FOTHERGILL-CRENETTE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
FOTHERGILL-CRENETTE LIMITED
COMPANY INFORMATION
Directors
R Alvarez
N A Garner
Company number
02763262 (England and Wales)
Registered office
Green Vale Mill
Summit
Littleborough
Lancashire
OL15 9QP
Auditor
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Business address
Green Vale Mill
Summit
Littleborough
Lancashire
OL15 9QP
Bankers
HSBC Bank plc
2-4 St Ann's Square
Manchester
M2 7HD
FOTHERGILL-CRENETTE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
FOTHERGILL-CRENETTE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,210,091
1,268,086
Current assets
Stocks
640,842
521,251
Debtors
4
311,846
499,780
Cash at bank and in hand
466,013
719,189
1,418,701
1,740,220
Creditors: amounts falling due within one year
5
(2,067,241)
(2,551,201)
Net current liabilities
(648,540)
(810,981)
Total assets less current liabilities
561,551
457,105
Provisions for liabilities - deferred tax liability
(22,154)
Net assets
539,397
457,105
Capital and reserves
Called up share capital
6
500,000
500,000
Revaluation reserve
174,013
175,513
Profit and loss reserves
(134,616)
(218,408)
Total equity
539,397
457,105
The notes on pages pages 2 to 7 form an integral part of these financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
N A Garner
Director
Company registration number 02763262 (England and Wales)
FOTHERGILL-CRENETTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Fothergill-Crenette Limited is a private company limited by shares incorporated in England and Wales. The registered office is Green Vale Mill, Summit, Littleborough, Lancashire, OL15 9QP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the valuation of freehold properties as "deemed cost" on transition to FRS 102. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis which presupposes the continued support of the intermediate parent company, Porcher Industries.true
The company made a profit before tax during the year of £110,173 (2023: £73,683) and had net current liabilities at 31 December 2024 amounting to £648,540 (2023: £810,981) inclusive of an amount of £1,793,362 (2023: £2,122,559) owing to group undertakings.
The directors have received written confirmation from the intermediate parent undertaking of its intention to provide continued financial support, as necessary, in order to assist the company in meeting its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements. On this basis, the directors consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue 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, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
FOTHERGILL-CRENETTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% per annum straight line
Plant and equipment
15% per annum reducing balance
Fixtures and fittings
15% per annum reducing balance
Computers
15% - 25% per annum reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.
Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.
Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
FOTHERGILL-CRENETTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Derecognition of financial assets
Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.
Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.12
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Non-monetary assets and liabilities and transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
FOTHERGILL-CRENETTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
16
17
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost or valuation
At 1 January 2024
1,329,107
1,871,594
418,874
46,671
3,666,246
Additions
21,030
38
21,068
Disposals
(118,249)
(5,746)
(123,995)
At 31 December 2024
1,329,107
1,774,375
418,874
40,963
3,563,319
Depreciation and impairment
At 1 January 2024
395,630
1,744,292
213,317
44,921
2,398,160
Depreciation charged in the year
24,196
21,327
30,817
296
76,636
Eliminated in respect of disposals
(116,144)
(5,424)
(121,568)
At 31 December 2024
419,826
1,649,475
244,134
39,793
2,353,228
Carrying amount
At 31 December 2024
909,281
124,900
174,740
1,170
1,210,091
At 31 December 2023
933,477
127,302
205,557
1,750
1,268,086
As permitted under FRS102 on transition, the company has adopted a valuation of its freehold land and buildings as the deemed cost at 1 January 2015, which is the transition date to FRS102. The professional valuation as at 1 January 2015 provided by PS Marshall MRICS of Bolton Marshall Chartered Surveyors was £750,000 based on market value.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
FOTHERGILL-CRENETTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Tangible fixed assets
(Continued)
- 6 -
2024
2023
£
£
Cost
688,736
688,736
Accumulated depreciation
(316,874)
(305,479)
Carrying value
371,862
383,257
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
250,780
448,479
Amounts owed by group undertakings
8,745
12,324
Other debtors
30,430
500
Prepayments and accrued income
21,891
32,750
311,846
494,053
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
5,727
Total debtors
311,846
499,780
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
205,382
239,544
Amounts owed to group undertakings
1,793,362
2,122,559
Taxation and social security
14,023
62,235
Accruals and deferred income
54,474
126,863
2,067,241
2,551,201
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
500,000
500,000
500,000
500,000
FOTHERGILL-CRENETTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
James Lye BA(Hons) FCA
Statutory Auditor:
Ashworth Moulds
Date of audit report:
27 March 2025
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
25,422
42,869
9
Parent company
At 31 December 2024 the company's parent company was Chavanoz Industrie, a company incorporated in France. The intermediate parent undertaking is Porcher Industries; these companies form part of the European arm of the Porcher Industries Group.
The ultimate controlling party is Warwick Capital Partners LLP.