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Registered number: 05353978 FQM ENTERTAINMENT LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
FQM ENTERTAINMENT LIMITED CONTENTS
| Page
Company information | 1
Group strategic report | 2 - 3
Director's report | 4
Director's responsibilities statement | 5
Independent auditor's report | 6 - 9
Consolidated profit and loss account | 10
Consolidated balance sheet | 11
Company balance sheet | 12
Consolidated statement of changes in equity | 13
Company statement of changes in equity | 14
Consolidated statement of cash flows | 15 - 16
Notes to the financial statements | 17 - 37
FQM ENTERTAINMENT LIMITED COMPANY INFORMATION
Director | J Morris
Company secretary | R Morris
Registered number | 05353978
Registered office | 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Trading Address | 12 Oval Road
| London
| NW1 7DH
Independent auditor | Blick Rothenberg Audit LLP
| Chartered Accountants & Statutory Auditor
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Page 1
FQM ENTERTAINMENT LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025
Introduction
The director presents the strategic report for the year ended 28 February 2025. The principal activity of the group and company during the year continued to be that of the design and manufacture of fashion clothing.
Business review
The Group continued to perform strongly during the year ended 28 February 2025, operating in a dynamic retail environment with significant momentum across both e-commerce and wholesale channels. The Group has experienced rapid growth driven by high sell-through rates, increased global brand awareness, and the strength of the Group’s differentiated product offering. This performance demonstrates the scalability of the business model and particularly the continued demand for the Damson Madder brand across domestic and international markets. Group turnover increased in the year to 28 February 2025 from £22,547,696 to £41,795,005 with a corresponding gross profit increase from £5,810,183 to £12,902,230 giving a gross profit margin of 30.9% (2024: 25.8%). Administrative costs increased from £5,511,230 To £9,742,829, and, where the group made a profit before tax in the year to 29 February 2024 of £251,884, in the current year the group recorded a profit before tax of £2,378,136. Consolidated net assets of the group at 28 February 2025 were £7,630,197 (2024: £5,252,061). The Group remains in a strong financial position, supported by healthy cash reserves, a favourable direct-to-consumer working capital cycle, and no reliance on external debt or covenant-linked financing. The director has prepared forecasts covering a period of at least 12 months from the date of approval of the financial statements and are satisfied that the Group has adequate resources to continue as a going concern. Looking ahead, the Director remains confident in the Group’s future prospects, wuth turnover for the year ended February 2026 expected to reach approximately £46 million, supported by continued international expansion, a balanced revenue mix between e-commerce and wholesale, and ongoing strategic and creative development of its brands. The director is pleased with the results for the year, and expect continued growth to February 26 and beyond.
Principal risks and uncertainties
Competitive pressures in the UK continue to present a significant risk for the group and could result in it losing sales to its key competitors. The group manages this risk by providing added value services to its customers, having fast response times not only in supplying products but in handling all customer queries, and by maintaining strong relationships with customers. The current trading arrangements between the UK and the rest of the European Union remain uncertain and may affect the business and its future trading results. The group has a branch in Turkey, and maintains a strong relationship with suppliers. The ongoing conflict between Ukraine and Russia, which commenced in February 2022, together with the economic sanctions placed on Russia has had a material impact to many economies with elevated level of inflation leading to central banks swiftly increasing interest rates. Whilst this is expected to moderate in 2026, there is some uncertainty around this, due to the continued high levels of core inflation within western economies. The director continues to closely monitor the associated geo-political risks in relation to inflation, rising interest rates, volatile markets and any potential adverse impact on the company. However, as at the date of approval of these financial statements, based on its assessment of the current situation and information available, the director does not envisage that this will have a material impact on the company. In the long-term the director is confident in the group's capacity to operate as a going concern. Page 2
FQM ENTERTAINMENT LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025
Financial key performance indicators
The financial instruments used by the group arise wholly and directly from its activities. The financial instruments comprise debtors, cash at bank, bank overdraft facilities and trade creditors. The group has put in place the following measures in order to manage the financial risks arising from these financial instruments: ∙The group regularly monitors the level of its debtors. Customers are typically high street brands that are generally financially robust. ∙The group manages its cash position by regularly monitoring its cash flow. ∙The financial risk arising from the possible non advance of credit by the group's creditors, either by exceeding the credit limit or not paying within the specified terms, is managed by regularly monitoring the trade balance and credit limit terms for all suppliers. ∙Bank accounts are used to hold large cash sums for the purpose of paying creditors when their amounts fall due.
Other key performance indicators
Our key performance indicators are the satisfaction of our customers and levels of production and sales. The director is committed to promoting the health, safety and welfare of staff and continues to ensure appropriate measures are undertaken in this regard. No reportable accidents arose during the year or the prior year. This report was approved by the board and signed on its behalf.
J Morris Director
Date: 13 February 2026
Page 3
FQM ENTERTAINMENT LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025 The director presents his report and the financial statements for the year ended 28 February 2025.
Results and dividends
The profit for the year, after taxation, amounted to £2,378,136 (2024 - £251,884). No dividends were paid during the year (2024: £nil).
Director
The director who served during the year was:
J Morris
Matters covered in the Group strategic report
As permitted by s414c(11) of the Companies Act 2006, the director has elected to disclose information, required to be in the director's report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.
Disclosure of information to auditor
The director at the time when this Director's report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the company and the Group's auditor is unaware, and ∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditor is aware of that information. This report was approved by the board and signed on its behalf.
J Morris Director
Date: 13 February 2026
Page 4
FQM ENTERTAINMENT LIMITED DIRECTOR'S RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2025 The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. Page 5
FQM ENTERTAINMENT LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FQM ENTERTAINMENT LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2025
Opinion
We have audited the financial statements of FQM Entertainment Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 28 February 2025, which comprise the Consolidated profit and loss account, the Consolidated balance sheet, the Company balance sheet, 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). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the parent company's affairs as at 28 February 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's 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.
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 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 director with respect to going concern are described in the relevant sections of this report. Page 6
FQM ENTERTAINMENT LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FQM ENTERTAINMENT LIMITED (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025
Other information
The other information comprises the information included in the annual report other than the financial statements and our Auditor's report thereon. The director is 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group strategic report and the Director's 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 Director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the 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 Director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of director's 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 Director's responsibilities statement set out on page 5, the director is 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 director determines 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 director is responsible for assessing the Group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent company or to cease operations, or has no realistic alternative but to do so. Page 7
FQM ENTERTAINMENT LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FQM ENTERTAINMENT LIMITED (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025
Auditor's 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 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: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the Group through discussions with directors and other management; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental, and health and safety legislation; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested a sample of journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙enquiring of management as to actual and potential litigation and claims; and ∙reviewing correspondence with HMRC, relevant regulators, and the Group’s legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards require that we identify non-compliance with laws and regulations through enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any, as well as any additional procedures deemed necessary. Page 8
FQM ENTERTAINMENT LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FQM ENTERTAINMENT LIMITED (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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 Auditor's report.
Use of our report
This report is made solely to the company's member 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 member 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 company and the company's member for our audit work, for this report, or for the opinions we have formed. Thomas Dickinson (Senior statutory auditor) for and on behalf of Blick Rothenberg Audit LLP Chartered Accountants Statutory Auditor 16 Great Queen Street Covent Garden London WC2B 5AH Date: 13 February 2026 Page 9
FQM ENTERTAINMENT LIMITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 28 FEBRUARY 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 41,795,005 | 22,547,696
Cost of sales |  | (28,892,775) | (16,737,513)
Gross profit |  | 12,902,230 | 5,810,183
Administrative expenses |  | (9,742,829) | (5,511,230)
Operating profit | 5 | 3,159,401 | 298,953
Interest receivable and similar income | 8 | 2 | 2
Interest payable and similar expenses | 9 | (5,506) | (47,071)
Profit before tax |  | 3,153,897 | 251,884
Tax on profit | 10 | (775,761) | -
Profit for the financial year |  | 2,378,136 | 251,884
Profit for the year attributable to: |  |  |
Owners of the parent company |  | 2,378,136 | 251,884
|  | 2,378,136 | 251,884
There are no items of other comprehensive income for either the year or the prior year other than the profit for the year. Accordingly, no statement of other comprehensive income has been presented.
The notes on pages 17 to 37 form part of these financial statements.
Page 10
|  | REGISTERED NUMBER:05353978
FQM ENTERTAINMENT LIMITED CONSOLIDATED BALANCE SHEET AS AT 28 FEBRUARY 2025
|  | 28 February |  | 29 February
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 11 |  | 41,070 |  | 57,348
Tangible assets | 12 |  | 156,326 |  | 29,760
|  |  | 197,396 |  | 87,108
Current assets |  |  |  |  |
Stocks | 14 | 2,468,254 |  | 1,304,857 |
Debtors: amounts falling due within one year | 15 | 7,092,153 |  | 4,631,242 |
Cash at bank and in hand | 16 | 3,767,944 |  | 2,518,102 |
|  | 13,328,351 |  | 8,454,201 |
Creditors: amounts falling due within one year | 17 | (5,851,861) |  | (3,289,248) |
Net current assets |  |  | 7,476,490 |  | 5,164,953
Total assets less current liabilities |  |  | 7,673,886 |  | 5,252,061
Creditors: amounts falling due after more than one year | 18 |  | (43,689) |  | -
Provisions for liabilities |  |  |  |  |
Net assets |  |  | 7,630,197 |  | 5,252,061
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 100 |  | 100
Profit and loss account | 21 |  | 7,630,097 |  | 5,251,961
Equity attributable to owners of the parent company |  |  | 7,630,197 |  | 5,252,061
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J Morris
Director
Date: 13 February 2026
The notes on pages 17 to 37 form part of these financial statements. Page 11
|  | REGISTERED NUMBER:05353978
FQM ENTERTAINMENT LIMITED COMPANY BALANCE SHEET AS AT 28 FEBRUARY 2025
|  | 28 February |  | 29 February
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 11 |  | 12,490 |  | 22,205
Tangible assets | 12 |  | 135,911 |  | 25,984
Investments | 13 |  | 100 |  | 100
|  |  | 148,501 |  | 48,289
Current assets |  |  |  |  |
Stocks | 14 | 412,436 |  | 528,298 |
Debtors: amounts falling due within one year | 15 | 6,211,859 |  | 6,416,649 |
Cash at bank and in hand | 16 | 3,181,836 |  | 1,871,426 |
|  | 9,806,131 |  | 8,816,373 |
Creditors: amounts falling due within one year | 17 | (2,637,229) |  | (2,141,098) |
Net current assets |  |  | 7,168,902 |  | 6,675,275
Total assets less current liabilities |  |  | 7,317,403 |  | 6,723,564
Creditors: amounts falling due after more than one year | 18 |  | (43,689) |  | -
Net assets |  |  | 7,273,714 |  | 6,723,564
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 100 |  | 100
Profit and loss account brought forward |  | 6,723,464 |  | 6,154,776 |
Profit for the year |  | 550,150 |  | 568,688 |
Profit and loss account carried forward |  |  | 7,273,614 |  | 6,723,464
Total equity |  |  | 7,273,714 |  | 6,723,564
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J Morris
Director
Date: 13 February 2026
The notes on pages 17 to 37 form part of these financial statements. Page 12
FQM ENTERTAINMENT LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 March 2023 | 100 | 5,000,077 | 5,000,177
Profit for the financial year | - | 251,884 | 251,884
At 1 March 2024 | 100 | 5,251,961 | 5,252,061
Profit for the financial year | - | 2,378,136 | 2,378,136
At 28 February 2025 | 100 | 7,630,097 | 7,630,197
Page 13
FQM ENTERTAINMENT LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 March 2023 | 100 | 6,154,776 | 6,154,876
Profit for the financial year | - | 568,688 | 568,688
At 1 March 2024 | 100 | 6,723,464 | 6,723,564
Profit for the financial year | - | 550,150 | 550,150
At 28 February 2025 | 100 | 7,273,614 | 7,273,714
Page 14
FQM ENTERTAINMENT LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY 2025
|  |  | 28 February | 29 February
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 2,378,136 | 251,884
Adjustments for: |  |
Amortisation of intangible assets | 18,678 | 15,558
Depreciation of tangible assets | 25,816 | 42,271
Profit on disposal of tangible assets | (24,750) | -
Interest paid | 5,506 | 47,071
Interest received | (2) | (2)
Taxation charge | 775,761 | -
(Increase) in stocks | (1,163,397) | (204,088)
(Increase) in debtors | (2,013,980) | (1,040,368)
Increase in creditors | 1,409,511 | 997,613
Corporation tax received/(paid) | - | (410,177)
Net cash generated from operating activities | 1,411,279 | (300,238)
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (2,400) | (29,401)
Purchase of tangible fixed assets | (152,382) | (5,457)
Sale of tangible fixed assets | 24,750 | -
Interest received | 2 | 2
HP interest paid | (3,803) | (5,549)
Net cash from investing activities | (133,833) | (40,405)
Cash flows from financing activities |  |
Repayment of/new finance leases | (25,901) | (17,869)
Interest paid | (1,703) | (41,522)
Net cash used in financing activities | (27,604) | (59,391)
Net increase/(decrease) in cash and cash equivalents | 1,249,842 | (400,034)
Cash and cash equivalents at beginning of year | 2,518,102 | 2,918,136
Cash and cash equivalents at the end of year | 3,767,944 | 2,518,102
Page 15
FQM ENTERTAINMENT LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025
|  | 28 February | 29 February
|  | 2025 | 2024
|  | £ | £
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,767,944 | 2,518,102
| 3,767,944 | 2,518,102
Page 16
FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
1. | General information
FQM Entertainment Limited is a private company limited by shares and incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH. The company's principal place of business is 12 Oval Road, London, NW1 7DH. The financial statements are presented in Sterling (£), which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 Profit and loss account in these financial statements. The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102: ∙Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows); ∙Section 7 Statement of Cash Flows (inclusion of cash flows); ∙Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c) (disclosures relating to financial instruments); ∙Section 33 Related arty Disclosures paragraph 33.7 (disclosures of key management personnel compensation). The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the company and its subsidiaries (i.e entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits) as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the subsidiary's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 17
FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.3 | Going concern
After making enquiries, the director has a reasonable expectation that the company and group have adequate resources to continue in operational existence and meet their liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.
| 2.4 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is Sterling (£). Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 18
FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 19
FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.11 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. 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. 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. The estimated useful lives range as follows:
|  |  |  | Website development | - | 5 | years
| 2.12 | Tangible fixed assets
Tangible fixed assets 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 Group 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. 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:
|  |  |  | Motor vehicles | - | 25% |
|  |  |  | Fixtures and fittings | - | 25% |
|  |  |  | Computer equipment | - | 25% |
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.
| 2.13 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 20
FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.14 | Stocks
Stocks represent garments and related accessories for resale and are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each balance sheet date, stocks are assessed for impairment. If stock is 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.
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.16 | Share capital
Ordinary shares are classified as equity. Page 21
FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments
The group has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the group becomes party to the contractual provisions of the instrument. 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 deducting all of its liabilities. The group’s policies for its major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including trade and other debtors, cash and bank balances and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any iimpairment. Financial liabilities Basic financial liabilities, including trade and other creditors and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Page 22
FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
I mpairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
| 2.18 | Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. Page 23
FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the group’s accounting policies, the director is 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 the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical judgements The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Impairment of trade debtors The Group reviews trade debtor balances for impairment and this is performed on a regular basis. Those balances which are considered to be recoverable remain in debtors and those which are not, are impaired and the impairment loss is recorded in the profit and loss. In making this judgement, the Company evaluates, among other factors, the duration and the financial health of and short-term business outlook for the trade debtors, including factors such as industry and sector performance. The accounting policy of trade debtors is described in note 2.17. At the year end the carrying amount of trade debtors is stated in note 15. Key sources of estimation uncertainty The director considers there are no material sources of estimation uncertainty.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wholesale and online clothing sales | 41,795,005 | 22,547,696
| All turnover arose within the United Kingdom.
Page 24
FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 11,465 | 33,301
| Other operating lease rentals | 354,844 | 297,819
| Depreciation of tangible fixed assets | 25,816 | 42,271
| Amortisation of intangible assets | 18,678 | 15,558
| Fees payable to the group's auditor for the audit of the group's annual financial statements | 60,750 | 43,368
| Fees payable to the group's auditor for non-audit services | 28,000 | 23,956
6. | Employees
| Staff costs, including director's remuneration, were as follows:
|  | Group 28 February | Group 29 February | Company 28 February | Company 29 February
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 3,571,533 | 3,083,503 | 1,819,825 | 1,898,874
| Social security costs | 494,676 | 422,154 | 293,283 | 290,654
| Cost of defined contribution scheme | 73,456 | 64,343 | 34,016 | 36,818
|  | 4,139,665 | 3,570,000 | 2,147,124 | 2,226,346
| There were no key management personnel during the current and prior years other than the director. Details of the director's remuneration are provided in note 7.
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Management | 1 | 1 | 1 | 1
|  | Sales, operations and administration | 65 | 58 | 30 | 34
|  | Manufacturing | 19 | 18 | 19 | 18
|  |  | 85 | 77 | 50 | 53
Page 25
FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
7. | Director's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 31,385 | 51,000
| Group contributions to defined contribution pension schemes | 941 | 1,530
|  | 32,326 | 52,530
| During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.
8. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 2 | 2
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finance leases and hire purchase contracts | 3,803 | 5,549
| Other interest payable | 1,703 | 41,522
|  | 5,506 | 47,071
Page 26
FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 775,761 | -
|  | 775,761 | -
| Total current tax | 775,761 | -
| Deferred tax |  |
| Total deferred tax | - | -
|  | 775,761 | -
Page 27
FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 24.5%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 3,153,897 | 251,884
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 24.5%) | 788,474 | 61,712
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 12,075 | 29,113
| Capital allowances for year in excess of depreciation | (15,363) | 6,811
| Utilisation of tax losses | - | (115,967)
| Adjustments to tax charge in respect of prior periods | (3,237) | 17,912
| Short-term timing difference leading to an increase in taxation | - | 419
| Book profit on fixed assets | (6,188) | -
| Total tax charge for the year | 775,761 | -
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 28
FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
11. | Intangible assets
| Group
|  | Website development
|  | £
| Cost |
| At 1 March 2024 | 147,090
| Additions | 2,400
| At 28 February 2025 | 149,490
| Amortisation |
| At 1 March 2024 | 89,742
| Charge for the year | 18,678
| At 28 February 2025 | 108,420
| Net book value |
| At 28 February 2025 | 41,070
| At 29 February 2024 | 57,348
Page 29
FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 11.Intangible assets (continued)
Company
|  | Website development
|  | £
| Cost |
| At 1 March 2024 | 48,576
| At 28 February 2025 | 48,576
| Amortisation |
| At 1 March 2024 | 26,371
| Charge for the year | 9,715
| At 28 February 2025 | 36,086
| Net book value |
| At 28 February 2025 | 12,490
| At 29 February 2024 | 22,205
Page 30
FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
12. | Tangible fixed assets
| Group
|  | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 March 2024 | 175,292 | 46,284 | 31,744 | 253,320
| Additions | 76,704 | 54,546 | 21,132 | 152,382
| Disposals | (58,301) | - | - | (58,301)
| At 28 February 2025 | 193,695 | 100,830 | 52,876 | 347,401
| Depreciation |  |  |  |
| At 1 March 2024 | 168,004 | 38,791 | 16,765 | 223,560
| Charge for the year | 9,886 | 6,877 | 9,053 | 25,816
| Disposals | (58,301) | - | - | (58,301)
| At 28 February 2025 | 119,589 | 45,668 | 25,818 | 191,075
| Net book value |  |  |  |
| At 28 February 2025 | 74,106 | 55,162 | 27,058 | 156,326
| At 29 February 2024 | 7,288 | 7,493 | 14,979 | 29,760
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 74,106 | 7,288
Page 31
FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 12.Tangible fixed assets (continued)
| Company
|  | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 March 2024 | 175,292 | 37,700 | 22,181 | 235,173
| Additions | 76,704 | 49,896 | 5,696 | 132,296
| Disposals | (58,301) | - | - | (58,301)
| At 28 February 2025 | 193,695 | 87,596 | 27,877 | 309,168
| Depreciation |  |  |  |
| At 1 March 2024 | 168,004 | 31,494 | 9,691 | 209,189
| Charge for the year | 9,886 | 6,020 | 6,463 | 22,369
| Disposals | (58,301) | - | - | (58,301)
| At 28 February 2025 | 119,589 | 37,514 | 16,154 | 173,257
| Net book value |  |  |  |
| At 28 February 2025 | 74,106 | 50,082 | 11,723 | 135,911
| At 29 February 2024 | 7,288 | 6,206 | 12,490 | 25,984
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 74,106 | 7,288
Page 32
FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
13. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 March 2024 | 100
| At 28 February 2025 | 100
| Subsidiary undertakings
| The following were subsidiary undertakings of the company:
| Name | Registered office | Principal activity | Class of shares | Holding
| FQM Brands Limited | 16 Great Queen Street, Covent Garden, London, WC2B 5AH | Manufacture of women's fashion clothing | Ordinary | 100%
| Damson Madder Limited | 16 Great Queen Street, Covent Garden, London, WC2B 5AH | Manufacture of women's fashion clothing | Ordinary | 100%
| Post Fashion Limited | 16 Great Queen Street, Covent Garden, London, WC2B 5AH | Dormant | Ordinary | 100%
| Damson Madder (US) LLC | 12 Oval Road, London, NW1 7DH | Manufacture of women's fashion clothing | Ordinary | 100%
14. | Stocks
|  | Group 28 February | Group 29 February | Company 28 February | Company 29 February
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Finished goods | 2,144,316 | 1,030,266 | 121,155 | 309,865
| Stocks in transit | 323,938 | 274,591 | 291,281 | 218,433
|  | 2,468,254 | 1,304,857 | 412,436 | 528,298
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
Page 33
FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
15. | Debtors
|  | Group 28 February | Group 29 February | Company 28 February | Company 29 February
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 2,494,777 | 1,962,928 | 526,439 | 1,584,489
| Amounts owed by group undertakings | - | - | 1,310,081 | 2,502,637
| Other debtors | 4,212,592 | 2,158,172 | 4,049,505 | 2,142,372
| Prepayments and accrued income | 384,784 | 510,142 | 325,834 | 187,151
|  | 7,092,153 | 4,631,242 | 6,211,859 | 6,416,649
| Included within other debtors due within one year are amounts advanced to J Morris, a director, totalling £2,993,252 (2024: £1,597,060). Amounts owed by group undertakings are interest-free, unsecured and are repayable on demand.
16. | Cash and cash equivalents
|  | Group 28 February | Group 29 February | Company 28 February | Company 29 February
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 3,767,944 | 2,518,102 | 3,181,836 | 1,871,426
|  | 3,767,944 | 2,518,102 | 3,181,836 | 1,871,426
17. | Creditors: amounts falling due within one year
|  | Group 28 February | Group 29 February | Company 28 February | Company 29 February
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 3,774,732 | 2,351,964 | 1,442,980 | 1,458,168
| Corporation tax | 1,453,588 | 230,896 | 969,046 | 224,555
| Other taxation and social security | 188,267 | 383,639 | 69,490 | 209,492
| Obligations under finance lease and hire purchase contracts | 7,179 | 76,769 | 7,179 | 76,769
| Other creditors | 29,195 | 39,219 | 18,250 | 39,182
| Accruals and deferred income | 398,900 | 206,761 | 130,284 | 132,932
|  | 5,851,861 | 3,289,248 | 2,637,229 | 2,141,098
Page 34
FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
18. | Creditors: Amounts falling due after more than one year
|  | Group 28 February | Group 29 February | Company 28 February | Company 29 February
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Net obligations under finance leases and hire purchase contracts | 43,689 | - | 43,689 | -
19. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group 28 February | Group 29 February | Company 28 February | Company 29 February
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Within one year | 7,179 | 79,862 | 7,179 | 79,862
| Between 1-5 years | 52,327 | - | 52,327 | -
|  | 59,506 | 79,862 | 59,506 | 79,862
| Hire purchase contracts relate to motor vehicles. The remaining lease term is 4 years.
20. | Share capital
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2023: 100) Ordinary shares of £1.00 each | 100 | 100
| There is a single class of ordinary shares. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.
21. | Reserves
Profit and loss account The profit and loss account includes all current and prior period retained profits and losses. Page 35
FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
22. | Analysis of net debt
|  | At 1 March 2024 | Cash flows | New finance leases | At 28 February 2025
|  | £ | £ | £ | £
| Cash at bank and in hand | 2,518,102 | 1,253,969 | - | 3,772,071
| Bank overdrafts | - | (4,127) | - | (4,127)
| Finance leases | (76,769) | 76,769 | (50,868) | (50,868)
|  | 2,441,333 | 1,326,611 | (50,868) | 3,717,076
23. | Pension commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the group in an independently administered fund. The pension cost charge represents contibutions payable by the group to the fund and amounted to £73,456 (2024: £64,343). Contributions totalling £18,250 (2024: £17,137) were payable to the fund at the balance sheet date and are included in creditors.
24. | Commitments under operating leases
| At 28 February 2025 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group 28 February | Group 29 February | Company 28 February | Company 29 February
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Not later than 1 year | 308,091 | 308,923 | 308,091 | 308,923
| Later than 1 year and not later than 5 years | 667,091 | 974,079 | 667,091 | 974,079
| Later than 5 years | - | 300 | - | 300
|  | 975,182 | 1,283,302 | 975,182 | 1,283,302
25. | Related party transactions
| The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly-owned part of the group. During the year the group advanced amounts to, and paid amounts on behalf of, the director totalling £1,396,192 (2024: £410,799). As at the balance sheet date the director owed the group amounts totalling £2,993,252 (2024: £1,597,060).
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FQM ENTERTAINMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
26. | Controlling party
The ultimate controlling party of the company and the group is the director by virtue of his 100% shareholding.
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