Fen-Bay Group Limited - Limited company accounts 20.1
Fen-Bay Group Limited - Limited company accounts 20.1
| REGISTERED NUMBER: 10753301 (England and Wales) |
| FEN-BAY GROUP LIMITED |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 3 | to | 4 |
| Report of the Independent Auditors | 5 | to | 8 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Statement of Financial Position | 11 |
| Company Statement of Financial Position | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Statement of Cash Flows | 15 |
| Notes to the Consolidated Statement of Cash Flows | 16 | to | 17 |
| Notes to the Consolidated Financial Statements | 18 | to | 34 |
| FEN-BAY GROUP LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: | Timothy Godson FCA |
| AUDITORS: |
| 27-29 Lumley Avenue |
| Skegness |
| Lincolnshire |
| PE25 2AT |
| BANKERS: | Lloyds Bank plc |
| 202 High Street |
| Lincoln |
| Lincolnshire |
| LN5 7AP |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| The directors present their strategic report of the company and the group for the year ended 28 February 2021. |
| REVIEW OF BUSINESS |
| The principal activity of the group is the manufacturing of lifting and handling equipment. |
| Our results are in line with the targets set for the period. We see further opportunities to grow the business in a strategic manner and further research and development into new product lines. We continue to invest in our team members through training and technology in order to best support our customer's needs. |
| We encourage our team members to take part in charitable activities and continue to build strong links with the community through the support of local and national initiatives and events. |
| Key Performance Indicators |
| 2021 | 2020 | 2019 | 2018 |
| £ | £ | £ | £ |
| Revenue | 16,837,826 | 13,890,290 | 12,096,144 | 9,181,792 |
| Gross Profit | 6,045,278 | 4,323,413 | 3,654,214 | 3,045,671 |
| Operating profit | 1,068,352 | 564,864 | 679,061 | 1,348,471 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Management of the business and execution of the group's strategy are subject to a number of risks. Risks are regularly assessed by management in order to ensure processes and systems to mitigate identified risks are implemented. The key risks affecting the group are set out below: |
| Customers |
| In order to reduce the potential loss of custom, the group values integrity and seeks to conduct its business in a professional manner and always aspires to provide an excellent service. |
| Team Members |
| The business is dependent upon the professional development, recruitment and retention of high-quality team members. We continue to invest in training and developing our team. The group performs annual remuneration reviews in order to be competitive. |
| Liquidity Risk |
| The group seeks to manage its liquidity risk by ensuring sufficient liquidity is available to meet financial obligations through managing cash generation and applying invoicing and cash collection targets. The group has bank facilities across a range of terms. |
| Regulatory Risk |
| Changes in the regulatory environment that affect the company and its customers may reduce the level of services required, but equally enable the group to take advantage of opportunities. |
| ON BEHALF OF THE BOARD: |
| 8 October 2021 |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| The directors present their report with the financial statements of the company and the group for the year ended 28 February 2021. |
| PRINCIPAL ACTIVITY |
| With over 25 years of industry knowledge, Fen-Bay Group Limited has grown to become one of the leading national providers of loading bay equipment, industrial doors, gates and barriers throughout the UK and Ireland. We provide innovation and patented eco-efficient solutions to our customers, catering for urgent repairs to large industrial projects. Our design solutions are bespoke to each customer with a focus on delivering efficiency, value and exceptional customer service. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 28 February 2021. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 March 2020 to the date of this report. |
| Other changes in directors holding office are as follows: |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and 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 company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| FEN-BAY GROUP LIMITED |
| Opinion |
| We have audited the financial statements of Fen-Bay Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2021 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 28 February 2021 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' 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 and 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 directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| FEN-BAY GROUP LIMITED |
| Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors 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 Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent 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 directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| FEN-BAY GROUP LIMITED |
| Auditors' 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 a Report of the Auditors 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. |
| We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. |
| The potential impact of different laws and regulations varies considerably. The group is subject to laws and regulations that directly impact the financial statements and we have assessed the extent of compliance with such laws as part of our financial statements audit. |
| Additionally, the group is subject to laws and regulations in the industry in which they operate where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items. |
| Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions or the override of internal controls. |
| We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
| 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 Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| FEN-BAY GROUP LIMITED |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| 27-29 Lumley Avenue |
| Skegness |
| Lincolnshire |
| PE25 2AT |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| CONSOLIDATED INCOME STATEMENT |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| REVENUE | 3 | 16,837,826 | 13,890,290 |
| Cost of sales | 10,792,548 | 9,566,877 |
| GROSS PROFIT | 6,045,278 | 4,323,413 |
| Administrative expenses | 5,120,061 | 3,777,927 |
| 925,217 | 545,486 |
| Other operating income | 143,135 | 19,378 |
| OPERATING PROFIT | 5 | 1,068,352 | 564,864 |
| Interest receivable and similar income | 163 | 119 |
| 1,068,515 | 564,983 |
| Interest payable and similar expenses | 6 | 21,572 | 34,977 |
| PROFIT BEFORE TAXATION | 1,046,943 | 530,006 |
| Tax on profit | 7 | 155,435 | 143,624 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 891,508 | 386,382 |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| CONSOLIDATED OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 891,508 | 386,382 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
891,508 |
386,382 |
| Total comprehensive income attributable to: |
| Owners of the parent | 891,508 | 386,382 |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
| 28 FEBRUARY 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 | 5,908,520 | 3,204,471 |
| Property, plant and equipment | 10 | 1,607,642 | 512,057 |
| Investments | 11 | - | - |
| 7,516,162 | 3,716,528 |
| CURRENT ASSETS |
| Inventories | 12 | 1,912,589 | 1,164,718 |
| Debtors | 13 | 5,475,241 | 3,147,798 |
| Cash at bank and in hand | 1,008,390 | 921,721 |
| 8,396,220 | 5,234,237 |
| CREDITORS |
| Amounts falling due within one year | 14 | 5,898,378 | 2,315,607 |
| NET CURRENT ASSETS | 2,497,842 | 2,918,630 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 10,014,004 | 6,635,158 |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
(277,530 |
) |
(39,207 |
) |
| PROVISIONS FOR LIABILITIES | 19 | (29,632 | ) | (80,617 | ) |
| NET ASSETS | 9,706,842 | 6,515,334 |
| CAPITAL AND RESERVES |
| Called up share capital | 20 | 195 | 154 |
| Share premium | 21 | 6,915,190 | 4,615,231 |
| Retained earnings | 21 | 2,791,457 | 1,899,949 |
| SHAREHOLDERS' FUNDS | 9,706,842 | 6,515,334 |
| The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2021 and were signed on its behalf by: |
| J H Wright - Director |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| COMPANY STATEMENT OF FINANCIAL POSITION |
| 28 FEBRUARY 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 |
| Property, plant and equipment | 10 |
| Investments | 11 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Share premium | 21 |
| Retained earnings | 21 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 345,504 | 30,396 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| Called up |
| share | Retained | Share | Total |
| capital | earnings | premium | equity |
| £ | £ | £ | £ |
| Balance at 1 March 2019 | 154 | 1,513,567 | 4,615,231 | 6,128,952 |
| Changes in equity |
| Total comprehensive income | - | 386,382 | - | 386,382 |
| Balance at 29 February 2020 | 154 | 1,899,949 | 4,615,231 | 6,515,334 |
| Changes in equity |
| Issue of share capital | 41 | - | 2,299,959 | 2,300,000 |
| Total comprehensive income | - | 891,508 | - | 891,508 |
| Balance at 28 February 2021 | 195 | 2,791,457 | 6,915,190 | 9,706,842 |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| Called up |
| share | Retained | Share | Total |
| capital | earnings | premium | equity |
| £ | £ | £ | £ |
| Balance at 1 March 2019 | ( |
) |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 29 February 2020 |
| Changes in equity |
| Issue of share capital | - |
| Total comprehensive income | - | - |
| Balance at 28 February 2021 |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| CONSOLIDATED STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,840,682 | 1,382,089 |
| Interest paid | (9,643 | ) | (32,447 | ) |
| Interest element of hire purchase payments paid |
(11,929 |
) |
(2,171 |
) |
| Tax paid | (178,816 | ) | (82,995 | ) |
| CT interest & other interest | - | (359 | ) |
| Net cash from operating activities | 1,640,294 | 1,264,117 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (812,816 | ) | (49,799 | ) |
| Purchase of tangible fixed assets | (871,609 | ) | (158,582 | ) |
| Sale of intangible fixed assets | 959,108 | - |
| Sale of tangible fixed assets | 169,666 | 300,696 |
| Purchase of subsidiary undertaking | (4,637,733 | ) | - |
| Cash acquired on purchase of subsidiary | 803,899 | - |
| Interest received | 163 | 119 |
| Net cash from investing activities | (4,389,322 | ) | 92,434 |
| Cash flows from financing activities |
| New loans in year | 1,000,000 | - |
| Loan repayments in year | (362,097 | ) | (635,772 | ) |
| Capital repayments in year | (82,227 | ) | (18,166 | ) |
| Amount introduced by directors | 26,746 | 95,455 |
| Amount withdrawn by directors | (47,095 | ) | (74,643 | ) |
| Share issue at par | 41 | - |
| Premium on share issue | 2,299,959 | - |
| Net cash from financing activities | 2,835,327 | (633,126 | ) |
| Increase in cash and cash equivalents | 86,299 | 723,425 |
| Cash and cash equivalents at beginning of year |
2 |
921,721 |
198,296 |
| Cash and cash equivalents at end of year | 2 | 1,008,020 | 921,721 |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2021 | 2020 |
| £ | £ |
| Profit before taxation | 1,046,943 | 530,006 |
| Depreciation charges | 377,044 | 106,885 |
| (Profit)/loss on disposal of fixed assets | (62,257 | ) | 17,309 |
| Amortisation charges | 570,457 | 404,365 |
| Finance costs | 21,572 | 34,977 |
| Finance income | (163 | ) | (119 | ) |
| 1,953,596 | 1,093,423 |
| Decrease/(increase) in inventories | 357,465 | (70,788 | ) |
| (Increase)/decrease in trade and other debtors | (1,767,113 | ) | 1,128,294 |
| Increase/(decrease) in trade and other creditors | 1,296,734 | (768,840 | ) |
| Cash generated from operations | 1,840,682 | 1,382,089 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 28 February 2021 |
| 28.2.21 | 1.3.20 |
| £ | £ |
| Cash and cash equivalents | 1,008,390 | 921,721 |
| Bank overdrafts | (370 | ) | - |
| 1,008,020 | 921,721 |
| Year ended 29 February 2020 |
| 29.2.20 | 1.3.19 |
| £ | £ |
| Cash and cash equivalents | 921,721 | 198,296 |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
| At 1.3.20 | Cash flow | At 28.2.21 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 921,721 | 86,669 | 1,008,390 |
| Bank overdrafts | - | (370 | ) | (370 | ) |
| 921,721 | 86,299 | 1,008,020 |
| Debt |
| Finance leases | (67,334 | ) | (373,885 | ) | (441,219 | ) |
| Debts falling due within 1 year | (362,097 | ) | (637,903 | ) | (1,000,000 | ) |
| (429,431 | ) | (1,011,788 | ) | (1,441,219 | ) |
| Total | 492,290 | (925,489 | ) | (433,199 | ) |
| 4. | ACQUISITION OF BUSINESS |
| The shares in Transdek U.K. Limited were acquired by Fen-Bay Group Limited on 2 September 2020. The fair value of the consideration paid was £4,637,733. |
| The fair value of assets and liabilities acquired is considered by the directors to be the book value of assets and liabilities at that date as detailed below: |
| £ |
| Intangible assets | 676,695 |
| Tangible fixed assets | 708,430 |
| Stock | 1,105,336 |
| Debtors | 540,218 |
| Cash at bank and in hand | 803,899 |
| Creditors | (1,940,947 | ) |
| Net assets acquired | 1,893,631 |
| Fair value of consideration issued | 4,637,733 |
| Goodwill arising | 2,744,102 |
| Analysis of movement in cash and cash equivalents in respect of acquisition of subsidiary |
| £ |
| Cash acquired with subsidiary undertaking | 803,899 |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 1. | STATUTORY INFORMATION |
| Fen-Bay Group Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| The group financial statements consolidate the financial statements of Fen-Bay Group Limited and all its subsidiary undertakings drawn up to the last day of February each year. |
| A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the Group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity it accounts for that entity as a subsidiary. |
| Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively. |
| All intra-group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the Group's interest in the entity. |
| The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Income Statement in these financial statements. |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Significant judgements and estimates |
| In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 and are covered within the accounting policies: |
| (i) The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note ten for the carrying amount of the property, plant and equipment and note two (Tangible Fixed Assets) for the useful economic lives for each class of asset. |
| (ii) When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. . When calculating work in progress, management consider the stage of completion of ongoing contracts and compares this to expected costs and costs incurred up to the year end date. See note twelve for the net carrying amount of the stocks, work in progress and associated provision. |
| (iii) The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, ageing profile of debtors and historical experience. See note thirteen for the net carrying amount of the debtors and associated impairment provision. |
| (iv) When calculating amounts recoverable on contracts, management considers the stage of completion of ongoing contracts and calculating an estimate for revenue not yet invoices by reference to the stage of completion.See note thirteen for the carrying amount of amounts recoverable on contracts. |
| Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
| Revenue |
| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2017 and another business in 2020, is being amortised evenly of its estimated useful life of ten years in both cases. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Patents and licences are being amortised evenly over their estimated useful life of five and ten years. |
| Development costs are being amortised evenly over their estimated useful life of ten years. |
| Computer software is being amortised evenly over its estimated useful life of five years. |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated life or, if held under a finance lease, over the lease term, whichever is the shorter. |
| Short leasehold | - 10% on reducing balance |
| Plant and machinery | - 25% on reducing balance |
| Fixtures and fittings | - 25% on reducing balance |
| Motor vehicles | - 25% on reducing balance and 25% on cost |
| Computer equipment | - 25% on reducing balance and 33% on cost |
| Finished goods held for rental | - 20% on cost |
| Production equipment | - 20% on cost |
| 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. |
| Government grants |
| Government grants are recognised at the fair value of the asset received when there is reasonable assurance that the group will comply with conditions attaching to them and the grants will be received using the accrual model. |
| Inventories |
| Inventories are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to the income statement in the period to which they relate. |
| Factoring |
| Debtors are stated at their gross value within the financial statements and the proceeds from the factor are included in creditors. |
| Amounts recoverable on contracts |
| In respect of amounts recoverable on contracts, turnover represents the value of work done in the year. Turnover recognised in this manner is calculated by reference to the percentage of completion at the end of the reporting period this is in accordance with Section 23 Revenue of FRS102. |
| Sale and leaseback |
| Where a sale and leaseback transaction results in a finance lease, no gain is immediately recognised for any excess of sales proceeds over the carrying amount of the asset. Instead, the proceeds are presented as a liability and subsequently measured at amortised cost using the effective interest method. |
| When a sale and leaseback transaction results in an operating lease, and it is clear that the transition is established at fair value, any profit or loss is recognised immediately. If the sale price is below fair value, any profit or loss is recognised immediately unless the loss is compensated for by the future lease payments at below market price, In that case, any such loss is amortised in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is amortised over the period for which the asset is expected to be used. |
| 3. | REVENUE |
| The revenue and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of revenue by geographical market is given below: |
| 2021 | 2020 |
| £ | £ |
| United Kingdom |
| Europe |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2021 | 2020 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2021 | 2020 |
| Direct | 108 | 78 |
| Indirect | 48 | 33 |
| Directors | 8 | 3 |
| 2021 | 2020 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Information regarding the highest paid director is as follows: |
| 2021 | 2020 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2021 | 2020 |
| £ | £ |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| (Profit)/loss on disposal of fixed assets | ( |
) |
| Goodwill amortisation |
| Patents and licences amortisation |
| Development costs amortisation |
| Computer software amortisation |
| Auditors' remuneration |
| Foreign exchange differences | ( |
) |
| Hire of plant and machinery |
| Hire of vehicles |
| Other operating leases |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2021 | 2020 |
| £ | £ |
| Bank loan interest |
| Bank interest |
| Loan interest |
| Other interest |
| Hire purchase interest |
| Corporation tax interest paid |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2021 | 2020 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Adjustment re previous years | (16,193 | ) | (62,489 | ) |
| Total current tax |
| Deferred tax | ( |
) |
| Tax on profit |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 7. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2021 | 2020 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2020 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Utilisation of tax losses |
| Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
| Deferred tax | (98,455 | ) | 22,642 |
| Total tax charge | 155,435 | 143,624 |
| 8. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 9. | INTANGIBLE FIXED ASSETS |
| Group |
| Patents |
| and | Development | Computer |
| Goodwill | licences | costs | software | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 March 2020 | 3,930,348 | 13,961 | - | 77,746 | 4,022,055 |
| Additions | 2,744,102 | 946,934 | 1,383,137 | 22,602 | 5,096,775 |
| Disposals | - | - | (860,775 | ) | - | (860,775 | ) |
| At 28 February 2021 | 6,674,450 | 960,895 | 522,362 | 100,348 | 8,258,055 |
| AMORTISATION |
| At 1 March 2020 | 794,861 | 10,488 | - | 12,235 | 817,584 |
| Amortisation for year | 489,939 | 32,304 | 28,046 | 18,297 | 568,586 |
| Eliminated on disposal | - | - | (122,407 | ) | - | (122,407 | ) |
| Amortisation on acquired |
| subsidiary assets | - | 800,130 | 285,642 | - | 1,085,772 |
| At 28 February 2021 | 1,284,800 | 842,922 | 191,281 | 30,532 | 2,349,535 |
| NET BOOK VALUE |
| At 28 February 2021 | 5,389,650 | 117,973 | 331,081 | 69,816 | 5,908,520 |
| At 29 February 2020 | 3,135,487 | 3,473 | - | 65,511 | 3,204,471 |
| Company |
| Developmen |
| costs |
| £ |
| COST |
| Additions | 369,184 |
| Disposals | (369,184 | ) |
| At 28 February 2021 | - |
| NET BOOK VALUE |
| At 28 February 2021 | - |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 10. | PROPERTY, PLANT AND EQUIPMENT |
| Group |
| Fixtures |
| Short | Plant and | and |
| leasehold | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 March 2020 | 228,149 | 245,386 | 134,565 |
| Additions | 70,778 | 1,686,355 | 753,967 |
| Disposals | - | (248,254 | ) | (151,320 | ) |
| At 28 February 2021 | 298,927 | 1,683,487 | 737,212 |
| DEPRECIATION |
| At 1 March 2020 | 47,446 | 91,089 | 70,047 |
| Charge for year | 19,757 | 393,567 | 35,227 |
| Eliminated on disposal | - | (31,871 | ) | (15,522 | ) |
| Depreciation on acquired |
| subsidiary assets | - | 182,061 | 471,393 |
| At 28 February 2021 | 67,203 | 634,846 | 561,145 |
| NET BOOK VALUE |
| At 28 February 2021 | 231,724 | 1,048,641 | 176,067 |
| At 29 February 2020 | 180,703 | 154,297 | 64,518 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 March 2020 | 126,052 | 45,971 | 780,123 |
| Additions | 69,748 | 143,614 | 2,724,462 |
| Disposals | (16,000 | ) | - | (415,574 | ) |
| At 28 February 2021 | 179,800 | 189,585 | 3,089,011 |
| DEPRECIATION |
| At 1 March 2020 | 43,018 | 16,466 | 268,066 |
| Charge for year | 21,415 | 11,714 | 481,680 |
| Eliminated on disposal | (4,582 | ) | - | (51,975 | ) |
| Depreciation on acquired |
| subsidiary assets | 27,225 | 102,919 | 783,598 |
| At 28 February 2021 | 87,076 | 131,099 | 1,481,369 |
| NET BOOK VALUE |
| At 28 February 2021 | 92,724 | 58,486 | 1,607,642 |
| At 29 February 2020 | 83,034 | 29,505 | 512,057 |
| The net book value of property, plant and equipment includes £ 447,305 (2020 - £ 74,465 ) in respect of assets held under hire purchase contracts. |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 10. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Company |
| Plant and |
| machinery |
| £ |
| COST |
| Additions |
| Disposals | ( |
) |
| At 28 February 2021 |
| NET BOOK VALUE |
| At 28 February 2021 |
| 11. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 March 2020 |
| Additions |
| At 28 February 2021 |
| NET BOOK VALUE |
| At 28 February 2021 |
| At 29 February 2020 |
| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: North End, Welbourn, Lincs |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2021 | 2020 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the year | ( |
) | ( |
) |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 11. | FIXED ASSET INVESTMENTS - continued |
| Registered office: North End, Welbourn, Lincs |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2021 | 2020 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: North End, Welbourn, Lincs |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2021 |
| £ |
| Aggregate capital and reserves |
| Profit for the year |
| 12. | INVENTORIES |
| Group |
| 2021 | 2020 |
| £ | £ |
| Stocks | 948,857 | 822,775 |
| Work-in-progress | 963,732 | 341,943 |
| 1,912,589 | 1,164,718 |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Trade debtors | 4,483,958 | 2,504,899 |
| Amounts recoverable on contract | 551,774 | 515,317 |
| Other debtors | 126,450 | 17,811 |
| Directors' current accounts | 20,665 | 553 | - | - |
| Prepayments | 292,394 | 109,218 |
| 5,475,241 | 3,147,798 |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 16) | 370 | - |
| Other loans (see note 16) | 1,000,000 | 362,097 |
| Hire purchase contracts (see note 17) | 163,689 | 28,127 |
| Trade creditors | 2,132,740 | 893,816 |
| Amounts owed to group undertakings | - | - |
| Taxation | 258,875 | 183,801 |
| Other taxes and social security | 829,475 | 408,565 |
| VAT | 183,959 | 25,979 | 45,148 | 25,979 |
| Other creditors | 89,022 | 35,177 |
| Directors' current accounts | 413 | 650 | 413 | 650 |
| Accruals and deferred income | 1,239,835 | 377,395 |
| 5,898,378 | 2,315,607 |
| On 3 September 2020 redeemable preference shares totalling £350,000 were issued, these shares were subsequently redeemed on 20 January 2021. |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 2021 | 2020 |
| £ | £ |
| Hire purchase contracts (see note 17) | 277,530 | 39,207 |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank overdrafts | 370 | - |
| Other loans | 1,000,000 | 362,097 |
| 1,000,370 | 362,097 |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 2021 | 2020 |
| £ | £ |
| Gross obligations repayable: |
| Within one year | 164,676 | 30,205 |
| Between one and five years | 277,609 | 40,274 |
| 442,285 | 70,479 |
| Finance charges repayable: |
| Within one year | 987 | 2,078 |
| Between one and five years | 79 | 1,067 |
| 1,066 | 3,145 |
| Net obligations repayable: |
| Within one year | 163,689 | 28,127 |
| Between one and five years | 277,530 | 39,207 |
| 441,219 | 67,334 |
| Group |
| Non-cancellable | operating leases |
| 2021 | 2020 |
| £ | £ |
| Within one year | 129,258 | 96,251 |
| Between one and five years | 79,523 | 125,003 |
| 208,781 | 221,254 |
| Operating lease payments recognised as an expense in the year are presented in the 'operating profit' note. |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 18. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 2021 | 2020 |
| £ | £ |
| Bank overdraft | 370 | - |
| Hire purchase contracts | 441,219 | 67,334 |
| 441,589 | 67,334 |
| Hire purchase contracts are secured on the assets to which they relate. |
| Facilities with Lloyds Commercial Finance Limited including loan accounts presented within creditors and invoice finance facilities presented within cash at bank are secured by fixed and floating charges over all the assets of one of the companies within the group. |
| 19. | PROVISIONS FOR LIABILITIES |
| Group |
| 2021 | 2020 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | (5,278 | ) | - |
| Tax losses carried forward | (76,778 | ) | - |
| Other timing differences | (983 | ) | - |
| Accelerated capital allowances | 112,671 | 80,617 |
| 29,632 | 80,617 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 March 2020 | 80,617 |
| Credit to Income Statement during year | (98,455 | ) |
| Transfer on acquisition of |
| subsidiary | 47,470 |
| Balance at 28 February 2021 | 29,632 |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 20. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| B Ordinary | 0.1p | 54 | 54 |
| Allotted and issued: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| A Ordinary | 0.1p | 141 | 100 |
| The following shares were issued during the year for cash at par : |
| 41,629 A Ordinary shares of 0.1p |
| 21. | RESERVES |
| Group |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 March 2020 | 1,899,949 | 4,615,231 | 6,515,180 |
| Profit for the year | 891,508 | 891,508 |
| Cash share issue | - | 2,299,959 | 2,299,959 |
| At 28 February 2021 | 2,791,457 | 6,915,190 | 9,706,647 |
| Company |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 March 2020 | 4,626,734 |
| Profit for the year | - |
| Cash share issue | - | 2,299,959 | 2,299,959 |
| At 28 February 2021 | 7,272,197 |
| a) Retained earnings |
| Retained earnings represents cumulative profits and losses net of dividends and other adjustments. |
| b) Share premium account |
| Share premium represents capital amounts paid in excess of the par value on the issue of shares. |
| 22. | PENSION COMMITMENTS |
| The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £120,760 (2020: £81,473). Contributions totalling £20,691 (2020: £17,069) were payable to the fund at the year end. |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 28 February 2021 and 29 February 2020: |
| 2021 | 2020 |
| £ | £ |
| C A Sedlan |
| Balance outstanding at start of year | (237 | ) | 9,712 |
| Amounts advanced | 40,789 | 68,398 |
| Amounts repaid | (26,193 | ) | (78,347 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 14,359 | (237 | ) |
| J R Aitken |
| Balance outstanding at start of year | 553 | 11,416 |
| Amounts advanced | 1,178 | 6,245 |
| Amounts repaid | (553 | ) | (17,108 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 1,178 | 553 |
| J H Wright |
| Balance outstanding at start of year | (413 | ) | (413 | ) |
| Amounts repaid | - | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | (413 | ) | (413 | ) |
| J R Raynor |
| Balance outstanding at start of year | - | - |
| Amounts advanced | 1,938 | - |
| Amounts repaid | - | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 1,938 | - |
| J M Sedlan |
| Balance outstanding at start of year | - | - |
| Amounts advanced | 3,066 | - |
| Amounts repaid | - | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 3,066 | - |
| FEN-BAY GROUP LIMITED (REGISTERED NUMBER: 10753301) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2021 |
| 23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
| M James |
| Balance outstanding at start of year | - | - |
| Amounts advanced | 123 | - |
| Amounts repaid | - | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 123 | - |
| Loans made with directors are unsecured, interest free and repayable on demand. |
| 24. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| Key management personnel compensation is considered to be the same as reported under directors' remuneration disclosed in the 'employees and directors' note. Loans are as reported in the 'directors' advances, credits and guarantees' note. |
| Key management personnel of the group (in the aggregate) |
| 2021 | 2020 |
| £ | £ |
| Purchases | 22,734 | 9,397 |
| Amount due to related party | - | 362,747 |
| 25. | ULTIMATE CONTROLLING PARTY |
| J H Wright, a director, controls the group by virtue of his shareholding in the parent company Fen-Bay Group Limited. |