| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| FTFPARTNERS LTD |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| FTFPARTNERS LTD |
| FTFPARTNERS LTD (REGISTERED NUMBER: 04116571) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| FTFPARTNERS LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 20 Harcourt Street |
| London |
| W1H 4HG |
| FTFPARTNERS LTD (REGISTERED NUMBER: 04116571) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | 10 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| FTFPARTNERS LTD (REGISTERED NUMBER: 04116571) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| FTFpartners Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Revenue recognition |
| Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods provided in the normal normal course of business, net of discounts and value added tax. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date and are solely in connection with the companies trade. Exchange differences are taken into account in arriving at the operating result. |
| 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 |
| The company is dependent upon debt finance for provision of working capital, During 2024 the company has agreed loan facilities with its bankers, Clydesdale Bank Plc, for the provision of trade finance. This facility expires in October 2025 but the Directors see no reason why this facility should not be renewed. The Directors considers that this debt facility will enable the company to continue trading after its normal fashion. Consequently the financial statements have been prepared on the going concern basis on the assumption that the company will be able to carry on business as a going concern for the foreseeable future. |
| FTFPARTNERS LTD (REGISTERED NUMBER: 04116571) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 8) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 8) |
| Bank loans are secured loans from the company's bankers. Other loans are loans from finance houses.The sums repayable within one year are shown within creditors: amounts falling due within one year. |
| FTFPARTNERS LTD (REGISTERED NUMBER: 04116571) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 8. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans repayable within |
| one year |
| Other loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| The company's bankers hold a fixed and floating charge over all of the assets of the company in respect of any sums due to them in respect of loans or otherwise. |
| 10. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2024 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 December 2024 |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 12. | OTHER FINANCIAL COMMITMENTS |
| The company has a rental obligation as follows: |
| Expiring within 2-5 Years: | £12.948 per annum |
| FTFPARTNERS LTD (REGISTERED NUMBER: 04116571) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 13. | RELATED PARTY DISCLOSURES |
| B Arya, A Arya and D H Frankfort, who are directors of this company, have received dividends in their capacity as shareholders in the year as follows: B Arya : £256,500 ( 2023: £292,500); A Arya £256,500 ( 2023: £292,500); and DH Frankfort £342.000 ( 2023: £390,000). |
| Two of the directors have given guarantees to the company's bankers in the following sums: A Arya: £390,000; D Frankfort: £260,000. |
| 14. | POST BALANCE SHEET EVENTS |
| The company has customers in Algeria and in 2025 that country's central bank, the Bank of Algeria, has been imposing restrictions and delays on the export of foreign currency. The consequence is that the company has significant overdue debts where the Bank of Algeria has held back payment. |
| As a result terms of credit to these customers are necessarily extended beyond contractual terms. |
| The company does not expect to incur any loss from these measures. |
| 15. | ULTIMATE CONTROLLING PARTY |
| B Arya and A Arya, who are connected persons, are the owners of 60% of the issued shares and are therefore the ultimate controlling parties. |
| 16. | GOING CONCERN |
| The company is dependent for its day to day funding on credit facilities granted by its bankers, Clydesdale Bank. These facilities are due for renewal on 28th October 2025. Were the bank not to renew the facility the company would be unable to continue trading after its normal fashion and the going concern would not be appropriate. The directors see no reason why the bank should not renew its credit facilities and therefore consider that the going concern basis of preparation of the financial statements is appropriate. |