007 1,907 1,909
4,150,271 5,056,003 2,157 849,045

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

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Bank loans (see note 17) - 1,781,563 - 1,781,563
Hire purchase contracts (see note 18) 5,102 11,225 - -
5,102 1,792,788 - 1,781,563

FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans - 780,236 - 780,236
Amounts falling due between one and two years:
Bank loans - 1-2 years - 821,401 - 821,401
Amounts falling due between two and five years:
Bank loans - 2-5 years - 960,162 - 960,162

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.6.24 30.6.23
£    £   
Net obligations repayable:
Within one year 6,123 6,123
Between one and five years 5,102 11,225
11,225 17,348

Group
Non-cancellable operating leases
30.6.24 30.6.23
£    £   
Within one year 420,836 302,013
Between one and five years 543,428 871,051
964,264 1,173,064

19. PROVISIONS FOR LIABILITIES

Group
30.6.24 30.6.23
£    £   
Deferred tax 6,168 9,328

Group
Deferred
tax
£   
Balance at 1 July 2023 9,328
Provided during year (3,160 )
Balance at 30 June 2024 6,168

FDBC HOLDINGS LIMITED (REGISTERED NUMBER: 12650993)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:
Nominal
value:

30.06.24
£

3,000 A Ordinary £0.10 300.00
1,250 B Ordinary £0.10 125.00
1,250 C Ordinary £0.10 125.00
625 D Ordinary £0.10 62.50
500 E Ordinary £0.10 50.00
500 F Ordinary £0.10 50.00
375 G Ordinary £0.10 37.50
750

21. RESERVES

Group
Retained
earnings
£   

At 1 July 2023 2,673,726
Profit for the year 1,762,833
Dividends (783,380 )
At 30 June 2024 3,653,179


22. PENSION COMMITMENTS

The group participates in a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £110,555 for the year (2023: £159,679).

The group participates in a defined benefit scheme, The Plumbing and Mechanical Services (UK) Industry Pension Scheme, which is a multi-employer scheme. As the group is unable to identify its share of scheme assets and liabilities, as permitted by FRS102, the scheme is accounted for as a defined contribution scheme. The pension cost charge represents contributions payable by the company to the fund and amounted to £nil for the year. As a participating employer, the group shares a collective responsibility with all other participating employers of the scheme for the funding of the overall scheme and any ultimate funding shortfall. The scheme closed to new accrual on 30th June 2019 therefore limiting further exposure to any potential future losses. The results from the latest formal actuarial valuation as at 5 April 2020, showed that the scheme had 99% of the assets to meet its "Technical Provisions" (liabilities). No additional funding has been required or provided for in these accounts.

23. CONTINGENT LIABILITIES

The group bank facilities are secured by a mortgage debenture covering all the assets of the group together with an unlimited cross company guarantee with all group companies; SPHE Limited, Neil Shacklock Plumbing and Heating Contractors Limited, SPHE Holdings Limited and FDBC Holdings Limited.