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Company registration number: 389518
Fewsters Limited
Pages for filing with Registrar
31 October 2024
Fewsters Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Fewsters Limited
Statement of financial position
31 October 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 4,474,595 4,472,143
Investments 6 1,897,420 1,633,980
_______ _______
6,372,015 6,106,123
Current assets
Debtors 7 1,615,309 1,388,008
Investments 8 115,000 115,000
Cash at bank and in hand 535,349 698,642
_______ _______
2,265,658 2,201,650
Creditors: amounts falling due
within one year 9 ( 220,885) ( 215,111)
_______ _______
Net current assets 2,044,773 1,986,539
_______ _______
Total assets less current liabilities 8,416,788 8,092,662
Provisions for liabilities 10 ( 419,798) ( 376,658)
_______ _______
Net assets 7,996,990 7,716,004
_______ _______
Capital and reserves
Called up share capital 84,000 84,000
Capital redemption reserve 17,500 17,500
Fair value reserve 2,093,213 1,959,923
Profit and loss account 5,802,277 5,654,581
_______ _______
Shareholders funds 7,996,990 7,716,004
_______ _______
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 March 2025 , and are signed on behalf of the board by:
Mr. C. Fewster
Director
Company registration number: 389518
Fewsters Limited
Statement of changes in equity
Year ended 31 October 2024
Called up share capital Capital redemption reserve Fair value reserve Profit and loss account Total
£ £ £ £ £
At 1 November 2022 84,000 17,500 2,123,556 5,388,243 7,613,299
Profit for the year 102,806 102,806
Other comprehensive income for the year:
Reclassification to fair value reserve from profit and loss account - - ( 163,633) 163,633 -
_______ _______ _______ _______ _______
Total comprehensive income for the year - - ( 163,633) 266,439 102,806
Dividends paid and payable ( 101) ( 101)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 101) ( 101)
_______ _______ _______ _______ _______
At 31 October 2023 and 1 November 2023 84,000 17,500 1,959,923 5,654,583 7,716,006
Profit for the year 281,085 281,085
Other comprehensive income for the year:
Reclassification to fair value reserve from profit and loss account - - 133,290 ( 133,290) -
_______ _______ _______ _______ _______
Total comprehensive income for the year - - 133,290 147,795 281,085
Dividends paid and payable ( 101) ( 101)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 101) ( 101)
_______ _______ _______ _______ _______
At 31 October 2024 84,000 17,500 2,093,213 5,802,277 7,996,990
_______ _______ _______ _______ _______
Fewsters Limited
Notes to the financial statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 39 Bridge Street, Seaton Burn, Newcastle upon Tyne, NE13 6EN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover represents rents receivable, excluding value added tax, during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Solar panels - 4 % straight line
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Freehold property Solar panels Fixtures, fittings and equipment Total
£ £ £ £
Cost/Valuation
At 1 November 2023 4,418,710 107,265 41,310 4,567,285
Additions - 8,017 - 8,017
_______ _______ _______ _______
At 31 October 2024 4,418,710 115,282 41,310 4,575,302
_______ _______ _______ _______
Depreciation
At 1 November 2023 - 53,832 41,310 95,142
Charge for the year - 5,565 - 5,565
_______ _______ _______ _______
At 31 October 2024 - 59,397 41,310 100,707
_______ _______ _______ _______
Carrying amount
At 31 October 2024 4,418,710 55,885 - 4,474,595
_______ _______ _______ _______
At 31 October 2023 4,418,710 53,433 - 4,472,143
_______ _______ _______ _______
Investment property
The properties were revalued during 2020 by BNP Paribas.The directors consider the carrying value continues to be a fair reflection of current open market values.
6. Investments
Shares in group undertakings and participating interests Other investments other than loans Total
£ £ £
Cost or valuation
At 1 November 2023 92,204 1,563,980 1,656,184
Additions - 420,859 420,859
Disposals - ( 354,001) ( 354,001)
Revaluations - 196,582 196,582
_______ _______ _______
At 31 October 2024 92,204 1,827,420 1,919,624
_______ _______ _______
Impairment
At 1 November 2023 and 31 October 2024 22,204 - 22,204
_______ _______ _______
Carrying amount
At 31 October 2024 70,000 1,827,420 1,897,420
_______ _______ _______
At 31 October 2023 70,000 1,563,980 1,633,980
_______ _______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Fewsters Services Limited 39 Bridge Street Seaton Burn Newcastle upon Tyne Ordinary 100
The results and capital and reserves for the period of the trading companies are as follows:
Capital and Profit/(loss)
reserves for the
period
2024 2023 2024 2023
£ £ £ £
Subsidiary undertakings
Fewsters Services Limited 1,118,901 1,005,727 113,174 192,253
7. Debtors
2024 2023
£ £
Trade debtors 38,535 34,872
Amounts owed by group undertakings 1,441,369 1,345,989
Other debtors 135,405 7,147
_______ _______
1,615,309 1,388,008
_______ _______
8. Investments
2024 2023
£ £
Other investments 115,000 115,000
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 1,198 585
Corporation tax 18,195 7,934
Social security and other taxes 9,783 14,984
Other creditors 191,709 191,608
_______ _______
220,885 215,111
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 November 2023 376,658 376,658
Charges against provisions 43,140 43,140
_______ _______
At 31 October 2024 419,798 419,798
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 10) 419,798 376,658
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 12,067 13,358
Fair value adjustment of financial assets 70,737 26,306
Fair value adjustment of investment property 336,994 336,994
_______ _______
419,798 376,658
_______ _______
12. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr. C. Fewster - 134,000 134,000
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr. C. Fewster - - -
_______ _______ _______
13. Related party transactions
The company is not under the control of any individual party. Income for Fewsters Limited includes a management charge of £76,000 (2023: £76,000) to Fewster Services Limited.