REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 September 2024 |
for |
FOLSANA PRESSED SECTIONS LTD |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Century Buildings |
14 St Mary's Parsonage |
Manchester |
M3 2DF |
BANKERS: |
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: |
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 £ |
The total distribution of dividends for the year ended 30 September 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
Statutory Auditor |
Century Buildings |
14 St Mary's Parsonage |
Manchester |
M3 2DF |
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 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
197,498 | 175,750 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
Dividends | 7 | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
FOLSANA PRESSED SECTIONS LTD (REGISTERED NUMBER: 01689894) |
Balance Sheet |
30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Capital redemption reserve | 16 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Taxation refund | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | - | 10,000 |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Finance costs | 3,489 | 5,554 |
Finance income | (6,094 | ) | (2,408 | ) |
637,413 | 612,166 |
Increase in stocks | ( |
) | ( |
) |
Decrease in trade and other debtors |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
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 | 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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
Social security costs |
Other pension costs |
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 |
30.9.24 | 30.9.23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.9.24 | 30.9.23 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Computer software amortisation |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.9.24 | 30.9.23 |
£ | £ |
Bank interest |
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 |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
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 |
8. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
Additions |
At 30 September 2024 |
AMORTISATION |
Amortisation for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
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 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
10. | STOCKS |
30.9.24 | 30.9.23 |
£ | £ |
Raw materials |
Work-in-progress |
Finished goods |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Trade debtors |
Other debtors - loan |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Wages control account | 8,795 | 12,575 |
VAT | 277,287 | 193,061 |
Other creditors |
Accruals and deferred income |
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 |
Between one and five years |
14. | PROVISIONS FOR LIABILITIES |
30.9.24 | 30.9.23 |
£ | £ |
Deferred tax | 136,229 | 140,419 |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Provided during year | ( |
) |
Balance at 30 September 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
value: | £ | £ |
Ordinary A | £1 | 1,500 | 1,500 |
Ordinary B | £1 | 2,000 | 2,000 |
Ordinary C | £1 | 3,000 | 3,000 |
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 | 3,406,350 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 September 2024 | 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. |