| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| Cruden Group FSPS Holdings Ltd |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| Cruden Group FSPS Holdings Ltd |
| Cruden Group FSPS Holdings Ltd (Registered number: 10687437) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Chartered Accountants' Report | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 4 |
| Cruden Group FSPS Holdings Ltd |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants & Business Advisers |
| 15 Newland |
| Lincoln |
| Lincolnshire |
| LN1 1XG |
| Chartered Accountants' Report to the Director |
| on the Unaudited Financial Statements of |
| Cruden Group FSPS Holdings Ltd |
| The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cruden Group FSPS Holdings Ltd for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the director of Cruden Group FSPS Holdings Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Cruden Group FSPS Holdings Ltd and state those matters that we have agreed to state to the director of Cruden Group FSPS Holdings Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cruden Group FSPS Holdings Ltd and its director for our work or for this report. |
| It is your duty to ensure that Cruden Group FSPS Holdings Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Cruden Group FSPS Holdings Ltd. You consider that Cruden Group FSPS Holdings Ltd is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Cruden Group FSPS Holdings Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Chartered Accountants & Business Advisers |
| 15 Newland |
| Lincoln |
| Lincolnshire |
| LN1 1XG |
| Cruden Group FSPS Holdings Ltd (Registered number: 10687437) |
| Balance Sheet |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 4 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 5 |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the director and authorised for issue on |
| Cruden Group FSPS Holdings Ltd (Registered number: 10687437) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Cruden Group FSPS Holdings Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - NIL). |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| 5. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 1 | 1 |
| Cruden Group FSPS Holdings Ltd (Registered number: 10687437) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 6. | EMPLOYEE BENEFIT OBLIGATIONS |
| The Company operates a UK registered trust based pension scheme that provides defined benefits. Pension benefits are linked to the members' final pensionable salaries and service at their retirement (or date of leaving if earlier). The trustees are responsible for running the Scheme in accordance with the Scheme's Trust Deed and Rules, which sets out their powers. The Trustees of the Scheme are required to act in the best interests of the beneficiaries of the Scheme. |
| There are two categories of pension scheme members: |
| - Deferred members: former active members of the Scheme and not yet in receipt of pension. |
| - Pensioner members: in receipt of pension. |
| Future funding obligation |
| The Trustees are required to carry out an actuarial valuation every 3 years. The actuarial valuation of the Scheme performed by the Scheme Actuary for the Trustees as at 30 September 2023 is currently ongoing, however the Schedule of Contributions has now been agreed. This valuation revealed a funding surplus of £371,000 therefore no contributions are required or expected to be paid to the Scheme over the |
| accounting period beginning 1 October 2024 |
| The amounts recognised in the balance sheet are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Present value of funded obligations | ( |
) | ( |
) |
| Fair value of plan assets |
| 2,016,000 | 1,624,000 |
| Present value of unfunded obligations |
| Derecognition of scheme |
| surplus | (2,016,000 | ) | (1,624,000 | ) |
| Deficit |
| Net liability |
| The amounts recognised in profit or loss are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Current service cost | - | - |
| Net interest | 552,000 | 571,000 |
| Past service cost | - | - |
| 552,000 | 571,000 |
| Actual return on plan assets | ( |
) |
| Cruden Group FSPS Holdings Ltd (Registered number: 10687437) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 6. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| Changes in the present value of the defined benefit obligation are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Opening defined benefit obligation |
| Experience | (18,000 | ) | 190,000 |
| Interest cost |
| Actuarial gains/(losses): Change of basis | ( |
) |
| Benefits paid | ( |
) | ( |
) |
| Other | (89,000 | ) | (73,000 | ) |
| Changes in the fair value of scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Opening fair value of scheme assets |
| Other | (139,000 | ) | (126,000 | ) |
| Benefits paid | (657,000 | ) | (613,000 | ) |
| Interest income |
| Return on plan assets (excluding interest income) |
599,000 |
(971,000 |
) |
| The amounts recognised in other comprehensive income are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Return on plan assets (excluding interest income) |
599,000 |
(971,000 |
) |
| 599,000 | (971,000 | ) |
| The major categories of scheme assets as amounts of total scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Diversified Growth Funds | 1,234,000 | 1,617,000 |
| Gilts | 2,569,000 | 2,923,000 |
| Cash |
| Bonds | 7,362,000 | 6,564,000 |
| 12,469,000 | 12,025,000 |
| Cruden Group FSPS Holdings Ltd (Registered number: 10687437) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 6. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
| 2024 | 2023 |
| Discount rate |
| RPI inflation |
| Revaluation of deferred pensions (non-GMP) |
| Pension increases: Post 88 GMP |
| Pension increases: Pre 97 non GMP and post 97 pension |
| As at 30 September 2024, the surplus in the Cruden Group Limited Retirement Benefits Scheme was £2,016,000 (2023: £1,624,000) In accordance with s28.22 of FRS 102, this surplus has not been recognised in the accounts of Cruden Group FSPS Holdings Limited, which instead report a position of no surplus or deficit. |
| 7. | ULTIMATE CONTROLLING PARTY |
| The parent company is Headcrown Group Limited. The company's registered office is as follows: |
| 15 Newland |
| Lincoln |
| LN1 1XG |