FOR THE YEAR ENDED 29 DECEMBER 2024
FSC GROUP LIMITED
COMPANY INFORMATION
FSC GROUP LIMITED
CONTENTS
FSC GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 DECEMBER 2024
FSC Group Limited (“the Group”) operates as an international concept development and supply chain management company, specialising in ready-to-eat foods and associated services, with a history spanning over 30 years. The Group owns 100% of the shares of FSC Direct Limited, The Foodservice Centre Limited, and FSC CEE Limited, which are its principal subsidiaries.
The 2024 financial year was a landmark year for the Group, distinguished by a complete organisational restructuring and the introduction of new financial measurement systems. The reorganisation transitioned the company from traditional hierarchical divisions into decentralised, autonomous business units, each responsible for its own P&L, and supported by a strong central structure. The new framework was rolled out across all entities from January 2024, focusing on agility, cross-functional collaboration, and empowered decision-making.
Financial performance for the year was moderate, with the Group reporting turnover of £24.2m (2023: £19.3m), gross profit of £7.7m (2023: £6.9m), and profit after tax of £79,571 (2023: £68,086). While challenging trading in the first half of the year, linked to investment in staff and slow realisation of new strategies, resulted in a subdued start, results improved as transformation measures bedded in during the second half. Individual subsidiary results are detailed in their respective accounts.
Despite the moderate profit, the transformation has already shown its value, with improved operational resilience, foundation for future growth, and enhanced employee engagement. Importantly, the roll-out of business unit budgets, monthly P&L reporting, and targeted coaching has been very well received across the Group and is credited with delivering stronger results into 2025.
STRATEGY AND ACHIEVEMENTS
2024 marked the successful implementation of the Group's three-year strategic plan:
- FSC transitioned to an “agile enterprise” model, supported by professional training across the workforce, including Agile Leadership and Scrum Master accreditation for all employees engaged in Agile teams.
- The Group achieved ISO22000 certification, Certified B-Corp status, and fully embedded sustainability practices and net zero Scope 1 & 2 operations across all businesses.
- The Group expanded its international operations with expansion of their Prague office and new offices and data centre in Kuala Lumpur, supporting business in Central Europe and Asia.
- Notable new business wins included contracts with Pret a Manger, Soho Coffee, Shell Austria, and Waterstones.
- The Group invested in advanced digital tools such as Tastewise, supporting generative-AI enhanced insights for the Group’s food and service development teams.
Looking ahead, the key strategic priorities through to 2027 are:
- Realising the 2027 vision of a fully devolved business unit model, with robust profit accountability and high-performance leadership at all levels.
- Continued focus on developing sustainability credentials for both the company and its clients.
- Profit share model with 33% of end of year results equally shared among all employees.
- Accelerated adoption of AI and digital strategies throughout the Group; accordingly, a specialist AI/data/IT consultant has been retained to deliver a comprehensive Group strategy in 2025.
- Building on recent certifications and operational improvements to raise gross margin by 50%, achieve an operating profit of 50%, and achieve a £1m net profit (before employee bonuses) by 2028.
Financial performance for the year was moderate, with the Group reporting turnover of £24.2m (2023: £19.3m), gross profit of £7.7m (2023: £6.9m), and profit after tax of £79,571 (2023: £68,086). While challenging trading in the first half of the year, linked to investment in staff and slow realisation of new strategies, resulted in a subdued start, results improved as transformation measures bedded in during the second half. Individual subsidiary results are detailed in their respective accounts.
Despite the moderate profit, the transformation has already shown its value, with improved operational resilience, foundation for future growth, and enhanced employee engagement. Importantly, the roll-out of business unit budgets, monthly P&L reporting, and targeted coaching has been very well received across the Group and is credited with delivering stronger results into 2025.
STRATEGY AND ACHIEVEMENTS
2024 marked the successful implementation of the Group's three-year strategic plan:
- FSC transitioned to an “agile enterprise” model, supported by professional training across the workforce, including Agile Leadership and Scrum Master accreditation for all employees engaged in Agile teams.
- The Group achieved ISO22000 certification, Certified B-Corp status, and fully embedded sustainability practices and net zero Scope 1 & 2 operations across all businesses.
- The Group expanded its international operations with expansion of their Prague office and new offices and data centre in Kuala Lumpur, supporting business in Central Europe and Asia.
- Notable new business wins included contracts with Pret a Manger, Soho Coffee, Shell Austria, and Waterstones.
- The Group invested in advanced digital tools such as Tastewise, supporting generative-AI enhanced insights for the Group’s food and service development teams.
Looking ahead, the key strategic priorities through to 2027 are:
- Realising the 2027 vision of a fully devolved business unit model, with robust profit accountability and high-performance leadership at all levels.
- Continued focus on developing sustainability credentials for both the company and its clients.
- Profit share model with 33% of end of year results equally shared among all employees.
- Accelerated adoption of AI and digital strategies throughout the Group; accordingly, a specialist AI/data/IT consultant has been retained to deliver a comprehensive Group strategy in 2025.
- Building on recent certifications and operational improvements to raise gross margin by 50%, achieve an operating profit of 50%, and achieve a £1m net profit (before employee bonuses) by 2028.
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FSC GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
The directors consider the most significant external risks to be the rapid evolution and potential disruption arising from AI and digitalisation within the foodservice and supply chain sectors. To address this, the Group has commenced a comprehensive AI and IT strategy review. Other material risks include:
- Sustainability regulation and the pace of electrification in vehicles and logistics.
- Currency volatility due to significant overseas revenue and costs denominated in USD/EUR.
- Cashflow and funding risk, particularly related to legacy loans and invoice discounting, although the Group’s position has improved year-on-year.
The directors monitor these and other risks regularly and believe that the current financial and operational structures are robust and fit for purpose for the foreseeable future.
- Sustainability regulation and the pace of electrification in vehicles and logistics.
- Currency volatility due to significant overseas revenue and costs denominated in USD/EUR.
- Cashflow and funding risk, particularly related to legacy loans and invoice discounting, although the Group’s position has improved year-on-year.
The directors monitor these and other risks regularly and believe that the current financial and operational structures are robust and fit for purpose for the foreseeable future.
The Group is committed to the ongoing development of its workforce. 2024 saw major investment in coaching, Agile training, and succession planning, and the Group continues to adapt its workplace policies in line with post-pandemic expectations for flexibility and collaboration. No staff redundancies were required as a result of the reorganisation, and overall headcount increased by circa 10%.
Details of intra-group transactions, including management charges, trading, and funding arrangements between subsidiaries, are outlined in note 28 to the financial statements. The directors have provided personal guarantees relating to certain group borrowings as disclosed in the notes.
This report was approved by the board and signed on its behalf.
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FSC GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 DECEMBER 2024
The directors present their report and the financial statements for the year ended 29 December 2024.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £79,571 (2023: £68,086).
During the year dividends of £68,594 (2023: £68,594) were declared and paid.
The directors who served during the year were:
The directors are confident that the strong foundation established in 2024 sets the Group on a path of continued transformation, sustainable growth, and market leadership in innovation and service delivery. Priority areas remain full AI and digital strategy implementation, continued development of the regional and channel business unit model, sustainability, and investment in future leadership.
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FSC GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
There have been no significant events affecting the Group since the year end.
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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FSC GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FSC GROUP LIMITED
We have audited the financial statements of FSC Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 29 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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FSC GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FSC GROUP LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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FSC GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FSC GROUP LIMITED (CONTINUED)
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 an Auditors' Report 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:
∙We have considered the nature of the industry and sector, control environment, and business performance;
∙We have considered the results of enquiries with management and the directors in relation to their own identification and assessment of the risks and irregularities within the entity;
∙We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating effectively, in line with documentation;
∙For any matters identified we have obtained and reviewed the Company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
∙We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or avoid a material penalty. These included health and safety regulations and employment law.
Our procedures to respond to risks identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Enquiring of management in relation to actual and potential claims or litigation;
∙Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Performing detailed testing in relation to the recognition of revenue with a particular focus around the year end cut off; and
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
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FSC GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FSC GROUP LIMITED (CONTINUED)
members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of 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. 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 Auditors' 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 an Auditors' Report 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
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
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FSC GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 DECEMBER 2024
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FSC GROUP LIMITED
REGISTERED NUMBER:06001580
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 29 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 36 form part of these financial statements.
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FSC GROUP LIMITED
REGISTERED NUMBER:06001580
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 29 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 36 form part of these financial statements.
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FSC GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 DECEMBER 2024
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FSC GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 DECEMBER 2024
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FSC GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 DECEMBER 2024
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FSC GROUP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 29 DECEMBER 2024
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
FSC Group Limited is a private company limited by shares and incorporated in England & Wales, registered number 06001580. Its registered office is Cheddar Business Park, Wedmore Road, Cheddar, Somerset, BS27 3EB. The principal activity of the company is that of a holding company.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic report.
On the basis of their assessment of the Group's financial position, the company's directors have a reasonable expectation that the Group will be able to continue in operational existence for the foreseeable future. They therefore continue to adopt the going concern basis of accounting in preparing the consolidated financial statements.
On the basis of their assessment of the Group's financial position, the company's directors have a reasonable expectation that the Group will be able to continue in operational existence for the foreseeable future. They therefore continue to adopt the going concern basis of accounting in preparing the consolidated financial statements.
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Functional and presentation currency
Transactions and balances
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
GOODWILL
OTHER INTANGIBLE ASSETS
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
The freehold property was revalued during the year. The directors have considered whether the revalued
land and buildings have been impaired since the in-year revaluation. They have concluded that there has
been no impairment and a depreciation charge is not required for the year.
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
Analysis of turnover by country of destination:
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
12.TAXATION (CONTINUED)
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
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Cost or valuation at 29 December 2024 is as follows:
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
15.TANGIBLE FIXED ASSETS (CONTINUED)
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
Bank loans and overdrafts are secured by the Company by the way of mortgage charge on the freehold
property.
There is a £75,000 overdraft facility repayable on demand.
There is an unlimited debenture in place since 6 September 2004, including the right to set-off.
In the year ended 29 December 2021, the company was advanced £600,000 and £275,000 as part of the
Coronavirus Business Interruption Loan Scheme.
The loan terms are both over 6 years with repayment instalments commencing 7 months and 12 months
respectively from the date of drawdown.
Interest is charged at 1.46% and 2.44% respectively, with the first 12 months being paid by the
Government.
At the year end, the amounts outstanding were £255,455 and £164,090 respectively.
property.
There is a £75,000 overdraft facility repayable on demand.
There is an unlimited debenture in place since 6 September 2004, including the right to set-off.
In the year ended 29 December 2021, the company was advanced £600,000 and £275,000 as part of the
Coronavirus Business Interruption Loan Scheme.
The loan terms are both over 6 years with repayment instalments commencing 7 months and 12 months
respectively from the date of drawdown.
Interest is charged at 1.46% and 2.44% respectively, with the first 12 months being paid by the
Government.
At the year end, the amounts outstanding were £255,455 and £164,090 respectively.
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
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Revaluation reserve
Profit and loss account
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
The Group operates a defined contributions pension scheme. The assets are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £135,833 (2023: £135,833). Contributions totalling £44,402 (2023: £44,402) were payable to the fund at the balance sheet date and are included in creditors.
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FSC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
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