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REGISTERED NUMBER: 00680756 (England and Wales)

















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

FSG TOOL & DIE LIMITED

FSG TOOL & DIE LIMITED (REGISTERED NUMBER: 00680756)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 13

Notes to the Financial Statements 14


FSG TOOL & DIE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: L Newsham
G M Jenkins
D Holley
J D Williams





SECRETARY: L Newsham





REGISTERED OFFICE: Unit 5,
Llantrisant Business Park,
Llantrisant
Mid Glamorgan
CF72 8LF





REGISTERED NUMBER: 00680756 (England and Wales)





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

FSG TOOL & DIE LIMITED (REGISTERED NUMBER: 00680756)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their strategic report for the year ended 29 February 2024.

REVIEW OF BUSINESS
From its incorporation in 1961, the business has grown to the largest independent toolmaker of its type in Europe. The main activity is to design, build and install tooling systems for major manufacturers around the world. The unique selling point of the business is its ability to operate in a high precision environment over multiple markets and different materials. From the same facility in Llantrisant, service is offered to the packaging industry in foil, paper, board, plastic and metal packaging companies. The technical challenges are considerable for an SME of 99 people, but our ability to innovate is our competitive edge.

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
We 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 turnover year on year has increased by 2% to £8,280,224 (2023: £8,128,531) and effective cost control has seen an improved PBT position by 23% to £449,082 (2023: £365,554). 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.

ON BEHALF OF THE BOARD:





L Newsham - Director


21 November 2024

FSG TOOL & DIE LIMITED (REGISTERED NUMBER: 00680756)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024

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

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

RESEARCH AND DEVELOPMENT
The business 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 business 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.

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

L Newsham
G M Jenkins
D Holley
J D Williams

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.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


FSG TOOL & DIE LIMITED (REGISTERED NUMBER: 00680756)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he 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 company's auditors are aware of that information.

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 LIMITED

Opinion
We have audited the financial statements of FSG Tool & Die Limited (the 'company') for the year ended 29 February 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 29 February 2024 and of its 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 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 directors are responsible for the other information. The other information comprises the information in the 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FSG TOOL & DIE 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 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 LIMITED (REGISTERED NUMBER: 00680756)

INCOME STATEMENT
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 1,781,016 1,930,182
1,997,430 2,160,638
470,602 291,043

Other operating income 10,000 67,764
OPERATING PROFIT 4 480,602 358,807

Interest receivable and similar income 56,472 9,646
537,074 368,453

Interest payable and similar expenses 5 5,992 2,899
Other finance costs 18 82,000 -
87,992 2,899
PROFIT BEFORE TAXATION 449,082 365,554

Tax on profit 6 (162,270 ) (20,335 )
PROFIT FOR THE FINANCIAL
YEAR

611,352

385,889

FSG TOOL & DIE LIMITED (REGISTERED NUMBER: 00680756)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 611,352 385,889


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

639,508

(1,008,121

)

FSG TOOL & DIE LIMITED (REGISTERED NUMBER: 00680756)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 8 137,783 -
Tangible assets 9 2,033,708 2,371,654
2,171,491 2,371,654

CURRENT ASSETS
Stocks 10 1,816,222 2,014,924
Debtors 11 2,243,868 1,629,938
Cash at bank and in hand 1,989,211 1,752,882
6,049,301 5,397,744
CREDITORS
Amounts falling due within one year 12 (1,496,942 ) (1,885,457 )
NET CURRENT ASSETS 4,552,359 3,512,287
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,723,850

5,883,941

CREDITORS
Amounts falling due after more than one
year

13

(47,401

)

-

PROVISIONS FOR LIABILITIES 15 (70,000 ) -

PENSION LIABILITY 18 (1,759,000 ) (1,676,000 )
NET ASSETS 4,847,449 4,207,941

FSG TOOL & DIE LIMITED (REGISTERED NUMBER: 00680756)

BALANCE SHEET - continued
29 FEBRUARY 2024

2024 2023
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 16 210,529 210,529
Share premium 17 125,472 125,472
Capital redemption reserve 17 600,000 600,000
Retained earnings 17 3,911,448 3,271,940
SHAREHOLDERS' FUNDS 4,847,449 4,207,941


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 LIMITED (REGISTERED NUMBER: 00680756)

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

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 March 2022 210,529 4,430,061 125,472 600,000 5,366,062

Changes in equity
Dividends - (150,000 ) - - (150,000 )
Total comprehensive income - (1,008,121 ) - - (1,008,121 )
Balance at 28 February 2023 210,529 3,271,940 125,472 600,000 4,207,941

Changes in equity
Total comprehensive income - 639,508 - - 639,508
Balance at 29 February 2024 210,529 3,911,448 125,472 600,000 4,847,449

FSG TOOL & DIE LIMITED (REGISTERED NUMBER: 00680756)

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

1. STATUTORY INFORMATION

FSG Tool & Die Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b)
and 11.48(c);
the requirement of paragraph 33.7.

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.

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.

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 and 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.

FSG TOOL & DIE LIMITED (REGISTERED NUMBER: 00680756)

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

2. ACCOUNTING POLICIES - continued

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 at varying rates of 10%, 20% and 33% per annum straight line
Fixtures & fittingsat varying rates of 20% and 33% per annum straight line
Motor vehicles25% per annum straight line

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 Income Statement, 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.

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.

FSG TOOL & DIE LIMITED (REGISTERED NUMBER: 00680756)

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

2. ACCOUNTING POLICIES - continued

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.

Hire purchase and leasing commitments
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 on a straight-line basis over the shorter of the useful life of the asset and the lease term. 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.

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 LIMITED (REGISTERED NUMBER: 00680756)

NOTES TO THE 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
Admin 15 15
Other 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 LIMITED (REGISTERED NUMBER: 00680756)

NOTES TO THE 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 5 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 370,696 473,481
Profit on disposal of fixed assets - (2,000 )
Development costs amortisation 16,815 -
Computer software amortisation 5,544 -
Auditors' remuneration 12,455 15,000
Foreign exchange differences 1,634 (14,243 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase interest 5,992 2,899

FSG TOOL & DIE LIMITED (REGISTERED NUMBER: 00680756)

NOTES TO THE 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 movement (151,285 ) 123,377
Change in tax rate (4,112 ) -
Total deferred tax (155,397 ) 123,377
Tax on profit (162,270 ) (20,335 )

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 449,082 365,554
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 19%)

112,271

69,455

Effects of:
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 )
Trading loss surrendered for Research & Development tax credit 6,300 103,651
Deferred tax movement (155,397 ) 123,377
Research & Development tax credit (2,616 ) (79,101 )
(Profit)/loss on disposal of assets - (380 )
Interest on defined benefit pension 20,500 -
Total tax credit (162,270 ) (20,335 )

FSG TOOL & DIE LIMITED (REGISTERED NUMBER: 00680756)

NOTES TO THE 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. DIVIDENDS
2024 2023
£    £   
Ordinary Shares shares of 1 each
Interim - 150,000

8. INTANGIBLE FIXED ASSETS
Development Computer
costs software Totals
£    £    £   
COST
At 1 March 2023 142,576 - 142,576
Additions 59,741 33,143 92,884
Reclassification/transfer 84,072 - 84,072
At 29 February 2024 286,389 33,143 319,532
AMORTISATION
At 1 March 2023 142,576 - 142,576
Amortisation for year 16,815 5,544 22,359
Reclassification/transfer 16,814 - 16,814
At 29 February 2024 176,205 5,544 181,749
NET BOOK VALUE
At 29 February 2024 110,184 27,599 137,783
At 28 February 2023 - - -

FSG TOOL & DIE LIMITED (REGISTERED NUMBER: 00680756)

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

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 March 2023 1,579,243 5,479,564 828,917 19,445 7,907,169
Additions - 98,359 1,649 - 100,008
Reclassification/transfer - (84,072 ) - - (84,072 )
At 29 February 2024 1,579,243 5,493,851 830,566 19,445 7,923,105
DEPRECIATION
At 1 March 2023 407,218 4,355,335 753,517 19,445 5,535,515
Charge for year 24,150 308,436 38,110 - 370,696
Reclassification/transfer - (16,814 ) - - (16,814 )
At 29 February 2024 431,368 4,646,957 791,627 19,445 5,889,397
NET BOOK VALUE
At 29 February 2024 1,147,875 846,894 38,939 - 2,033,708
At 28 February 2023 1,172,025 1,124,229 75,400 - 2,371,654

Included in cost of land and buildings is freehold land of £ 363,000 (2023 - £ 363,000 ) which is not depreciated.

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

10. STOCKS
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 LIMITED (REGISTERED NUMBER: 00680756)

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

11. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,681,151 1,201,955
Other debtors 9,591 10,714
Tax 67,015 143,501
Prepayments 37,946 70,155
1,795,703 1,426,325

Amounts falling due after more than one year:
Deferred tax asset 448,165 203,613

Aggregate amounts 2,243,868 1,629,938

Deferred tax asset
2024 2023
£    £   
Accelerated capital allowances (99,427 ) (114,827 )
Defined benefit pension 439,750 318,440
Freehold property 107,842 -
448,165 203,613

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 £16,601 (2023: £18,749) relating to the reversal of existing timing differences on tangible fixed assets.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 13,200 32,269
Trade creditors 468,954 529,681
Amounts owed to group undertakings 267,439 296,991
Social security and other taxes 92,931 90,231
Pension 2,815 2,728
VAT 134,166 159,048
Accruals 283,351 342,082
Deferred government grants 14,167 24,166
Deferred income 219,919 408,261
1,496,942 1,885,457

FSG TOOL & DIE LIMITED (REGISTERED NUMBER: 00680756)

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

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 47,401 -

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

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

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

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Other provisions 70,000 -

FSG TOOL & DIE LIMITED (REGISTERED NUMBER: 00680756)

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

15. PROVISIONS FOR LIABILITIES - continued

Deferred Other
tax provisions
£    £   
Balance at 1 March 2023 (203,613 ) -
Provided during year - 70,000
Accelerate capital allowances (15,400 ) -
Defined benefit pension (121,310 ) -
Freehold property (107,842 ) -
Balance at 29 February 2024 (448,165 ) 70,000

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
210,529 Ordinary Shares 1 210,529 210,529

17. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 March 2023 3,271,940 125,472 600,000 3,997,412
Profit for the year 611,352 611,352
Gain/(loss) on defined benefit (61,000 ) - - (61,000 )
Other comprehensive income
deferred tax movement 89,156 - - 89,156
At 29 February 2024 3,911,448 125,472 600,000 4,636,920

18. 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 LIMITED (REGISTERED NUMBER: 00680756)

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

18. 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 on 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 LIMITED (REGISTERED NUMBER: 00680756)

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

18. 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 LIMITED (REGISTERED NUMBER: 00680756)

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

18. 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 rate5.105.00
Rate of price inflation:
- RPI3.203.40
- CPI2.702.80
Rate of increase for non-GMP pensions in deferment 2.702.80
Rate of increase for pensions in payment:
- GMPs accrued from 06/04/88 to 05/04/973.003.00
- Non-GMPS accrued to 05/04/970.000.00
- Pensions accrued from 06/04/973.103.25


Mortality assumptions & life expectancies28 February 202428 February 2023
Mortality:
- Base table100% S3PA100% S3PA
- Future improvementsCMI 2022 CoreCMI 2021 Core
- Long term rate1%1%
Expected future lifetime from age 65:
- Male currently aged 6521.321.8
- Female currently aged 6523.824.2
- Male currently aged 4522.322.8
- Female currently aged 4524.925.3


Under FRS 102 a surplus can only be recognised to the extent 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.

19. ULTIMATE PARENT COMPANY

FSG Tool & Die Holdings Ltd is regarded by the directors as being the company's ultimate parent company.

Unit 5
Llantrisant Business Park
Llantrisant
Mid Glamorgan
CF72 8LF

FSG TOOL & DIE LIMITED (REGISTERED NUMBER: 00680756)

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

20. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 329,750 -