| 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 |
| 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: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| 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: |
| 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 |
| 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: |
| 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. |
| for and on behalf of |
| Statutory Auditors |
| Chartered Accountants |
| Units 7-8 Manor Court |
| Manor Garth |
| Eastfield |
| Scarborough |
| North Yorkshire |
| YO11 3TU |
| 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 |
| 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 |
| Investments | 12 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 16 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| 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 |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2024 |
| 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| 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 |
| Additions |
| Reclassification/transfer | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 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 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 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 |
| Registered office: Unit 7-8 Manor Court, Eastfield, Scarborough, North Yorkshire, YO11 3TU |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| 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 | - | - |
| 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 |
| 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 |
| 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 |
| 2,880,937 | 2,899,309 |
| 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 |
| 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 |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years | 307,271 | 287,232 |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years | 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 |
| Hire purchase contracts | - | 59,591 | - | - |
| 3,820,527 | 4,133,008 |
| 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 |
| Charge to Income Statement during year |
| Balance at 30 September 2024 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A | £1 | 100 | 100 |
| 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 |
| Profit for the year |
| Dividends | ( |
) |
| At 30 September 2024 |
| 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. |