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REGISTERED NUMBER: 13784759 (England and Wales)















FTM Materials Handling (Holdings)
Limited

Unaudited Financial Statements

for the Period 6 December 2021 to 30 March 2023






FTM Materials Handling (Holdings)
Limited (Registered number: 13784759)






Contents of the Financial Statements
for the Period 6 December 2021 to 30 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FTM Materials Handling (Holdings)
Limited

Company Information
for the Period 6 December 2021 to 30 March 2023







Directors: T D Prichard
D M Probert





Registered office: FTM House North Road
Bridgend Industrial Estat
Bridgend
CF31 3TP





Registered number: 13784759 (England and Wales)





Accountants: Haines Watts Wales LLP
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

FTM Materials Handling (Holdings)
Limited (Registered number: 13784759)

Balance Sheet
30 March 2023

Notes £   
Fixed assets
Investments 4 3,814,021

Current assets
Debtors 5 328,969

Creditors
Amounts falling due within one year 6 (4,163,363 )
Net current liabilities (3,834,394 )
Total assets less current liabilities (20,373 )

Capital and reserves
Called up share capital 2
Retained earnings (20,375 )
(20,373 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2023 and were signed on its behalf by:





D M Probert - Director


FTM Materials Handling (Holdings)
Limited (Registered number: 13784759)

Notes to the Financial Statements
for the Period 6 December 2021 to 30 March 2023

1. Statutory information

FTM Materials Handling (Holdings) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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.

Reporting period
These financial statements cover the period from the date of incorporation to 30 March 2023, which represents a 16 month period. No comparative amounts have been presented in these financial statements, as these are the first set of financial statements since the company was incorporated.

FTM Materials Handling (Holdings)
Limited (Registered number: 13784759)

Notes to the Financial Statements - continued
for the Period 6 December 2021 to 30 March 2023

2. Accounting policies - continued

Financial instruments
Financial instruments are recognised on the company's balance sheet when the company becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balance, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective rate of interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing arrangement, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest are method.

Trade creditors are obligations to pay for goods are services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective rate of interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Going concern
The directors have considered the ability of the company to continue as a going concern. A budget has been formulated with reference to the trading activity of its subsidiary company for a period in excess of 12 months. The directors anticipate that the company will have sufficient resource to meet its working capital requirements, continue to be profitable and generate positive cashflows. The company continues to be supported by its shareholders and other stakeholders.

3. Employees and directors

The average number of employees during the period was NIL.

FTM Materials Handling (Holdings)
Limited (Registered number: 13784759)

Notes to the Financial Statements - continued
for the Period 6 December 2021 to 30 March 2023

4. Fixed asset investments
Shares in
group
undertakings
£   
Cost
Additions 3,814,021
At 30 March 2023 3,814,021
Net book value
At 30 March 2023 3,814,021

5. Debtors: amounts falling due within one year
£   
Other debtors 328,967
Directors' current accounts 2
328,969

6. Creditors: amounts falling due within one year
£   
Other loans 486,338
Amounts owed to group undertakings 3,175,775
Other creditors 500,000
Accruals and deferred income 1,250
4,163,363

7. Directors' advances, credits and guarantees

Included within debtors amounts falling due is amount of £2 owed by the directors as at 30 March 2023.

8. Related party disclosures

Included within creditors amounts falling due within one year is an amount of £486,338 owed to a company which one of the directors has a controlling interest. The loan is interest bearing and repayable February 2025.