Registration number:
Fred Done Property Trading Group Limited
for the Year Ended 31 January 2025
Fred Done Property Trading Group Limited
Contents
|
Group Information |
|
|
Group Strategic Report |
|
|
Group Directors Report |
|
|
Statement of Directors' Responsibilities |
|
|
Independent Auditor's Report |
|
|
Consolidated Profit and Loss Account |
|
|
Consolidated Balance Sheet |
|
|
Balance Sheet |
|
|
Consolidated Statement of Changes in Equity |
|
|
Statement of Changes in Equity |
|
|
Consolidated Statement of Cash Flows |
|
|
Notes to the Financial Statements |
Fred Done Property Trading Group Limited
Group Information
|
Directors |
F Done J L Whittaker P J Kirszanek |
|
Registered office |
|
|
Auditors |
|
Fred Done Property Trading Group Limited
Group Strategic Report for the Year Ended 31 January 2025
The directors present their strategic report for the year ended 31 January 2025.
Principal Activity and Fair review of the business
The principal activity of the group is the development and sale of residential and commercial property. The group is structured such that different projects sit within their own statutory entities. Ongoing projects are at different stages within the development cycle.
The directors are pleased to present the results for the year under review, with turnover for the year of £33.24m (2024: £30.16m) and consolidated profit before tax of £5.5m (2024: £3.2m).
This performance reflects mainly sales from the group's Castle Irwell development in Salford. Other developments within the group's portfolio are progressing through the presales stage during the reporting period.The directors consider the development and performance of the group during the year ended 31 January 2025 to be in line with expectations.
Key performance indicators
As in previous years, the directors monitor the performance of the group through monthly management accounts. The directors consider the following to be key performance indicators:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Gross profit margin |
% |
6.95 |
(13.46) |
|
Current Ratio |
1.71 |
.88 |
|
|
EBITDA |
£m |
(.8) |
(2.24) |
Future developments
The group will continue to focus on the development and delivery of high quality, attractive properties whilst also seeking new opportunities to expand its portfolio.
Principal risks and uncertainties
The group's operations may expose it to a variety of potential financial risks, these include liquidity, credit, currency and interest rate risks.
Liquidity risk
The objective of the group in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The group regularly reviews business performance to ensure it has sufficient liquidity to meet its financial obligations as and when they fall due.
Credit risk
The directors continuously review customer balances to ensure the recoverability of debtor balances and credit checks are carried out where applicable.
Currency risk
The directors consider hedging policies on a regular basis and monitor exchange rates to ensure that any company cash held in foreign currency accounts is managed to reduce the risk of a foreign currency loss.
Interest rate risk
Interest rates are monitored, and hedging policies reviewed by the directors to ensure the group's risk and exposure to interest rate movements is kept to a minimum.
Fred Done Property Trading Group Limited
Group Strategic Report for the Year Ended 31 January 2025
Approved and authorised by the
|
......................................... |
Fred Done Property Trading Group Limited
Group Group Directors Report for the Year Ended 31 January 2025
The directors present their report and the for the year ended 31 January 2025.
Directors of the group
The directors who held office during the year were as follows:
Dividends
There were no dividends paid in the financial year (2024: £Nil). The directors do not recommend payment of a final dividend.
Information included in the Strategic Report
Information with regards to future developments and financial risk management objectives and policies has been included in the Strategic Report.
Social and community issues
Considering the potential consequences that a decision may have on employees, suppliers, customers and other related parties is paramount. Acting with integrity and promoting high standards across the business is fundamental to how we operate as a business.
The company is aware of its responsibility to the local community and the environment, making charitable donations and contributing to the local community on a number of different initiatives.
Ultimately, we aim to increase the value of the business through building lasting relationships with our external partners and creating opportunities for employees and stakeholders to achieve their potential.
Post balance sheet events
There have been no significant events affecting the Group since the year end
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Alextra Audit Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
|
......................................... |
Fred Done Property Trading Group Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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 group and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
|
• |
select suitable accounting policies and apply them consistently; |
|
• |
make judgements and accounting estimates that are reasonable and prudent; |
|
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
|
• |
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 group's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the group and the group 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 group and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Fred Done Property Trading Group Limited
Independent Auditor's Report to the Members of Fred Done Property Trading Group Limited
Opinion
We have audited the financial statements of Fred Done Property Trading Group Limited (the 'parent group') and its subsidiaries (the 'group') for the year ended 31 January 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 group's and the parent group's affairs as at 31 January 2025 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 auditor 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.
Fred Done Property Trading Group Limited
Independent Auditor's Report to the Members of Fred Done Property Trading Group Limited
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter 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 Group 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 Group Directors Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report and the Group Directors Report.
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 group, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent group 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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], 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 is 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 group'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 group or to cease operations, or have no realistic alternative but to do so.
Auditor 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 an auditor’s 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 financial statements.
Fred Done Property Trading Group Limited
Independent Auditor's Report to the Members of Fred Done Property Trading Group Limited
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the company's industry and its control environment, and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks and irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:
• had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, tax legislation, pension legislation; and
• 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 to avoid a material penalty. These included GDPR, employment law, health and safety and building regulations.
We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimated are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
• reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations describes as having a direct effect on the financial statement;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• enquiring of management and in-house / external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
• reading minutes of meetings of those charged with governance.
Use of our report
This report is made solely to the group’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 group’s members those matters we are required to state to them in an auditor’s 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 group and the group’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Crewe
Cheshire
CW1 6EA
Fred Done Property Trading Group Limited
Consolidated Profit and Loss Account for the Year Ended 31 January 2025
|
Note |
2025 |
(As restated) |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit/(loss) |
|
( |
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating loss |
( |
( |
|
|
Income from shares in group undertakings |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
8,556,067 |
6,845,056 |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Profit/(loss) attributable to: |
|||
|
Owners of the group |
|
|
|
|
Minority interests |
( |
( |
|
|
|
|
Fred Done Property Trading Group Limited
(Registration number: 08830784)
Consolidated Balance Sheet as at 31 January 2025
|
Note |
2025 |
(As restated) |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investments |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors (including £140,078,394 (2024: £91,475,242) due after one year) |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
640 |
640 |
|
|
Share premium reserve |
68,664,620 |
68,664,620 |
|
|
Retained earnings |
28,035,082 |
21,012,327 |
|
|
Equity attributable to owners of the company |
96,700,342 |
89,677,587 |
|
|
Minority interests |
(3,245,433) |
(1,564,658) |
|
|
Shareholders' funds |
93,454,909 |
88,112,929 |
Approved and authorised by the
|
......................................... |
Fred Done Property Trading Group Limited
(Registration number: 08830784)
Balance Sheet as at 31 January 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Investments |
|
|
|
|
Current assets |
|||
|
Debtors (including £191,761,759 (2024: £162,712,193) due after one year) |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
640 |
640 |
|
|
Share premium reserve |
68,664,620 |
68,664,620 |
|
|
Retained earnings |
25,505,536 |
30,023,495 |
|
|
Shareholders' funds |
94,170,796 |
98,688,755 |
The company made a loss after tax for the financial year of £4,517,959 (2024 - profit of £12,823,551).
Approved and authorised by the
|
......................................... |
Fred Done Property Trading Group Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 January 2025
Equity attributable to the parent company
|
Share capital |
Share premium |
Retained earnings |
Total |
|
|
At 1 February 2024 |
|
|
|
|
|
Prior period adjustment |
- |
- |
( |
( |
|
At 1 February 2024 (As restated) |
|
|
|
|
|
Profit/(loss) for the year |
- |
- |
|
|
|
At 31 January 2025 |
|
|
|
|
|
Non-controlling interests - Equity |
Total equity |
|
|
At 1 February 2024 |
( |
|
|
Prior period adjustment |
- |
( |
|
At 1 February 2024 (As restated) |
( |
|
|
Profit/(loss) for the year |
( |
|
|
At 31 January 2025 |
( |
|
|
Share capital |
Share premium |
Retained earnings |
Total |
|
|
At 1 February 2023 |
|
|
|
|
|
Prior period adjustment |
- |
- |
|
|
|
At 1 February 2023 (As restated) |
|
|
|
|
|
Profit/(loss) for the year |
- |
- |
|
|
|
At 31 January 2024 |
640 |
68,664,620 |
21,012,327 |
89,677,587 |
|
Non-controlling interests - Equity |
Total equity |
|
|
At 1 February 2023 |
( |
|
|
Prior period adjustment |
- |
|
|
At 1 February 2023 (As restated) |
( |
|
|
Profit/(loss) for the year |
( |
|
|
At 31 January 2024 |
(1,564,658) |
88,112,929 |
Fred Done Property Trading Group Limited
Statement of Changes in Equity for the Year Ended 31 January 2025
|
Share capital |
Share premium |
Retained earnings |
Total |
|
|
At 1 February 2024 |
|
|
|
|
|
Loss for the year |
- |
- |
( |
( |
|
At 31 January 2025 |
|
|
|
|
|
Share capital |
Share premium |
Retained earnings |
Total |
|
|
At 1 February 2023 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
At 31 January 2024 |
640 |
68,664,620 |
30,023,495 |
98,688,755 |
Fred Done Property Trading Group Limited
Consolidated Statement of Cash Flows for the Year Ended 31 January 2025
|
Note |
2025 |
(As restated) |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Corporation tax expense |
|
|
|
|
( |
( |
||
|
Working capital adjustments |
|||
|
Increase in stocks |
( |
( |
|
|
Increase in trade debtors |
( |
( |
|
|
Increase in trade creditors |
|
|
|
|
Increase in deferred income, including government grants |
|
- |
|
|
Cash generated from operations |
( |
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of fixed assets |
( |
( |
|
|
Acquisition of intangible assets |
( |
- |
|
|
Net cash flows from investing activities |
|
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
|
|
|
|
Proceeds from other borrowing draw downs |
( |
- |
|
|
Repayment of other borrowing |
( |
( |
|
|
Net cash flows from financing activities |
|
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 February |
|
|
|
|
Cash and cash equivalents at 31 January |
5,398,736 |
6,676,168 |
|
Fred Done Property Trading Group Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
|
General information |
The group is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
|
Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.
Fred Done Property Trading Group Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the group and its subsidiary undertakings drawn up to 31 January 2025.
A subsidiary is an entity controlled by the group. Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the group and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The financial statements have been prepared on a going concern basis, which assumes that the Group will be able to continue to trade for the foreseeable future.
The validity of the going concern basis is dependant upon the Group managing the risks of the business as identified in the Directors' Report and Strategic Report and its financial arrangements.
The Group have prepared a budget, and this forecasts a strong trading performance and significant cash reserves for the forecasted 12-month period from the date of signing. On this basis the directors consider it appropriate to prepare financial statements on a going concern basis.
Fred Done Property Trading Group Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
Adjusting events after the financial period
|
There have been no significant events affecting the Group since the year end |
Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Fred Done Property Trading Group Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
Tangible assets
Tangible fixed assets held under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is de-recognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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.
Depreciation
Depreciation is charged so as to write off the cost of assets less their residual value, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Fixtures and fittings |
25% straight line |
|
Freehold Property |
2% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Fred Done Property Trading Group Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs, borrowing costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Fred Done Property Trading Group Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Fred Done Property Trading Group Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like tangible fixed assets, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.
Fred Done Property Trading Group Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
|
Rental income from investment property |
|
|
|
|
|
In the current and previous year all of the group turnover arose in the UK.
|
Operating loss |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
- |
|
Auditors remuneration |
15,000 |
15,000 |
|
Auditor's remuneration - The audit of the company's subsidiaries' annual accounts |
51,050 |
49,200 |
|
Auditors' remuneration - non audit work |
39,659 |
52,600 |
|
Other interest receivable and similar income |
|
2025 |
(As restated) |
|
|
Other finance income |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest expense on other finance liabilities |
|
|
Fred Done Property Trading Group Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
|
Staff costs |
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Sales, marketing and distribution |
|
|
|
|
|
|
Directors' remuneration |
There was no remuneration paid to directors in the year (2024: £Nil).
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
(As restated) |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
- |
|
292,639 |
590,235 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the income statement |
|
|
Fred Done Property Trading Group Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
(As restated) |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
- |
|
Tax increase from effect of capital allowances and depreciation |
- |
|
|
Tax increase from other short-term timing differences |
- |
|
|
Effect of revenues exempt from taxation |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
( |
|
Tax (decrease)/increase from effect of unrelieved tax losses carried forward |
( |
|
|
Total tax charge |
|
|
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Other timing differences |
|
- |
|
|
|
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Other timing differences |
|
- |
|
|
|
Company
There were no deferred tax assets or liabilities at the end of the period (2024: £Nil).
Fred Done Property Trading Group Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
|
Intangible assets |
Group
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 February 2024 |
|
|
|
Additions |
|
|
|
At 31 January 2025 |
|
|
|
Amortisation |
||
|
At 1 February 2024 |
|
|
|
Amortisation charge |
|
|
|
At 31 January 2025 |
|
|
|
Carrying amount |
||
|
At 31 January 2025 |
- |
- |
|
At 31 January 2024 |
- |
- |
Fred Done Property Trading Group Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 February 2024 |
|
|
|
|
Additions |
- |
|
|
|
At 31 January 2025 |
|
|
|
|
Depreciation |
|||
|
At 1 February 2024 |
- |
|
|
|
Charge for the year |
- |
|
|
|
At 31 January 2025 |
- |
|
|
|
Carrying amount |
|||
|
At 31 January 2025 |
|
|
|
|
At 31 January 2024 |
|
|
|
Included within the net book value of land and buildings above is £6,289,499 (2024 - £6,289,499) in respect of freehold land and buildings.
|
Investments |
Group
|
2025 |
2024 |
|
|
Other investments |
48,103,734 |
48,103,734 |
|
48,103,734 |
48,103,734 |
Investments held by the group relate to preference shares held which do not contain voting rights. The group therefore has no control over the entity and so as such the entity is not consolidated into these financial statements.
Fred Done Property Trading Group Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 February 2024 |
|
|
Additions |
|
|
At 31 January 2025 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 January 2025 |
|
|
At 31 January 2024 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Subsidiaries
All companies below hold the registered office of 14 Hulme Street, Salford, Greater Manchester, M5 4ZG.
|
Proportion of |
||||
|
Voting rights |
||||
|
and shares held |
||||
|
Undertaking |
Holding |
2025 |
2024 |
Principal activity |
|
QN Street Limited |
Direct |
75% |
75% |
Development of building projects |
|
Salboy (Narrowcliff Newquay) Limited |
Direct |
75% |
75% |
Development of building projects |
|
Booths Farm Developments Limited |
Direct |
75% |
75% |
Development of building projects |
|
Castle Irwell Limited |
Direct |
75% |
75% |
Development of building projects |
|
Salboy (Mornington Crescent) Limited |
Direct |
75% |
75% |
Development of building projects |
|
Salboy (Harrington Square) Limited |
Direct |
75% |
75% |
Dormant company |
|
Salboy (SPV Co 2) Ltd |
Direct |
75% |
75% |
Dormant company |
|
Salboy (SPV Co 4) Ltd |
Direct |
75% |
75% |
Development of building projects |
Fred Done Property Trading Group Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
|
Salboy (Tuckingmill) Limited |
Direct |
75% |
75% |
Development of building projects |
|
Dyrham Park Limited |
Indirect |
75% |
75% |
Development of building projects |
|
Bradley Manor Limited |
Indirect |
75% |
75% |
Development of building projects |
|
QN Street Fifty5ive Limited |
Indirect |
75% |
75% |
Dormant company |
|
Salboy Narrowcliff Management Company Limited |
Indirect |
75% |
75% |
Development of building projects |
|
Salboy (SPV Co 4) A Ltd |
Indirect |
75% |
- |
Dormant company |
|
Salboy (SPV Co 5) Limited |
Direct |
75% |
- |
Development of building projects |
All companies below hold the registered office of the Spectrum, Benson Road, Birchwood, Warrington, WA3 7PQ.
|
Proportion of |
||||
|
Voting rights |
||||
|
and shares held |
||||
|
Undertaking |
Holding |
2025 |
2024 |
Principal activity |
|
BTS NQ Limited |
Direct |
100% |
100% |
Development of building projects |
|
Enzo's Homes Gyllene Grove Limited |
Direct |
100% |
- |
Development of building projects |
|
SOFICM Limited |
Direct |
100% |
100% |
Development of building projects |
|
DOFICM Limited |
Direct |
100% |
100% |
Dormant company |
The following subsidiaries are exempt from audit under the requirements of S479A of the Companies Act 2006. Fred Done Property Trading Group Limited (the ultimate parent company, Company number 08830784) guarantees the liabilities of the companies under S479C of the Companies Act 2006 in respect of the year ended 31 January 2025.
Bradley Manor Limited (Company number 09712329)
Dyrham Park Limited (Company number 10213702)
SOFICM Limited (Company number 11133938)
Fred Done Property Trading Group Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
|
Stocks |
|
Group |
Company |
|||
|
2025 |
(As restated) |
2025 |
2024 |
|
|
Work in progress |
|
|
- |
- |
The amount of interest capitalised within work in progress is £10,232,536 (2024: £5,258,444).
|
Debtors |
|
Group |
Company |
||||
|
Note |
2025 |
(As restated) |
2025 |
2024 |
|
|
Trade debtors |
|
|
- |
- |
|
|
Amounts owed by related parties |
|
|
|
|
|
|
Amounts owed by group companies |
- |
- |
60,708,571 |
69,872,940 |
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
|
|
|
|
Deferred tax assets |
|
|
- |
- |
|
|
Corporation tax asset |
|
|
|
|
|
|
|
|
|
|
||
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Trade creditors |
|
|
|
|
|
|
Amounts due to related parties |
|
|
|
|
|
|
Amounts due to group companies |
- |
- |
|
|
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Other creditors |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Directors loans |
|
|
|
|
|
|
|
|
|
|
||
Fred Done Property Trading Group Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
|
Amounts due to related parties |
|
- |
- |
- |
|
|
Other financial liabilities |
|
|
- |
- |
|
|
|
|
- |
- |
||
Included within loans and borrowings are the following secured debts:
A loan due in over one year of £10,650,000 (2024: £10,650,000) secured via fixed and floating charge created by Barclays Bank PLC on 3 January 2024. This charge is secured over land, freehold property and leasehold property held within stock in the group's balance sheet.
A loan due in over one year of £86,664,440 (2024: £26,578,637) secured via a fixed charge with a negative pledge created by Apex Group Hold Co (UK) Limited created on 23 November 2023. This charge is secured over land, freehold property and leasehold property held within stock in the group's balance sheet.
Fred Done Property Trading Group Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £Nil (2024 - £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
160 |
|
160 |
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
|
|
- |
- |
|
Prior year adjustment |
During the preparation of the consolidated financial statements an error was discovered in relation to the consolidation adjustments in the prior period. Interest income had been overstated by £3,926,243, direct costs overstated by £7,902,223 and the taxation charge overstated by £676,981. In correcting these errors, profits have increased by £4,652,961, work in progress increased by £3,975,980 and deferred tax asset increased by £676,981. As these adjustments relate to consolidation adjustments, there has been no effect on the taxable profits.
|
Other financial commitments |
As at the consolidated statement of financial position date the company has provided a financial guarantee for a letter of credit to a company which has common directors or shareholders.
Fred Done Property Trading Group Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
|
Analysis of changes in net debt |
Group
|
At 1 February 2024 |
Financing cash flows |
At 31 January 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
6,676,168 |
(1,277,432) |
5,398,736 |
|
Borrowings |
|||
|
Long term borrowings |
(10,650,000) |
(86,664,400) |
(97,314,400) |
|
|
|||
|
( |
( |
( |
|
|
Related party transactions |
Group
Summary of transactions with other related parties
The group has transacted with several related parties by virtue of common directors or shareholders with these entities, including loans to and from the group. The loans received are unsecured.
The company has taken advantage of the exemption from disclosure of intra group transactions in accordance with FRS 102 paragraph 33.1A.
Transactions with related parties
|
2025 |
2024 |
|
|
£ |
£ |
|
|
Income from related parties |
9,848,192 |
7,389,265 |
|
Expenditure with related parties |
96,325,781 |
18,224,474 |
|
Loans from related parties |
157,454,620 |
115,399,259 |
|
Loans to related parties |
132,776,062 |
91,475,242 |
There are personal guarantees in place for loans owed to the group from companies with common directors or shareholders.
The company has also provided guarantees as security for a proportion of the liabilities incurred by companies with common directors or shareholders.
|
Parent and ultimate parent undertaking |
The company was under the control of members of the Done family throughout the year to 31 January 2025 and the prior year.