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REGISTERED NUMBER: 11961276 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

FP HOLDINGS 2019 LTD

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 September 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 17


FP HOLDINGS 2019 LTD

COMPANY INFORMATION
for the year ended 30 September 2024







DIRECTOR: Mr J H Shepherd





REGISTERED OFFICE: Unit 7-8 Manor Court
Eastfield
Scarborough
North Yorkshire
YO11 3TU





BUSINESS ADDRESS: 44 Paradise Field
Easingwold
York
North Yorkshire
YO61 3BT





REGISTERED NUMBER: 11961276 (England and Wales)

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

GROUP STRATEGIC REPORT
for the year ended 30 September 2024


The director presents his strategic report of the company and the group for the year ended 30 September 2024.

REVIEW OF BUSINESS
The detailed results for the period and the financial position of the group at the end of the period are as shown in the attached financial statements.

The group has a profit after tax of £2,042,367 (2023 - £1,486,969), driven by a 11.5% increase in turnover on prior year, up to £16,689,207. Gross margin has remained consistent at 16.1% (2023 - 16.2%). As a result, EBITDA has increased on prior year by 16.1% to £2,480,116 (2023 - £2,135,801).

PRINCIPAL RISKS AND UNCERTAINTIES
The Director assesses the risks faced by the business on a regular basis and adopts appropriate strategies to manage and reduce those risks. Such risks include:

Interest rate risk
Being the potential risk of loss from exposure to base rate fluctuations. Lending undertaken by the group is linked to base rate and borrowing is monitored by management to avoid overexposure. The group does not consider that it is materially exposed to this risk on current trading performance.

Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge its obligation. Group policies are aimed at minimising such losses and require customers to satisfy credit worthiness procedures prior to acceptance of contracts. The group does not consider that it is materially exposed to credit risk.

Price risk
Price risk is the risk that changes in raw materials prices have the potential to impact on the profitability of the group. The Director monitors price risk via consistent review of general economic indicators and key supplier prices to inform budgeting and forecasting procedures, to identify potential effect on margins ahead of time.

Cash flow and liquidity risk
Cash flow and liquidity risk is the risk that the group's available cash will not be be sufficient to meet its financial obligations. The group actively manages its cash flow position including collection of debts and timely payment of creditors. This, coupled with the strong cash position of the group arising from favourable trading results, is deemed sufficient to minimise the group's exposure to cash flow and liquidity risk.

ON BEHALF OF THE BOARD:





Mr J H Shepherd - Director


24 June 2025

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

REPORT OF THE DIRECTOR
for the year ended 30 September 2024


The director presents his report with the financial statements of the company and the group for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of rearing broiler chickens.

DIVIDENDS
An interim dividend of £845 per share on the Ordinary A £1 shares was paid on 6 April 2024. The director recommends that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary B £1 shares. The director recommends that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 30 September 2024 will be £ 84,500 .

RESEARCH AND DEVELOPMENT
The group is engaged in research and development activities through specialising in the raising of broilers for the production of chicken meat.

FUTURE DEVELOPMENTS
The group's business objective for the next twelve months are to maintain and develop its market share.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR
Mr J H Shepherd held office during the whole of the period from 1 October 2023 to the date of this report.

DIRECTOR'S RESPONSIBILITIES STATEMENT
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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.

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

REPORT OF THE DIRECTOR
for the year ended 30 September 2024


AUDITORS
The auditors, Smailes Goldie Watson Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




Mr J H Shepherd - Director


24 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FP HOLDINGS 2019 LTD


Opinion
We have audited the financial statements of FP Holdings 2019 Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 30 September 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 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other matter
The corresponding figures relating to the prior period were not audited.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FP HOLDINGS 2019 LTD


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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Director's Responsibilities Statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FP HOLDINGS 2019 LTD


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 a Report of the Auditors 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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory 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 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; and
- investigated the rationale behind significant or unusual transactions.

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;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing, where applicable, correspondence with HMRC and the services billed by the group's legal advisors.

Due to 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. 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.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FP HOLDINGS 2019 LTD


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.




Steven Aitken BSc ACA CTA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie Watson Limited
Statutory Auditors
Chartered Accountants
Units 7-8 Manor Court
Manor Garth
Eastfield
Scarborough
North Yorkshire
YO11 3TU

24 June 2025

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

CONSOLIDATED INCOME STATEMENT
for the year ended 30 September 2024

2024 2023
Notes £    £   

TURNOVER 3 16,689,207 14,964,808

Cost of sales 13,999,172 12,542,362
GROSS PROFIT 2,690,035 2,422,446

Administrative expenses 1,183,607 968,632
1,506,428 1,453,814

Other operating income 4 614,173 400,710
OPERATING PROFIT 6 2,120,601 1,854,524

Interest receivable and similar income 36,903 5,320
2,157,504 1,859,844

Interest payable and similar expenses 7 290,232 283,472
PROFIT BEFORE TAXATION 1,867,272 1,576,372

Tax on profit 8 (175,095 ) 89,403
PROFIT FOR THE FINANCIAL YEAR 2,042,367 1,486,969
Profit attributable to:
Owners of the parent 2,042,367 1,486,969

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
for the year ended 30 September 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,042,367 1,486,969


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,042,367

1,486,969

Total comprehensive income attributable to:
Owners of the parent 2,042,367 1,486,969

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 7,858,812 7,364,631
Investments 12 - -
7,858,812 7,364,631

CURRENT ASSETS
Stocks 13 1,057,342 773,608
Debtors 14 2,028,696 1,736,726
Cash at bank and in hand 2,046,272 1,633,969
5,132,310 4,144,303
CREDITORS
Amounts falling due within one year 15 2,880,937 2,899,309
NET CURRENT ASSETS 2,251,373 1,244,994
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,110,185

8,609,625

CREDITORS
Amounts falling due after more than one year 16 (3,533,295 ) (3,816,818 )

PROVISIONS FOR LIABILITIES 20 (353,428 ) (527,212 )
NET ASSETS 6,223,462 4,265,595

CAPITAL AND RESERVES
Called up share capital 21 110 110
Retained earnings 22 6,223,352 4,265,485
SHAREHOLDERS' FUNDS 6,223,462 4,265,595

The financial statements were approved by the director and authorised for issue on 24 June 2025 and were signed by:





Mr J H Shepherd - Director


FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

COMPANY STATEMENT OF FINANCIAL POSITION
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 6,333,939 5,753,853
Investments 12 100 100
6,334,039 5,753,953

CURRENT ASSETS
Debtors 14 870,732 722,117
Cash at bank and in hand 1,884,937 1,612,160
2,755,669 2,334,277
CREDITORS
Amounts falling due within one year 15 305,602 277,639
NET CURRENT ASSETS 2,450,067 2,056,638
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,784,106

7,810,591

CREDITORS
Amounts falling due after more than one year 16 (3,533,295 ) (3,816,818 )

PROVISIONS FOR LIABILITIES 20 (143,785 ) (124,517 )
NET ASSETS 5,107,026 3,869,256

CAPITAL AND RESERVES
Called up share capital 21 110 110
Retained earnings 22 5,106,916 3,869,146
SHAREHOLDERS' FUNDS 5,107,026 3,869,256

Company's profit for the financial year 1,322,270 1,324,291

The financial statements were approved by the director and authorised for issue on 24 June 2025 and were signed by:





Mr J H Shepherd - Director


FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30 September 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 110 2,954,516 2,954,626

Changes in equity
Dividends - (176,000 ) (176,000 )
Total comprehensive income - 1,486,969 1,486,969
Balance at 30 September 2023 110 4,265,485 4,265,595

Changes in equity
Dividends - (84,500 ) (84,500 )
Total comprehensive income - 2,042,367 2,042,367
Balance at 30 September 2024 110 6,223,352 6,223,462

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 30 September 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 110 2,720,855 2,720,965

Changes in equity
Dividends - (176,000 ) (176,000 )
Total comprehensive income - 1,324,291 1,324,291
Balance at 30 September 2023 110 3,869,146 3,869,256

Changes in equity
Dividends - (84,500 ) (84,500 )
Total comprehensive income - 1,322,270 1,322,270
Balance at 30 September 2024 110 5,106,916 5,107,026

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30 September 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,627,890 1,685,764
Interest paid (290,304 ) (263,181 )
Interest element of hire purchase payments paid (2,595 ) (6,552 )
Tax paid (1,311 ) -
Net cash from operating activities 2,333,680 1,416,031

Cash flows from investing activities
Purchase of tangible fixed assets (1,228,593 ) (703,121 )
Sale of tangible fixed assets - 19,854
Interest received 36,903 5,320
Net cash from investing activities (1,191,690 ) (677,947 )

Cash flows from financing activities
Loan repayments in year (252,891 ) (253,698 )
Directors' loan repaid/(advanced) (332,705 ) 764,942
HP/finance lease repayments in year (59,591 ) (55,559 )
Equity dividends paid (84,500 ) (176,000 )
Net cash from financing activities (729,687 ) 279,685

Increase in cash and cash equivalents 412,303 1,017,769
Cash and cash equivalents at beginning of year 2 1,633,969 616,200

Cash and cash equivalents at end of year 2 2,046,272 1,633,969

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30 September 2024


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

2024 2023
£    £   
Profit before taxation 1,867,272 1,576,372
Depreciation charges 359,514 281,278
Loss on disposal of fixed assets - 9,350
Finance costs 290,232 283,472
Finance income (36,903 ) (5,320 )
2,480,115 2,145,152
Increase in stocks (283,734 ) (72,467 )
Decrease/(increase) in trade and other debtors 42,046 (1,409,164 )
Increase in trade and other creditors 389,463 1,022,243
Cash generated from operations 2,627,890 1,685,764

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 2,046,272 1,633,969
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 1,633,969 616,200


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 1,633,969 412,303 2,046,272
1,633,969 412,303 2,046,272
Debt
Finance leases (59,591 ) 59,591 -
Debts falling due within 1 year (256,599 ) (30,633 ) (287,232 )
Debts falling due after 1 year (3,816,818 ) 283,523 (3,533,295 )
(4,133,008 ) 312,481 (3,820,527 )
Total (2,499,039 ) 724,784 (1,774,255 )

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 September 2024


1. STATUTORY INFORMATION

FP Holdings 2019 Ltd 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.

Going concern
The group has a net current asset position and a healthy bank position and the director is satisfied that there are sufficient resources in place to continue operating for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Basis of consolidation
The financial statements consolidate the accounts of FP Holdings 2019 Ltd and its subsidiary undertaking under merger accounting basis.

Related party exemption
The 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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

Critical judgements in applying the company's policies
The management consider that no significant judgements have had to made in preparing these financial statements.

Critical accounting estimates and assumptions
The management consider that no estimates and assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
Revenue represents goods and services supplied, excluding value added tax. Revenue is recognised to the extent that the company has obtained the right to consideration through its performance and is measured at the fair value of the right to consideration.

Tangible fixed assets
Items of property, plant and equipment are initially measured at cost. After initial recognition items of property, plant and equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life.

Freehold property (excluding land) - 2% on cost (not provided on land)
Assets under construction - not provided
Plant and machinery - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 25% on cost

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


2. ACCOUNTING POLICIES - continued

Stocks
Biological assets, agricultural produce and other inventories are measured at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments
The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Assets acquired under finance lease agreements, including hire purchase agreements, are capitalised and the corresponding liability is included in creditors. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Operating lease rentals are charged against profits of the period to which they relate.

Pension costs and other post-retirement benefits
Payments to defined contribution pension schemes are charged as an expense in the period to which they relate.

3. TURNOVER

The revenue and profit before taxation are attributable to the one principal activity of the group. All sales were made in the United Kingdom.

4. OTHER OPERATING INCOME
2024 2023
£    £   
Rents received 4,320 1,040
Sundry receipts 1,755 2,712
Renewable heat incentive 608,098 396,958
614,173 400,710

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 257,424 157,235
Social security costs 18,084 8,303
Other pension costs 5,447 122,825
280,955 288,363

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

Directors 1 1
Other staff 7 7
8 8

2024 2023
£    £   
Director's remuneration 14,965 14,353
Director's pension contributions to money purchase schemes 1,800 120,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£ £
Other operating leases 395,181 263,533
Depreciation - owned leases 344,029 263,058
Depreciation - assets on high purchase contracts 15,486 18,219
Loss on disposal of fixed assets - 9,350
Auditors' remuneration 20,000 -
Other non-audit services 12,350 9,895

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 287,637 263,167
PAYE interest - 38
Hire purchase interest 2,595 6,552
Other loan interest - 13,715
290,232 283,472

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 1,311
Prior year tax under/(over)provision (1,311 ) -
Total current tax (1,311 ) 1,311

Deferred tax (173,784 ) 88,092
Tax on profit (175,095 ) 89,403

UK corporation tax has been charged at 25 % .

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,867,272 1,576,372
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
22 %)

466,818

346,802

Effects of:
Difference in deferred tax rates being provided - 10,571
Permanent timing differences 109,187 (1,077 )
Enhanced R&D claim (751,516 ) (266,893 )
Losses carried back at different rate 416 -
Total tax (credit)/charge (175,095 ) 89,403

9. 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.


10. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim 84,500 100,000
Ordinary B shares of £1 each
Interim - 76,000
84,500 176,000

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


11. TANGIBLE FIXED ASSETS

Group
Assets
Freehold under Plant and
property construction machinery
£    £    £   
COST
At 1 October 2023 5,580,036 288,849 2,615,612
Additions 347,630 337,893 148,873
Reclassification/transfer 454,719 (454,719 ) -
At 30 September 2024 6,382,385 172,023 2,764,485
DEPRECIATION
At 1 October 2023 115,033 - 1,060,068
Charge for year 105,436 - 242,033
At 30 September 2024 220,469 - 1,302,101
NET BOOK VALUE
At 30 September 2024 6,161,916 172,023 1,462,384
At 30 September 2023 5,465,003 288,849 1,555,544

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 October 2023 90,457 2,844 8,577,798
Additions 19,300 - 853,696
Reclassification/transfer - - -
At 30 September 2024 109,757 2,844 9,431,494
DEPRECIATION
At 1 October 2023 36,607 1,459 1,213,167
Charge for year 11,521 525 359,515
At 30 September 2024 48,128 1,984 1,572,682
NET BOOK VALUE
At 30 September 2024 61,629 860 7,858,812
At 30 September 2023 53,850 1,385 7,364,631

Included in cost of freehold property is freehold land of £1,056,720 (2023 - £1,053,720) which is not depreciated.

The net book value of tangible fixed assets includes £NIL (2023 - £ 103,241 ) in respect of assets held under hire purchase contracts.

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


11. TANGIBLE FIXED ASSETS - continued

Company
Assets
Freehold under
property construction Totals
£    £    £   
COST
At 1 October 2023 5,580,037 288,849 5,868,886
Additions 347,629 337,893 685,522
Reclassification/transfer 454,719 (454,719 ) -
At 30 September 2024 6,382,385 172,023 6,554,408
DEPRECIATION
At 1 October 2023 115,033 - 115,033
Charge for year 105,436 - 105,436
At 30 September 2024 220,469 - 220,469
NET BOOK VALUE
At 30 September 2024 6,161,916 172,023 6,333,939
At 30 September 2023 5,465,004 288,849 5,753,853

Included in cost of land and buildings is freehold land of £ 1,056,720 (2023 - £ 1,053,720 ) which is not depreciated.

Freehold property is let rent-free to a wholly-owned subsidiary company for use in its trade within the group. Therefore it is included at cost.

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 100
NET BOOK VALUE
At 30 September 2024 100
At 30 September 2023 100

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary

Forest Poultry Limited
Registered office: Unit 7-8 Manor Court, Eastfield, Scarborough, North Yorkshire, YO11 3TU
Nature of business: Rearing broiler chickens
%
Class of shares: holding
Ordinary £1 A Shares 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,116,537 396,439
Profit for the year 2,420,098 1,862,679


13. STOCKS

Group
2024 2023
£    £   
Stocks 1,057,342 773,608

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,321,599 1,499,960 - -
Amounts owed by group undertakings - - 472,818 713,217
Other debtors 5,071 1,109 - -
Directors' loan accounts 397,915 65,210 397,914 8,900
Tax 1,311 - - -
VAT 67,060 96,339 - -
Prepayments and accrued income 235,740 74,108 - -
2,028,696 1,736,726 870,732 722,117

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) 287,232 256,599 287,232 256,599
Hire purchase contracts (see note 18) - 59,591 - -
Trade creditors 2,431,468 2,441,303 - -
Tax - 1,311 - -
Social security and other taxes 5,368 3,718 - -
Other creditors 30,298 8,595 - -
Accruals and deferred income 126,571 128,192 18,370 21,040
2,880,937 2,899,309 305,602 277,639

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


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

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 17) 3,533,295 3,816,818 3,533,295 3,816,818

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 287,232 256,599 287,232 256,599
Amounts falling due between one and two years:
Bank loans - 1-2 years 307,271 287,232 307,271 287,232
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,055,932 987,082 1,055,932 987,082
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 2,170,092 2,542,504 2,170,092 2,542,504

Bank loans are repayable by instalments and are charged to interest at a mark-up on base rate.

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 59,591

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 666,984 -
Between one and five years 677,591 -
1,344,575 -

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 3,820,527 4,073,417 3,820,527 4,073,417
Hire purchase contracts - 59,591 - -
3,820,527 4,133,008 3,820,527 4,073,417

The bank loans are secured by a fixed and floating charge over all assets held by the company and a guarantee by way of a debenture given by another group company.

Hire purchase liabilities are secured on the underlying assets

20. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 353,428 527,212 143,785 124,517

Group
Deferred
tax
£   
Balance at 1 October 2023 527,212
Credit to Income Statement during year (173,784 )
Balance at 30 September 2024 353,428

Company
Deferred
tax
£   
Balance at 1 October 2023 124,517
Charge to Income Statement during year 19,268
Balance at 30 September 2024 143,785

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary A £1 100 100
10 Ordinary B £1 10 10
110 110

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


21. CALLED UP SHARE CAPITAL - continued

Ordinary A shares carry voting rights and are eligible for full dividends at a level determined by the directors and approved by the members. They will be repaid in any distribution including on winding up, and shall be entitled to receive any surplus remaining after repayment. They are not redeemable.

Ordinary B shares carry no voting rights and are eligible for full dividends at a level determined by the directors and approved by the members. They will be repaid in any distribution including on winding up, but shall not be entitled to receive any surplus remaining after repayment. They are not redeemable.

22. RESERVES

Group
Retained
earnings
£   

At 1 October 2023 4,265,485
Profit for the year 2,042,367
Dividends (84,500 )
At 30 September 2024 6,223,352

Company
Retained
earnings
£   

At 1 October 2023 3,869,146
Profit for the year 1,322,270
Dividends (84,500 )
At 30 September 2024 5,106,916

Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

23. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £3,646 (2023 - £2,825). Amounts payable to the scheme at the reporting date were £722 (2023 - £637).

24. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 414,575 -

FP HOLDINGS 2019 LTD (REGISTERED NUMBER: 11961276)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


25. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The director operates a loan account with the group which is repayable on demand. The following advances and credits subsisted during the years ended 2024 and 2023 in respect to the director.

2024 2023
£ £
Balance outstanding at start of year 65,210 830,452
Amounts advanced 468,685 90,523
Amounts repaid (135,981 ) (855,765 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 397,914 65,210

Interest has been charged at the HMRC beneficial loan rate whilst overdrawn.

26. RELATED PARTY DISCLOSURES

During the year, total dividends of £84,500 (2023 - £100,000) were paid to the director .

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
£    £   
Interest receivable 2,148 5,320
Amount due from related party 397,914 65,210

Balances due above relate to a director's loan account, which is repayable on demand. Interest receivable is charged at HMRC beneficial loan rates whilst overdrawn.

27. POST BALANCE SHEET EVENTS

After the date of these financial statements but prior to the date of their approval, total dividends of £800,000 were voted.

28. ULTIMATE CONTROLLING PARTY

The controlling party is J H Shepherd.