Featherstone Partners Limited 11039522 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is that of an investment and financial planning advisor. Digita Accounts Production Advanced 6.30.9574.0 true true false true 11039522 2023-10-01 2024-09-30 11039522 2024-09-30 11039522 bus:Director6 2024-09-30 11039522 bus:OrdinaryShareClass1 2024-09-30 11039522 bus:OrdinaryShareClass2 2024-09-30 11039522 core:FurtherSpecificReserve1ComponentTotalEquity 2024-09-30 11039522 core:RetainedEarningsAccumulatedLosses 2024-09-30 11039522 core:ShareCapital 2024-09-30 11039522 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 11039522 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 11039522 core:BetweenTwoFiveYears 2024-09-30 11039522 core:WithinOneYear 2024-09-30 11039522 core:FurnitureFittings 2024-09-30 11039522 core:OfficeEquipment 2024-09-30 11039522 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-09-30 11039522 bus:FRS102 2023-10-01 2024-09-30 11039522 bus:Audited 2023-10-01 2024-09-30 11039522 bus:FullAccounts 2023-10-01 2024-09-30 11039522 bus:RegisteredOffice 2023-10-01 2024-09-30 11039522 bus:CompanySecretary1 2023-10-01 2024-09-30 11039522 bus:Director1 2023-10-01 2024-09-30 11039522 bus:Director3 2023-10-01 2024-09-30 11039522 bus:Director4 2023-10-01 2024-09-30 11039522 bus:Director5 2023-10-01 2024-09-30 11039522 bus:Director6 2023-10-01 2024-09-30 11039522 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 11039522 bus:OrdinaryShareClass2 2023-10-01 2024-09-30 11039522 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 11039522 core:FurtherSpecificReserve1ComponentTotalEquity 2023-10-01 2024-09-30 11039522 core:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 11039522 core:ShareCapital 2023-10-01 2024-09-30 11039522 core:ComputerEquipment 2023-10-01 2024-09-30 11039522 core:FurnitureFittings 2023-10-01 2024-09-30 11039522 core:OfficeEquipment 2023-10-01 2024-09-30 11039522 core:KeyManagementPersonnel 2023-10-01 2024-09-30 11039522 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-10-01 2024-09-30 11039522 core:UKTax 2023-10-01 2024-09-30 11039522 1 2023-10-01 2024-09-30 11039522 countries:EnglandWales 2023-10-01 2024-09-30 11039522 2023-09-30 11039522 core:FurtherSpecificReserve1ComponentTotalEquity 2023-09-30 11039522 core:RetainedEarningsAccumulatedLosses 2023-09-30 11039522 core:ShareCapital 2023-09-30 11039522 core:FurnitureFittings 2023-09-30 11039522 core:OfficeEquipment 2023-09-30 11039522 2022-10-01 2023-09-30 11039522 2023-09-30 11039522 bus:OrdinaryShareClass1 2023-09-30 11039522 bus:OrdinaryShareClass2 2023-09-30 11039522 core:FurtherSpecificReserve1ComponentTotalEquity 2023-09-30 11039522 core:RetainedEarningsAccumulatedLosses 2023-09-30 11039522 core:ShareCapital 2023-09-30 11039522 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 11039522 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 11039522 core:BetweenTwoFiveYears 2023-09-30 11039522 core:WithinOneYear 2023-09-30 11039522 core:FurnitureFittings 2023-09-30 11039522 core:OfficeEquipment 2023-09-30 11039522 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-09-30 11039522 core:FurtherSpecificReserve1ComponentTotalEquity 2022-10-01 2023-09-30 11039522 core:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 11039522 core:ShareCapital 2022-10-01 2023-09-30 11039522 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-10-01 2023-09-30 11039522 core:UKTax 2022-10-01 2023-09-30 11039522 2022-09-30 11039522 core:FurtherSpecificReserve1ComponentTotalEquity 2022-09-30 11039522 core:RetainedEarningsAccumulatedLosses 2022-09-30 11039522 core:ShareCapital 2022-09-30 11039522 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11039522

Featherstone Partners Limited

Annual Report and Financial Statements

for the Year Ended 30 September 2024

 

Featherstone Partners Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 6

Profit and Loss Account

7

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11 to 21

 

Featherstone Partners Limited

Company Information

Directors

T W B Forman Hardy

P A Letley

A D Cox

S J I F Burke-Murphy

Company secretary

HP Secretarial Services Limited

Registered office

Old Brewhouse
Yattendon
West Berkshire
RG18 0UE

Auditors

UHY Ross Brooke
2 Old Bath Road
Newbury
Berkshire
RG14 1QL

 

Featherstone Partners Limited

Directors' Report for the Year Ended 30 September 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Principal activity

The principal activity of the company is that of an investment and financial planning advisor.

Directors of the company

The directors who held office during the year were as follows:

T W B Forman Hardy

P A Letley

A D Cox

S J I F Burke-Murphy

A J May (resigned 8 January 2025)

Directors' liabilities

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 21 January 2025 and signed on its behalf by:
 

.........................................
A D Cox
Director

 

Featherstone Partners Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

Featherstone Partners Limited

Independent Auditor's Report to the Members of Featherstone Partners Limited

Opinion

We have audited the financial statements of Featherstone Partners Limited (the 'company') for the year ended 30 September 2024, which comprise the Profit and Loss Account, Statement of 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 30 September 2024 and of its 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

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:

 

Featherstone Partners Limited

Independent Auditor's Report to the Members of Featherstone Partners Limited

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 3], 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 is 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.

Auditor 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 an auditor’s report 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation, employment regulation and health and safety regulation, corruption and fraud, and money laundering and we considered the effect to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

We evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, and significant one-off or unusual transactions.

 

Featherstone Partners Limited

Independent Auditor's Report to the Members of Featherstone Partners Limited

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

• Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations;
• Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and
• Considering the risk of acts by the company which were contrary to the applicable laws and regulations, including fraud.

Our audit procedures in relation to fraud included but were not limited to:

• Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
• Gaining an understanding of the internal controls established to mitigate risks related to fraud;
• Discussing amongst the engagement team the risks of fraud; and
• Addressing the risks of fraud through management override of controls by performing journal entry testing and analytical review procedures to identify any unusual or unexpected relationships

The primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

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 an auditor’s report 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.

......................................
Emily Ness BFP FCA (Senior Statutory Auditor)
For and on behalf of UHY Ross Brooke, Statutory Auditor

2 Old Bath Road
Newbury
Berkshire
RG14 1QL

22 January 2025

 

Featherstone Partners Limited

Profit and Loss Account for the Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

3

550,460

672,777

Gross profit

 

550,460

672,777

Administrative expenses

 

(878,390)

(943,304)

Operating loss

4

(327,930)

(270,527)

Other interest receivable and similar income

5

722

6

Interest payable and similar expenses

6

(36,917)

(31,126)

   

(36,195)

(31,120)

Loss before tax

 

(364,125)

(301,647)

Loss for the financial year

 

(364,125)

(301,647)

The above results were derived from continuing operations.

 

Featherstone Partners Limited

Statement of Comprehensive Income for the Year Ended 30 September 2024

2024
£

2023
£

Loss for the year

(364,125)

(301,647)

Total comprehensive income for the year

(364,125)

(301,647)

 

Featherstone Partners Limited

(Registration number: 11039522)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

19,544

27,298

Current assets

 

Debtors

12

83,169

102,723

Cash at bank and in hand

 

171,255

19,836

 

254,424

122,559

Creditors: Amounts falling due within one year

14

(105,327)

(154,007)

Net current assets/(liabilities)

 

149,097

(31,448)

Total assets less current liabilities

 

168,641

(4,150)

Creditors: Amounts falling due after more than one year

14

(1,289,071)

(2,252,155)

Net liabilities

 

(1,120,430)

(2,256,305)

Capital and reserves

 

Called up share capital

16

1,500,023

1,000,023

Other reserves

17

85,429

(857,532)

Profit and loss account

(2,705,882)

(2,398,796)

Shareholders' deficit

 

(1,120,430)

(2,256,305)

Approved and authorised by the Board on 21 January 2025 and signed on its behalf by:
 

.........................................
A D Cox
Director

 

Featherstone Partners Limited

Statement of Changes in Equity for the Year Ended 30 September 2024

Share capital
£

Other reserves
£

Profit and loss account
£

Total
£

At 1 October 2022

1,000,023

(881,680)

(2,097,149)

(1,978,806)

Loss for the year

-

-

(301,647)

(301,647)

Transfers

-

24,148

-

24,148

At 30 September 2023

1,000,023

(857,532)

(2,398,796)

(2,256,305)

Share capital
£

Other reserves
£

Profit and loss account
£

Total
£

At 1 October 2023

1,000,023

(857,532)

(2,398,796)

(2,256,305)

Loss for the year

-

-

(364,125)

(364,125)

Other movements

-

1,000,000

-

1,000,000

New share capital subscribed

500,000

-

-

500,000

Transfers

-

(57,039)

57,039

-

At 30 September 2024

1,500,023

85,429

(2,705,882)

(1,120,430)

 

Featherstone Partners Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Old Brewhouse
Yattendon
West Berkshire
RG18 0UE
England

These financial statements were authorised for issue by the Board on 21 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the requirements of the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest pound.

Summary of disclosure exemptions

The Company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this Company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The Company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;
- Section 26 'Share based Payment': Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash- settled share-based payments, explanation of modifications to arrangements;
- Section 33 'Related Party Disclosures': Compensation for key management personnel.

Going concern

The directors have assessed the Balance Sheet and likely cash flows at the date of approving these financial statements. The directors believe there will be a continuing improvement in its turnover and that future cash flows will be positive. In the meantime, the ultimate parent company, Nottingham Industrial Group Limited, has provided a letter confirming its continued financial support for at least 12 months from the date of signing these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.

 

Featherstone Partners Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
The following judgements, apart from those involving estimates, have had the most significant effect on amounts recognised in the financial statements.

 

Compound instruments
The directors consider that certain of the company's shares in issue meet the criteria of compound instruments.

Key sources of estimation uncertainty
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Interest free loans
 

The company has received interest free unsecured loans. These have been amortised over the period of the loans. The directors have decided an appropriate effective interest rate for the amortisation.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services rendered in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and office equipment

10% straight line

Computer equipment

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from clients for services performed in the ordinary course of business.

 

Featherstone Partners Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Compound instruments

The compound parts of compound financial instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the financial liability is estimated as the fair value of the amount required to be paid as a dividend to the class A shareholder under the Company's articles of association. The financial liability is subsequently measured at fair value. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in the equity, net of income tax effects, and is not subsequently measured.

 

Featherstone Partners Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Financial instruments

Classification
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and third parties and investments in non-puttable ordinary shares. They are classified according to the substance of the contractual arrangements entered into.


 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs) unless the arrangement constitutes a financing arrangement. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the Balance Sheet when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled; or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


 Impairment
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.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

550,460

672,777

 

Featherstone Partners Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

4

Operating loss

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

8,474

8,638

Loss on disposal of property, plant and equipment

-

394

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

722

6

6

Interest payable and similar expenses

2024
£

2023
£

Interest expense on other finance liabilities

36,917

31,126

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

500,967

564,719

Social security costs

45,623

55,885

Other short-term employee benefits

9,604

15,933

Pension costs, defined contribution scheme

28,584

22,702

Other employee expense

2,927

7,537

587,705

666,776

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

7

8

7

8

 

Featherstone Partners Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

372,740

294,067

Contributions paid to money purchase schemes

21,106

14,136

393,846

308,203

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

3

3

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

11,860

9,116


 

10

Taxation

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Loss before tax

(364,125)

(301,647)

Corporation tax at standard rate

(91,031)

(75,412)

Increase from tax losses for which no deferred tax asset was recognised

90,851

73,161

Tax increase from effect of capital allowances and depreciation

180

2,251

Total tax charge/(credit)

-

-

The company has tax losses carried forward for an unlimited period of £2,715,816. The directors expect that the losses will be used in future periods. However, as this not certain no deferred tax asset has been recognised.

 

Featherstone Partners Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

11

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2023

39,758

18,965

58,723

Additions

720

-

720

At 30 September 2024

40,478

18,965

59,443

Depreciation

At 1 October 2023

23,788

7,637

31,425

Charge for the year

6,655

1,819

8,474

At 30 September 2024

30,443

9,456

39,899

Carrying amount

At 30 September 2024

10,035

9,509

19,544

At 30 September 2023

15,970

11,328

27,298

12

Debtors

Current

2024
£

2023
£

Trade debtors

28,088

6,135

Other debtors

27,267

66,792

Prepayments

27,814

29,796

 

83,169

102,723

 

Featherstone Partners Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

13

Cash and cash equivalents

2024
£

2023
£

Cash at bank

171,255

19,836

14

Creditors

2024
£

2023
£

Due within one year

Trade creditors

18,970

50,793

Other payables

-

494

Accruals

86,357

102,720

105,327

154,007

Due after one year

Loans from parent undertaking

1,289,071

1,252,155

Preferential dividends

-

1,000,000

1,289,071

2,252,155

The loans are all interest free until the due date of repayment for each tranche which fall on the fifth anniversay of the draw down date. The first repayment of £166,666 is due on 21 January 2023; £166,667 on 30 September 2023; £166,667 on 30 September 2024; £250,000 on 28 August 2025; £300,000 is on 23 September 2026 and a final repayment of £250,000 is due on 21 December 2027.

In the event thet the repayments are not made, interest shall accrue at a rate of 5% per annum until such a time as the loans are fully repaid.

The loans are recognised at amortised cost using the effective interest method, using an interest rate of 2.5% per annum. The total balance at the year end, using this method, is £1,289,071 (2023: 1,252,155). The interest charge recognised on the loans using this method is £19,516 (2023: £25,395).
 

15

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £28,584 (2023 - £22,702).

 

Featherstone Partners Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

16

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

1,500,003

1,500,003

1,000,003

1,000,003

Ordinary B shares of £1 each

20

20

20

20

 

1,500,023

1,500,023

1,000,023

1,000,023

New shares allotted

During the year 500,000 Ordinary A shares having an aggregate nominal value of £500,000 were allotted for an aggregate consideration of £500,000.

Rights, preferences and restrictions

Ordinary A shares have the following rights, preferences and restrictions:

During the year the Articles of the Company were updated to remove the preferential dividend of £1,000,000. As at 14/08/2024, A shares have full voting rights.

Ordinary B shares have the following rights, preferences and restrictions:

As at 14/08/2024, B shares have full voting rights.

17

Other reserves

Interest free loan reserve

Compound instrument reserve

Total

£

£

£

At 30 September 2022

118,320

(1,000,000)

(881,680)

Capital contribution

24,148

-

24,148

At 30 September 2023

142,468

1,000,000

(857,532)

Movement

(57,039)

(1,000,000)

(1,057,039)

At 30 September 2024

85,429

-

85,429

Interest free loan reserve

The reserve is not distributable.

Compound instrument reserve

Note 16 explains the classes of shares issued and the rights attached to those shares.

During the year the Articles of the company were updated to remove the preferential dividend of £1,000,000.

The reserve is non distributable.
 

 

Featherstone Partners Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

18

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

21,833

22,833

Later than one year and not later than five years

54,000

75,833

75,833

98,666

The amount of non-cancellable operating lease payments recognised as an expense during the year was £22,788 (2023 - £20,415).

19

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

Advanced

4,466

4,466

Repaid

(4,466)

(4,466)

At end of period

-

-

2023

Key management
£

Total
£

At start of period

7,963

7,963

Repaid

(7,963)

(7,963)

At end of period

-

-

Terms of loans to related parties

Loans are interest free and repayable on demand.
 

 

Featherstone Partners Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

20

Parent and ultimate parent undertaking

The company's immediate parent is Forman Hardy Holdings Limited, incorporated in UK.

 The ultimate parent is Nottingham Industrial Group Limited, incorporated in UK.

 The most senior parent entity producing publicly available financial statements is Nottingham Industrial Group Limited. These financial statements are available upon request from 1st Floor, Toll Bar House, Landmere Lane, Edwalton, Nottingham NG12 4DG.

 The ultimate controlling party is N J Forman Hardy.