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REGISTERED NUMBER: 07182855 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

Fine Environmental Services Limited

Fine Environmental Services Limited (Registered number: 07182855)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Statement of Directors' Responsibilities 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Fine Environmental Services Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Y Xue
T M J Bollaert





REGISTERED OFFICE: Seal Sands
Middlesbrough
Cleveland
TS2 1UB





REGISTERED NUMBER: 07182855 (England and Wales)





AUDITORS: Shinewing Wilson Accountancy Limited
Chartered Certified Accountants
and Statutory Auditors
9 St Clare Street
London
EC3N 1LQ

Fine Environmental Services Limited (Registered number: 07182855)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a licensed business by the Environment Agency for the disposal of hazardous wastes by high temperature incineration.

REVIEW OF BUSINESS
During the year ended 31 December 2023 the business has slightly recovered, although the company is still making loss before tax of £357K (2022: £561K). This has been largely contributed by the significant reduction in utility costs and whilst this is also reflected in turnover, overall margin has improved. The business has sustained revenues from external sources and continues to develop relationships, growing a robust and sustainable portfolio customer base.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023 (2022: nil).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Y Xue
T M J Bollaert

Other changes in directors holding office are as follows:

L P Kingsbury - resigned 12 May 2023

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 company'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 company's auditors are aware of that information.

AUDITORS
The auditors, Shinewing Wilson Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T M J Bollaert - Director


25 September 2024

Fine Environmental Services Limited (Registered number: 07182855)

Statement of Directors' Responsibilities
for the Year Ended 31 December 2023

The directors are responsible for preparing 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 of the profit or loss of the company 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 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. They are 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.

Report of the Independent Auditors to the Members of
Fine Environmental Services Limited

Opinion
We have audited the financial statements of Fine Environmental Services Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and 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 101 'Reduced Disclosure Framework' (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 December 2023 and of its loss 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 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.

Material uncertainty related to going concern
We draw your attention to note 2 in the financial statements, which indicates that the Company incurred a loss before tax of £357K during the year, a net current liability of £4,362K and net liabilities of £3,763K at the year ended 31 December 2023. The Company fully depends on its ultimate parent's financial support, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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.

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 Report of the Directors and the Statement of Directors' Responsibilities, 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.

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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Fine Environmental Services Limited


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 identified material misstatements in 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, 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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

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 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Fine Environmental Services 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:
- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Employment act, Tax and Pensions legislation.

- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include environmental regulations, the Hazardous Waste Regulations 2005, health and safety legislation and General Data Protection Regulation(GDPR).

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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
Fine Environmental Services 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.




Nijendra Dhungana (Senior Statutory Auditor)
for and on behalf of Shinewing Wilson Accountancy Limited
Chartered Certified Accountants
and Statutory Auditors
9 St Clare Street
London
EC3N 1LQ

26 September 2024

Fine Environmental Services Limited (Registered number: 07182855)

Statement of Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £'000 £'000 £'000 £'000

TURNOVER 4 2,450 4,079

Cost of sales 1,708 3,209
GROSS PROFIT 742 870

Distribution costs (16 ) 97
Administrative expenses 1,115 1,334
1,099 1,431
OPERATING LOSS and
LOSS BEFORE TAXATION 7 (357 ) (561 )

Tax on loss 8 - -
LOSS FOR THE FINANCIAL YEAR (357 ) (561 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(357

)

(561

)

Fine Environmental Services Limited (Registered number: 07182855)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Tangible assets 9 599 1,294

CURRENT ASSETS
Inventory 10 216 219
Debtors 11 10 115
Cash at bank 7 3
233 337
CREDITORS
Amounts falling due within one year 12 4,595 5,037
NET CURRENT LIABILITIES (4,362 ) (4,700 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,763

)

(3,406

)

CAPITAL AND RESERVES
Called up share capital 13 - -
Retained earnings (3,763 ) (3,406 )
SHAREHOLDERS' FUNDS (3,763 ) (3,406 )

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

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





T M J Bollaert - Director


Fine Environmental Services Limited (Registered number: 07182855)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£'000 £'000 £'000
Balance at 1 January 2022 - (2,845 ) (2,845 )

Changes in equity
Total comprehensive income - (561 ) (561 )
Balance at 31 December 2022 - (3,406 ) (3,406 )

Changes in equity
Total comprehensive income - (357 ) (357 )
Balance at 31 December 2023 - (3,763 ) (3,763 )

Fine Environmental Services Limited (Registered number: 07182855)

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

1. STATUTORY INFORMATION

Fine Environmental Services 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 preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136
of IAS 1;
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;
the requirements of paragraph 74(b) of IAS 16;
the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between
two or more members of a group.

Going concern
The Company incurred a loss before tax of £357K (2022: £561K) during the year, a net current liability of £4,362K (2022: £4,700K) and net liabilities of £3,763K (2022: £3,406K) at the year ended 31 December 2023. The ultimate parent company has confirmed to financially support the whole UK group for at least 18 months from the date of signing these financial statements. Based on this, the directors have concluded that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for work provided in the normal course of business, net of discounts, VAT and other sales related taxes. Turnover is recognised when the waste consignments are burned by the incinerator.

Tangible fixed assets
Tangible fixed assets are stated at historic purchase cost less accumulated depreciation. The cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is calculated so as to write off the cost of a fixed asset on a straight line basis over its estimated useful economic life, taking into account any contractual relationships, over a period of 10 years.

Fine Environmental Services Limited (Registered number: 07182855)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets at amortised cost
The company’s financial assets measured at amortised cost comprise trade and other debtors and cash and cash equivalents in the balance sheet. Cash and cash equivalents includes cash in hand, deposits held at call with banks.

Financial liabilities
The company does not have any liabilities held for trading nor does it voluntarily classify any financial liabilities as being at fair value through profit or loss.

Trade creditors and other short-term monetary liabilities, which are initially recognised at fair value and are subsequently carried at amortised cost using the effective interest method.

Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.

Share capital
Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.

The company's ordinary shares are classified as equity instruments.

Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is based on the weighted average principle and includes expenditure incurred in acquiring the inventories and other costs in bringing them to their existing location and condition.

Where necessary, provision is made to reduce the cost to no more than net realisable value having regard to the nature and condition of inventory as well as anticipated utilisation and saleability.

Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. An asset is not recognised to the extent that the transfer of economic benefits in the future is uncertain. Deferred tax is measured at the average tax rates that are expected to apply in the years in which the timing differences are expected to reverse based on tax rates and laws that have been substantially enacted by the balance sheet date. Deferred tax assets and liabilities which have been recognised have not been discounted.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Employee benefit costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Fine Environmental Services Limited (Registered number: 07182855)

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

2. ACCOUNTING POLICIES - continued

Exceptional item
Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the company. They are items that are material either because of their size or their nature, or that are nonrecurring are considered as exceptional items and are presented within the line items to which they best relate.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of the accounting policies and reported amounts of assets and liabilities, revenue and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Revisions to accounting estimates are recognised in the year in which the estimates are revised and in any future years affected.

a. Useful economic lives of property, plant and equipment
The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values 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 8 for the carrying amount of the property plant and equipment and note 2 for the useful economic lives for each class of assets.

b. Fixed asset impairment
Management assesses whether there are any losses in the carrying value of the fixed assets (Note 8). As a first step the Company compares the carrying value to the recoverable value of the fixed assets as at 31 December 2023. If the recoverable value is below the carrying value, then the Company may perform a valuation of the fixed assets by using a discounted cash flow analysis. If this valuation still indicates a need for a write down, the Company reduces the carrying value of the fixed assets accordingly. The determination whether the fixed assets need to be impaired including assumptions about the profitability of the underlying business and growth, which involves management's estimates.

4. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
£'000 £'000
United Kingdom 2,450 4,079
2,450 4,079

Turnover represents revenue generated from effluent disposal activities. All turnover is generated by the principal activities of disposal of hazardous wastes by high temperature incineration and originates within the United Kingdom.

Fine Environmental Services Limited (Registered number: 07182855)

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

5. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£'000 £'000
Wages and salaries 463 476
Social security costs 38 51
Other pension costs 31 42
532 569

The average number of employees during the year was as follows:
31.12.23 31.12.22

Production services and administration 8 10

None of the Directors has a service contract with the Company in the year. They are all employed by a sister company, Fine Organic Ltd and so portion of their remuneration can be specifically attributed to their services to the Company.

31.12.23 31.12.22
£    £   
Directors' remuneration - -

6. EXCEPTIONAL ITEMS
31.12.23 31.12.22
£'000 £'000
Exceptional items (63 ) -

During the year, the company has provided a provision of £63k against amounts owed by group undertakings (2022:nil).

7. LOSS BEFORE TAXATION

The loss before taxation is stated after charging:
31.12.23 31.12.22
£'000 £'000
Cost of inventories recognised as expense 1,708 3,209
Depreciation - owned assets 695 765

The inventories are not traded on daily basis, instead they are being used while chemicals are being burnt.

The auditors' fees are borne by a fellow subsidiary undertaking, Fine Organics Limited, and amounted to £8,480 in the year (2022: £8,480).

8. TAXATION

Analysis of tax expense
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Fine Environmental Services Limited (Registered number: 07182855)

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

8. TAXATION - continued

Factors affecting the tax expense
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£'000 £'000
Loss before income tax (357 ) (561 )
Loss multiplied by the standard rate of corporation tax in the UK of 23.520%
(2022 - 19%)

(84

)

(107

)

Effects of:
Deferred tax assets not recognised 69 107
Expenses not deductible 15 -
Tax expense - -

The Company has an unrecognised deferred tax asset as at 31 December 2023 of £579K (2022: £518K). This has not been recognised in the financial statements due to uncertainty over the future income streams required from the potential asset to be recovered.

In the Spring Budget 2021 it was announced that the main UK corporation tax rate would increase from 19% to 25% from 1 April 2023. This rate increase was substantively enacted as part of the Finance Act 2021 on 24 May 2021 and has now taken effect. Accordingly, the company¡¯s profits are taxed at an effective rate of 23.52% for the year ended 31 December 2023 (19% for year ended 31 December 2022), and future profits will be taxed at a rate of 25%. Deferred tax at the balance sheet date has been calculated at 25% (2022: 25%), as this was the tax rate substantively enacted at the year end.

9. TANGIBLE FIXED ASSETS
Plant and
machinery
£'000
COST
At 1 January 2023
and 31 December 2023 8,469
DEPRECIATION
At 1 January 2023 7,175
Charge for year 695
At 31 December 2023 7,870
NET BOOK VALUE
At 31 December 2023 599
At 31 December 2022 1,294

Fine Environmental Services Limited (Registered number: 07182855)

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

10. INVENTORY
31.12.23 31.12.22
£'000 £'000
Inventory 216 219

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.2331.12.22
£'000£'000
Trade debtors1026
Amounts owed by group undertakings6363
Provision to amounts owed by group undertakings(63)-
Other debtors-26
10115

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£'000 £'000
Trade creditors 6 19
Amounts owed to group undertakings 4,397 4,839
Social security and other taxes 10 23
Other creditors 5 -
Accruals and deferred income 177 156
4,595 5,037

The amounts owed to group undertakings were unsecured, interest free and have no fixed repayment date.

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1 Ordinary £1 1 1

14. PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The pension cost charged for the year represents contributions payable by the Company to the scheme and amounted to £31K (2022: £42K). There was £3K (2022: £6K) outstanding at the end of the financial year.

15. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 101 'Reduced Disclosure Framework', not to disclose related party transactions entered into between two or more members of a group.

Fine Environmental Services Limited (Registered number: 07182855)

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

16. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking of the Company is Lianhetech Europe Ltd, a company incorporated in the UK.

The intermediate parent undertaking of the Company is Lianhetech Holdco Ltd, a company incorporated in the UK.

The ultimate parent undertaking of the Company is Lianhe Chemical Technology Co. Ltd, a company incorporated in P.R. China. This is the largest and smallest group for which consolidated financial statements are prepared. Copies of the consolidated financial statements can be obtained from the registered office at 17th Floor, General Chamber of Commerce Building, Laodong North Road, Huangyan District, Taizhou City, Zhejiang Province.

Ms Jinxiang Mu is the ultimate controlling party.