IRIS Accounts Production v24.3.2.46 00693240 Board of Directors 1.7.23 30.6.24 30.6.24 The principal activity of the company in the period under review was the design and manufacture of High Performance Sealing systems, Bearings and Fluoropolymer Hose for the Power, Aviation and Oil related industries. true false true true false false true true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh006932402023-06-30006932402024-06-30006932402023-07-012024-06-30006932402022-06-30006932402022-07-012023-06-30006932402023-06-3000693240ns15:EnglandWales2023-07-012024-06-3000693240ns14:PoundSterling2023-07-012024-06-3000693240ns10:Director12023-07-012024-06-3000693240ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3000693240ns10:SmallEntities2023-07-012024-06-3000693240ns10:Audited2023-07-012024-06-3000693240ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3000693240ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3000693240ns10:FullAccounts2023-07-012024-06-3000693240ns10:Director22023-07-012024-06-3000693240ns10:Director32023-07-012024-06-3000693240ns10:CompanySecretary12023-07-012024-06-3000693240ns10:RegisteredOffice2023-07-012024-06-3000693240ns5:RetainedEarningsAccumulatedLosses2023-06-3000693240ns5:RetainedEarningsAccumulatedLosses2022-06-3000693240ns5:RetainedEarningsAccumulatedLosses2024-06-3000693240ns5:RetainedEarningsAccumulatedLosses2023-06-3000693240ns5:CurrentFinancialInstruments2024-06-3000693240ns5:CurrentFinancialInstruments2023-06-3000693240ns5:Non-currentFinancialInstruments2024-06-3000693240ns5:Non-currentFinancialInstruments2023-06-3000693240ns5:ShareCapital2024-06-3000693240ns5:ShareCapital2023-06-3000693240ns5:OwnedAssets2023-07-012024-06-3000693240ns5:OwnedAssets2022-07-012023-06-3000693240ns5:LeasedAssets2023-07-012024-06-3000693240ns5:LeasedAssets2022-07-012023-06-3000693240112023-07-012024-06-3000693240112022-07-012023-06-3000693240ns5:PlantMachinery2023-06-3000693240ns5:FurnitureFittings2023-06-3000693240ns5:MotorVehicles2023-06-3000693240ns5:ComputerEquipment2023-06-3000693240ns5:PlantMachinery2023-07-012024-06-3000693240ns5:FurnitureFittings2023-07-012024-06-3000693240ns5:MotorVehicles2023-07-012024-06-3000693240ns5:ComputerEquipment2023-07-012024-06-3000693240ns5:PlantMachinery2024-06-3000693240ns5:FurnitureFittings2024-06-3000693240ns5:MotorVehicles2024-06-3000693240ns5:ComputerEquipment2024-06-3000693240ns5:PlantMachinery2023-06-3000693240ns5:FurnitureFittings2023-06-3000693240ns5:MotorVehicles2023-06-3000693240ns5:ComputerEquipment2023-06-3000693240ns5:LeasedAssetsHeldAsLessee2023-07-012024-06-3000693240ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-06-3000693240ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3000693240ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-06-3000693240ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3000693240ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-06-3000693240ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-06-3000693240ns5:HirePurchaseContracts2024-06-3000693240ns5:HirePurchaseContracts2023-06-3000693240ns5:WithinOneYear2024-06-3000693240ns5:WithinOneYear2023-06-3000693240ns5:BetweenOneFiveYears2024-06-3000693240ns5:BetweenOneFiveYears2023-06-3000693240ns5:AllPeriods2024-06-3000693240ns5:AllPeriods2023-06-30
REGISTERED NUMBER: 00693240 (England and Wales)















FLUOROCARBON LIMITED

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024






FLUOROCARBON LIMITED (REGISTERED NUMBER: 00693240)

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










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Statement of Income and Retained Earnings 7

Balance Sheet 8

Notes to the Financial Statements 9


FLUOROCARBON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: T J Wells
F Wells
M Jalali Roudsari





SECRETARY: F Wells





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





REGISTERED NUMBER: 00693240 (England and Wales)





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

FLUOROCARBON LIMITED (REGISTERED NUMBER: 00693240)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


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

REVIEW OF BUSINESS
The turnover for the year was £9,174,867 (year ended 30 June 2023: £9,140,412) with gross profit of £4,677,130 (year ended 30 June 2023: £4,601,804).

The profit before tax in the year was £516,933 (year ended 30 June 2023: £515,773), stated after charging exceptionals totalling £Nil (year ended 30 June 2023: £104,839) and depreciation of £146,189 (year ended 30 June 2023: £110,363).

On 30th June 2024 the Company acquired the assets and trade of Fluorocarbon Surface Technologies Ltd, a sister company. The consideration paid was the carrying value of the assets. This was done to simplify and streamline the UK entities in the Group.

The Company 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 Company 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 Company opened, in September 2023, a Centre of Excellence in Stevenage UK.

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

T J Wells
F Wells
M Jalali Roudsari

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

FUTURE DEVELOPMENTS
The Company continues to invest in the development of its facilities in Manchester (UK), Romania (EU) and is pleased to announce the opening of a new production 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 company looks forward to leveraging its broad global manufacturing footprint and knowledge of global supply chains to take advantage of opportunities in the market.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

FLUOROCARBON LIMITED (REGISTERED NUMBER: 00693240)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


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

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





F Wells - Director


25 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FLUOROCARBON LIMITED


Opinion
We have audited the financial statements of Fluorocarbon Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 30 June 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has 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 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FLUOROCARBON LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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.

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 Company 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 Company. 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 company'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 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 LIMITED (REGISTERED NUMBER: 00693240)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

TURNOVER 9,174,867 9,140,412

Cost of sales 4,497,737 4,538,608
GROSS PROFIT 4,677,130 4,601,804

Administrative expenses 4,128,701 4,063,755
OPERATING PROFIT 4 548,429 538,049


Interest payable and similar expenses 31,496 22,276
PROFIT BEFORE TAXATION 516,933 515,773

Tax on profit - -
PROFIT FOR THE FINANCIAL YEAR 516,933 515,773

Retained earnings at beginning of year 2,009,125 1,493,352

RETAINED EARNINGS AT END OF YEAR 2,526,058 2,009,125

FLUOROCARBON LIMITED (REGISTERED NUMBER: 00693240)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 1,258,320 515,556
Investments 7 1,682,877 1,682,877
2,941,197 2,198,433

CURRENT ASSETS
Stocks 8 891,216 661,436
Debtors 9 2,342,052 2,575,609
Cash at bank 650,417 339,364
3,883,685 3,576,409
CREDITORS
Amounts falling due within one year 10 4,058,181 3,746,387
NET CURRENT LIABILITIES (174,496 ) (169,978 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,766,701

2,028,455

CREDITORS
Amounts falling due after more than one
year

11

239,643

18,330
NET ASSETS 2,527,058 2,010,125

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 2,526,058 2,009,125
SHAREHOLDERS' FUNDS 2,527,058 2,010,125

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 LIMITED (REGISTERED NUMBER: 00693240)

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


1. COMPANY INFORMATION

Fluorocarbon Limited was incorporated on 19 May 1961 under the Companies Act 1948, as a private limited company and is registered in England and Wales. The principal activity of Fluorocarbon Limited is providing consultancy and testing service, along with the design and production of polymer components. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency is £ sterling.

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

Preparation of consolidated financial statements
The financial statements contain information about Fluorocarbon Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Fluorocarbon Group Limited, Argyle Gate, Argyle Way, Stevenage, Hertfordshire, SG1 2AD.

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 represents net amounts invoiced 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 the title is passed.

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 and machinery 10% to 20% straight line
Improvements to property10% to 20% straight line
Motor vehicles33% straight line
Computer equipment10% to 20% straight line

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 adjusted 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 income statement.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

FLUOROCARBON LIMITED (REGISTERED NUMBER: 00693240)

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


2. ACCOUNTING POLICIES - continued

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 taxable 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.


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, including exchange differences on loans to subsidiaries, are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the 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 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Financial instruments
Basic financial instruments are measured at amortised cost.

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 LIMITED (REGISTERED NUMBER: 00693240)

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


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
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 directors do not consider there to be any significant judgements or estimates used in the preparation of the accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2023 - 52 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 96,338 81,662
Depreciation - assets on hire purchase contracts 49,851 28,701
Loss on disposal of fixed assets 1,873 2,392
Foreign exchange differences 193,283 114,694
Operating lease expense 295,673 304,431

5. EXCEPTIONAL ITEMS

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

20242023
££
Restructuring costs following transfer of trade -104,839
-104,839

FLUOROCARBON LIMITED (REGISTERED NUMBER: 00693240)

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


6. TANGIBLE FIXED ASSETS
Improvements
Plant and to Motor Computer
machinery Property vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 567,541 - 11,849 59,506 638,896
Additions 545,073 205,202 - 6,202 756,477
Disposals (27,750 ) - - - (27,750 )
Group transfer 357,915 - - 5,000 362,915
At 30 June 2024 1,442,779 205,202 11,849 70,708 1,730,538
DEPRECIATION
At 1 July 2023 90,781 - 3,738 28,821 123,340
Charge for year 103,080 18,837 3,950 20,322 146,189
Eliminated on disposal (6,288 ) - - - (6,288 )
Group transfer 204,310 - - 4,667 208,977
At 30 June 2024 391,883 18,837 7,688 53,810 472,218
NET BOOK VALUE
At 30 June 2024 1,050,896 186,365 4,161 16,898 1,258,320
At 30 June 2023 476,760 - 8,111 30,685 515,556

The 'Group transfer' has been shown gross, to enable the group to monitor the cost of assets for the group.

The net book value of tangible fixed assets includes £384,441 (2023: £53,407) in respect of assets held under hire purchase contracts.

7. FIXED ASSET INVESTMENTS

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

Fluorocarbon Polymers SRL
Registered office: Strada Dunarii, Nr 277, Block C10, 140103 Alexandria, Romania
Nature of business: Manufacture of polymer products

%
Class of shares: holding
Ordinary 100.00

Fluorocarbon SDN. BHD.
Registered office: Suite 28.02, 28th Floor, Menara Zurich, No. 15, Jalan Dato' Abdullah Tahir, 80300 Johor Bahru Johor Malaysia
Nature of business: Manufacture of polymer products

%
Class of shares: holding
Ordinary 100.00

8. STOCKS
2024 2023
£    £   
Raw materials 397,161 372,383
Work-in-progress 131,991 39,697
Finished goods 362,064 249,356
891,216 661,436

FLUOROCARBON LIMITED (REGISTERED NUMBER: 00693240)

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


9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,038,727 908,282
Amounts owed by group undertakings 992,743 1,467,006
Other debtors - 4,205
Prepayments and accrued income 310,582 196,116
2,342,052 2,575,609

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 12) 90,260 13,024
Payments on account 434,942 -
Trade creditors 491,831 543,343
Amounts owed to group undertakings 2,634,125 2,964,444
Social security and other taxes 54,028 50,659
VAT 107,806 25,707
Accruals and deferred income 245,189 149,210
4,058,181 3,746,387

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 12) 239,643 18,330

12. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 90,260 13,024
Between one and five years 239,643 18,330
329,903 31,354

Non-cancellable operating leases
2024 2023
£    £   
Within one year 347,159 295,673
Between one and five years 424,991 572,695
772,150 868,368

13. CONTINGENT LIABILITIES

As at 30 June 2024, Fluorocarbon Limited provided a cross-guarantee, along with parent company Fluorocarbon Group Limited, on bank debts for the sum of £2,226,591 (2023: £3,237,541) held in Fluorocarbon Surface Technologies Ltd.

FLUOROCARBON LIMITED (REGISTERED NUMBER: 00693240)

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


14. RELATED PARTY DISCLOSURES

During the year transactions occurred between Fluorocarbon Limited and other group companies, the balances at the year end were:

2024 2023
£ £

Sales to group companies 816,419 200,795
Purchases from group companies (425,172 ) (979,201 )
Amount owed to Fluorocarbon Surface Technologies Ltd (190,764 ) (776,990 )
Amount owed to Fluorocarbon Group Limited (2,443,361 ) (2,187,454 )

During the year the following transactions occurred between Fluorocarbon Limited and Cent Serve Limited, a company controlled by Mr F Wells and Susa International Ltd, a company controlled by Mr M J Roudsari.

2024 2023
£ £

Purchases from Cent Serve Limited (336,136 ) (191,479 )
Sales to Cent Serve Limited 139,700 -
Purchases from Susa International Ltd (173,937 ) (112,914 )
Sales to Susa International Ltd 23,767 -
Management charges charged to Susa International Ltd - 88,767
Amount owed to Susa International Ltd (400 ) -
Amount owed from Cent Serve Limited 214,202 -

15. 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.

16. 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. The consolidated accounts of Fluorocarbon Group Limited are available to the public and may be obtained from the Registrar of Companies. The registered office of Fluorocarbon Group Limited is Argyle Gate, Argyle Way, Stevenage, Hertfordshire, SG1 2AD.

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