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REGISTERED NUMBER: 05847899 (England and Wales)















FLUOROCARBON GROUP LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024






FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


FLUOROCARBON GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: F Wells
M Jalali Roudsari





SECRETARY: F Wells





REGISTERED OFFICE: Argyle Gate
Argyle Way
Stevenage
Hertfordshire
SG1 2AD





REGISTERED NUMBER: 05847899 (England and Wales)





AUDITORS: Rothmans Audit LLP
Statutory Auditors
Chartered Accountants
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
The turnover for the year ended 30 June 2024 was £16,513,718. This represented an increase of 1.5% on the prior year. Gross profit margin in the period increased to 40.0% from 36.9% in 2023.

The operating profit for the year ended 30 June 2024 was £1,206,841 or 7.3% which was a 0.3 percentage point increase on the prior year.

Of the £2,564,097 of cash generated from trading activities in the year ended 30 June 2024, £522,772 was spent on continued investment in fixed assets. £1,574,201 of cash generated was spent on servicing of finance, tax and de-gearing. A balance of £486,713 was retained as working capital in the Group.

The Group has continued to develop its expertise in formulation and testing services for clients requiring quick turnaround feasibility studies in the field of polymer science and critical materials. This forms part of a long-term strategic plan for the Group to maximise the available and extensive application knowledge towards becoming one of the global innovation leaders in the specialist field of high-performance polymers and composites. To that end, the Group opened, in September 2023, a Centre of Excellence in Stevenage UK.

PRINCIPAL RISKS AND UNCERTAINTIES, INCLUDING FINANCIAL INSTRUMENTS RISKS
The Group's activities expose it to a number of financial and operating risks and uncertainties, which are managed and mitigated as part of the Group's ongoing management processes. The key business risks and uncertainties relate to the availability of materials, and recruitment and maintaining of a skilled labour force, and geopolitical risks that may affect global supply chains. Price inflation because of the COVID-19 pandemic and the conflict in Ukraine is an important risk to manage, but the Group recognises this risk and has adopted a pricing strategy which takes this into account.

The group's principal financial instruments are comprised of bank balances, trade creditors, trade debtors and finance lease/hire purchase agreements. The main purpose of these instruments is to provide finance for the group's operations.

Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining close control of cash balances, debtors and creditors.

In respect of loans these include loans from financial institutions. The interest rate on the loans from the financial institutions is variable but the monthly repayments are fixed. The group manages the liquidity risk by ensuring there are sufficient funds to meet amounts due.

The group is a lessee in respect of finance leased/hire purchased assets. The liquidity risk in respect of these is managed in the same way as loans above.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

ON BEHALF OF THE BOARD:





F Wells - Director


25 March 2025

FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

DIVIDENDS
No dividends will be distributed for the period under review (2023: £Nil).

RESEARCH AND DEVELOPMENT
The group's focus on research and development continues to focus on new polymer blending, processes and products together with development of new release coatings, materials and systems focusing on safety and efficiency critical components. In particular, this year the group has broadened its capabilities in large diameter semi-finished bushings whilst focusing in developing new composite materials for key target sectors.

FUTURE DEVELOPMENTS
The Group continues to invest in the development of its facilities in Manchester (UK), Romania (EU) and is pleased to announce the opening of a new productions facility in Malaysia.

With the admission of the UK as the only European member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Group looks forward to leveraging its broad global manufacturing footprint and knowledge of global supply chains.

The Group plans to take advantage of the growing interest in the hydrogen market and the defence sector, increasing productivity using new technology, amid ongoing geopolitical uncertainty.

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

F Wells

Other changes in directors holding office are as follows:

T J Wells ceased to be a director after 30 June 2024 but prior to the date of this report.

M Jalali Roudsari was appointed director on 9 October 2024.

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS
The company has put in place qualifying third party indemnity provisions for all of the directors of Fluorocarbon Group Limited.

FINANCIAL INSTRUMENTS RISKS
Financial instruments risks have been covered in the Strategic Report.

EMPLOYMENT OF DISABLED PERSONS
The group gives full and fair consideration to applications for employment made by disabled persons, and it is the group's policy to ensure that, where possible, continued employment is offered to employees who become disabled.

EMPLOYEE INVOLVEMENT
The group endeavours, so far as possible, to provide employees with information on matters concerning them and encourages the involvement of employees in the affairs of the business.


FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Rothmans Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





F Wells - Director


25 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FLUOROCARBON GROUP LIMITED


Opinion
We have audited the financial statements of Fluorocarbon Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, 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 30 June 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FLUOROCARBON GROUP LIMITED


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 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 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.

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 framework that the Group operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect of the operations of the Group. The key laws and regulations we considered in this context included the UK Companies Act and Health & Safety regulations.

Discussions were held within the engagement team regarding how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential risk areas such as the completeness of revenue. Audit procedures were designed to ensure all of the risks were addressed.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Enquiring of management as to actual and potential litigation and claims; and
- Reviewing any correspondence with regulators and the group's legal advisors.

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions; and
- Assessed whether judgements and assumptions contained any indication of potential bias.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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
FLUOROCARBON GROUP 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.




Kevin Richards (Senior Statutory Auditor)
for and on behalf of Rothmans Audit LLP
Statutory Auditors
Chartered Accountants
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

26 March 2025

FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £    £    £   

TURNOVER 4 16,513,718 16,267,763

Cost of sales 9,902,189 10,258,257
GROSS PROFIT 6,611,529 6,009,506

Administrative expenses 5,404,688 4,876,293
5,404,688 4,876,293
OPERATING PROFIT 6 1,206,841 1,133,213


Interest payable and similar expenses 8 455,293 510,853
PROFIT BEFORE TAXATION 751,548 622,360

Tax on profit 9 47,346 30,677
PROFIT FOR THE FINANCIAL YEAR 704,202 591,683
Profit attributable to:
Owners of the parent 616,773 523,441
Non-controlling interests 87,429 68,242
704,202 591,683

FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 704,202 591,683


OTHER COMPREHENSIVE INCOME
Exchange adjustment on consolidation (35,529 ) (10,345 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

(35,529

)

(10,345

)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

668,673

581,338

Total comprehensive income attributable to:
Owners of the parent 584,864 513,096
Non-controlling interests 83,809 68,242
668,673 581,338

FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

CONSOLIDATED BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 2,667,818 2,284,935
Investments 13 - -
2,667,818 2,284,935

CURRENT ASSETS
Stocks 14 2,241,789 2,306,600
Debtors 15 3,211,584 3,032,330
Cash at bank and in hand 1,405,604 918,891
6,858,977 6,257,821
CREDITORS
Amounts falling due within one year 16 4,305,381 3,446,799
NET CURRENT ASSETS 2,553,596 2,811,022
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,221,414

5,095,957

CREDITORS
Amounts falling due after more than one
year

17

1,468,288

2,198,432
NET ASSETS 3,753,126 2,897,525

CAPITAL AND RESERVES
Called up share capital 21 1,724,621 1,724,621
Retained earnings 22 1,694,956 923,164
SHAREHOLDERS' FUNDS 3,419,577 2,647,785

NON-CONTROLLING INTERESTS 23 333,549 249,740
TOTAL EQUITY 3,753,126 2,897,525

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





F Wells - Director


FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

COMPANY BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 441,870 441,662
Investments 13 540,925 540,927
982,795 982,589

CURRENT ASSETS
Debtors 15 2,697,176 2,509,666
Cash at bank 97,488 133,321
2,794,664 2,642,987
CREDITORS
Amounts falling due within one year 16 1,584,242 1,820,689
NET CURRENT ASSETS 1,210,422 822,298
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,193,217

1,804,887

CREDITORS
Amounts falling due after more than one
year

17

110,245

-
NET ASSETS 2,082,972 1,804,887

CAPITAL AND RESERVES
Called up share capital 21 1,724,621 1,724,621
Retained earnings 22 358,351 80,266
SHAREHOLDERS' FUNDS 2,082,972 1,804,887

Company's profit for the financial year 278,085 294,412

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





F Wells - Director


FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 July 2022 1,724,621 410,068 2,134,689 181,498 2,316,187

Changes in equity
Total comprehensive income - 513,096 513,096 68,242 581,338
Balance at 30 June 2023 1,724,621 923,164 2,647,785 249,740 2,897,525

Changes in equity
Total comprehensive income - 584,864 584,864 83,809 668,673
Correction of brought forward
reserves

-

186,928

186,928

-

186,928
Balance at 30 June 2024 1,724,621 1,694,956 3,419,577 333,549 3,753,126

FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 1,724,621 (214,146 ) 1,510,475

Changes in equity
Total comprehensive income - 294,412 294,412
Balance at 30 June 2023 1,724,621 80,266 1,804,887

Changes in equity
Total comprehensive income - 278,085 278,085
Balance at 30 June 2024 1,724,621 358,351 2,082,972

FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,564,097 2,470,450
Interest paid (371,074 ) (464,296 )
Interest element of hire purchase payments
paid

(23,214

)

(9,207

)
Tax paid (47,346 ) (30,677 )
Net cash from operating activities 2,122,463 1,966,270

Cash flows from investing activities
Investment in fixed assets (522,772 ) (354,682 )
Sale of tangible fixed assets 19,589 5,500
Net cash from investing activities (503,183 ) (349,182 )

Cash flows from financing activities
Loan repayments in year (1,010,890 ) (877,674 )
Capital element of finance leases (121,677 ) (165,925 )
Net cash from financing activities (1,132,567 ) (1,043,599 )

Increase in cash and cash equivalents 486,713 573,489
Cash and cash equivalents at beginning
of year

2

918,891

345,402

Cash and cash equivalents at end of year 2 1,405,604 918,891

FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024


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

2024 2023
£    £   
Profit before taxation 751,548 622,360
Depreciation charges 578,633 924,771
Loss on disposal of fixed assets 60,408 7,170
Finance costs 455,293 510,853
1,845,882 2,065,154
Decrease/(increase) in stocks 64,811 (44,985 )
(Increase)/decrease in trade and other debtors (179,254 ) 801,740
Increase/(decrease) in trade and other creditors 832,658 (351,459 )
Cash generated from operations 2,564,097 2,470,450

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 30 June 2024
30/6/24 1/7/23
£    £   
Cash and cash equivalents 1,405,604 918,891
Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 918,891 345,402


3. ANALYSIS OF CHANGES IN NET DEBT

Non cash
At 1/7/23 Cash flow flow At 30/6/24
£    £    £    £   
Net cash
Cash at bank
and in hand 918,891 486,713 - 1,405,604
918,891 486,713 - 1,405,604
Debt
Finance leases (85,869 ) 121,677 (536,072 ) (500,264 )
Debts falling due
within 1 year (948,048 ) 1,010,890 (1,131,251 ) (1,068,409 )
Debts falling due
after 1 year (2,170,489 ) - 1,070,246 (1,100,243 )
(3,204,406 ) 1,132,567 (597,077 ) (2,668,916 )
Total (2,285,515 ) 1,619,280 (597,077 ) (1,263,312 )

FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. COMPANY INFORMATION

Fluorocarbon Group Limited was incorporated on 15 June 2006 under the Companies Act 1985, as a private limited company and is registered in England and Wales. The principal activity of the group is fluoropolymer processing. The address of its head office and registered office is Argyle Gate, Argyle Way, Stevenage, Hertfordshire, SG1 2AD.

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 as specified in the accounting policies below.

The presentation currency is £ sterling.

Going concern
The financial statements have been prepared on a going concern basis.

Financial reporting standard 102 - reduced disclosure exemptions
The parent 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":

o the requirement of paragraph 3.17(d);
o the requirements of Section 7 Statement of Cash Flows;
o 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);
o the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
o the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
o the requirement of paragraph 33.7.

Basis of consolidation
The consolidated financial statements incorporate the financial results of Fluorocarbon Group Limited and its subsidiaries as at 30 June 2024 using the acquisition method of accounting as required. Where the acquisition method is used, the results of subsidiary undertakings are included from the date of acquisition. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

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 represents net sales during the year (excluding value added tax) adjusted for accrued and deferred income where applicable.

Turnover is recognised on the sale of goods, when the goods are delivered and title has passed.

Turnover from operating leases is recognised at a constant rate over the length of the rental contract.

FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
All fixed assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant, machinery & computers10% to 20 % straight line
Motor vehicles33% straight line
Improvements to propertyOver the life of the lease

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Consolidated Income Statement.

Stocks
Stock 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. Costs include all direct material and direct labour costs.

Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

Cost is calculated using the first-in, first-out method and includes all purchases, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
The charge for taxation is based on the profit for the year and takes into account taxation deferred.

Current tax is measured at amounts expected to be paid using tax rates and laws that been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date except that the recognition of deferred tax assets is limited to the extent that the company anticipates to make sufficient taxable profits in the future to absorb the reversal of the underlying timing differences.

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.

Where tax losses are available these are relieved against taxable profits in other group companies. No charge is made for the losses surrendered.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 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 the transaction. Exchange differences, including exchange differences on loans to subsidiaries, are taken into account in arriving at the operating result.

Income and expenditure incurred during the year by overseas subsidiaries is translated using the average exchange rate for the year. Assets and liabilities are translated into sterling at the rates of exchange ruling at the balance sheet date. Share capital is translated at the historic rate and any differences arising on translation are taken to reserves.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Consolidated Income Statement on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to the Consolidated Income Statement over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The Group operates two defined contribution pension schemes, of which the larger is the Fluorocarbon Group Personal Pension Plan. The Group makes pension contributions to these defined contribution pension schemes, the assets of which are held separately from those of the group in an independently administered fund. Contributions to the schemes are charged to the Consolidated Income Statement as they become payable.

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.
On initial recognition financial instruments are recognised at transaction price, including transaction costs. Subsequently, financial instruments are measured at amortised cost using the effective interest method.

Finance costs
Finance costs are charged to the Consolidated Income Statement over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Exceptional items
Exceptional items are one off, material items outside the normal course of business which are not related to the companies trading activities.

FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Leases
A lease that does not transfer substantially all of the risks and rewards of ownership is classified as an operating lease and is therefore not included in the balance sheet.

Other key sources of estimation uncertainty;

Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as market conditions, the remaining life of the asset and projected disposal values.

Investments
The directors review investments for any signs of impairment. The amount of the impairment is estimated by the directors based on knowledge of the investments and other relevant conditions.

4. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:


Year ended
30/6/24

Year ended
30/6/23
£ £
Sale of goods 15,814,994 15,536,897
Operating lease rentals 698,724 730,866
16,513,718 16,267,763

The analysis of turnover by geographical segment is not disclosed since, in the opinion of the directors, this would be prejudicial to the interests of the company.

FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. EMPLOYEES AND DIRECTORS


Year ended
30/6/24
Year ended
30/6/23
£ £
Wages and salaries 3,693,681 3,554,251
Social security costs 270,869 301,868
Other pension costs 111,553 189,838
4,076,103 4,045,957

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

Year ended
30/6/24
Year ended
30/6/23
Management 14 12
Administrative and Engineering staff 67 75
Production staff 95 100
176 187


Year ended
30/6/24
Year ended
30/6/24
£ £
Directors' remuneration 95,000 96,670

The number of directors accruing benefits under a pension scheme is nil (2023: nil).

6. OPERATING PROFIT

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


Year ended
30/6/24

Year ended
30/6/23
£ £

Depreciation - owned assets 439,690 918,538
Depreciation - assets on hire purchase contracts 138,943 6,233
(Profit)/loss on disposal of tangible fixed assets 60,408 7,170
Foreign Exchange differences 194,401 118,611
Operating lease payments 526,097 531,857
Stock write off 176,929 32,575
Auditors remuneration 48,250 53,750

7. EXCEPTIONAL ITEMS

Included within administrative expenses are exceptional costs totalling £Nil (2023: £104,839) as follows:

2024 2023
£ £
Restructuring costs following transfer of trade - 104,839
- 104,839

FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest and similar charges - 25,544
Loan interest 432,079 476,101
Hire purchase and finance lease charges 23,214 9,208
455,293 510,853

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
Overseas corporation tax (received)/paid 47,346 30,677
Tax on profit 47,346 30,677

Reconciliation of total tax charge 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 751,548 622,360
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

187,887

118,248

Effects of:
Expenses not deductible for tax purposes 23,097 30,636
Difference in rates for overseas activities (10,018 ) 10,583
Movement on losses and unprovided deferred tax (153,620 ) (122,634 )
Impact of super deduction - (6,156 )
Total tax charge 47,346 30,677

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Exchange adjustment on consolidation (35,529 ) - (35,529 )

2023
Gross Tax Net
£    £    £   
Exchange adjustment on consolidation (10,345 ) - (10,345 )

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the profit and loss account of the parent company is not presented as part of these financial statements.

FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


11. OPERATING LEASES

Minimum lease payments are receivable as follows:

Group

2024 2023
£ £

Within one year 235,253 235,253
Between one and five years 294,066 529,319
529,319 764,572

Company

2024 2023
£ £

Within one year 467,702 467,702
Between one and five years 584,628 1,052,330
1,052,330 1,520,032

12. TANGIBLE FIXED ASSETS

Group
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 821,673 6,294,416 11,849 - 7,127,938
Additions 5,543 933,463 119,838 - 1,058,844
Disposals - (227,631 ) - - (227,631 )
Exchange differences (6,144 ) (36,887 ) - - (43,031 )
At 30 June 2024 821,072 6,963,361 131,687 - 7,916,120
DEPRECIATION
At 1 July 2023 393,113 4,446,152 3,738 - 4,843,003
Charge for year 104,146 466,792 7,695 - 578,633
Eliminated on disposal - (146,106 ) - - (146,106 )
Exchange differences (2,181 ) (25,047 ) - - (27,228 )
At 30 June 2024 495,078 4,741,791 11,433 - 5,248,302
NET BOOK VALUE
At 30 June 2024 325,994 2,221,570 120,254 - 2,667,818
At 30 June 2023 428,560 1,848,264 8,111 - 2,284,935

The net book value of tangible fixed assets includes £627,713 (2023: £106,814) in respect of assets held under hire purchase contracts.

FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


12. TANGIBLE FIXED ASSETS - continued

Company
Improvements
to Motor Computer
property vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 558,024 - 187,854 745,878
Additions - 119,838 - 119,838
At 30 June 2024 558,024 119,838 187,854 865,716
DEPRECIATION
At 1 July 2023 263,591 - 40,625 304,216
Charge for year 78,635 3,745 37,250 119,630
At 30 June 2024 342,226 3,745 77,875 423,846
NET BOOK VALUE
At 30 June 2024 215,798 116,093 109,979 441,870
At 30 June 2023 294,433 - 147,229 441,662

The net book value of tangible fixed assets includes £116,093 (2023: £Nil) in respect of assets held under hire purchase contracts.

The Computer Equipment of the Company is classified under Plant & Machinery in the Group consolidated Tangible Fixed Asset table.

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2023 540,927
Disposals (2 )
At 30 June 2024 540,925
NET BOOK VALUE
At 30 June 2024 540,925
At 30 June 2023 540,927


FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


13. FIXED ASSET INVESTMENTS - continued


The company's interests in the ordinary share capital of subsidiary companies at the balance sheet date were as follows:


Subsidiary

Principal activity
Direct
%
Indirect
%

Fluorocarbon Limited Design of Fluorocarbon finished
products
88
Fluorocarbon Surface Technologies Ltd Design and application of Fluorocarbon
coatings

100
Fluorocarbon Polymers SRL Manufacture of semi-finished
Fluoropolymer products

88
Fluorocarbon SDN. BHD. Manufacture of polymer products 88
Fluorocarbon Inc Technical and engineering services 100
Advanced Fluoropolymer Technology Limited Dormant 100

All the above companies are included in the consolidated financial statements.

All companies are registered in England and Wales, except Fluorocarbon Polymers SRL which is registered in Romania, Fluorocarbon Inc which is registered in the United States of America and Fluorocarbon SDN. BHD. which is registered in Malaysia.

Fluorocarbon Limited and Fluorocarbon Surface Technologies Ltd both have their registered office at Argyle Gate, Argyle Way, Stevenage, Hertfordshire, England, SG1 2AD.

The registered office for Advanced Fluoropolymer Technology Limited is Fryern House, 125 Winchester Road, Chandlers Ford, Hampshire, SO53 2DR.

The registered office for Fluorocarbon Polymers SRL is Strada Dunarii Nr. 277, Corp C10, Alexandria, Judetul Teleorman, Romania.

The registered office for Fluorocarbon Inc is 13831, NW Fwy, Suite 407, Houston, Texas, 77040, United States of America.

The registered office for Fluorocarbon SDN, BHD. is Suite 28.02, 28th Floor, Menara Zurich, No. 15, Jalan Dato' Abdullah Tahir, 80300 Johor Bahru, Johor, Malaysia.

14. STOCKS

Group
2024 2023
£    £   
Raw materials 1,206,548 1,453,251
Work-in-progress 296,456 164,122
Finished goods 738,785 689,227
2,241,789 2,306,600

FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,759,525 1,441,925 47,799 28,114
Amounts owed by group undertakings - - 2,443,361 2,256,101
Other debtors 6,591 12,457 - -
VAT - 115,117 26,250 -
Prepayments and accrued income 1,445,468 1,462,831 179,766 225,451
3,211,584 3,032,330 2,697,176 2,509,666

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 1,068,409 948,048 - -
Hire purchase contracts (see note 19) 132,219 57,926 29,695 -
Payments on account 434,942 - - -
Trade creditors 1,740,074 1,488,890 184,030 189,490
Amounts owed to group undertakings - 186,928 1,179,344 1,362,335
Social security and other taxes 218,898 218,662 3,978 4,345
VAT 63,219 104,635 - 59,046
Other creditors 110,674 11,304 - -
Accruals and deferred income 536,946 430,406 187,195 205,473
4,305,381 3,446,799 1,584,242 1,820,689

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

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 18) 1,100,243 2,170,489 - -
Hire purchase contracts (see note 19) 368,045 27,943 110,245 -
1,468,288 2,198,432 110,245 -

18. LOANS

Group

An analysis of the maturity of loans is given below:

Bank loan 2024 2023
£    £   

Amounts falling due within one year 1,111,285 1,010,950
Amounts falling due between one and two years 1,115,306 1,111,285
Amounts falling due between two and five years - 1,115,307
2,226,591 3,237,542

The bank loan is for a period of 60 months commencing May 2021. The loan attracts interest at the higher of 9.5% and SONIA plus 7.5%.

FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 132,219 57,926
Between one and five years 368,045 27,943
500,264 85,869

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 29,695 -
Between one and five years 110,245 -
139,940 -

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 574,583 467,702
Between one and five years 949,549 1,532,886
1,524,132 2,000,588

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 467,702 467,702
Between one and five years 584,628 1,052,330
1,052,330 1,520,032

FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 2,168,652 3,118,537
Hire purchase contracts 500,264 85,869
2,668,916 3,204,406

The bank loan is secured by a floating charge over the assets of the company, Fluorocarbon Limited and Fluorocarbon Surface Technologies Ltd.

The hire purchase contracts are secured over the assets to which they relate.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
508,181 Ordinary £1 508,181 508,181
1,216,440 Preference £1 1,216,440 1,216,440
1,724,621 1,724,621

The ordinary shares rank equally in respect of voting rights and any dividend declared, and shall entitle the holder to full participation in respect of the entity and in the event of winding up the company.

The preference shares are not redeemable and have no voting rights. The entitlement to dividends is at the discretion of the directors and each preference share ranks equally in respect of dividends. On a winding up, the preference shareholders are entitled to repayment of the par value of the preference shares, but do not participate in any surplus funds.

22. RESERVES

Group
Retained
earnings
£   

At 1 July 2023 923,164
Profit for the year 616,773
Other recognised gains and
losses relating to the period (31,909 )
Correction of brought forward
reserves

186,928

At 30 June 2024 1,694,956

FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


22. RESERVES - continued

Company
Retained
earnings
£   

At 1 July 2023 80,266
Profit for the year 278,085
At 30 June 2024 358,351

Retained earnings includes all current and prior period profits and losses.

The correction of the brought forward reserves relates to an error in the prior period financial statements whereby a consolidation adjustment was incorrectly included in the group figures. The comparative figures incorrectly include an intercompany creditor of £186,928 and the reserves figures was incorrect by the same amount. There was no impact on the Consolidated Income Statement. The adjustment is not considered material to process a prior year adjustment and the adjustment in the reserves note shows this correction.

23. NON-CONTROLLING INTERESTS

As at the balance sheet date the minority interest was composed of 12% of the shareholding in Fluorocarbon Limited, Fluorocarbon Polymers SRL and Fluorocarbon SBN. BHD.

24. ULTIMATE PARENT COMPANY

At the year end Fluorocarbon Group Limited was the ultimate parent company. The largest group, as at the year end, in which the results of the company are consolidated is that headed by Fluorocarbon Group Limited.

Since the year end, in October 2024, the ultimate parent company of the group became Ergi Industries Ltd.

25. CONTINGENT LIABILITIES

As at 30 June 2024, Fluorocarbon Group Limited provided a cross-guarantee along with fellow subsidiary companies, on bank debts for the sum of £2,226,591 (2023: £3,237,542) held in a subsidiary company.

FLUOROCARBON GROUP LIMITED (REGISTERED NUMBER: 05847899)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


26. RELATED PARTY DISCLOSURES

During the year the following transactions occurred between Fluorocarbon Group Limited and Fluorocarbon Limited and Fluorocarbon Polymers SRL, subsidiaries which are not wholly owned by the group:
2024 2023
£ £

Dividends received from subsidiary company - 13,886
Amount owed from subsidiary companies 2,443,361 2,256,101

During the year the following transactions occurred between the Fluorocarbon group companies and Hartog Hutton Limited, a company controlled by Mr T J Wells, a director.
2024 2023
£ £

Management charges payable 93,750 144,088
Amount owed (to) / from Hartog Hutton Limited (34,589 ) (24,589 )

During the year the following transactions occurred between the Fluorocarbon group companies and Cent Serve Limited, a company controlled by Mr F Wells, a director.
2024 2023
£ £

Services related to IT & Marketing Projects (107,456 ) (102,000 )
Shared Service Centre costs (80,000 ) (80,000 )
Interim Finance & Operations support (4,980 ) (47,240 )
Amounts owed from Cent Serve Limited 214,202 -

During the year, a total of key management personnel compensation of £ 216,321 (2023 - £ 217,991 ) was paid.

27. ULTIMATE CONTROLLING PARTY

At the year end the ultimate controlling party was Mr T J Wells by virtue of his controlling interest in the ultimate parent company.