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REGISTERED NUMBER: 12776047 (England and Wales)












GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

FIRDEV HOLDINGS LIMITED

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 May 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


FIRDEV HOLDINGS LIMITED

COMPANY INFORMATION
for the year ended 31 May 2024







DIRECTORS: Mr D Margulies
Mr M Herzog





REGISTERED OFFICE: 10 Linthorpe Road
Stoke Newington
London
N16 5RF





REGISTERED NUMBER: 12776047 (England and Wales)





AUDITORS: Raffingers LLP, Statutory Auditor
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

GROUP STRATEGIC REPORT
for the year ended 31 May 2024

The directors present their strategic report of the company and the group for the year ended 31 May 2024.

REVIEW OF BUSINESS
General Overview
The group has been able to maintain sales at the levels achieved in the last financial year. Demand remains strong and the group has expanded its product range and diversified its offering. Increased inflation and global uncertainly meant margins were tightened both across the cost of sales and the general overheads. The group saw particular increases in its costs of goods, wages and local taxes..

Business Environment
Although the group faces competition from supermarkets and other retailers, it was able to differentiate itself and grow its client base both online and through its specialist shops.

Trading Results
The directors are pleased to report a successful year for the group. As a result, turnover has increased to £15.9 million (2023: £15.4 million). An increase in the cost of sales resulted in gross profit of £2.7 million (2023: £3.5 million) reported. The directors consider the profit achieved on ordinary activities before taxation to be particularly satisfactory given the continued pressure on margins due to increased competition and costs at all parts of the supply chain.

As shown in the profit and loss account, the group's operating profit for the year was £670,101 (2023: £1,592,364). The group's balance sheet shows net assets of £5,560,811 (2023: £5,265,164) at the end of the year, with a cash position of £798,843 (2023: £74,845). The state of affairs at the balance sheet date is considered to be satisfactory particularly with the stronger cash position.

Strategy
The current economic climate and global conflicts present challenges to the industry, however the directors are pleased to announce that the current trading year continues to build on the strong base. The directors will continually review the marketplace and manage the risks to maintain and improve the group's profitability.

Social responsibility is a core principle on which the group is based and the directors are pleased that the group has been able to make charitable donations in excess of £72,000.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs.

The group does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied. Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board but work closely with their financial and other professional advisers in managing this. The policies set by the directors are implemented by the group's finance department.

Price risk
The group is exposed to price risk due to normal inflationary increases in the purchase price of the goods, but mitigates this with a robust pricing strategy. The group has no exposure to equity securities price risk as it holds no significant listed or other equity investments.

Liquidity risk
The group actively maintains short-term debt facilities which are designed to ensure that the group has sufficient available funds for operations and planned expansions.

Interest rate risk
The group has interest bearing liabilities. Short term debt is sensitive to fluctuations in interest rates and these are kept under regular review. Long term debt enables the finance department to project future expenditure with interest rates locked in. The directors will revisit the appropriateness of this policy if the operations of the group change in size or nature.


FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

GROUP STRATEGIC REPORT
for the year ended 31 May 2024

KEY PERFORMANCE INDICATORS
The key performance indicators for the group are as follows -

2024 2023 Measure

Gross profit margin 17% 23% Gross profit/turnover

Stock turnover ratio 2.24 times 2.46 times Cost of sales/average stock

Average stock holding period 162 days 148 days Average stock/cost of sales x 365

These indicators suggest that whilst the group has increased its turnover, the increased cost of goods have resulted in a lower gross profit margin. Holding a wider range of stock for longer is reflected in the reduction in stock turnover ratio and the increase in the average stock holding period.

- Client satisfaction - Maintaining high standards of client satisfaction and encouraging customer loyalty is a key target for management.

- Employee satisfaction and skills - Hiring a good workforce has been a key factor in the group's stability. This in turn improves morale and efficiencies.

- Reliability of supply chains - Developing relationships with suppliers is essential in ensuring inventory can be sourced when required.

EMPLOYEES
The policy of the group is to employ the most suitably qualified persons regardless of age, religion, gender, sexual orientation or ethnic origin or any other grounds not related to a person's ability to work safely and effectively for the business. The directors recognises the importance of ensuring that relevant business information is provided to the employees prior to the employee's commencement date. This is achieved through initial induction and regular training.

ON BEHALF OF THE BOARD:





Mr D Margulies - Director


25 June 2025

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

REPORT OF THE DIRECTORS
for the year ended 31 May 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of retail wine and spirit shops and online sales.

DIVIDENDS
No dividends will be distributed for the year ended 31 May 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

Mr D Margulies
Mr M Herzog

DONATIONS
During the year the group made donations of £72,611 to charities. No political donations were made during the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

REPORT OF THE DIRECTORS
for the year ended 31 May 2024


AUDITORS
The auditors, Raffingers LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr D Margulies - Director


25 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FIRDEV HOLDINGS LIMITED

Opinion
We have audited the financial statements of Firdev Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2024 and of the group's 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.

Basis for qualified opinion on financial statements
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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 group's and the parent 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FIRDEV HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

We focused on specific laws and regulations which we considered may have a direct material effect on the financial
statements or the operations of the group, including the Companies Act 2006, taxation legislation and data protection, employment, and health and safety legislation;

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence;

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators where appropriate.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FIRDEV HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Yedidya Zaiden (Senior Statutory Auditor)
for and on behalf of Raffingers LLP, Statutory Auditor
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

25 June 2025

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

CONSOLIDATED
INCOME STATEMENT
for the year ended 31 May 2024

2024 2023
Notes £    £   

TURNOVER 15,900,558 15,407,650

Cost of sales (13,185,735 ) (11,896,730 )
GROSS PROFIT 2,714,823 3,510,920

Administrative expenses (2,082,475 ) (1,949,801 )
632,348 1,561,119

Other operating income 37,753 31,150
OPERATING PROFIT 4 670,101 1,592,269

Interest receivable and similar income 2,543 95
672,644 1,592,364

Interest payable and similar expenses 5 (191,177 ) (130,104 )
PROFIT BEFORE TAXATION 481,467 1,462,260

Tax on profit 6 (185,500 ) (251,967 )
PROFIT FOR THE FINANCIAL YEAR 295,967 1,210,293
Profit attributable to:
Owners of the parent 295,967 1,210,293

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the year ended 31 May 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 295,967 1,210,293


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

295,967

1,210,293

Total comprehensive income attributable to:
Owners of the parent 295,967 1,210,293

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

CONSOLIDATED BALANCE SHEET
31 May 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 3,150 4,200
Tangible assets 10 752,108 812,676
Investments 11 - -
Investment property 12 3,655,000 3,655,000
4,410,258 4,471,876

CURRENT ASSETS
Stocks 13 6,100,351 5,660,476
Debtors 14 826,368 899,800
Cash at bank and in hand 798,843 74,845
7,725,562 6,635,121
CREDITORS
Amounts falling due within one year 15 4,194,267 3,450,108
NET CURRENT ASSETS 3,531,295 3,185,013
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,941,553

7,656,889

CREDITORS
Amounts falling due after more than one
year

16

(2,224,900

)

(2,262,435

)

PROVISIONS FOR LIABILITIES 19 (155,842 ) (129,610 )
NET ASSETS 5,560,811 5,264,844

CAPITAL AND RESERVES
Called up share capital 20 240 240
Fair value reserve 21 43,720 43,720
Retained earnings 21 5,516,851 5,220,884
SHAREHOLDERS' FUNDS 5,560,811 5,264,844

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





Mr D Margulies - Director


FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

COMPANY BALANCE SHEET
31 May 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 520 520
Investment property 12 - -
520 520

CURRENT ASSETS
Debtors 14 61,125 61,212
Cash in hand 240 240
61,365 61,452
CREDITORS
Amounts falling due within one year 15 10,220 10,307
NET CURRENT ASSETS 51,145 51,145
TOTAL ASSETS LESS CURRENT
LIABILITIES

51,665

51,665

CAPITAL AND RESERVES
Called up share capital 20 240 240
Retained earnings 51,425 51,425
SHAREHOLDERS' FUNDS 51,665 51,665

Company's loss for the financial year - (2,875 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





Mr D Margulies - Director


FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 May 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 June 2022 240 4,010,591 43,720 4,054,551

Changes in equity
Total comprehensive income - 1,210,293 - 1,210,293
Balance at 31 May 2023 240 5,220,884 43,720 5,264,844

Changes in equity
Total comprehensive income - 295,967 - 295,967
Balance at 31 May 2024 240 5,516,851 43,720 5,560,811

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 May 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 240 54,300 54,540
Deficit for the year - (2,875 ) (2,875 )
Total comprehensive income - (2,875 ) (2,875 )
Total transactions with owners,
recognised directly in equity

-

-

-
Balance at 31 May 2023 240 51,425 51,665
Profit for the year - - -
Total transactions with owners,
recognised directly in equity

-

-

-
Balance at 31 May 2024 240 51,425 51,665

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 May 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,251,986 (645,792 )
Interest paid (191,177 ) (130,104 )
Tax paid 7,429 (181,350 )
Net cash from operating activities 1,068,238 (957,246 )

Cash flows from investing activities
Purchase of tangible fixed assets (123,501 ) (376,874 )
Interest received 2,543 95
Net cash from investing activities (120,958 ) (376,779 )

Cash flows from financing activities
Loan repayments in year (37,535 ) (23,354 )
Amount withdrawn by directors (185,747 ) 110,708
Net cash from financing activities (223,282 ) 87,354

Increase/(decrease) in cash and cash equivalents 723,998 (1,246,671 )
Cash and cash equivalents at beginning of
year

2

74,845

1,321,516

Cash and cash equivalents at end of year 2 798,843 74,845

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 May 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 481,467 1,462,260
Depreciation charges 185,119 203,921
Finance costs 191,177 130,104
Finance income (2,543 ) (95 )
855,220 1,796,190
Increase in stocks (439,875 ) (1,662,872 )
Decrease/(increase) in trade and other debtors 73,432 (182,962 )
Increase/(decrease) in trade and other creditors 763,209 (596,148 )
Cash generated from operations 1,251,986 (645,792 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 798,843 74,845
Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 74,845 1,321,516


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank and in hand 74,845 723,998 798,843
74,845 723,998 798,843
Debt
Debts falling due within 1 year (65,550 ) - (65,550 )
Debts falling due after 1 year (2,262,435 ) 37,535 (2,224,900 )
(2,327,985 ) 37,535 (2,290,450 )
Total (2,253,140 ) 761,533 (1,491,607 )

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 May 2024

1. STATUTORY INFORMATION

Firdev Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The group's financial statements consolidate the financial statements of Firdev Holdings Limited and are drawn up to 31 May 2024.

The group's subsidiary undertakings, First Developments Limited and Lion Wall 2 Ltd draw up their financial statements to same date. The group's third subsidiary undertaking, Lion Wall 3 Ltd, has its accounts dawn up to 29 February 2024 but as this entity is dormant, no adjustment was considered necessary for the consolidated group accounts.

Going concern
After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and entities controlled by the group (its subsidiaries). Control is achieved where the group has power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquire plus costs direct attributed to the business combination.

Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination the excess is recognised separately on the face of the consolidated statement of financial position immediately below goodwill.

The results of subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent.

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. Wholly owned dormant subsidiaries are considered not to material for the purposes of providing a true and fair view and excluded from consolidation.

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Related parties
For the purposes of these financial statements, a party is considered to be related to the company if:

(i)the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company;

(ii)the company and the party are subject to common control;

(iii)the party is an associate of the company or a joint venture in which the company is a venturer;

(iv)the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

(v)the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals;

(vi)the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company; or

(vii)the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

Significant judgements and estimates
The company may be required to make significant estimates and assumptions concerning the future. These estimates and judgements are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes from rendering of service. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done during the year, including estimates of amounts not invoiced.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of fourteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life.
Short leasehold - Straight line over the life of the lease
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Investment property
Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Stocks
Stocks are stated at the lower of cost and realisable value after making due allowance for obsolete items. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Financial instruments
The group only enters into basic financial instrument transactions that result in the recognition of financial asset or liabilities.

Short term debtors are measured at transaction price, less 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.

Short term trade creditors are measured at 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.

Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Pension costs and other post-retirement benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.
The obligations for contributions to defined contribution scheme are recognised as an expense in the period they are incurred.

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Trade and other debtors
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Impairment of financial assets
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

For all other financial assets, objective evidence of impairment could include:
-significant financial difficulty of the issuer or counterparty; or
-breach of contract, such as a default or delinquency in interest or principal payments; or
-it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or
-the disappearance of an active market for that financial asset because of financial difficulties.

For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the company's past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit, as well as observable changes in national or local economic conditions that correlate with default on receivables.

For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods.

Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 704,549 575,544
Social security costs 42,496 32,103
Other pension costs 165,337 167,544
912,382 775,191

The average number of employees during the year was as follows:
2024 2023

Administrative 35 32
Warehouse and delivery 9 8
44 40

2024 2023
£    £   
Directors' remuneration 54,986 54,564
Directors' pension contributions to money purchase schemes 160,000 160,000

The highest remuneration for a director was £43,106.

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 184,069 202,871
Goodwill amortisation 1,050 1,050
Foreign exchange differences (609 ) (2,677 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 191,177 130,104

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 160,635 265,904
Under provision of tax (1,368 ) (8,158 )
Total current tax 159,267 257,746

Deferred tax 26,233 (5,779 )
Tax on profit 185,500 251,967

UK corporation tax has been charged at a rate of 19% - 25% of taxable profits in 2024.

Factors that may affect future tax charges
From 1 April 2023, the corporation tax main rate for non-ring fenced profits was increased to 25% applying to profits over £250,000. A small profits rate (SPR) was also introduced for companies with profits of £50,000 or less so that they will continue to pay corporation tax at 19%. Companies with profits between £50,000 and £250,000 pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective corporation tax rate.

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. PENSION COMMITMENTS

The group operates a defined contribution scheme. During the year the group contributed £165,337 (2023: £167,544). There were no outstanding contributions at the reporting date.

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 15,000
AMORTISATION
At 1 June 2023 10,800
Amortisation for year 1,050
At 31 May 2024 11,850
NET BOOK VALUE
At 31 May 2024 3,150
At 31 May 2023 4,200

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

10. TANGIBLE FIXED ASSETS

Group
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST
At 1 June 2023 8,000 496,305 234,599
Additions - 75,779 2,512
At 31 May 2024 8,000 572,084 237,111
DEPRECIATION
At 1 June 2023 8,000 143,349 96,924
Charge for year - 57,208 35,047
At 31 May 2024 8,000 200,557 131,971
NET BOOK VALUE
At 31 May 2024 - 371,527 105,140
At 31 May 2023 - 352,956 137,675

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2023 443,992 38,520 155,841 1,377,257
Additions 30,288 - 14,922 123,501
At 31 May 2024 474,280 38,520 170,763 1,500,758
DEPRECIATION
At 1 June 2023 218,508 17,102 80,698 564,581
Charge for year 63,943 5,355 22,516 184,069
At 31 May 2024 282,451 22,457 103,214 748,650
NET BOOK VALUE
At 31 May 2024 191,829 16,063 67,549 752,108
At 31 May 2023 225,484 21,418 75,143 812,676

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 520
NET BOOK VALUE
At 31 May 2024 520
At 31 May 2023 520



Name of subsidiary
Class of
shares

Holding
Nature of
business
Aggregate capital
and reserves
(Loss)/profit for
the year


First Developments
Limited



Ordinary



100%
Wholesale and
retail sale of
wines and
spirits



2024: £5,246,070



2024:£269,898
2023: £4,976,172 2023:£1,169,209

Lion Wall 2 Ltd

Ordinary

100%
Property
investment

2024:£263,396

2024:£26,069
2023:£237,327 2023:£43,959
Lion Wall 3 Ltd Ordinary 100% Dormant 2024: £200 2024: £0
2023: £200 2023: £0

12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 3,655,000
NET BOOK VALUE
At 31 May 2024 3,655,000
At 31 May 2023 3,655,000

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2024 3,655,000

The investment properties were valued on an open market basis on 31 May 2024 by the directors. The investment properties are located within the United Kingdom.

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

13. STOCKS

Group
2024 2023
£    £   
Stocks 6,100,351 5,660,476

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 417,377 271,199 - -
Amounts owed by group undertakings - - 61,125 61,212
Other debtors 94,268 443,056 - -
VAT 150,488 118,988 - -
Prepayments and accrued income 164,235 66,557 - -
826,368 899,800 61,125 61,212

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) 65,550 65,550 - -
Trade creditors 2,203,665 1,376,570 - -
Amounts owed to group undertakings - - 9,900 -
Tax 866,047 699,351 - -
Social security and other taxes 56,329 49,315 - -
Pension payable 698 1,588 - -
Other creditors 601,678 667,007 320 320
Directors' current accounts 338,286 524,033 - -
Accruals and deferred income 62,014 66,694 - 9,987
4,194,267 3,450,108 10,220 10,307

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Bank loans (see note 17) 2,224,900 2,262,435

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

17. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans within 1 year 65,550 65,550
Amounts falling due between one and two years:
Bank loans 131,100 131,100
Amounts falling due in more than five years:
Repayable by instalments
Bank loans 2,093,800 2,131,335

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 2,290,450 2,327,985

The mortgage is secured by way of a fixed charge over the investment properties held by Lion Wall 2 Ltd.

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 155,842 129,610

Group
Deferred
tax
£   
Balance at 1 June 2023 129,610
Provided during year 26,232
Balance at 31 May 2024 155,842

FIRDEV HOLDINGS LIMITED (REGISTERED NUMBER: 12776047)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
80 Ordinary A £1 80 80
80 Ordinary B £1 80 80
80 Ordinary C £1 80 80
240 240

21. RESERVES

Group
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 June 2023 5,220,884 43,720 5,264,604
Profit for the year 295,967 295,967
At 31 May 2024 5,516,851 43,720 5,560,571


22. RELATED PARTY DISCLOSURES

The parent company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'the Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

At the balance sheet date, the group owed £338,285.75 (2023: £524,032) to the directors.

Included in other creditors are the below balances owed to companies of which one of the directors of this group, or close family members of them, are the directors of:

Lion Wall Limited- £37,939 (2023: £37,939)

Kedem Estates Ltd- £266,000 (2023: £266,000)

Marg Properties Management Limited- £50,000 (2023: £50,000)

Inchool Ltd- £100,000 (2023: £100,000)

23. AUDITORS REMUNERATION

The group's audit fees for the period totalled £19,750 plus VAT. There were other fees paid to Raffingers Holdings Limited for non-audit services.

24. CONTINGENT LIABILITIES

There were no contingent liabilities at either the beginning or end of the financial year.

25. CAPITAL COMMITMENTS

As at 31 May 2024 the company had no capital commitments which had been contracted for but not provided in the financial statements.