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REGISTERED NUMBER: 05120158 (England and Wales)





















FG3 MANUFACTURING LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






FG3 MANUFACTURING LIMITED (REGISTERED NUMBER: 05120158)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 8


FG3 MANUFACTURING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: B D Daisy
Mrs C L Daisy
A Baldwin



SECRETARY: Mrs C L Daisy



REGISTERED OFFICE: Seebeck House
1 Seebeck Place
Knowlhill
Milton Keynes
Buckinghamshire
MK5 8FR



REGISTERED NUMBER: 05120158 (England and Wales)



SENIOR STATUTORY AUDITOR: Stuart Armstrong FCCA



AUDITORS: Phipps Henson McAllister
Chartered Accountants
and Statutory Auditors
22-24 Harborough Road
Kingsthorpe
Northampton
NN2 7AZ

FG3 MANUFACTURING LIMITED (REGISTERED NUMBER: 05120158)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 84,000 108,000
Tangible assets 5 216,295 110,109
300,295 218,109

CURRENT ASSETS
Stocks 423,994 175,263
Debtors 6 266,736 239,548
Cash at bank and in hand 155 162,337
690,885 577,148
CREDITORS
Amounts falling due within one year 7 691,898 501,937
NET CURRENT (LIABILITIES)/ASSETS (1,013 ) 75,211
TOTAL ASSETS LESS CURRENT LIABILITIES 299,282 293,320

CREDITORS
Amounts falling due after more than one
year

8

-

(7,464

)

PROVISIONS FOR LIABILITIES (39,365 ) (24,750 )
NET ASSETS 259,917 261,106

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 259,817 261,006
SHAREHOLDERS' FUNDS 259,917 261,106

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2024 and were signed on its behalf by:




Mrs C L Daisy - Director


FG3 MANUFACTURING LIMITED (REGISTERED NUMBER: 05120158)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

FG3 Manufacturing 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The Group has continued to trade profitably. Business is expected to be challenging in the current economic climate, but the Group remains in a strong position. The directors have reviewed liquidity requirements across the Group and are confident that there is sufficient flexibility such that it continues to be appropriate to prepare the accounts on a going concern basis.

Related party exemption
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenues are recognised once risks and rewards of ownership have passed to the buyer, and the costs incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance and 10% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

FG3 MANUFACTURING LIMITED (REGISTERED NUMBER: 05120158)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year 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 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2022 - 29 ) .

FG3 MANUFACTURING LIMITED (REGISTERED NUMBER: 05120158)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 120,000
AMORTISATION
At 1 January 2023 12,000
Charge for year 24,000
At 31 December 2023 36,000
NET BOOK VALUE
At 31 December 2023 84,000
At 31 December 2022 108,000

5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 332,639 43,500 376,139
Additions 142,000 - 142,000
At 31 December 2023 474,639 43,500 518,139
DEPRECIATION
At 1 January 2023 253,116 12,914 266,030
Charge for year 28,167 7,647 35,814
At 31 December 2023 281,283 20,561 301,844
NET BOOK VALUE
At 31 December 2023 193,356 22,939 216,295
At 31 December 2022 79,523 30,586 110,109

FG3 MANUFACTURING LIMITED (REGISTERED NUMBER: 05120158)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 January 2023
and 31 December 2023 71,082
DEPRECIATION
At 1 January 2023 44,843
Charge for year 6,560
At 31 December 2023 51,403
NET BOOK VALUE
At 31 December 2023 19,679
At 31 December 2022 26,239

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 247,368 238,189
Amounts owed by group undertakings - 549
Other debtors 19,368 810
266,736 239,548

Included in Trade debtors is £213,542 (2022 - £100,028) due from other group companies.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 30,855 -
Hire purchase contracts (see note 9) 7,464 12,795
Trade creditors 286,840 236,442
Amounts owed to group undertakings 163,333 -
Taxation and social security 43,583 163,441
Other creditors 159,823 89,259
691,898 501,937

Included in Trade creditors is £43,933 (2022 - £2,544) due to other group companies.
Obligations under hire purchase contracts are secured on the assets to which they relate.

FG3 MANUFACTURING LIMITED (REGISTERED NUMBER: 05120158)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) - 7,464

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 7,464 12,795
Between one and five years - 7,464
7,464 20,259

Non-cancellable operating leases
2023 2022
£    £   
Within one year 7,400 49,933
Between one and five years - 7,400
7,400 57,333

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 30,855 -

The bank overdraft is secured by a fixed and floating charge over the assets of the company and by personal guarantees given by the directors, limited to £50,000.

In addition, there is a cross guarantee and debenture between other members of the group.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

FG3 MANUFACTURING LIMITED (REGISTERED NUMBER: 05120158)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.
The Senior Statutory Auditor was Martyn Smith FCA.
The Auditor was Phipps Henson McAllister.

13. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions of £4,166 (2022 - £4,538) were payable to the fund at the balance sheet date.

14. CONTINGENT LIABILITIES

A cross guarantee and debenture between FG3 Manufacturing Limited and other members of the group exists in relation to bank overdraft facilities of £50,000 for FG Library Products Limited and £100,000 for Frem Limited.

15. RELATED PARTY DISCLOSURES

The company was a wholly owned subsidiary of Frem Group Limited throughout the year, whose registered office address is:

Seebeck House
1 Seebeck Place
Knowlhill
Milton Keynes
Buckinghamshire
MK5 8FR

16. ULTIMATE CONTROLLING PARTY

FG3 Manufacturing Limited is a wholly owned subsidiary of Frem Group Limited, which is the smallest and largest undertaking for which group financial statements are prepared.

The company is under the control of Mr B D Daisy and his wife Mrs C L Daisy who control 100% of the shares of Frem Group Limited.

17. BUSINESS COMBINATIONS

On 30 June 2022 the company acquired from another member of the group (FG3 Manufacturing (Northern) Limited (company number 06407285), the trade of that business and certain other of its assets and liabilities.