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REGISTERED NUMBER: 01689894 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2024

for

FOLSANA PRESSED SECTIONS LTD

FOLSANA PRESSED SECTIONS LTD (REGISTERED NUMBER: 01689894)

Contents of the Financial Statements
for the Year Ended 30 September 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 8

Balance Sheet 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


FOLSANA PRESSED SECTIONS LTD

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Mr S R Haslam
Mr D Marsden
Miss J R Haslam
Miss E L Haslam



SECRETARY: Miss E L Haslam



REGISTERED OFFICE: Sidney Street
Bolton
Bolton
Lancashire
BL3 6BF



REGISTERED NUMBER: 01689894 (England and Wales)



AUDITORS: BTMR Limited
Statutory Auditor
Century Buildings
14 St Mary's Parsonage
Manchester
M3 2DF



BANKERS: National Westminister Bank Plc
24 Deansgate
Bolton
Lancashire
BL1 1BN

FOLSANA PRESSED SECTIONS LTD (REGISTERED NUMBER: 01689894)

Strategic Report
for the Year Ended 30 September 2024


The directors present their strategic report for the year ended 30 September 2024.

The principal activity of the company during the year, was laser cutting, folding and fabrication of steel, stainless steels, and alloys.

REVIEW OF BUSINESS
The profit for the year, after taxation, amounted to £96,222 (2023: £124,260).

Various key performance indicators are used by the Directors to monitor and compare the performance of the Company.

They regard the following as the key indicators of performance, all of which can be observed in the attached financial statements.

" Turnover decreased to £11,161,675 (2023: £12,652,520)

" Profit before tax increased to £194,009 (2023: £170,196)

" Net assets increased to £3,329,073 (2023: £3,412,851)

" Average number of employees increased to 106 (2023: 103)

Turnover for the year decreased by 11.78%, mainly due to a decrease in steel prices and a small downturn in customer requirements.

Gross profit for the year decreased by 0.54% to £1,820,177 (2023: £1,832,536). The gross profit percentage however has increased by 1.9% to 16.3% (2023: 14.4%).

This increase has been generated by introducing operational efficiency systems and procedures across all four sites - we continue to monitor all aspects of our manufacturing processes and strive for continual improvements.

2025 will be a more challenging year than previous years, whilst we have retained several major contracts and customers, new government taxes and minimum wage increases along with increased electricity charges will no doubt take its toll on the profitability of the company.

This said, we are taking steps to counteract this by streamlining the business even further and will strive to implement price increases in our sales were possible.

PRINCIPAL RISKS AND UNCERTAINTIES
In the directors' opinion, the principal risks and uncertainty that impact on the company are fluctuations in raw material prices, credit risk arising from trade debtors, continuing political instability, changes in government legislation and liquidity.

Whilst the company takes action to mitigate the principal risks, where possible, there are specific risks and uncertainties outside of its control that can impact on the future financial performance of the Company. Specific examples of such risks relate to government-imposed levies, which could result in further significant increases of the operating costs of the Company and a subsequent reduction in profitability and capital available for future investment.

The Company seeks to manage credit risk with the use of rigorous credit control practises which are monitored closely.

The Company has in place a credit facility with its bankers, this facility was not used in 2024.


FOLSANA PRESSED SECTIONS LTD (REGISTERED NUMBER: 01689894)

Strategic Report
for the Year Ended 30 September 2024

KEY PERFORMANCE INDICATORS
The company monitors both financial and non-financial performances closely, the turnover is monitored daily, and each month the gross profit is assessed to ensure that a net operating profit is achieved.

The company sees investment in its plant and machinery as a priority for its continued success.

In 2025 we are expected to invest around £400,000 on new machinery.

The company also continues to invest in its personnel and continues to focus on attracting, training, and retaining employees within the company.

ON BEHALF OF THE BOARD:





Miss E L Haslam - Secretary


17 February 2025

FOLSANA PRESSED SECTIONS LTD (REGISTERED NUMBER: 01689894)

Report of the Directors
for the Year Ended 30 September 2024


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of laser cutting, folding and fabrication of steel, stainless steels, and alloys.

DIVIDENDS
An interim dividend of £120 per share was paid on the Ordinary A £1 shares on 15 April 2024. No dividends were paid on any other classes of shares.

The total distribution of dividends for the year ended 30 September 2024 will be £ 180,000 .

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

Mr S R Haslam
Mr D Marsden
Miss J R Haslam
Miss E L Haslam

Other changes in directors holding office are as follows:

Mrs K P Haslam - resigned 27 August 2024

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.

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.

ON BEHALF OF THE BOARD:



Miss E L Haslam - Secretary


17 February 2025

Report of the Independent Auditors to the Members of
Folsana Pressed Sections Ltd


Opinion
We have audited the financial statements of Folsana Pressed Sections Ltd (the 'company') for the year ended 30 September 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the 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 company's affairs as at 30 September 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.

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.

Report of the Independent Auditors to the Members of
Folsana Pressed Sections Ltd


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud
and non-compliance with laws and regulations, was as follows:
- we identified the significant laws and regulations applicable to the company which we considered could have a direct
material effect on the financial statements or the operations of the company. Said laws and regulations include but are
not limited to, the Companies Act 2006, taxation legislation and data protection, anti-bribery and employment legislation;
- the identified laws and regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an
understanding of how fraud might occur. We also addressed the risk of fraud through management bias and override of
controls by;
- updating and reviewing our knowledge of the company, its officers and internal financial function, together with their
systems and internal controls. This included making enquiries of management as to their knowledge of actual,
suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. We
concluded that whilst the company had controls in place that were appropriate to its size and the nature of its activities,
we could not rely on those systems and internal controls exclusively for the purposes of our audit work. We therefore
adopted a substantive and transactional approach to our audit, seeking to verify figures in the balance sheet to third
party evidence and transactions within the Income Statement to external independent documentation;
- We did not review every transaction. However, we adopted an approach based on testing a sample of transactions.
In choosing our sample, we tested transactions that were material in nature and in addition a random sample of other
transaction. By choosing transactions of a material nature, our audit work is designed to detect material misstatements.
The use of random testing on other transactions is designed to detect other irregularities and the operation of the
company's internal control systems generally. If exceptions were noted, our audit work was expanded to test more
transactions with a view to determining whether the exception was of an isolated nature;
- We performed analytical procedures to identify any unusual or unexpected relationships;
- We tested journal entries to identify unusual transactions and investigated the rationale behind significant or unusual
transactions.
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
Folsana Pressed Sections Ltd


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.




Susan Haworth (Senior Statutory Auditor)
for and on behalf of BTMR Limited
Statutory Auditor
Century Buildings
14 St Mary's Parsonage
Manchester
M3 2DF

19 February 2025

FOLSANA PRESSED SECTIONS LTD (REGISTERED NUMBER: 01689894)

Statement of Income and Retained Earnings
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   

TURNOVER 11,161,675 12,652,520

Cost of sales 9,341,498 10,822,392
GROSS PROFIT 1,820,177 1,830,128

Administrative expenses 1,628,773 1,656,786
OPERATING PROFIT 4 191,404 173,342

Interest receivable and similar income 6,094 2,408
197,498 175,750

Interest payable and similar expenses 5 3,489 5,554
PROFIT BEFORE TAXATION 194,009 170,196

Tax on profit 6 97,787 45,936
PROFIT FOR THE FINANCIAL YEAR 96,222 124,260

Retained earnings at beginning of year 3,406,300 3,432,040

Dividends 7 (180,000 ) (150,000 )

RETAINED EARNINGS AT END OF YEAR 3,322,522 3,406,300

FOLSANA PRESSED SECTIONS LTD (REGISTERED NUMBER: 01689894)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 127,148 -
Tangible assets 9 677,333 1,062,592
804,481 1,062,592

CURRENT ASSETS
Stocks 10 1,424,993 1,223,095
Debtors 11 3,013,980 3,153,713
Cash at bank and in hand 824,761 371,838
5,263,734 4,748,646
CREDITORS
Amounts falling due within one year 12 2,602,913 2,257,968
NET CURRENT ASSETS 2,660,821 2,490,678
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,465,302

3,553,270

PROVISIONS FOR LIABILITIES 14 136,229 140,419
NET ASSETS 3,329,073 3,412,851

CAPITAL AND RESERVES
Called up share capital 15 6,501 6,501
Capital redemption reserve 16 50 50
Retained earnings 16 3,322,522 3,406,300
SHAREHOLDERS' FUNDS 3,329,073 3,412,851

The financial statements were approved by the Board of Directors and authorised for issue on 17 February 2025 and were signed on its behalf by:





Miss J R Haslam - Director


FOLSANA PRESSED SECTIONS LTD (REGISTERED NUMBER: 01689894)

Cash Flow Statement
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 914,832 313,678
Interest paid (3,489 ) (5,554 )
Tax paid (96,616 ) (96,816 )
Taxation refund - (2 )
Net cash from operating activities 814,727 211,306

Cash flows from investing activities
Purchase of intangible fixed assets (158,935 ) -
Purchase of tangible fixed assets (28,963 ) (102,046 )
Interest received 6,094 2,408
Net cash from investing activities (181,804 ) (99,638 )

Cash flows from financing activities
Amount introduced by directors - 10,000
Equity dividends paid (180,000 ) (150,000 )
Net cash from financing activities (180,000 ) (140,000 )

Increase/(decrease) in cash and cash equivalents 452,923 (28,332 )
Cash and cash equivalents at beginning
of year

2

371,838

400,170

Cash and cash equivalents at end of year 2 824,761 371,838

FOLSANA PRESSED SECTIONS LTD (REGISTERED NUMBER: 01689894)

Notes to the Cash Flow Statement
for the Year Ended 30 September 2024


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

30.9.24 30.9.23
£    £   
Profit before taxation 194,009 170,196
Depreciation charges 446,009 438,824
Finance costs 3,489 5,554
Finance income (6,094 ) (2,408 )
637,413 612,166
Increase in stocks (201,897 ) (62,582 )
Decrease in trade and other debtors 139,733 241,896
Increase/(decrease) in trade and other creditors 339,583 (477,802 )
Cash generated from operations 914,832 313,678

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 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 824,761 371,838
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 371,838 400,170


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 371,838 452,923 824,761
371,838 452,923 824,761
Total 371,838 452,923 824,761

FOLSANA PRESSED SECTIONS LTD (REGISTERED NUMBER: 01689894)

Notes to the Financial Statements
for the Year Ended 30 September 2024


1. STATUTORY INFORMATION

Folsana Pressed Sections Ltd 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.

Turnover
Turnover is accounted for as revenue when, and to the extent that, the company obtains a right to consideration in exchange for its performance of its obligations under the sales contract with the customer. The amount reported as revenue is the fair value of the right to consideration - usually the price specified in the contractual arrangement net of discounts and net of VAT, and after any allowance for credit risk and other uncertainties.

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.

Computer software is being amortised evenly over its estimated useful life of 5 years at 20% on cost.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - 4% on cost
Plant and machinery - 15% on cost and 10% on cost
Fixtures and fittings - 33% on cost and 15% on reducing balance
Motor vehicles - 25% on cost

Tangible fixed assets are initially recorded at cost.

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.

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.

FOLSANA PRESSED SECTIONS LTD (REGISTERED NUMBER: 01689894)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


2. ACCOUNTING POLICIES - continued

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

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 profit or loss in the period to which they relate.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, 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 of its liabilities.

3. EMPLOYEES AND DIRECTORS
30.9.24 30.9.23
£    £   
Wages and salaries 3,695,321 3,634,563
Social security costs 368,910 365,982
Other pension costs 82,252 86,547
4,146,483 4,087,092

The average number of employees during the year was as follows:
30.9.24 30.9.23

Direct 101 98
Admin 3 3
Directors 2 2
106 103

30.9.24 30.9.23
£    £   
Directors' remuneration 195,458 199,917
Directors' pension contributions to money purchase schemes 12,000 12,000

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

Money purchase schemes 1 1

4. OPERATING PROFIT

The operating profit is stated after charging:

30.9.24 30.9.23
£    £   
Other operating leases 448,466 437,543
Depreciation - owned assets 414,222 438,823
Computer software amortisation 31,787 -
Auditors' remuneration 11,250 9,995

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
£    £   
Bank interest 3,489 5,554

FOLSANA PRESSED SECTIONS LTD (REGISTERED NUMBER: 01689894)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.24 30.9.23
£    £   
Current tax:
UK corporation tax 101,978 96,575

Deferred tax (4,191 ) (50,639 )
Tax on profit 97,787 45,936

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

30.9.24 30.9.23
£    £   
Profit before tax 194,009 170,196
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22%)

48,502

37,443

Effects of:
Expenses not deductible for tax purposes 2,955 1,757
Depreciation in excess of capital allowances 50,520 57,375
Deferred tax movement (4,190 ) (50,639 )
Total tax charge 97,787 45,936

7. DIVIDENDS
30.9.24 30.9.23
£    £   
Ordinary A shares of £1 each
Interim 180,000 150,000

8. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
Additions 158,935
At 30 September 2024 158,935
AMORTISATION
Amortisation for year 31,787
At 30 September 2024 31,787
NET BOOK VALUE
At 30 September 2024 127,148

FOLSANA PRESSED SECTIONS LTD (REGISTERED NUMBER: 01689894)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


9. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 52,614 5,643,191 146,056 510,192 6,352,053
Additions - 26,923 2,040 - 28,963
At 30 September 2024 52,614 5,670,114 148,096 510,192 6,381,016
DEPRECIATION
At 1 October 2023 37,159 4,743,287 123,229 385,786 5,289,461
Charge for year 1,398 322,967 5,521 84,336 414,222
At 30 September 2024 38,557 5,066,254 128,750 470,122 5,703,683
NET BOOK VALUE
At 30 September 2024 14,057 603,860 19,346 40,070 677,333
At 30 September 2023 15,455 899,904 22,827 124,406 1,062,592

10. STOCKS
30.9.24 30.9.23
£    £   
Raw materials 376,957 145,035
Work-in-progress 851,200 757,402
Finished goods 196,836 320,658
1,424,993 1,223,095

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 2,873,550 2,868,936
Other debtors - loan 4,812 4,440
Prepayments and accrued income 135,618 280,337
3,013,980 3,153,713

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade creditors 1,849,740 1,658,402
Tax 101,937 96,575
Social security and other taxes 71,559 82,017
Wages control account 8,795 12,575
VAT 277,287 193,061
Other creditors 38,514 44,150
Accruals and deferred income 255,081 171,188
2,602,913 2,257,968

FOLSANA PRESSED SECTIONS LTD (REGISTERED NUMBER: 01689894)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.9.24 30.9.23
£    £   
Within one year 210,000 210,000
Between one and five years 390,000 680,000
600,000 890,000

14. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax 136,229 140,419

Deferred
tax
£   
Balance at 1 October 2023 140,419
Provided during year (4,190 )
Balance at 30 September 2024 136,229

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
1,500 Ordinary A £1 1,500 1,500
2,000 Ordinary B £1 2,000 2,000
3,000 Ordinary C £1 3,000 3,000
1 Ordinary D £1 1 1
6,501 6,501

The Ordinary A shares have attached to them full voting and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

The Ordinary B, C & D shares do not confer any voting or capital distribution (including on winding up) rights.

As regards dividends, the holders of the Ordinary A, B, C & D shares shall be entitled to receive dividends except that the directors may at any time resolve to declare either dividend payments of different amounts payable on each class of shares or a dividend payable on one or the other class of shares to the exclusion of the other class.

16. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 October 2023 3,406,300 50 3,406,350
Profit for the year 96,222 96,222
Dividends (180,000 ) (180,000 )
At 30 September 2024 3,322,522 50 3,322,572

FOLSANA PRESSED SECTIONS LTD (REGISTERED NUMBER: 01689894)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


17. RELATED PARTY DISCLOSURES

During the year charges of £225,841 (2023: £219,702) were paid to SRH Properties Limited, in relation to the rent and premises insurance of property occupied by Folsana Pressed Sections Ltd. SRH Properties Limited is a company under the control of Mr S R Haslam, a director and shareholder of Folsana Pressed Sections Ltd.

At the balance sheet date an amount of £56,000 (2023: £0) was owed to SRH Properties Limited.

18. ULTIMATE CONTROLLING PARTY

There is no single controlling party.

The company is jointly controlled by Mr S R Haslam, Miss J Haslam and Miss E L Haslam, who each own 33.3% of the A shares, all of whom are directors of the company.