Company registration number 01000437 (England and Wales)
F AND N HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
F AND N HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr F Bird
Company number
01000437
Registered office
Underlyne
Langwathby
Penrith
Cumbria
CA10 1NB
Auditor
Waters & Atkinson
The Old Court House
Clark Street
Morecambe
Lancashire
LA4 5HR
Bankers
Barclays Bank PLC
Market Square
Penrith
Cumbria
CA11 7YB
Solicitors
Cartmell Shepherd
Bishop Yards
Penrith
Cumbria
CA11 7XS
F AND N HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 17
F AND N HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
- 1 -
The director presents the strategic report for the year ended 31 January 2023.
Review of the business
The company does not trade but receives income from a variety of sources, such as rental income and investment income. Rental and interest income has increased year on year however this was counteracted by a reduction in investment income, there were also no dividends received from one of the subsidiary companies. The results for the year are shown on page 8.
Principal risks and uncertainties
The future income of the company is subject not only to outside factors such as market conditions but also to the success of the two subsidiaries, from whom dividends can be received. Plans for the future development of those businesses may be subject to unforeseen future events outside of our control.
Key performance indicators
The key performance indicators are:
31st January 2023 31st January 2022
Interest receivable £1,213,478 £1,664,209
Profit before tax £1,161,053 £2,743,197
Promoting the success of the company
A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefits of its members as a whole, and in doing so have regard (amongst other matters) to factors (a) to (f).
(a) the likely consequences of any decision in the long term,
(b) the interests of the company's employees,
(c) the need to foster the company's business relationships with suppliers, customers and others,
(d) the impact of the company's operations on the community and the environment,
(e) the desirability of the company maintaining a reputation for high standards of business conduct, and
(f) the need to act fairly as between members of the company.
This is ultimately a family owned company with no exterior members, directors or investors. The aim of the director is to continue to operate a successful business ultimately for the benefit of the Bird family.
The company is an investment company and as such has no employees, customers or suppliers.
The director takes a cautious approach to ensure a steady growth in the company's reserves and the company's assets comprise a mix of property, cash and investments.
..............................
Mr F Bird
Director
Date: .............................................
F AND N HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
The director presents his annual report and financial statements for the year ended 31 January 2023.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr F Bird
Auditor
Waters and Atkinson are deemed to be re-appointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr F Bird
Director
13 October 2023
F AND N HOLDINGS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
The director is responsible for preparing the annual report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then 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;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
F AND N HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF F AND N HOLDINGS LIMITED
- 4 -
Opinion
We have audited the financial statements of F and N Holdings Limited (the 'company') for the year ended 31 January 2023 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including 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 company's affairs as at 31 January 2023 and of its 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.
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 company 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 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.
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the 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 strategic report and the director's report have been prepared in accordance with applicable legal requirements.
F AND N HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF F AND N HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, 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 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 company or to cease operations, or has no realistic alternative but to do so.
F AND N HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF F AND N HOLDINGS LIMITED
- 6 -
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 financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
-the nature of the industry and sector, control environment and business performance;
-results of our enquiries of management and assessment of the risks of irregularities;
-any matters we identified having obtained and reviewed the companies documentation of their policies and procedures relating to:
-identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance;
-detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud;
-the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations and
-the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
Posting of unusual journals and complex transactions.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.
The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.
As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud.
In addition to the above, our procedures to respond to risks identified included the following:
-reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.
-enquiring of management concerning actual and potential litigation and claims;
-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making the accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
F AND N HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF F AND N HOLDINGS LIMITED
- 7 -
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 the member 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.
Damien Sissons BA FCA
Senior Statutory Auditor
For and on behalf of Waters & Atkinson
13 October 2023
Chartered Accountants
Statutory Auditor
The Old Court House
Clark Street
Morecambe
Lancashire
LA4 5HR
F AND N HOLDINGS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2023
- 8 -
2023
2022
Notes
£
£
Administrative expenses
(477,820)
(186,608)
Other operating income
815,995
581,487
Operating profit
2
338,175
394,879
Interest receivable and similar income
4
1,213,478
1,664,209
Interest payable and similar expenses
6
(528)
Amounts written off investments
7
(91,122)
684,109
Profit before taxation
1,460,003
2,743,197
Tax on profit
8
(298,950)
(228,106)
Profit for the financial year
1,161,053
2,515,091
Retained earnings brought forward
64,524,063
62,008,972
Retained earnings carried forward
65,685,116
64,524,063
The profit and loss account has been prepared on the basis that all operations are continuing operations.
F AND N HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
4,940,531
5,029,127
Investment property
10
9,415,031
9,415,031
Investments
11
10,000,100
10,000,100
24,355,662
24,444,258
Current assets
Debtors
13
154,376
122,770
Investments
14
18,916,072
18,950,348
Cash at bank and in hand
28,595,627
27,103,138
47,666,075
46,176,256
Creditors: amounts falling due within one year
15
(6,331,621)
(6,091,451)
Net current assets
41,334,454
40,084,805
Net assets
65,690,116
64,529,063
Capital and reserves
Called up share capital
17
4,800
4,800
Capital redemption reserve
200
200
Profit and loss reserves
65,685,116
64,524,063
Total equity
65,690,116
64,529,063
The financial statements were approved and signed by the director and authorised for issue on 13 October 2023
Mr F Bird
Director
Company Registration No. 01000437
F AND N HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 10 -
1
Accounting policies
Company information
F and N Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Underlyne, Langwathby, Penrith, Cumbria, CA10 1NB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of F and N One Limited. These consolidated financial statements are available from its registered office, Underlyne, Langwathby.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
F and N Holdings Limited is a wholly owned subsidiary of F and N One Limited and the results of F and N Holdings Limited are included in the consolidated financial statements of F and N One Limited which are available from Companies House.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
5% on cost and 2% on cost
Plant and equipment
10% on cost
F AND N HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 11 -
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The unlisted investments and loan included in current asset investments are basic financial instruments shown at cost.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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.
F AND N HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 12 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.13
There is no trading income in the current or previous year. Income comprises interest receivable and similar income.
F AND N HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 13 -
2
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
116,128
115,578
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
3,180
2,890
Full analysis of auditors' remuneration for all audit and non audit work for the group is provided in the consolidated accounts for F and N One Limited.
4
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
443,773
89,947
Other interest income
699,325
537,453
Total interest revenue
1,143,098
627,400
Other income from investments
Dividends received
70,380
36,809
Total income excluding fixed asset investments
1,213,478
664,209
Income from fixed asset investments
Income from shares in group undertakings
1,000,000
Total income
1,213,478
1,664,209
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
F AND N HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 14 -
6
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
244
Other interest
284
528
7
Amounts written off investments
2023
2022
£
£
Gain on disposal of current asset investments
40,084
45,592
Amounts written off financial assets held at cost
(11,754)
(4,336)
Other gains and losses
(119,452)
642,853
(91,122)
684,109
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
298,950
228,106
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
1,460,003
2,743,197
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
277,401
521,207
Tax effect of expenses that are not deductible in determining taxable profit
9,474
Tax effect of income not taxable in determining taxable profit
(13,371)
(122,142)
Gains not taxable
5,296
6,122
Depreciation in excess of capital allowances
20,150
19,913
Dividend income from group company
(190,000)
Franked investment income not subject to additional tax charge
(6,994)
Taxation charge for the year
298,950
228,106
F AND N HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 15 -
9
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 February 2022
7,208,111
1,550,710
8,758,821
Additions
27,532
27,532
At 31 January 2023
7,235,643
1,550,710
8,786,353
Depreciation and impairment
At 1 February 2022
2,298,984
1,430,710
3,729,694
Depreciation charged in the year
116,128
116,128
At 31 January 2023
2,415,112
1,430,710
3,845,822
Carrying amount
At 31 January 2023
4,820,531
120,000
4,940,531
At 31 January 2022
4,909,127
120,000
5,029,127
Included in cost of land and buildings is freehold land of £1,709,742 (2022 - £1,709,742) which is not depreciated.
Plant and machinery includes poultry processing plant purchased over twenty five years ago. This plant continues to be maintained in such a state of repair that any further provision for depreciation is not currently required. The net book value of this machinery is £120,000. Included in freehold property are several residential properties with a total cost value of £946,191 on which no depreciation has been taken on the grounds that any depreciation charge and accumulated depreciation would be immaterial. The company intends to maintain and repair the properties to ensure impairment of these assets is unlikely.
10
Investment property
2023
£
Fair value
At 1 February 2022 and 31 January 2023
9,415,031
11
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
12
10,000,100
10,000,100
12
Subsidiaries
Details of the company's subsidiaries at 31 January 2023 are as follows:
F AND N HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
12
Subsidiaries
(Continued)
- 16 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Frank Bird (Poultry) Limited
Underlyne, Langwathby
Ordinary
100.00
Balingour Limited
Underlyne, Langwathby
Ordinary
100.00
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
754
Prepayments and accrued income
154,376
122,016
154,376
122,770
14
Current asset investments
2023
2022
£
£
Listed investments
2,972,918
3,007,194
Unlisted investments
4,666,154
4,666,154
Loans
11,277,000
11,277,000
18,916,072
18,950,348
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Other borrowings
16
342,000
342,000
Corporation tax
183,336
122,101
Other creditors
5,793,059
5,530,903
Accruals and deferred income
13,226
96,447
6,331,621
6,091,451
16
Loans and overdrafts
2023
2022
£
£
Other loans
342,000
342,000
Payable within one year
342,000
342,000
F AND N HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 17 -
17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,800
4,800
4,800
4,800
18
Operating lease commitments
Lessor
The sum of £110,400 is receivable from the two subsidiary companies under the terms of annually renewable leases. This is expected to continue for the foreseeable future.
2023
2022
£
£
Within one year
110,400
110,400
19
Related party disclosures
F and N Holdings Limited allows the company Paul Bird Motorsports Limited to use a workshop within its premises rent free. Paul Bird is the sole director and shareholder of this company and he is the son of Frank Bird, sole director of F and N Holdings.
The loan shown in note 14 has been made to F and N Guernsey Limited, a company ultimately controlled by Frank Bird. This is likely to be a long term loan although it is repayable on demand in certain circumstances such as non payment of interest. Interest is payable at 2% over base rate. F and N Holdings have a charge over a property owned by F and N Guernsey Limited as security.
The loan shown in note 16 has been made by F and N Properties Limited, a company controlled by Frank Bird, to this company. No interest has been paid and the loan is repayable on demand.
20
Ultimate controlling party
This company is wholly owned by F and N One Limited, a UK company controlled by Frank Bird. Group consolidated accounts are available from Companies House.
2023-01-312022-02-01falseCCH SoftwareCCH Accounts Production 2023.100Holding company
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