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REGISTERED NUMBER: 12485763 (England and Wales)

















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

FSG TOOL & DIE HOLDINGS LIMITED

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 7

Consolidated Statement of Profit and Loss 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 15

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Cash Flow Statement 18

Notes to the Consolidated Cash Flow Statement 19

Notes to the Consolidated Financial Statements 21


FSG TOOL & DIE HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: G M Jenkins
L Newsham
D Holley





SECRETARY: L Newsham





REGISTERED OFFICE: FSG Tool & Die Limited
Unit 5, Llantrisant Business Park
Llantrisant
Mid Glamorgan
CF72 8LF





REGISTERED NUMBER: 12485763 (England and Wales)





AUDITORS: John F. Harvey Ltd
Dynevor House
5-6 De La Beche Street
Swansea
SA1 3HA

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their strategic report of the company and the group for the year ended 29 February 2024.

REVIEW OF BUSINESS
FSG Tool & Die Holdings Ltd was created to facilitate the Management Buy Out of FSG Tool & Die Ltd which was completed in May 2021.

The buy out by the management team was the vehicle to secure the long term sustainability of the business following 60 years of family ownership. All stakeholders recognised that the family ownership model was not the appropriate long term model and this was brought into sharp focus by the Covid Pandemic. Whilst highlighting the risks to the longevity of our people, owners and staff, the progressive management of risk positioned the company ready to operate effectively in extreme circumstance.

The buy out process was completed during the Pandemic, this was challenging but highlights the determination of all stakeholders to achieve value but also to protect the trading of the company going forward.

The senior management team have been actively immersed in the corporate vision and values of the business for many years. This will be taken forward into the future and the strategic direction remains unaltered. We look to the future with confidence having demonstrated resilience to all stakeholders in unprecedented times.

PRINCIPAL RISKS AND UNCERTAINTIES
The trading conditions have been difficult given the reduction in investments globally. This is unlikely to change in the short term. The push towards recyclable materials has bucked this trend with customers prepared to invest to meet environmental targets. The business model based on half the turnover being revenue spend items for repairs and maintenance is proven by the reduction in capital spend. The other principal risks relate to people and our own capital investment. As markets recover this will come under pressure.

ANALYSIS OF THE DEVELOPMENT, PERFORMANCE AND POSITION OF THE BUSINESS
The group remain focussed on core values as a business, these have been unchanged for three decades. Our trade is conducted from cash reserves, debt is low and in addition, we measure ourselves by operating profit. We balance our market penetration across five main vertical markets whilst striving for an export portfolio of 50% of turnover. The R&D activity in the last two years has been at record levels. This has been driven by market demand for environmentally friendly packaging and EV's.

KEY FINANCIAL PERFORMANCE INDICATORS
The group turnover year on year has increased by 2% to £8,280,224 (2023: £8,128,531) and effective cost control has seen an improved position of PBT before amortisation of negative goodwill by 50% to £434,640 (2023: £289,336). The underlying trend has been masked by the pandemic and it is one of solid growth. It is pleasing to note that cash reserves have recovered to approximately 3 months outgoings. This reflects the conclusion of projects as the pandemic ended. The final salary pension scheme closed in 2006 now shows a deficit as opposed to a small surplus in the previous year. The scheme is due a triennial valuation in the year ahead.


FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

NEGATIVE GOODWILL
The purchase price of FSG Tool & Die Ltd was substantially below the fair value of the net assets. This has given rise to 'Negative Goodwill'.

The accounting policy for negative goodwill is set out in Note 2 and follows the rigid treatment set out in FRS 102 which is the accounting standard adopted for these accounts. Further detail is set out in Note 8 which explains the impact of this most unusual purchase and the provision provided in the Balance Sheet. It is recommended this note is read to obtain a better understanding of the Financial Statements.

ON BEHALF OF THE BOARD:





L Newsham - Director


21 November 2024

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report with the financial statements of the company and the group for the year ended 29 February 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of precision engineering.

DIVIDENDS
No dividends will be distributed for the year ended 29 February 2024.

RESEARCH AND DEVELOPMENT
The group will continue to invest in its research and development activities along with external stakeholders. This long term activity enables the development of intellectual property in competitive edge manufacture that is market specific. The tapering of Government support for these activities is disappointing but will influence the level of activity. This work is a significant enabler of growth.

FUTURE DEVELOPMENTS
The downturn that has existed in markets recently has reinforced the need to be very agile and responsive to opportunities when they arise. The group's planning process reflects these conditions. We are constantly seeking new technology that will increase competitive edge and we have made a significant investment in early 2024. The major achievements of the past two years in two key markets are providing increased focus and almost certainly the investment will be in these areas.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

G M Jenkins
L Newsham
D Holley

Other changes in directors holding office are as follows:

P Byard ceased to be a director after 29 February 2024 but prior to the date of this report.


FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024

FINANCIAL INSTRUMENTS
The group's principal financial Instruments comprise of bank balances, loans, trade debtors and creditors together with finance lease arrangements. The main purpose of these instruments is to raise funds for the group's operations and to finance group operations.

Price Risk
Due to the nature of the financial instruments used by the group there is no major exposure to price risk. The group loan and leasing arrangements are covered by fixed and monthly repayments.

Credit Risk
The group's exposure to credit risk is low due to plentiful cash reserves and strong project trading to pay the fixed repayments. The strong performance by the group means there is low risk of any covenant being breached.

Liquidity Risk
The group manages liquidity risk by ensuring there are sufficient funds to meet repayments and working capital requirements. Trade debtors are managed by policies concerning the credit offered to its customers and the regular monitoring in place for both amount outstanding over time and the credit risk posed.

Cashflow Risk
The group has seen prices rise over the latter part of the financial year. The group acted swiftly and reconfigured suppliers and the respective supply chains. The group has been focussed on maintaining cashflow through the pandemic and will continue to do so beyond

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024


AUDITORS
The auditors, John F. Harvey Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





L Newsham - Director


21 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FSG TOOL & DIE HOLDINGS LIMITED

Opinion
We have audited the financial statements of FSG Tool & Die Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the Consolidated Statement of Profit and Loss, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 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 group's and of the parent company affairs as at 29 February 2024 and of the group's profit 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 group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FSG TOOL & DIE HOLDINGS LIMITED


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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 Statement of Directors' Responsibilities set out on page five, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FSG TOOL & DIE HOLDINGS 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:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company.
- We determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the reporting framework, the Companies Act 2006 and relevant tax compliance legislation.
- We understood how they are complying with those legal and regulatory frameworks by making enquiries through our review of board minutes and discussion with management.
- We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it is considered there was a susceptibility of fraud.
- Our audit planning identified fraud risks in relation to management override. We obtained an understanding of the processes and controls that the company has established to address the risks identified, or otherwise prevent, deter and detect fraud; and how management monitors those processes and controls.
- We designed our audit procedures to detect irregularities, including fraud. Our procedures include journal transaction testing, with a focus on large or unusual transactions based on our knowledge of the business, seeking substantiation for the accounting estimates during the year and challenging the assumptions made by management in their recognition. Our audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.
- We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation

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
FSG TOOL & DIE HOLDINGS 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.




John Husband FCA (Senior Statutory Auditor)
for and on behalf of John F. Harvey Ltd
Dynevor House
5-6 De La Beche Street
Swansea
SA1 3HA

25 November 2024

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

CONSOLIDATED
STATEMENT OF PROFIT AND LOSS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   

TURNOVER 8,280,224 8,128,531

Cost of sales 5,812,192 5,676,850
GROSS PROFIT 2,468,032 2,451,681

Distribution costs 216,414 230,456
Administrative expenses 1,393,591 786,336
1,610,005 1,016,792
858,027 1,434,889

Other operating income 10,000 67,764
OPERATING PROFIT 4 868,027 1,502,653

Interest receivable and similar income 56,472 9,646
924,499 1,512,299

Interest payable and similar expenses 5 51,452 51,079
Other finance costs 19 82,000 -
133,452 51,079
PROFIT BEFORE TAXATION 791,047 1,461,220

Tax on profit 6 (32,765 ) (28,674 )
PROFIT FOR THE FINANCIAL
YEAR

823,812

1,489,894
Profit attributable to:
Owners of the parent 823,812 1,489,894

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 823,812 1,489,894


OTHER COMPREHENSIVE INCOME
Gain/(loss) on defined benefit pension (61,000 ) (1,721,000 )
Income tax relating to other
comprehensive income

89,156

326,990
OTHER COMPREHENSIVE
INCOME FOR THE YEAR, NET OF
INCOME TAX


28,156


(1,394,010


)
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

851,968

95,884

Total comprehensive income attributable to:
Owners of the parent 851,968 95,884

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

CONSOLIDATED BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 8 (2,215,030 ) (2,709,220 )
Tangible assets 9 2,965,124 3,322,813
Investments 10 - -
750,094 613,593

CURRENT ASSETS
Stocks 11 1,816,222 2,014,924
Debtors 12 2,011,014 1,526,589
Cash at bank and in hand 1,989,319 1,903,096
5,816,555 5,444,609
CREDITORS
Amounts falling due within one year 13 (1,327,274 ) (1,758,826 )
NET CURRENT ASSETS 4,489,281 3,685,783
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,239,375

4,299,376

CREDITORS
Amounts falling due after more than one
year

14

(1,314,605

)

(1,359,575

)

PROVISIONS FOR LIABILITIES 17 (70,000 ) -

PENSION LIABILITY 20 (1,759,000 ) (1,676,000 )
NET ASSETS 2,095,770 1,263,801

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

CONSOLIDATED BALANCE SHEET - continued
29 FEBRUARY 2024

2024 2023
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 18 4,000 5,000
Capital redemption reserve 19 1,000 -
Retained earnings 19 2,090,770 1,258,801
SHAREHOLDERS' FUNDS 2,095,770 1,263,801


The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2024 and were signed on its behalf by:





L Newsham - Director


FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

COMPANY BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 1,125,614 1,125,614
1,125,614 1,125,614

CURRENT ASSETS
Debtors 12 267,439 296,991
Cash at bank 108 150,214
267,547 447,205
CREDITORS
Amounts falling due within one year 13 (97,769 ) (170,360 )
NET CURRENT ASSETS 169,778 276,845
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,295,392

1,402,459

CREDITORS
Amounts falling due after more than one
year

14

(1,267,206

)

(1,359,575

)
NET ASSETS 28,186 42,884

CAPITAL AND RESERVES
Called up share capital 18 4,000 5,000
Capital redemption reserve 19 1,000 -
Retained earnings 19 23,186 37,884
SHAREHOLDERS' FUNDS 28,186 42,884

Company's profit for the financial year 5,302 93,526

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2024 and were signed on its behalf by:




L Newsham - Director


FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 March 2022 5,000 1,162,917 - 1,167,917

Changes in equity
Total comprehensive income - 95,884 - 95,884
Balance at 28 February 2023 5,000 1,258,801 - 1,263,801

Changes in equity
Issue of share capital (1,000 ) - - (1,000 )
Total comprehensive income - 831,968 1,000 832,968
Balance at 29 February 2024 4,000 2,090,769 1,000 2,095,769

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 March 2022 5,000 (55,642 ) - (50,642 )

Changes in equity
Total comprehensive income - 93,526 - 93,526
Balance at 28 February 2023 5,000 37,884 - 42,884

Changes in equity
Issue of share capital (1,000 ) - - (1,000 )
Total comprehensive income - (14,698 ) 1,000 (13,698 )
Balance at 29 February 2024 4,000 23,186 1,000 28,186

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 407,966 913,675
Interest paid (45,460 ) (48,180 )
Interest element of hire purchase
payments paid

(5,992

)

(2,899

)
Tax received 83,359 71,985
Net cash from operating activities 439,873 934,581

Cash flows from investing activities
Purchase of intangible fixed assets (92,884 ) -
Purchase of tangible fixed assets (27,508 ) (217,998 )
Sale of tangible fixed assets - 2,000
Interest received 56,472 9,646
Net cash from investing activities (63,920 ) (206,352 )

Cash flows from financing activities
Loan repayments in year (89,562 ) (86,836 )
Capital repayments in year on HP (44,168 ) (133,074 )
Amount withdrawn by directors (76,000 ) (19,000 )
Share buyback (20,000 ) -
Pension paid (60,000 ) (45,000 )
Government grant received - 28,213
Net cash from financing activities (289,730 ) (255,697 )

Increase in cash and cash equivalents 86,223 472,532
Cash and cash equivalents at
beginning of year

2

1,903,096

1,430,564

Cash and cash equivalents at end of
year

2

1,989,319

1,903,096

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 791,047 1,461,220
Depreciation charges 56,390 (678,659 )
Profit on disposal of fixed assets - (2,000 )
Increase/(Decrease) in provisions 70,000 -
Government grants (10,000 ) (53,521 )
Finance costs 133,452 51,079
Finance income (56,472 ) (9,646 )
984,417 768,473
Decrease/(increase) in stocks 198,702 (361,561 )
(Increase)/decrease in trade and other debtors (445,864 ) 341,402
(Decrease)/increase in trade and other creditors (329,289 ) 165,361
Cash generated from operations 407,966 913,675

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 29 February 2024
29.2.24 1.3.23
£    £   
Cash and cash equivalents 1,989,319 1,903,096
Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 1,903,096 1,430,564


FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1.3.23 Cash flow changes At 29.2.24
£    £    £    £   
Net cash
Cash at bank
and in hand 1,903,096 86,223 1,989,319
1,903,096 86,223 1,989,319
Debt
Finance leases (32,269 ) 44,168 - (60,601 )
Debts falling due
within 1 year (89,560 ) (2,809 ) - (92,369 )
Debts falling due
after 1 year (1,359,575 ) 92,371 - (1,267,204 )
(1,481,404 ) 133,730 - (1,420,174 )
Total 421,692 219,953 - 569,145

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

FSG Tool & Die Holdings 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 General Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The Group financial statements consolidate the financial statements of the Company and its subsidiary undertaking drawn up to 28 February. Included in the consolidation is Subsidiary FSG Tool & Die Ltd, which is controlled by the Group.The results of subsidiaries acquired are consolidated for the periods from the date on which control passed.
Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

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

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.

Negative goodwill
Negative goodwill arose on the acquisition of a business in 2021. This is recognised by the excess up to the fair value of non-monetary assets acquired in profit or loss in the periods in which the non-monetary assets are recovered. Any excess exceeding the fair value of non-monetary assets acquired are recognised in profit or loss in the periods expected to benefit.

Goodwill Amortisation:
- Non-monetary assets are being released at different rates in accordance with the depreciation policy for each category of assets.
- A full year is amortised in the year of acquisition.

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

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.

Development costs are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of three years.

Research & development
Research costs are expensed to the Profit and Loss Account and costs directly attributable to Development are capitalised. Development costs are subsequently 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.

Asset classDepreciation method and rate
Freehold property 2% per annum straight line
Plant & machinery 10% per annum straight line
Fixtures & fittingsat varying rates per annum straight line
Motor vehicles25% per annum straight line

Upon a business combination all assets in the acquisition company are revalued to fair value.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Profit and Loss, 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.


FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
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.

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.

Defined benefit pension obligation
Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability recognised in the Balance Sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of the plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability. Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

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 to 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.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised costs using the effective interest method, less impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital
Ordinary shares are classified as equity. Equity instruments are measured at fair value of the the cash or other resources received or receivable, net of the direct costs of issuing the equity instrument. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,645,720 3,565,147
Social security costs 372,398 370,497
Other pension costs 186,425 214,837
4,204,543 4,150,481

The average number of employees during the year was as follows:
2024 2023

Production 76 76
Administration and support 15 15
Other departments 8 8
99 99

2024 2023
£    £   
Directors' remuneration 455,316 452,652
Directors' pension contributions to money purchase schemes 82,423 133,202

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 5

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 116,597 117,976
Pension contributions to money purchase schemes 17,981 19,526

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 22,076 15,793
Depreciation - owned assets 390,440 493,226
Profit on disposal of fixed assets - (2,000 )
Negative goodwill amortisation (356,407 ) (1,171,885 )
Development costs amortisation 16,815 -
Computer software amortisation 5,544 -
Auditors' remuneration 21,587 23,220
Foreign exchange differences 1,634 (14,243 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Mortgage interest 45,460 48,180
Hire purchase interest 5,992 2,899
51,452 51,079

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
Research & development tax (6,873 ) (143,712 )

Deferred tax:
Deferred tax (51,783 ) 115,038
Tax rate change 25,891 -
Total deferred tax (25,892 ) 115,038
Tax on profit (32,765 ) (28,674 )

UK corporation tax was charged at 19 %) in 2023.

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 791,047 1,461,221
Profit multiplied by the standard rate of corporation tax in the UK
of 25 % (2023 - 19 %)

197,762

277,632

Effects of:
Expenses not deductible for tax purposes 20,500 -
Depreciation in excess of capital allowances 40,339 12,866
Utilisation of tax losses (14,118 ) (1,833 )
Adjustments to tax charge in respect of previous periods (4,258 ) (64,610 )
Bank interest receivable 14,118 1,833
Defined benefit pension contributions (15,000 ) (8,549 )
Research & development enhanced deduction (164,409 ) (177,044 )
Research & development surrendered for tax credit 6,300 103,651
Research & development tax credit (2,616 ) (79,101 )
Deferred tax movement (25,892 ) 115,038
(Profit)/loss on disposal of assets - (380 )
Group consolidation adjustments (85,491 ) (208,177 )
Total tax credit (32,765 ) (28,674 )

** PROFIT BEFORE TAX FOR LAST YEAR ON CLIENT SCREEN OF 1,461,221
DOES NOT AGREE TO AMOUNT ON STATEMENT OF PROFIT AND LOSS OF 1,461,220

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Gain/(loss) on defined benefit pension (61,000 ) 89,156 28,156

2023
Gross Tax Net
£    £    £   
Gain/(loss) on defined benefit pension (1,721,000 ) 326,990 (1,394,010 )

7. INDIVIDUAL STATEMENT OF PROFIT AND LOSS

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


8. INTANGIBLE FIXED ASSETS

Group
Negative Development Computer
goodwill costs software Totals
£    £    £    £   
COST
At 1 March 2023 (5,052,990 ) 142,576 - (4,910,414 )
Additions - 59,741 33,143 92,884
Reclassification/transfer - 84,072 - 84,072
At 29 February 2024 (5,052,990 ) 286,389 33,143 (4,733,458 )
AMORTISATION
At 1 March 2023 (2,343,770 ) 142,576 - (2,201,194 )
Amortisation for year (356,407 ) 16,815 5,544 (334,048 )
Reclassification/transfer - 16,814 - 16,814
At 29 February 2024 (2,700,177 ) 176,205 5,544 (2,518,428 )
NET BOOK VALUE
At 29 February 2024 (2,352,813 ) 110,184 27,599 (2,215,030 )
At 28 February 2023 (2,709,220 ) - - (2,709,220 )

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

8. INTANGIBLE FIXED ASSETS - continued

Group

Negative Goodwill
Negative goodwill arose when the company acquired the entire share capital of FSG Tool & Die Ltd in 2021. The excess of the fair value of assets over the purchase price has been allocated to the non-monetary assets purchased and this provision is being unwound as their value is realised over their economic life.





Useful
life
Value at
date of
purchase

Accumulated
Amortisation

Released in
year
At 28
February
2024

Anticipated
Expiry Date
£ £ £ £
Freehold
property
10
years

1,972,074

(394,413

)

(197,207

)

1,380,454
28 February
2031
Fixtures &
fittings

5 years

142,033

(56,814

)

(28,407

)

56,812
28 February
2026
Plant &
machinery
10
years

1,307,926

(261,586

)

(130,793

)

915,547
28 February
2031

Stock

2 years

1,630,957

(1,630,957

)

-

-
28 February
2023
Total 5,052,990 (2,343,770 ) (356,407 ) 2,352,813


Similar amounts are to be released annually to the Profit and Loss Account until their anticipated expiry date.

For the avoidance of doubt, there was no liability requiring payment at the Balance Sheet date, further no payment will be due at any date. This is the accounting treatment required by FRS102, the framework under which these financial statements have been prepared.

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

9. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 March 2023 2,200,000 5,479,564 828,917 19,445 8,527,926
Additions - 98,359 1,649 - 100,008
Reclassification/transfer - (84,072 ) - - (84,072 )
At 29 February 2024 2,200,000 5,493,851 830,566 19,445 8,543,862
DEPRECIATION
At 1 March 2023 76,815 4,355,335 753,517 19,445 5,205,112
Charge for year 43,894 308,436 38,110 - 390,440
Reclassification/transfer - (16,814 ) - - (16,814 )
At 29 February 2024 120,709 4,646,957 791,627 19,445 5,578,738
NET BOOK VALUE
At 29 February 2024 2,079,291 846,894 38,939 - 2,965,124
At 28 February 2023 2,123,185 1,124,229 75,400 - 3,322,814

Included in cost of land and buildings is freehold land of £657,700 (2023 - £657,700) which is not depreciated.

Total net book value of plant and machinery held under finance leases is £584,502 (2023: £692,460).

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 March 2023
and 29 February 2024 1,125,614
NET BOOK VALUE
At 29 February 2024 1,125,614
At 28 February 2023 1,125,614

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

10. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

FSG Tool & Die Limited
Registered office: Unit 5, Llantrisant Business Park, Llantrisant, Mid Glamorgan, CF72 8LF
Nature of business: Precision Engineering
%
Class of shares: holding
Ordinary Shares 100.00
2024 2023
£    £   
Aggregate capital and reserves 4,847,449 4,207,941
Profit for the year 611,352 385,889

Investments in subsidiary undertakings are recognised at cost.


11. STOCKS

Group
2024 2023
£    £   
Raw materials 400,629 366,290
Work-in-progress 999,899 1,261,464
Finished goods 415,694 387,170
1,816,222 2,014,924

An impairment loss of £655,682 (2023: £605,440) was recognised in cost of sales against stock during the period due to slow-moving and obsolete stock.

There are no inventories pledged as security for liabilities.

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

12. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,681,151 1,201,955 - -
Amounts owed by group undertakings - - 267,439 296,991
Other debtors 9,591 10,714 - -
Tax 67,015 143,501 - -
Prepayments 37,946 70,155 - -
1,795,703 1,426,325 267,439 296,991

Amounts falling due after more than one year:
Deferred tax asset 215,311 100,264 - -

Aggregate amounts 2,011,014 1,526,589 267,439 296,991

Deferred tax asset
Group Company
2024 2023 2024 2023
£    £    £    £   
Accelerated capital allowances (99,427 ) (114,827 ) - -
Other timing differences 439,750 215,091 - -
Freehold property (125,012 ) - - -
215,311 100,264 - -

An impairment loss of £91,454 (2023: £393,761) was recognised against trade debtors.

The amount of the net reversal of deferred tax expected to occur next year is £12,618 (2023: £18,749) relating to the reversal of existing timing differences on tangible fixed assets.

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 15) 92,369 89,560 92,369 89,560
Hire purchase contracts (see note 16) 13,200 32,269 - -
Trade creditors 468,956 529,681 - -
Social security and other taxes 92,931 90,231 - -
Pension 2,815 2,728 - -
VAT 134,166 159,048 - -
Directors' current accounts - 76,000 - 76,000
Accruals 288,751 346,882 5,400 4,800
Deferred government grants 14,167 24,166 - -
Deferred income 219,919 408,261 - -
1,327,274 1,758,826 97,769 170,360

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Other loans (see note 15) 1,267,204 1,359,575 1,267,206 1,359,575
Hire purchase contracts (see note 16) 47,401 - - -
1,314,605 1,359,575 1,267,206 1,359,575

15. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Barclays bank loans < 1yr 92,369 89,560 92,369 89,560
Amounts falling due between one and two years:
Barclays bank loan 1 - 2 yrs 95,267 92,369 95,267 92,369
Amounts falling due between two and five years:
Barclays bank loan 2 - 5 yrs 1,171,937 1,267,206 1,171,939 1,267,206

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

15. LOANS - continued

FSG Tool & Die Holdings Ltd has a loan from Barclays Bank PLC, this was drawn down on 28 May 2021 and is due for repayment on 28 May 2026. The loan attracts a fixed interest rate of 3.15% per annum.

The loan is secured by a cross-guarantee and a debenture provided by both FSG Tool & Die Holdings Ltd and FSG Tool & Die Ltd.
- Cross-Guarantee: Both companies have guaranteed each other's obligations under the loan. This arrangement represents a contingent liability, with the maximum potential exposure being £1,359,575 (2023: £1,449,135).
- Debenture: A floating charge over the general assets of both companies secures the loan.

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 17,697 32,464
Between one and five years 53,090 -
70,787 32,464

Finance charges repayable:
Within one year 4,497 195
Between one and five years 5,689 -
10,186 195

Net obligations repayable:
Within one year 13,200 32,269
Between one and five years 47,401 -
60,601 32,269

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 9,338 8,633
Between one and five years 11,333 9,791
20,671 18,424

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

17. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Other provisions 70,000 -

Aggregate amounts 70,000 -

Group
Deferred Other
tax provisions
£    £   
Balance at 1 March 2023 (100,264 ) -
Provided during year - 70,000
Accelerated capital allowances (15,400 ) -
Future tax losses
Fair value uplift on property 21,663 -
due to acquisition of
subsidiary
Defined benefit pension (121,310 ) -
Balance at 29 February 2024 (215,311 ) 70,000

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,000 Ordinary Shares £1 4,000 5,000

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

19. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 March 2023 1,258,802 - 1,258,802
Profit for the year 823,812 823,812
Purchase of own shares (20,000 ) 1,000 (19,000 )
Gain/(loss) on defined benefit
pension scheme (61,000 ) - (61,000 )
Other comprehensive income
deferred tax movement 89,156 - 89,156
At 29 February 2024 2,090,770 1,000 2,091,770

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 March 2023 37,884 - 37,884
Profit for the year 5,302 5,302
Purchase of own shares (20,000 ) 1,000 (19,000 )
At 29 February 2024 23,186 1,000 24,186


20. EMPLOYEE BENEFIT OBLIGATIONS

FSG Tool & Die Ltd operates a pension scheme for all qualifying employees. The assets of the scheme are held in a separate trustee administered fund. The scheme closed to future accrual on 31 May 2006. A schedule of contributions is agreed between the company and the trustees after each comprehensive actuarial valuation.

The most recent completed comprehensive actuarial triennial valuation took place as at 5 April 2021. Under the agreed schedule of contributions, the Company shall pay annual contributions of £60,000 between 1 June 2022 and 31 May 2025, followed by £120,000 per annum from 1 June 2025 to 31 December 2028. Further employer contributions may be payable dependent on the profitability of the Company and the future deficits should the arise.

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

20. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Present value of funded obligations (7,285,000 ) (7,461,000 )
Fair value of plan assets 5,526,000 5,785,000
(1,759,000 ) (1,676,000 )
Present value of unfunded obligations - -
Deficit (1,759,000 ) (1,676,000 )
Net liability (1,759,000 ) (1,676,000 )

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Current service cost - -
Past service cost - -
Net interest from net defined benefit
asset/liability

82,000

(4,000

)
Impact of surplus restriction - 4,000
82,000 -

Actual return on plan assets 56,000 (3,639,000 )

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening defined benefit obligation 7,461,000 9,609,000
Interest cost 363,000 274,000
Benefits paid (375,000 ) (355,000 )
Actuarial (gains)/losses on
liabilities (164,000 ) (2,067,000 )
7,285,000 7,461,000

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

20. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening fair value of scheme assets 5,785,000 9,734,000
Interest income 281,000 278,000
Contributions by employer 60,000 45,000
Benefits paid (375,000 ) (355,000 )
Return on plan assets (excluding interest
income)

(225,000

)

(3,917,000

)
5,526,000 5,785,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Actuarial (gains)/losses on
liabilities 164,000 2,067,000
Return on plan assets (excluding interest
income)

(225,000

)

(3,917,000

)
Impact of surplus restriction on P&L - 4,000
Change in unrecognised surplus - 125,000
(61,000 ) (1,721,000 )

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Equities 2,233,000 2,420,000
Diversified growth funds 1,710,000 1,692,000
Liability driven investment 1,546,000 1,605,000
Annuities - 36,000
Cash 37,000 32,000
5,526,000 5,785,000

FSG TOOL & DIE HOLDINGS LIMITED (REGISTERED NUMBER: 12485763)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

20. EMPLOYEE BENEFIT OBLIGATIONS - continued

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024 2023
Discount rate 5.10% 5.00%
RPI inflation rate 3.20% 3.40%
Mortality rate 1.00% 1.00%

Further information on assumptions:



Main financial assumptions
28 February
2024% per
annum

28 February 2023% per
annum
Discount rate 5.10 5.00
Rate of price inflation:
- RPI 3.20 3.40
- CPI 2.70 2.80
Rate of increase for non-GMP pensions in deferment 2.70 2.80
Rate of increase for pensions in payment:
- GMPs accrued from 06/04/88 to 05/04/97 3.00 3.00
- Non-GMPS accrued to 05/04/97 0.00 0.00
- Pensions accrued from 06/04/97 3.10 3.25


Mortality assumptions & life expectancies 28 February 2023 28 February 2023
Mortality:
- Base table 100% S3PA 100% S3PA
- Future improvements CMI 2021 Core CMI 2021 Core
- Long term rate 1% 1%
Expected future lifetime from age 65:
- Male currently aged 65 21.3 21.8
- Female currently aged 65 23.8 24.2
- Male currently aged 45 22.3 22.8
- Female currently aged 45 24.9 25.3

Under FRS 102 a surplus can only be recognised to the extent that the company is able to recover the surplus, either through reduced contributions in the future or through refunds from the plan. Therefore, the recognised assets have been restricted to the value of the defined benefit obligation.

21. RELATED PARTY DISCLOSURES

During the year, all directors were fully repaid the interest-free loans they had previously provided to the company, totalling £76,000.

22. POST BALANCE SHEET EVENTS

FSG Tool & Die Holdings Ltd repurchased 1,000 shares of their ordinary share capital on 22 May 2024.