| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024 |
| FOR |
| F&F STORES LTD |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024 |
| FOR |
| F&F STORES LTD |
| F&F STORES LTD (REGISTERED NUMBER: 09707030) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 5 |
| Report of the Independent Auditors | 7 |
| Income Statement | 9 |
| Other Comprehensive Income | 10 |
| Balance Sheet | 11 |
| Statement of Changes in Equity | 12 |
| Notes to the Financial Statements | 13 |
| F&F STORES LTD |
| COMPANY INFORMATION |
| FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Room 73 |
| Wrest House |
| Silsoe |
| Bedfordshire |
| MK45 4HR |
| F&F STORES LTD (REGISTERED NUMBER: 09707030) |
| STRATEGIC REPORT |
| FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024 |
| The directors present their strategic report for the period 1 August 2023 to 31 December 2024. |
| COMPANY DESCRIPTION AND FUTURE OUTLOOK |
| F&F Stores Ltd is part of the F&F Stores Holdings Limited Group of Companies along with the Romanian subsidiary F&F Stores Holdings Limited Filiala S.R.L. F&F Stores Ltd is an e-commerce company focusing primarily on sales via the Amazon Marketplace across the UK, Europe and North America. However, the company also has a strong presence on eBay, Debenhams, Shein and their own website www.gettrend.com. |
| The growth since the company's incorporation in July 2015 has been incredibly strong. The work to date in selecting brand licenses and then developing products has allowed the company to continue this growth, along with developing their own brands, such as City Comfort, Deco Express and Kreative Kraft. As the growth continues, more development has been undertaken in multiple product lines such as children's toys and kitchen utensils. |
| The outlook of the company looks to be very strong with the growth of sales into new territories. The company continues to look at new routes to market through new online platforms. |
| F&F Stores Ltd continues to upskill its team and improving its financial reporting using analytical tools. |
| In the foreseeable future, there will be various challenges that F&F Stores Ltd will encounter. This is primarily because of the fall in demand for retail products globally, high inflation and the threat of an increase in trade tariffs. |
| REVIEW OF BUSINESS |
| The group had a very successful trading period considering the fall in global demand for retail, and the continued increases in inflation, resulting in the reduction in both gross profit margins and net profit. The group enjoys positive relationships with both customers and suppliers alike and is looking forward to further growth in the forthcoming year. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The directors continually assess the level of risk that is likely to occur in the running of the group, and for any major activity or business change which occurs, a detailed risk assessment is carried out. |
| The warehouses are now very well run with preventative maintenance carried out in a planned and controlled manner. The principal risk of the company is that stock levels are maintained at reasonable levels at times of high demand. We add value to our clients due to the high level of service we offer, both in the UK and EU, and the traceability of products. F&F are well placed to continue increasing the efficiency of their day-to-day operations and continue to provide high levels of customer service to clients. |
| F&F STORES LTD (REGISTERED NUMBER: 09707030) |
| STRATEGIC REPORT |
| FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024 |
| SECTION 172(1) STATEMENT |
| The directors of F&F Stores Ltd confirm that, during the financial period ended 31 December 2024, they have acted in a way that they consider, in good faith, to promote the success of the company for the benefit of its members as a whole, in accordance with their duties under section 172 of the Companies Act 2006. In doing so, the directors have had regard to the matters set out in section 172(1)(a) to (f). |
| In particular: |
| (a) The likely consequences of any decision in the long term |
| The board regularly considers the long-term impact of its decisions, especially with respect to our digital infrastructure, sustainability of supply chains, and customer trust. Investments in logistics, technology, and data security are aimed at ensuring continued growth and resilience. |
| (b) The interests of the company's employees |
| We are committed to creating a positive and supportive environment for our employees. |
| (c) The need to foster business relationships with suppliers, customers and others |
| Strong relationships with suppliers and customers are critical to our business. We work closely with suppliers to ensure ethical sourcing and timely delivery. We also maintain clear communication with our customers and regularly gather feedback to improve user experience and satisfaction. |
| (d) The impact of the company's operations on the community and the environment |
| We recognise our responsibility to minimise our environmental impact. In the last year, we expanded our use of recyclable packaging and optimised our delivery routes to reduce emissions. |
| (e) The desirability of maintaining a reputation for high standards of business conduct |
| Our business is built on trust. We maintain clear policies on data protection, consumer rights, and ethical business practices. Staff undergo regular training on these policies, and we hold ourselves to high standards of transparency and fairness. |
| (f) The need to act fairly as between members of the company |
| The board considers all shareholders equally in its decision-making, ensuring transparent communication and providing fair access to information through regular reports and meetings. The directors are mindful that effective engagement with stakeholders is key to fulfilling their duties under section 172 and promoting the long-term success of the company. |
| STREAMLINED ENERGY AND CARBON REPORTING |
| The company is committed to reducing its Green House Gasses (GHG) emissions and are working towards achieving the environmental targets set by the Streamlined Energy Carbon Reporting (SECR) framework. |
| Our approach to reporting is based on the GHG Protocol Corporate Accounting and Reporting Standard. In line with the guidance on SECR we have included the energy and emissions for the buildings we own and operate and also those where we lease facilities and are responsible for energy consumption. |
| We are virtually net zero on our main UK warehouse and our warehouse in Romania. For our other UK warehouses, the annual usage was 25,320 KWH of Grid Supplied Electricity (scope 2) and 0 KWH of Gaseous and other fuels (scope 1). |
| Scope 1 and 2 consumption, CO2 emission data and Emission Factor Database used are considered with the 2020 UK Government environmental reporting guidance. |
| The company continues to implement energy efficiency measures including limiting the number of vehicle journeys by making use of technologies and the promotion of electric non-commercial vehicles for our employees |
| The company will continue to identify means to improve energy efficiency and monitor our impact on the environment and the areas in which we work. |
| F&F STORES LTD (REGISTERED NUMBER: 09707030) |
| STRATEGIC REPORT |
| FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024 |
| NON FINANCIAL KEY PERFORMANCE INDICATORS |
| In a company this size the directors consider there are collectively other numerous non-financial performance indicators but none individually are key. |
| FINANCIAL RISK MANAGEMENT |
| The company had no hedging arrangements at 31 December 2024. The company has exposure to foreign exchange rate movements but constantly reviews this position to ensure that this is managed as much as possible on a timely basis through the trading year. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The directors are responsible for determining the level of risk acceptable to the company. This is subject to regular review. The company seeks to mitigate its risks through the application of strict limits, controls and a monitoring process at operational level. |
| CREDIT RISK |
| Credit risk is the risk that counterparties will not be able to meet their obligations as they fall due. There are regular credit reviews of counterparty limits by the directors. |
| OPERATIONAL RISK |
| Operational risk is caused by failures in business process, systems or physical infrastructure that support them that have the potential to result in financial loss of reputational damage. This includes errors, omissions, systems failure, lack of resources, theft of physical assets and deliberate acts such as fraud. |
| There is a risk that the key IT systems could fail causing a loss of business and reputational damage. This is mitigated by a local and constantly available IT service for support and an efficient back up service and business continuity plan. |
| The directors maintain strong internal controls to prevent the occurrence of fraud and other potential system failures as noted above. |
| BUSINESS RISK |
| There is a risk that the economic demand for the company's services will diminish, resulting in less income. These risks are mitigated by the company having a relatively low-cost base and a diversified customer base across the UK and EU. |
| LIQUIDITY RISK |
| The company ensures that liquidity is maintained by monitoring cash balances daily to ensure it retains flexibility in the management of cash flows. |
| ON BEHALF OF THE BOARD: |
| F&F STORES LTD (REGISTERED NUMBER: 09707030) |
| REPORT OF THE DIRECTORS |
| FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024 |
| The directors present their report with the financial statements of the company for the period 1 August 2023 to 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the period under review continued to be that of an online goods retailer. |
| DIVIDENDS |
| The profit for the period amounted to £8,515,758 (2023: £4,179,009). Dividends of £8,927,599 have been paid in the period ended 31st December 2024 (2023: £1,000,000). |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report. |
| Other changes in directors holding office are as follows: |
| FINANCIAL INSTRUMENTS |
| The company finances its activities with a combination of cash, bank loans, intercompany loans and operating leases. Other financial assets and liabilities such as trade debtors and trade creditors, arise from the company's operating activities. |
| Financial instruments give rise to foreign currency, credit price and liquidity risk. In accordance with S414C (11) of the Companies Act 2006, the directors have presented information of financial risk management objectives in the strategic report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the 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 of the profit or loss of the company 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; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| F&F STORES LTD (REGISTERED NUMBER: 09707030) |
| REPORT OF THE DIRECTORS |
| FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024 |
| AUDITORS |
| The auditors, MDG Business Associates Audit 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 |
| F&F STORES LTD |
| Opinion |
| We have audited the financial statements of F&F Stores Ltd (the 'company') for the period ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 31 December 2024 and of its profit for the period 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 company 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 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 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| F&F STORES LTD |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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 company or to cease operations, or have no realistic alternative but to do so. |
| 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: |
| We have assessed that there is a low risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations central to the trading activities of the company. The assessment has been based upon a substantive testing approach to key identified risk areas, principally being revenue recognition and the threat of override controls by local management. No suspected fraud, breach or other non-compliance with underlying laws and regulations has been identified during sample testing undertaken during the audit process and no such issues have been raised by the board of directors or local management prior to making this assessment. A full review of available board minutes, and other supporting third party documentation where available, has been undertaken and no items have come to our attention which require to be reported to the user of the financial statements. The company has strong internal controls and our audit has indicated no instances of managerial override of controls, including through testing of journal entries and other adjustments for appropriateness. No transactions have been identified as being made outside the normal course of business from work we have performed in each key risk area of the audit. The directors and other key local officers are informed management and as such they make regular review to ensure the company is compliant in all instances. |
| 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. |
| 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 |
| Room 73 |
| Wrest House |
| Silsoe |
| Bedfordshire |
| MK45 4HR |
| F&F STORES LTD (REGISTERED NUMBER: 09707030) |
| INCOME STATEMENT |
| FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024 |
| Period |
| 1.8.23 |
| to | Year Ended |
| 31.12.24 | 31.7.23 |
| Notes | £ | £ |
| TURNOVER | 4 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 6 |
| Interest receivable and similar income |
| 12,949,693 | 5,605,991 |
| Interest payable and similar expenses | 7 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 |
| PROFIT FOR THE FINANCIAL PERIOD |
| F&F STORES LTD (REGISTERED NUMBER: 09707030) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024 |
| Period |
| 1.8.23 |
| to | Year Ended |
| 31.12.24 | 31.7.23 |
| Notes | £ | £ |
| PROFIT FOR THE PERIOD |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
| F&F STORES LTD (REGISTERED NUMBER: 09707030) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| CURRENT ASSETS |
| Stocks | 12 |
| Debtors | 13 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| F&F STORES LTD (REGISTERED NUMBER: 09707030) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 August 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 July 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| F&F STORES LTD (REGISTERED NUMBER: 09707030) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| F&F Stores Ltd is a |
| 2. | STATEMENT OF COMPLIANCE |
| 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 in accordance with the accounting policies set out below. The financial statements are prepared in sterling, which is the functional currency of the entity. |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The company has considerable financial resources and as a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the uncertain economic outlook. |
| After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements. |
| The comparatives relate to the year 01 August 2022 to 31 July 2023. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| 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 |
| Long leasehold | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| F&F STORES LTD (REGISTERED NUMBER: 09707030) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Going concern |
| In preparing these financial statements, the directors have assessed the ability of the company to continue to operate for the period of at least twelve months from the date of signing the financial statements. |
| The directors undertook a risk assessment and forecasting exercise to assess the company's liquidity position. The assessments include performing cashflow sensitivity analysis focusing on income and cost levels. In addition, reverse stress testing is performed to assess the levels of performance where cash availability would breach. The results of this analysis continued to demonstrate that there is sufficient cash availability. |
| Based on current trading performance, and the sensitivity and reverse stress testing performed, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of signing these financial statements and accordingly they continue to adopt the going concern basis in preparing these financial statements. |
| 4. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by class of business is given below: |
| Period |
| 1.8.23 |
| to | Year Ended |
| 31.12.24 | 31.7.23 |
| £ | £ |
| 5. | EMPLOYEES AND DIRECTORS |
| Period |
| 1.8.23 |
| to | Year Ended |
| 31.12.24 | 31.7.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| F&F STORES LTD (REGISTERED NUMBER: 09707030) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024 |
| 5. | EMPLOYEES AND DIRECTORS - continued |
| The average number of employees during the period was as follows: |
| Period |
| 1.8.23 |
| to | Year Ended |
| 31.12.24 | 31.7.23 |
| Staff | 89 | 104 |
| Directors | 2 | 4 |
| Period |
| 1.8.23 |
| to | Year Ended |
| 31.12.24 | 31.7.23 |
| £ | £ |
| Directors' remuneration |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| Period |
| 1.8.23 |
| to | Year Ended |
| 31.12.24 | 31.7.23 |
| £ | £ |
| Hire of plant and machinery |
| Other operating leases |
| Depreciation - owned assets |
| Loss on disposal of fixed assets |
| Computer software amortisation |
| Auditors' remuneration |
| Foreign exchange differences | ( |
) | ( |
) |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| Period |
| 1.8.23 |
| to | Year Ended |
| 31.12.24 | 31.7.23 |
| £ | £ |
| Loan interest |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the period was as follows: |
| Period |
| 1.8.23 |
| to | Year Ended |
| 31.12.24 | 31.7.23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Tax on profit |
| F&F STORES LTD (REGISTERED NUMBER: 09707030) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024 |
| 9. | DIVIDENDS |
| Period |
| 1.8.23 |
| to | Year Ended |
| 31.12.24 | 31.7.23 |
| £ | £ |
| Ordinary shares of 1 each |
| Interim |
| 10. | INTANGIBLE FIXED ASSETS |
| Computer |
| software |
| £ |
| Cost |
| At 1 August 2023 |
| Additions |
| Disposals | ( |
) |
| At 31 December 2024 |
| Amortisation |
| At 1 August 2023 |
| Eliminated on disposal | ( |
) |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 July 2023 |
| 11. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Long | and | Motor | Computer |
| leasehold | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| Cost |
| At 1 August 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| Depreciation |
| At 1 August 2023 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 July 2023 |
| 12. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| F&F STORES LTD (REGISTERED NUMBER: 09707030) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024 |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| VAT |
| Prepayments and accrued income |
| Included within 'Other debtors' is an amount of £521,099 (2023: £521,099) in respect of a rent deposit due to be recovered from the landlord in more than one year from the balance sheet date. |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 15) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | - | 452,234 |
| Other creditors |
| Accruals and deferred income |
| Bank loan interest is being charged at 0.63% per transactional advance over the term of the loan of 12 months. |
| Other loan interest was charged at 4% per annum over the term of the loan of 2 years. |
| Further loans undertaken by the company are secured by way of varying filed charges as detailed: i) a fixed charge incorporating a general pledge in favour of the bank lender ii) two debentures incorporating both fixed and floating charges. All charges are secured over the assets and undertakings of the company in favour of the specific lender. Loan interest is being charged at 3% per year above the Bank of England base rate. |
| 15. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Bank loan interest is being charged at 0.63% per transactional advance over the term of the loan of 12 months. |
| Other loan interest was charged at 4% per annum over the term of the loan of 2 years. |
| Further loan interest is being charged at 3% per year above the Bank of England base rate. |
| 16. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| F&F STORES LTD (REGISTERED NUMBER: 09707030) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024 |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 1 | 100 | 100 |
| 18. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 August 2023 |
| Profit for the period |
| Dividends | ( |
) |
| At 31 December 2024 |
| 19. | RELATED PARTY DISCLOSURES |
| 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. |
| Included within other creditors is an amount of £425 (2023: £678,286 debtor) due to the directors from the company. Interest of £Nil (2023: £32,299) has been charged on this balance during the period at Nil% (2023: 5%). During the period repayments of £678,286 were made to the company. There are no set repayment terms in place. |
| During the reporting year, the immediate parent company was F&F Stores Holdings Limited, a company registered in England and Wales. The company's results are included in the consolidated accounts of F&F Stores Holdings Limited as filed at Companies House with a copy available at the registered office of this company upon request. |
| On 14th December 2023 following a restructure of group ownership, the ultimate parent undertaking of F&F Stores Limited became R&A Retail Hub Co Limited, a company registered in England & Wales. |