Company Registration No. 01000437 (England and Wales)
F AND N HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
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 - 2
Director's report
3 - 4
Independent auditor's report
5 - 8
Statement of income and retained earnings
9
Balance sheet
10
Notes to the financial statements
11 - 18
F AND N HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2021
- 1 -
The director presents the strategic report for the year ended 31 January 2021.
Fair review of the business
The company does not trade but receives income from a variety of sources, such as rental income and investment income. Dividends are also received from one of the subsidiary companies. The results for the year are shown on page 9.
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.
It remains unclear to what extent the Covid 19 pandemic will affect the company going forwards but bank interest rates are likely to remain low for the foreseeable future and this will impact on the company's income.
The directors of the subsidiary trading companies have duly had to consider the specific effect on those companies. Those employed in the sectors of food production and processing were defined as key workers by the UK government and so they have continued to operate throughout the pandemic. Although profits fluctuated at the start of the first national lockdown, the companies still expect the next 12 month period to be profitable, as indicated by ongoing management accounts.
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.
F AND N HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
- 2 -
Mr F Bird
Director
20 October 2021
F AND N HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2021
- 3 -
The director presents his annual report and financial statements for the year ended 31 January 2021.
Results and dividends
The results for the year are set out on page 9.
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 director's responsibilities
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.
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.
F AND N HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
- 4 -
On behalf of the board
Mr F Bird
Director
20 October 2021
F AND N HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF F AND N HOLDINGS LIMITED
- 5 -
Opinion
We have audited the financial statements of F and N Holdings Limited (the 'company') for the year ended 31 January 2021 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 FRS 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 2021 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 r
eport 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
- 6 -
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 identifie
d
material misstatements in the strategic report and the director's
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, 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 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 director
As explained more fully in the director's
r
esponsibilities
s
tatement, 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
- 7 -
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
- 8 -
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 him 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
20 October 2021
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 2021
- 9 -
2021
2020
Notes
£
£
Administrative expenses
(167,027)
(174,000)
Other operating income
150,054
153,088
Operating loss
2
(16,973)
(20,912)
Interest receivable and similar income
6
1,248,213
2,903,265
Amounts written off investments
7
(278,036)
151,987
Profit before taxation
953,204
3,034,340
Tax on profit
8
(137,548)
(175,563)
Profit for the financial year
815,656
2,858,777
Retained earnings brought forward
61,193,316
58,334,539
Retained earnings carried forward
62,008,972
61,193,316
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 2021
31 January 2021
- 10 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
9
5,144,705
5,260,283
Investments
10
10,000,100
10,000,100
15,144,805
15,260,383
Current assets
Debtors
12
196,509
263,412
Investments
13
19,925,487
18,697,377
Cash at bank and in hand
32,640,072
33,020,619
52,762,068
51,981,408
Creditors: amounts falling due within one year
14
(5,892,901)
(6,043,475)
Net current assets
46,869,167
45,937,933
Net assets
62,013,972
61,198,316
Capital and reserves
Called up share capital
16
4,800
4,800
Capital redemption reserve
200
200
Profit and loss reserves
62,008,972
61,193,316
Total equity
62,013,972
61,198,316
The financial statements were approved and signed by the director and authorised for issue on 20 October 2021
Mr F Bird
Director
Company Registration No. 01000437
F AND N HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
- 11 -
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 a
mounts
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
.
T
he company has
therefore
taken advantage of
e
xemptions 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
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he 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 2021
1
Accounting policies
(Continued)
- 12 -
1.4
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.
1.5
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.
1.6
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.
1.7
Financial instruments
The unlisted investments and loan included in current asset investments are basic financial instruments shown at cost.
1.8
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.
1.9
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.
1.10
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.
1.11
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.
F AND N HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
1
Accounting policies
(Continued)
- 13 -
1.12
There is no trading income in the current or previous year. Income comprises interest receivable and similar income.
2
Operating loss
2021
2020
Operating loss for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
115,578
120,556
3
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
2,760
2,625
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 1
2021
2020
Number
Number
Total
1
1
5
Director's remuneration
No remuneration was paid to the director from this company. However, he was paid from the subsidiary company Frank Bird (Poultry) Limited as follows:
Director's emoluments £2,200,000 (2020 £2,600,000)
F AND N HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
- 14 -
6
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
145,242
272,410
Other interest income
492,209
557,440
Total interest revenue
637,451
829,850
Other income from investments
Dividends received
10,762
73,415
Total income excluding fixed asset investments
648,213
903,265
Income from fixed asset investments
Income from shares in group undertakings
600,000
2,000,000
Total income
1,248,213
2,903,265
7
Amounts written off investments
2021
2020
£
£
Gain on disposal of current asset investments
-
9,400
Amounts written off financial assets held at cost
(8,399)
-
Other gains and losses
(269,637)
142,587
(278,036)
151,987
8
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
137,548
175,563
F AND N HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
8
Taxation
(Continued)
- 15 -
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:
2021
2020
£
£
Profit before taxation
953,204
3,034,340
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
181,109
576,525
Tax effect of expenses that are not deductible in determining taxable profit
52,827
Tax effect of income not taxable in determining taxable profit
(28,878)
Depreciation in excess of capital allowances
19,657
20,220
Dividend income from group company
(114,000)
(380,000)
Franked investment income not subject to additional tax charge
(2,045)
(13,949)
Chargeable gain less allowable loss
1,645
Taxation charge for the year
137,548
175,563
9
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 February 2020 and 31 January 2021
7,208,111
1,550,710
8,758,821
Depreciation and impairment
At 1 February 2020
2,067,828
1,430,710
3,498,538
Depreciation charged in the year
115,578
115,578
At 31 January 2021
2,183,406
1,430,710
3,614,116
Carrying amount
At 31 January 2021
5,024,705
120,000
5,144,705
At 31 January 2020
5,140,283
120,000
5,260,283
F AND N HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
9
Tangible fixed assets
(Continued)
- 16 -
Included in cost of land and buildings is freehold land of £1,709,742 (2020 - £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
Fixed asset investments
2021
2020
Notes
£
£
Investments in subsidiaries
11
10,000,100
10,000,100
11
Subsidiaries
Details of the company's subsidiaries at 31 January 2021 are as follows:
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
12
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
1,101
Prepayments and accrued income
196,509
262,311
196,509
263,412
F AND N HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
- 17 -
13
Current asset investments
2021
2020
£
£
Listed investments
2,148,320
2,566,363
Unlisted investments
6,500,167
4,854,014
Loans
11,277,000
11,277,000
19,925,487
18,697,377
Listed investments included above:
Listed investments carrying amount
2,148,320
2,566,363
14
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Other borrowings
15
342,000
342,000
Corporation tax
33,073
75,565
Other creditors
5,481,286
5,576,718
Accruals and deferred income
36,542
49,192
5,892,901
6,043,475
15
Loans and overdrafts
2021
2020
£
£
Other loans
342,000
342,000
Payable within one year
342,000
342,000
16
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,800
4,800
4,800
4,800
17
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.
F AND N HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
17
Operating lease commitments
(Continued)
- 18 -
2021
2020
£
£
Within one year
110,400
110,400
18
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 13 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 14 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.
19
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.
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