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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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3,500
3,500
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COMPANY REGISTRATION NUMBER:
09640271
Year ended 31 December 2023
Officers and professional advisers |
1 |
|
|
Independent auditor's report to the members |
5 to 8 |
|
|
Statement of income and retained earnings |
9 |
|
|
Statement of financial position |
10 |
|
|
Notes to the financial statements |
11 to 14 |
|
|
Officers and Professional Advisers |
|
The board of directors |
C Bainbridge |
|
L Francis |
|
M A Wilcox |
|
|
Registered office |
Unit 3, Ring Road, Zone 2 |
|
Burntwood Business Park |
|
Burntwood |
|
Staffordshire |
|
WS7 3JQ |
|
|
Auditor |
BSN Associates Limited |
|
Chartered accountants & statutory auditor |
|
3B Swallowfield Courtyard |
|
Wolverhampton Road |
|
Oldbury |
|
West Midlands |
|
B69 2JG |
|
|
Bankers |
HSBC Bank Plc |
|
Market Place |
|
Willenhall |
|
West Midlands |
|
WV13 2AF |
|
|
Solicitors |
Higgs & Sons |
|
3 Waterfront Business Park |
|
Brierley Hill |
|
West Midlands |
|
DY5 1LX |
|
|
Year ended 31 December 2023
The principal activity of the company during the year was that of a holding company to its trading subsidiary undertaking Filon Products Limited. The directors intend for this company to remain trading as a holding company for the foreseeable future.
This report was approved by the board of directors on 25 September 2024 and signed on behalf of the board by:
Registered office: |
Unit 3, Ring Road, Zone 2 |
Burntwood Business Park |
Burntwood |
Staffordshire |
WS7 3JQ |
|
Year ended 31 December 2023
The directors present their report and the financial statements of the company for the year ended
31 December 2023
.
Directors
The directors who served the company during the year were as follows:
C Bainbridge |
|
L Francis |
|
M A Wilcox |
|
|
|
Dividends
A dividend has been paid during the year totalling £100,000 (2022 - £100,000). The directors do not recommend the payment of any final dividends.
Future developments
The company will remain dormant and continue to act as a holding company to its subsidiaries.
Disclosure of information in the strategic report
The strategic report is detailed on page 2 of the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report 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 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 judgments 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
25 September 2024
and signed on behalf of the board by:
Registered office: |
Unit 3, Ring Road, Zone 2 |
Burntwood Business Park |
Burntwood |
Staffordshire |
WS7 3JQ |
|
Independent Auditor's Report to the Members of
Filon GRP Limited |
|
Year ended 31 December 2023
Opinion
We have audited the financial statements of Filon GRP Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of income and retained earnings, statement of financial position and the related notes, 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 FRS 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 company's affairs as at 31 December 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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.
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 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the strategic report and the directors' report 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor’s report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Irregularities that result from fraud might be inherently more difficult than irregularities that result from error, which gives risk to a risk of material misstatement. We are of the opinion that the planned audit approach, the documentation and interrogation of the entity's controls means that the audit procedures carried out were capable of detecting irregularities, including fraud. We have also reviewed financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We have audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. We have also made enquiries of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 an auditor's report 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.
Hannah Justice FCA FCCA |
(Senior Statutory Auditor) |
|
For and on behalf of |
BSN Associates Limited |
Chartered accountants & statutory auditor |
3B Swallowfield Courtyard |
Wolverhampton Road |
Oldbury |
West Midlands |
B69 2JG |
|
25 September 2024
Statement of Income and Retained Earnings |
|
Year ended 31 December 2023
Income from other fixed asset investments |
5 |
100 |
100 |
|
---- |
---- |
Profit before taxation |
100 |
100 |
|
|
|
|
Tax on profit |
– |
– |
|
---- |
---- |
Profit for the financial year and total comprehensive income |
100 |
100 |
|
---- |
---- |
|
|
|
Dividends paid and payable |
6 |
(
100) |
(
100) |
|
|
|
|
Retained earnings at the start of the year |
– |
– |
|
---- |
---- |
Retained earnings at the end of the year |
– |
– |
|
---- |
---- |
|
|
|
All the activities of the company are from continuing operations.
Statement of Financial Position |
|
31 December 2023
Fixed assets
Investments |
7 |
3,500 |
3,500 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
3,300 |
3,300 |
|
------- |
------- |
Net current liabilities |
3,300 |
3,300 |
|
------- |
------- |
Total assets less current liabilities |
200 |
200 |
|
---- |
---- |
|
|
|
|
Capital and reserves
Called up share capital |
9 |
170 |
170 |
Capital redemption reserve |
10 |
30 |
30 |
|
---- |
---- |
Shareholders funds |
200 |
200 |
|
---- |
---- |
|
|
|
|
These financial statements were approved by the
board of directors
and authorised for issue on
25 September 2024
, and are signed on behalf of the board by:
Company registration number:
09640271
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3, Ring Road, Zone 2, Burntwood Business Park, Burntwood, Staffordshire, WS7 3JQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of GRP Construction Products Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: - No cash flow statement has been presented for the company. - Disclosures in respect of financial instruments have not been presented. - No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. No significant estimates or judgements have been required to be made by management in the preparation of these financial statements.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Average number of employees
The company employed no staff other than the directors, for which the average number was 3 (2022 - 3).
5.
Income from other fixed asset investments
|
2023 |
2022 |
|
£000 |
£000 |
Income from other fixed asset investments |
100 |
100 |
|
---- |
---- |
|
|
|
6.
Dividends
|
2023 |
2022 |
|
£000 |
£000 |
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
100 |
100 |
|
---- |
---- |
|
|
|
7.
Investments
|
Shares in group undertakings |
|
£000 |
Cost |
|
At 1 January 2023 and 31 December 2023 |
3,500 |
|
------- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
------- |
|
|
Carrying amount |
|
At 31 December 2023 |
3,500 |
|
------- |
At 31 December 2022 |
3,500 |
|
------- |
|
|
The company owns 100% of the issued share capital of Filon Products Limited in which it holds 180,000 £1 ordinary shares. The shares in the subsidiary company were purchased on 31 July 2015.
The net assets, profit and activities of the subsidiary are listed below:
Aggregate capital and reserves
|
|
2023 |
2022 |
|
|
£000 |
£000 |
|
Filon Products Limited |
12,040 |
10,578 |
|
|
|
|
Profit and (loss) for the year
|
|
2023 |
2022 |
|
|
£000 |
£000 |
|
Filon Products Limited |
1,382 |
1,706 |
|
|
|
|
Filon Products Limited is a company registered in England and Wales. Its principal activity during the year was that of the manufacturing of glass reinforced polyester sheeting.
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£000 |
£000 |
Amounts owed to group undertakings |
3,300 |
3,300 |
|
------- |
------- |
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
170,000 |
170,000 |
170,000 |
170,000 |
|
--------- |
--------- |
--------- |
--------- |
|
|
|
|
|
10.
Reserves
Called up share capital - This reserve records the value of the shares issued. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company.
11.
Other financial commitments
A cross guarantee is in place between all companies in the group as security for the groups borrowing with its bankers.
12.
Controlling party
On the 12th of January 2022, overall control of the company passed to GRP Construction Products Limited, a company registered in England and Wales. There is no one ultimate controlling party of GRP Construction Products Limited.