FRASER FAMILY INVESCO LIMITED


Directors	FRASER, Stuart Alan
	PETRIE, Sarah Anne


Registered Address	1 Market Street
	Altrincham
	WA14 1QE


Registered Number	14204058 (England and Wales)

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Going concern
	After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

	Financial instruments
	A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. 

2.	Average number of employees


		2025		2024
	Average number of employees during the year	2		2

3.	Deferred tax
	Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.

4.	Tangible fixed assets

	Plant & machinery	Total
	£	£
Cost or valuation
At 01 April 24	2,341,294	2,341,294
At 31 March 25	2,341,294	2,341,294
Net book value
At 31 March 25	2,341,294	2,341,294
At 31 March 24	2,341,294	2,341,294

5.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	18,364	94,965
Bank borrowings and overdrafts	-	223,606
Taxation and social security	-	365,306
Other creditors	62,826,160	56,498,139
Accrued liabilities and deferred income	3,438	13,400
Total	62,847,962	57,195,416

6.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	2,283,077	2,076,694
Total	2,283,077	2,076,694

7.	Provisions for liabilities
	Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Provisions for liabilities

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). 

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

8.	Related party transactions
	Fraser 2022 Discretionary Settlement - The ultimate controlling party. Included within other creditors at 31 March 2025 is an amount due to the related party of £55,395,717 (2023: £55,395,717). The loan is interest free and repayable on demand. 55 Manchester Road (Altrincham) Limited - A company which is a wholly owned subsidiary of the entity. Included within debtors, at 31 March 2025 there is an amount of £432,437.76 (2024: £195,012 ) due from the related party. This amount is interest free and repayable on demand. Moorfields Industrial Estate Limited - A company which is a wholly owned subsidiary of the entity. Included within debtors, at 31 March 2025 there is an amount of £6,504,804 (2024: £7,189,289) due from the related party. This amount is interest free and repayable on demand Sutcliffe Road Fraser Homes Limited - A company which is a wholly owned subsidiary of the entity. Included within debtors, at 31 March 2025 there is an amount of £2,795,950 (2024: £2,431,450) due from the related party. This amount is interest free and repayable on demand. Avenham Road Fraser Homes Limited - A company which is a wholly owned subsidiary of the entity. Included within debtors, at 31 March 2025 there is an amount of £496,896 (2024: £389,561) due from the related party. This amount is interest free and repayable on demand Tenement Farm Fraser Homes Limited - A company which is a wholly owned subsidiary of the entity. Included within debtors, at 31 March 2025 there is an amount of £2,961,132 (2024: £2,782,722) due from the related party. This amount is interest free and repayable on demand. Adlington Road Limited - A company which is a wholly owned subsidiary of the entity. Included within debtors at 31 March 2025 there is an amount of £2,393,342 (2024: £1,365,635) due to the related party. This amount is interest free and repayable on demand. 15 Murieston Road Limited - A company which is a wholly owned subsidiary of the entity. Included within debtors, at 31 March 2025 there is an amount of £2,497,595.20 (2024 £1,903,844) due from the related party. This amount is interest free and repayable on demand. Fraser Tradeco Limited - A company under common control. Included within other debtors, at 31 March 2025 there is an amount of £44,990,830 (2024: £40,467,468) due from the related party. This amount is interest free and repayable on demand.

Related party transactions

Fraser 2022 Discretionary Settlement - The ultimate controlling party. Included within other creditors at 31 March 2025 is an amount due to the related party of £55,395,717 (2023: £55,395,717). The loan is interest free and repayable on demand.
55 Manchester Road (Altrincham) Limited  - A company which is a wholly owned subsidiary of the entity. Included within debtors, at 31 March 2025 there is an amount of £432,437.76 (2024: £195,012 ) due from the related party. This amount is interest free and repayable on demand.
Moorfields Industrial Estate Limited - A company which is a wholly owned subsidiary of the entity. Included within debtors, at 31 March 2025 there is an amount of £6,504,804 (2024: £7,189,289) due from the related party. This amount is interest free and repayable on demand
Sutcliffe Road Fraser Homes Limited - A company which is a wholly owned subsidiary of the entity. Included within debtors, at 31 March 2025 there is an amount of £2,795,950 (2024: £2,431,450) due from the related party. This amount is interest free and repayable on demand.
Avenham Road Fraser Homes Limited - A company which is a wholly owned subsidiary of the entity. Included within debtors, at 31 March 2025 there is an amount of £496,896 (2024: £389,561) due from the related party. This amount is interest free and repayable on demand
Tenement Farm Fraser Homes Limited - A company which is a wholly owned subsidiary of the entity. Included within debtors, at 31 March 2025 there is an amount of £2,961,132 (2024: £2,782,722) due from the related party. This amount is interest free and repayable on demand.
Adlington Road Limited  - A company which is a wholly owned subsidiary of the entity. Included within debtors at 31 March 2025 there is an amount of £2,393,342 (2024: £1,365,635) due to the related party. This amount is interest free and repayable on demand.
15 Murieston Road Limited - A company which is a wholly owned subsidiary of the entity. Included within debtors, at 31 March 2025 there is an amount of £2,497,595.20 (2024 £1,903,844) due from the related party. This amount is interest free and repayable on demand.
Fraser Tradeco Limited - A company under common control. Included within other debtors, at 31 March 2025 there is an amount of £44,990,830 (2024: £40,467,468) due from the related party. This amount is interest free and repayable on demand.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	4		2,341,294		2,341,294
			2,341,294		2,341,294
Current assets
Debtors		64,763,774		58,516,217
Cash at bank and on hand		31,934		558,301
		64,795,708		59,074,518
Creditors amounts falling due within one year	5	(62,847,962)		(57,195,416)
Net current assets (liabilities)			1,947,746		1,879,102
Total assets less current liabilities			4,289,040		4,220,396
Creditors amounts falling due after one year	6		(2,283,077)		(2,076,694)
Net assets			2,005,963		2,143,702
Capital and reserves
Called up share capital			100		100
Revaluation reserve			82,345		82,345
Profit and loss account			1,923,518		2,061,257
Shareholders' funds			2,005,963		2,143,702