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Registrar

Registration number: 04144088

Finch Seaman Enfield Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Finch Seaman Enfield Group Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Finch Seaman Enfield Group Limited

Company Information

Directors

DG Bisset

R Oxborough

H J Bisset

Registered office

11 Swinbourne Drive
Springwood Industrial Estate
Braintree
Essex
CM7 2YP

Solicitors

Gisby Harrison Solicitors
Goffs Oak House
Goffs Lane
Goffs Oak
Herts
EN7 5HG

Bankers

Barclays Bank PLC
1 Bank Street
Braintree
Essex
CM7 7UQ

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Finch Seaman Enfield Group Limited

(Registration number: 04144088)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

355,533

304,227

Investments

5

86,395

86,395

 

441,928

390,622

Current assets

 

Stocks

6

7,500

7,500

Debtors

7

1,184,488

988,819

Cash at bank and in hand

 

25,590

26,180

 

1,217,578

1,022,499

Creditors: Amounts falling due within one year

8

(1,027,278)

(833,379)

Net current assets

 

190,300

189,120

Total assets less current liabilities

 

632,228

579,742

Creditors: Amounts falling due after more than one year

8

(151,041)

(286,440)

Provisions for liabilities

(74,636)

(66,545)

Net assets

 

406,551

226,757

Capital and reserves

 

Called up share capital

9

91,392

91,392

Share premium reserve

138,876

138,876

Capital redemption reserve

3,808

3,808

Revaluation reserve

49,950

-

Retained earnings

122,525

(7,319)

Shareholders' funds

 

406,551

226,757

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

 

Finch Seaman Enfield Group Limited

(Registration number: 04144088)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 23 October 2024 and signed on its behalf by:
 

H J Bisset
Director

 

Finch Seaman Enfield Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a incorporated in England & Wales

The address of its registered office and the principal place of business is: 11 Swinbourne Drive, Springwood Industrial Estate, Braintree, Essex, CM7 2YP.

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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Changes in accounting estimate

Changes in depreciation policy

Leasehold improvements depreciation policy has changed in the year from 20% reducing balance to straight line over 9-23 years.

Plant and machinery depreciation policy has changed in the year from 15% reducing balance to straight line over 3-46 years / 15% reducing balance.

Motor vehicles depreciation policy has changed in the year from 25% reducing balance to straight line over 4 years.

Office equipment depreciation policy has changed in the year from 15% reducing balance to straight line over 2-49 years / 15% reducing balance.

These changes in policy were considered by the directors to be more appropriate due to the valuation undertaken in the year. This change has taken effect from the valuation date of 31/03/2024.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the management costs charged to group companies. Turnover is shown net of value added tax, returns and discounts.

The company recognises revenue when:
• the amount of revenue can be reliably measured;
• it is probable that future economic benefits will flow to the entity;
• and specific criteria have been met for each of the company's activities.

 

Finch Seaman Enfield Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

All assets have been revalued in the year to market value.

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

Improvements to property

Straight line over 9-23 years

Plant, machinery and standard patterns

Straight line over 3-46 years

Motor vehicles

Straight line over 4 years

Fixtures, fittings and office equipment

Straight line over 2-49 years

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Trade debtors

Trade debtors are amounts due from customers for the sale of stair nosings in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost, after making due allowances for obsolete and slow moving items and estimated selling price less costs to complete and sell.

Cost represents the expenditure incurred in bringing each product to its present location and condition as follows:

Raw materials – Purchase cost
Finished goods – Cost of direct materials, transport and labour

Work in progress represents the proportion of the job complete at the year end. It includes all direct expenditure and an appropriate proportion of fixed and variable overheads, and is uplifted to the sales value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

 

Finch Seaman Enfield Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated over the useful life of the asset. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

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 9 (2023 - 11).

 

Finch Seaman Enfield Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Office equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

5,674

316,551

21,750

325,319

669,294

Revaluations

(518)

(60,199)

(9,321)

(16,149)

(86,187)

Additions

-

400

-

39,745

40,145

Disposals

-

(140,052)

-

(127,518)

(267,570)

At 31 March 2024

5,156

116,700

12,429

221,397

355,682

Depreciation

At 1 April 2023

494

209,197

10,025

145,351

365,067

Charge for the year

-

2,176

-

3,513

5,689

Eliminated on disposal

-

(127,891)

-

(106,580)

(234,471)

Impairment

(494)

(83,452)

(10,025)

(42,165)

(136,136)

At 31 March 2024

-

30

-

119

149

Carrying amount

At 31 March 2024

5,156

116,670

12,429

221,278

355,533

At 31 March 2023

5,180

107,354

11,725

179,968

304,227

Revaluation

The fair value of all of the company's asset classes were revalued on 31 March 2024. An independent valuer was not involved. The revalued amounts have been derived by the directors of the company based on the market prices at the date of revaluation.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £263,269 (2023 - £304,227).
 

5

Investments

2024
£

2023
£

Investments in subsidiaries

86,395

86,395

 

Finch Seaman Enfield Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Subsidiaries

£

Cost or valuation

At 1 April 2023

86,395

Provision

Carrying amount

At 31 March 2024

86,395

At 31 March 2023

86,395

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

AATI Architectural Limited

Ordinary

100%

100%

AATI Commercial Limited

Ordinary

100%

100%

AATI Rail Limited

Ordinary

100%

100%

FSE Foundry Limited

Ordinary

100%

100%

FSE Property Limited

Ordinary

100%

100%

Stairway Installations Limited

Ordinary

100%

100%

The Enfield Foundry Company Limited

Ordinary

100%

100%

6

Stocks

2024
£

2023
£

Other inventories

7,500

7,500

 

Finch Seaman Enfield Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Debtors

2024
£

2023
£

Trade debtors

-

1,024

Amounts owed by group undertakings

1,027,567

918,546

Directors loan account

-

483

Other debtors

978

-

Prepayments

155,943

68,766

1,184,488

988,819

Included within Debtors are balances owed by Group Undertakings, whilst these amounts are due on demand it is unlikely they will be received in full during the coming year.

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

129,802

93,239

Trade creditors

169,511

132,245

Amounts owed to group undertakings

627,127

539,192

Taxation and social security

63,698

18,968

Other creditors

13,444

2,335

Accrued expenses

23,696

47,400

1,027,278

833,379

Included within Creditors are balances owed to Group Undertakings, whilst these amounts are due on demand it is unlikely they will be repaid in full during the coming year.

Creditors due within one year include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £87,862 (2023 - £48,694).

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

151,041

286,440

Creditors due over one year include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £151,041 (2023 - £182,500).

 

Finch Seaman Enfield Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

91,392

91,392

91,392

91,392

       

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

49,950

49,950

11

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

23,397

19,214

Other borrowings

106,405

74,025

129,802

93,239

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

84,374

107,771

Other borrowings

66,667

178,669

151,041

286,440

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not provided in the financial statements was £659,253 (2023 - £900,690). The financial commitments not provided for in the balance sheet are in respect of operating leases.

 

Finch Seaman Enfield Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

13

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Advances and credits

483

-

(483)

-

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Advances and credits

483

-

-

483

 

14

Parent and ultimate parent undertaking

The company's immediate parent is Enfield Holdings Limited, incorporated in England & Wales.

 The ultimate parent is Bisset Holdings Limited, incorporated in England & Wales.

 The most senior parent entity producing publicly available financial statements is Bisset Holdings Limited. These financial statements are available upon request from Old Station Road, Loughton, Essex, United Kingdom, IG10 4PL.