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Registrar

Registration number: 04143541

FSE Foundry Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

FSE Foundry Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

FSE Foundry Limited

Company Information

Directors

DG Bisset

H J Bisset

R Oxborough

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

 

FSE Foundry Limited

(Registration number: 04143541)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,481,495

1,288,781

Current assets

 

Stocks

5

296,238

386,901

Debtors

6

224,709

386,652

Cash at bank and in hand

 

7,830

13,393

 

528,777

786,946

Creditors: Amounts falling due within one year

7

(315,408)

(611,031)

Net current assets

 

213,369

175,915

Total assets less current liabilities

 

1,694,864

1,464,696

Creditors: Amounts falling due after more than one year

7

(25,077)

(31,487)

Provisions for liabilities

(337,494)

(287,004)

Net assets

 

1,332,293

1,146,205

Capital and reserves

 

Called up share capital

8

10,000

10,000

Revaluation reserve

9

793,215

611,894

Other reserves

332,998

332,998

Retained earnings

196,080

191,313

Shareholders' funds

 

1,332,293

1,146,205

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.

 

FSE Foundry Limited

(Registration number: 04143541)
Balance Sheet as at 31 March 2024

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

.........................................
R Oxborough
Director

   
     
 

FSE Foundry Limited

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

1

General information

The company is a private company limited by share capital, 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.

Changes in accounting estimate

Changes in depreciation policy

Plant and machinery depreciation policy has changed in the year from 3-7% straight line / 15% reducing balance to straight line over 1-48 years / 15% reducing balance.

The change in this policy was 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 sale of ferrous and non ferrous foundered products. 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.

Tax

Tax is recognised in profit or loss, 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.

 

FSE Foundry Limited

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

Tangible assets

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

Plant and machinery asset class has been revalued in the year to market value.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant, machinery and standard patterns

Straight line over 1-48 years

Fixtures and fittings

15% Reducing balance method

Motor vehicles

25% Reducing balance method

Leasehold improvements

20% Reducing balance method

Trade debtors

Trade debtors are amounts due from customers for the sale of ferrous and non ferrous foundered products 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. Accounts payable are classified as current liabilities if the company 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.

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.

 

FSE Foundry Limited

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

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 27 (2023 - 26).

 

FSE Foundry Limited

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

4

Tangible assets

Leasehold improvements
£

Fixtures and fittings
 £

Motor vehicles
 £

Plant, machinery and standard patterns
 £

Total
£

Cost or valuation

At 1 April 2023

1,597

23,687

16,295

1,371,147

1,412,726

Additions

-

-

-

21,171

21,171

Revaluation

-

-

-

97,565

97,565

Disposals

(1,597)

-

(16,295)

(6,959)

(24,851)

At 31 March 2024

-

23,687

-

1,482,924

1,506,611

Depreciation

At 1 April 2023

53

22,520

15,693

85,678

123,944

Charge for the year

309

175

151

2,790

3,425

Eliminated on disposal

(362)

-

(15,844)

(1,912)

(18,118)

Revaluation

-

-

-

(84,135)

(84,135)

At 31 March 2024

-

22,695

-

2,421

25,116

Carrying amount

At 31 March 2024

-

992

-

1,480,503

1,481,495

At 31 March 2023

1,544

1,166

602

1,285,469

1,288,781

Revaluation

The fair value of the company's plant and machinery was 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 £412,445 (2023 - £490,107).

5

Stocks and work in progress

2024
£

2023
£

Stock and work in progress

296,238

386,901

 

FSE Foundry Limited

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

6

Debtors

2024
£

2023
£

Trade debtors

170,699

313,259

Other debtors

21,104

53,294

Prepayments

32,906

20,099

224,709

386,652

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

7,171

14,713

Trade creditors

 

60,949

129,789

Amounts owed to group undertakings

48,313

161,563

Taxation and social security

 

69,306

81,097

Other creditors

 

124,944

214,146

Accrued expenses

 

4,725

9,723

 

315,408

611,031

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 invoice discounting facilities and net obligations under finance lease and hire purchase contracts which are secured of £25,415 (2023 - £112,764).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

25,077

31,487


Creditors due after one year include net obligations under finance lease and hire purchase contracts which are secured of £25,077 (2023 - £31,487).

 

FSE Foundry Limited

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

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

       

9

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

181,321

181,321

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

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

611,894

611,894

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

7,171

14,713

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

25,077

31,487

11

Parent and ultimate parent undertaking

The company's immediate parent is Finch Seaman Enfield Group Limited, incorporated in England and Wales.

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