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Registered number: 03293084









FOUR MARKETING LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 APRIL 2024

 
FOUR MARKETING LIMITED
 
 
COMPANY INFORMATION


Directors
B C Banks 
C A Williams 




Registered number
03293084



Registered office
6-10 Market Road

London

N7 9PW




Independent auditors
Hillier Hopkins LLP
Chartered Accountants & Statutory Auditor

Ground Floor

45 Pall Mall

London

SW1Y 5JG





 
FOUR MARKETING LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 4
Directors' Report
 
 
5 - 8
Independent Auditors' Report
 
 
9 - 12
Statement of Comprehensive Income
 
 
13
Balance Sheet
 
 
14 - 15
Statement of Changes in Equity
 
 
16
Notes to the Financial Statements
 
 
17 - 34


 
FOUR MARKETING LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 28 APRIL 2024

Introduction
 
The directors present the strategic report for the period ended 28 April 2024.

Business review
 
The company is a distributor for luxury fashion brands, predominantly serving the UK market. The sector has been impacted by a challenging economic climate due to inflationary pressures and the increased cost of living, which have adversely affected demand for luxury products.
For the period ending 30 April 2024, the company experienced a decline in revenue, reporting £71.6 million compared to £96.1 million in the prior period. This decline is attributed to reduced orders from customers due to the current challenges in the UK retail market. With focus on greater stock control and maximizing opportunities resulted in an improved gross profit margin of 18.5%, compared to 15.5% in the previous period.
Profit before tax for the period was £5.0 million, down from £9.7 million in the prior period. This decrease reflects reduced trading performance and larger gains on short-term investments and currency gains in the prior period.

Principal risks and uncertainties
 
The following are seen as key risks and uncertainties to the company:
One of the main elements of the company’s business is holding the rights to market and develop brands, and consequently one of the most significant risks would be the non renewal of certain rights.
Changes in the global economic and luxury retail environment. 
Impact of changes in cross border trading, in particular impact of changes between the EU & UK. This is partially mitigated by the use of logistics partners & facilities in those territories 


Page 1

 
FOUR MARKETING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024

Financial key performance indicators
 
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Other key performance indicators
 
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Controls are in place to monitor turnover & KPls on an ongoing basis. These KPls are standard measures reflecting the overall financial and non-financial perfornance of the business and accordingly management considers these appropriate to monitor and report at board level.
Development and performance
The company aims to increase its sales through 2024/2025 by launching exceptional collections, while simultaneously maintaining strict cost control measures.
Position of the company at the period end
The directors believe that the company is well positioned to continue to deal with the ongoing uncertain climate and take advantage of opportunities as they arise.

Page 2

 
FOUR MARKETING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024

Directors' statement of compliance with duty to promote the success of the Company
 
The Companies Act 2006 s172 Director’s Duty is to “promote the success of the company for the benefit of its members as a whole”, whilst having regard to other stakeholder interests. The Duty emphasises that Boards must consider the wider impact of their decisions, rather than just the financial and strategic elements. The Board should create a culture whereby the long- term consequences of its actions and the long-term success of the company are given due consideration.
The Board takes care to consider the interests of all stakeholders when deciding on courses of action, but it also recognises that the result will not always be a positive one for all stakeholder groups. The Board takes into consideration the strategy, purpose, values and culture of the business when making its decisions. During the year, the Board has made decisions based on Board papers, presentations from senior executives, discussions with external bodies, and other reports. Stakeholders vary depending on the decisions under discussion, and the Board’s aim is to regularly review its stakeholders to ensure that they are all given due consideration.
The following statement, and references in the Strategic Report, show how the Board has applied s172 requirements to its decision making throughout the year.
a. the likely consequences of any decision in the long-term
When making key strategic decisions, the Board takes into consideration the strategy, purpose, values and culture of the company. The Board is focused on the sustainability of the company and is mindful of the impact the decisions may have on this objective. For each matter, it also considers the likely consequences of any decision in the long term, identifying stakeholders who may be affected and carefully considering their interests and any potential impact the decision making process may have.
Principal Decisions / Steps
Under an ongoing programme to simplify the business of the wider group, several non performing business units have been rationalised in the year and central overhead has been reduced accordingly.
 
Page 3

 
FOUR MARKETING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024


b. The interests of the Company’s employees
Our relationship with our employees is paramount. The company is actively aiming to develop and promote employees internally to senior roles vs external hires where this is appropriate to provide meaningful career development within the company.
Principal Decisions / Steps
The company has promoted and elevated employees in to key roles where appropriate, continuing to develop internal talent.
c. The need to foster the Company’s business relationships with suppliers, customers and others
The company aims to develop and maintain mutually beneficial business relationships with all our customers, suppliers and government agencies and other stakeholders.
Principal Decisions / Steps
The company holds regular meetings with key suppliers and brands to ensure smooth running of these relationships.
d. The impact of the Company’s operations on the community and the environment
The board is mindful of the impact of operations on the community and wider environment.
Principal Decisions / Steps
The company continuously reviews opportunities to improve the efficiency and impact of the company, including implementation of measures to movement of product between locations and delivery by sea freight rather than air freight where possible.
e. The desirability of the Company maintaining a reputation for high standards of business conduct
At all times we endeavour to meet our Corporate Governance obligations and work to high standards of good business conduct. The company complies with all relevant legislation and engages with relevant authorities on a transparent basis where required.
f. The need to act fairly as between members of the Company
All members of the company hold ordinary shares which attach the same rights and benefits.


This report was approved by the board and signed on its behalf.



B C Banks
Director

Date: 30 January 2025

Page 4

 
FOUR MARKETING LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 APRIL 2024

The directors present their report and the financial statements for the period ended 28 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the period, after taxation, amounted to £3,891,339 (2023 - £7,951,160).

No dividends were declared in the year (2023 - £nil).

Directors

The directors who served during the period were:

B C Banks 
C A Williams 

Future developments

Future developments are set out in the Strategic Report.

Engagement with suppliers, customers and others

Information about engagement with suppliers, customers and others is set out in the Strategic Report.

Page 5

 
FOUR MARKETING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

The UK Government's Streamlined Energy and Carbon Reporting (SECR) policy was implemented on 1 April 2019. The table below represents the energy use and associated greenhouse gas (GHG) emissions from electricity and fuel in the UK for one of the subsidiary companies (Four Marketing Limited) for the period ended 28 April 2024. Four Marketing Limited is the only company in the group meeting the criteria for reporting. The figures in the table exclude any energy and carbon information relating to subsidiaries which would not be obliged to report individually according to the thresholds.

Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
We have used the following data sources for the report :
- Energy Data - energy supplier billing data
- Transport data - company mileage records & estimated usage
CO2e emissions have been calculated using the 2024 UK Government conversion Factors for company reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m of sales, the recommended ratio for the sector.
Measures taken to improve energy efficiency
- A periodic review of energy bills and usage is undertaken with a view to ensuring the energy usage in the HQ building remains at an appropriate level.
- As a general policy travel has been limited in favour of remote calls where commercially viable.
- Company owned vehicles have been phased out in 2022/23.

Page 6

 
FOUR MARKETING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024

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Page 7

 
FOUR MARKETING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHillier Hopkins LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





B C Banks
Director

Date: 30 January 2025

Page 8

 
FOUR MARKETING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOUR MARKETING LIMITED
 

Opinion


We have audited the financial statements of Four Marketing Limited (the 'Company') for the period ended 28 April 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 28 April 2024 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Page 9

 
FOUR MARKETING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOUR MARKETING LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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.


Page 10

 
FOUR MARKETING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOUR MARKETING LIMITED (CONTINUED)


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 an Auditors' 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.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

assess the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;

the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management, about their own identification and assessment of the risks of irregularities;

any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 
 
Page 11

 
FOUR MARKETING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOUR MARKETING LIMITED (CONTINUED)



We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, and relevant tax legislation.


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 Auditors' Report.


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 2006Our 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 Auditors' 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.





Jonathan Franks FCA (Senior Statutory Auditor)
  
for and on behalf of
Hillier Hopkins LLP
 
Chartered Accountants
Statutory Auditor
  
Ground Floor
45 Pall Mall
London
SW1Y 5JG

30 January 2025
Page 12

 
FOUR MARKETING LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
71,099,426
96,050,373

Cost of sales
  
(58,359,429)
(81,167,006)

Gross profit
  
12,739,997
14,883,367

Distribution costs
  
(939,589)
(3,572,912)

Administrative expenses
  
(8,099,703)
(6,884,969)

Exceptional administrative expenses
  
(425,065)
-

Other operating income
 5 
1,232,141
3,595,340

Fair value movements
  
529,732
253,543

Operating profit
 7 
5,037,513
8,274,369

Realised gain on financial instruments
 11 
-
1,410,161

Interest payable and similar expenses
 12 
-
(3,254)

Profit before tax
  
5,037,513
9,681,276

Tax on profit
 13 
(1,146,174)
(1,730,116)

Profit for the financial period
  
3,891,339
7,951,160

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 17 to 34 form part of these financial statements.

Page 13

 
FOUR MARKETING LIMITED
REGISTERED NUMBER: 03293084

BALANCE SHEET
AS AT 28 APRIL 2024

28 April
30 April
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
4,475,860
5,081,968

Investments
 15 
200
200

  
4,476,060
5,082,168

Current assets
  

Stocks
 16 
937,899
765,126

Debtors: amounts falling due within one year
 17 
50,760,785
46,887,385

Cash at bank and in hand
 18 
2,902,254
7,705,598

  
54,600,938
55,358,109

Creditors: amounts falling due within one year
 19 
(4,623,530)
(11,157,266)

Net current assets
  
 
 
49,977,408
 
 
44,200,843

Total assets less current liabilities
  
54,453,468
49,283,011

Provisions for liabilities
  

Deferred tax
 21 
(379,252)
(323,520)

Other provisions
 22 
(1,398,386)
(175,000)

  
 
 
(1,777,638)
 
 
(498,520)

Net assets
  
52,675,830
48,784,491


Capital and reserves
  

Called up share capital 
 23 
1,000
1,000

Profit and loss account
 24 
52,674,830
48,783,491

  
52,675,830
48,784,491


Page 14

 
FOUR MARKETING LIMITED
REGISTERED NUMBER: 03293084
    
BALANCE SHEET (CONTINUED)
AS AT 28 APRIL 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




B C Banks
Director

Date: 30 January 2025

The notes on pages 17 to 34 form part of these financial statements.

Page 15

 
FOUR MARKETING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
1,000
40,832,331
40,833,331


Comprehensive income for the year

Profit for the year
-
7,951,160
7,951,160


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
7,951,160
7,951,160


Total transactions with owners
-
-
-



At 1 May 2023
1,000
48,783,491
48,784,491


Comprehensive income for the period

Profit for the period
-
3,891,339
3,891,339


Other comprehensive income for the period
-
-
-


Total comprehensive income for the period
-
3,891,339
3,891,339


Total transactions with owners
-
-
-


At 28 April 2024
1,000
52,674,830
52,675,830


The notes on pages 17 to 34 form part of these financial statements.

Page 16

 
FOUR MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024

1.


General information

Four Marketing Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6-10 Market Road, London, United Kingdom, N7 9PW.
The principal activity of the Company continued to be that of a fashion brand distributor.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Four (Holdings) Limited as at 28 April 2024 and these financial statements may be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

Page 17

 
FOUR MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for designer clothing provided in the normal course of business, net of discounts, VAT and other sales related taxes.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the company.
Turnover from commission is recognised when the relevant goods have been delivered, the risk has passed to the customer, the amount of sales revenue can be reliably determined and settlement of the amount can be measured.

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 18

 
FOUR MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 19

 
FOUR MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Straight line over period not exceeding the term of the lease
Fixtures and fittings
-
5 years straight line
Computer equipment
-
5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 20

 
FOUR MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024

2.Accounting policies (continued)

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Page 21

 
FOUR MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Page 22

 
FOUR MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the Directors believe that the critical accounting policies where judgments or estimations are necessarily applied are summarised below.
Derivative instruments
The company uses Contract For Difference ("CFD") investments as part of its investment strategy. Derivative financial instruments which comprise CFDs are included on the balance shet as debtors, and are initially measured at fair value on the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss. The fair value of CFD investments are determined by reference to the observable share price of the underlying assets. The CFD investments held by the company are fully funded, the directors have taken the decision not to trade on margin.
Depreciation and residual value
The Directors have reviewed the asset lives and associated residual values of all fixed assets, and have concluded that asset lives and residual values are appropriate.
Provision for stock
The Company applies a general provision consistently to its stocks in respect of both obsolescence and shrinkage, based on the directors' experience of the net realisable value of stocks over the previous years. The directors review this provision periodically in the light of any evidence of change.
Provision for trade debtors
The Company applies a general provision consistently to its trade debtors after accounting for specific bad debts, based on the directors' experience of trade debtor recovery over the previous years. The directors review this provision periodically in the light of any evidence of change.

Page 23

 
FOUR MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
69,908,797
94,432,313

Commissions receivable
1,190,629
1,618,060

71,099,426
96,050,373


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
65,380,441
91,354,829

Rest of Europe
5,636,046
4,513,898

Rest of the world
82,939
181,646

71,099,426
96,050,373



5.


Other operating income

2024
2023
£
£

Sale of distribution rights
-
3,000,000

Management fees
862,286
595,340

Movement in onerous lease provision
369,855
-

1,232,141
3,595,340



6.


Exceptional items

28 April
30 April
2024
2023
£
£



Exceptional legal fees
425,065
-

425,065
-

Page 24

 
FOUR MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024

7.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(40,919)
-

Other operating lease rentals
1,480,681
1,178,157


8.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
50,000
(15,000)

Fees payable to the Company's auditors and their associates in respect of:

Taxation compliance services
2,000
-

All non-audit services not included above
5,000
-


9.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,752,629
3,514,353

Social security costs
531,767
746,741

Cost of defined contribution scheme
114,865
115,769

3,399,261
4,376,863


The average monthly number of employees, including the directors, during the period was as follows:


        2024
        2023
            No.
            No.







Sales
20
14



Administration
57
69

77
83

Page 25

 
FOUR MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024

10.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
1,040,001
1,722,303

1,040,001
1,722,303


The highest paid director received remuneration of £540,001 (2023 - £818,445).


11.


Other realised gains

2024
2023
£
£


Realised gain on financial instruments
-
1,410,161

-
1,410,161


12.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
3,254

-
3,254

Page 26

 
FOUR MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024

13.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
889,404
1,730,116

Adjustments in respect of previous periods
201,038
-


Total current tax
1,090,442
1,730,116

Deferred tax


Origination and reversal of timing differences
55,732
-

Total deferred tax
55,732
-


Tax on profit
1,146,174
1,730,116

Factors affecting tax charge for the period/year

The tax assessed for the period/year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
5,037,513
9,681,276


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
1,259,378
1,839,442

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
18,465
220,961

Capital allowances for period/year in excess of depreciation
224,298
(70,451)

Short-term timing difference leading to an increase (decrease) in taxation
(4,676)
-

General provision adjustment
(51,723)
(17,330)

Adjustments in respect of prior periods
201,038
-

Non trade charges
-
(949)

Group relief
(500,606)
(276,751)

Change in corporation tax rate
-
35,194

Total tax charge for the period/year
1,146,174
1,730,116

Page 27

 
FOUR MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
 
13.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


14.


Tangible fixed assets







Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2023
3,439,420
2,133,509
1,416,069
6,988,998


Transfers intra group
599,618
135,120
77,102
811,840



At 28 April 2024

4,039,038
2,268,629
1,493,171
7,800,838



Depreciation


At 1 May 2023
728,941
744,345
433,744
1,907,030


Charge for the period on owned assets
(101,670)
425,340
282,438
606,108


Transfers intra group
599,618
135,120
77,102
811,840



At 28 April 2024

1,226,889
1,304,805
793,284
3,324,978



Net book value



At 28 April 2024
2,812,149
963,824
699,887
4,475,860



At 30 April 2023
2,710,479
1,389,164
982,325
5,081,968

Page 28

 
FOUR MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024

15.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
200



At 28 April 2024
200





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Counrty of registration

Class of shares

Holding

Agent Provocateur Limited
United Kingdom
Ordinary
100%
Agent Provocateur IP Limited
United Kingdom
Ordinary
100%
Agent Provocateur International Limited *
United Kingdom
Ordinary
100%
Agent Provocateur Licencing Limited *
United Kingdom
Ordinary
100%
Agent Provacateur International Germany GmbH *
Germany
Ordinary
100%
Agent Provocateur Hong Kong Limited (HK) *
Hong Kong
Ordinary
100%
Agent Provocateur Hong Kong Limited (UK) *
United Kingdom
Ordinary
100%
Agent Provocateur International (Czech) S.r.o. *
Czech Republic
Ordinary
100%
Agent Provocateur International (France) SARL *
France
Ordinary
100%
Agent Provocateur International (Netherlands) B.V *
Netherlands
Ordinary
100%
Agent Provocateur International (US) LLC *
USA
Ordinary
100%
Agent Provocateur International GmbH *
Austria
Ordinary
100%
Agent Provocateur International Italy S.r.I *
Italy
Ordinary
100%
Agent Provocateur Italy Limited *
United Kingdom
Ordinary
100%
Agent Provacateur International Switzerland GmbH *
Switzerland
Ordinary
100%

* Subsidiary held indirectly


16.


Stocks

28 April
30 April
2024
2023
£
£

Finished goods and goods for resale
937,899
765,126

937,899
765,126

Page 29

 
FOUR MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024


17.


Debtors

28 April
30 April
2024
2023
£
£


Trade debtors
3,438,565
2,981,742

Amounts owed by group undertakings
31,915,905
28,950,671

Other debtors
216,057
110,000

Prepayments and accrued income
1,494,734
1,351,078

Tax recoverable
(326,852)
-

Derivative financial instruments
14,022,376
13,493,894

50,760,785
46,887,385





18.


Cash and cash equivalents

28 April
30 April
2024
2023
£
£

Cash at bank and in hand
2,902,254
7,705,598

2,902,254
7,705,598


Page 30

 
FOUR MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024

19.


Creditors: Amounts falling due within one year

28 April
30 April
2024
2023
£
£

Trade creditors
2,701,851
6,879,537

Corporation tax
-
224,102

Other taxation and social security
952,154
2,711,733

Other creditors
104,938
131,197

Accruals and deferred income
864,587
1,210,697

4,623,530
11,157,266


SDI Four Limited holds a fixed and floating charge over the company's assets in respect of loans advanced to the Four (Holdings) group.
The amount to which security has been given is £30,000,000 (2023: £37,500,000).


20.


Financial instruments

28 April
30 April
2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
14,465,000
13,493,894




Financial assets measured at fair value through profit or loss comprise derivative financial instruments. 


21.


Deferred taxation






2024


£






At beginning of year
(323,520)


Charged to profit or loss
(55,732)



At end of year
(379,252)

Page 31

 
FOUR MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
 
21.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

28 April
30 April
2024
2023
£
£


Accelerated capital allowances
(461,140)
(323,520)

Unpaid pension costs
5,224
-

General provisions
76,664
-

(379,252)
(323,520)


22.


Provisions






General provisions
Dilapida- tions & Closure Costs
Onerous Lease Provision
Total

£
£
£
£





At 1 May 2023
-
175,000
-
175,000


Charged to profit or loss
575,112
25,000
-
600,112


Arising on business combinations
-
-
1,112,047
1,112,047


Utilised in period
-
-
(118,917)
(118,917)


Released in period
-
-
(369,856)
(369,856)



At 28 April 2024
575,112
200,000
623,274
1,398,386


23.


Share capital

28 April
30 April
2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000


Page 32

 
FOUR MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024

24.


Reserves

Profit and loss account

The profit and loss account includes all current and prior year retained profits and losses. The profit and loss account includes £6,523,484 (2023 - £5,995,003) of non-distrubutable reserves relating to unrealised fair value movements in derivative financial instruments.


25.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £114,865 (2023 - £115,769). Contributions totalling £19,318 (2023 - £18,705) were payable to the fund at the balance sheet date and are included in creditors.


26.


Commitments under operating leases

At 28 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

28 April
30 April
2024
2023
£
£


Not later than 1 year
2,550
2,650,000

Later than 1 year and not later than 5 years
9,325,000
9,200,000

Later than 5 years
15,716,667
18,387,397

25,044,217
30,237,397


27.


Related party transactions

The company has taken advantage of the exemption available in accordance with FRS102 Section 33 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company and the other subsidiaries are wholly owned subsidiaries of the group to which they are party to the transactions. 
Trade debtors include an amount of £1,859,828 (2023: £194,319) due from a company which owns and controls a shareholder of the parent company. Sales of £51,981,128 (2023: £79,363,849) were made to this company in the period. Trade creditors include an amount of £53,392 (2023: £nil) due to this company. During the period, purchases of £329,707 (2023: £nil) were made from this company.
During the period, sales of £nil (2023: £50,330) were made to current and former directors. At the period end, there was no amount outstanding in respect of this (2023: £nil). 
During the period, an amount of £2,300,000 (2023: £2,300,000) was paid with respect of rent payable where the lessor was a related entity.

Page 33

 
FOUR MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024

28.


Controlling party

The immediate and ultimate parent company is Four (Holdings) Limited, a company incorporated in England & Wales. Copies of Four (Holdings) Limited accounts are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
The smallest and largest group in which the group is consolidated is within Four (Holdings) Limited, whose registered office is 6-10 Market Road, London, N7 9PW.

 
Page 34