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Registration number: 02275692

Fluid Controls Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Fluid Controls Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Fluid Controls Limited

(Registration number: 02275692)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

5

13,142

16,428

Current assets

 

Stocks

6

771,148

1,011,133

Debtors

7

733,441

778,946

Cash at bank and in hand

 

1,107,819

1,010,846

 

2,612,408

2,800,925

Creditors: Amounts falling due within one year

8

(971,226)

(1,286,119)

Net current assets

 

1,641,182

1,514,806

Net assets

 

1,654,324

1,531,234

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

1,644,324

1,521,234

Shareholders' funds

 

1,654,324

1,531,234

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
L R Kemble
Director

 

Fluid Controls Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
50 Easter Park
Benyon Road
Aldermaston
Berkshire
RG7 2PQ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 31 July 2024 was Emily Ness FCA, who signed for and on behalf of UHY Ross Brooke.

Prior period errors

An adjustment has been posted for £248,344 to increase trade creditors and increase stock. The adjustmentwas required due to timing differences on the date invoices were received and recorded.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable.

 

Fluid Controls Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Five years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less
costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying
amount is reduced to its selling price less costs to complete and sell. The impairment loss is
recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

 

Fluid Controls Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 8).

 

Fluid Controls Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

191,227

191,227

At 31 December 2023

191,227

191,227

Amortisation

At 1 January 2023

191,227

191,227

At 31 December 2023

191,227

191,227

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

188,341

188,341

At 31 December 2023

188,341

188,341

Depreciation

At 1 January 2023

171,913

171,913

Charge for the year

3,286

3,286

At 31 December 2023

175,199

175,199

Carrying amount

At 31 December 2023

13,142

13,142

At 31 December 2022

16,428

16,428

6

Stocks

2023
£

(As restated)

2022
£

Other inventories

771,148

1,011,133

 

Fluid Controls Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

670,628

778,266

Prepayments

62,813

680

 

733,441

778,946

8

Creditors

Creditors: amounts falling due within one year

2023
£

(As restated)

2022
£

Due within one year

Trade creditors

556,548

473,976

Taxation and social security

142,687

158,821

Other creditors

271,991

653,322

971,226

1,286,119

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

55,498

65,456

Later than one year and not later than five years

204,744

200,538

Later than five years

320,000

360,000

580,242

625,994

The amount of non-cancellable operating lease payments recognised as an expense during the year was £67,587 (2022 - £52,751).

10

Related party transactions

On the basis that 100% of the company's voting rights are controlled within the group, the company has taken advantage of the exemption under FRS 102 not to disclose intra-group transactions

 

Fluid Controls Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Parent and ultimate parent undertaking

The company's immediate parent is ESI Process UK Limited, incorporated in United Kingdom.

 The ultimate parent is Indutrade AB, incorporated in Sweden.

  These financial statements are available upon request from request from https://www.indutrade.com/investors--media/reports--presentations/