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Company No: 04934945 (England and Wales)

FLOOD CONTROL INTERNATIONAL LTD

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

FLOOD CONTROL INTERNATIONAL LTD

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

FLOOD CONTROL INTERNATIONAL LTD

COMPANY INFORMATION

For the financial year ended 31 October 2024
FLOOD CONTROL INTERNATIONAL LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 October 2024
DIRECTORS J E Allsop
T L Collingwood
M Hibbert
R Moulds
A C Yates
REGISTERED OFFICE Unit 1 Kilworthy Park
Tavistock
PL19 0FZ
United Kingdom
COMPANY NUMBER 04934945 (England and Wales)
ACCOUNTANT Old Mill Accountancy Limited
Leeward House
Fitzroy Road
Exeter Business Park
Exeter
Devon
EX1 3LJ
FLOOD CONTROL INTERNATIONAL LTD

BALANCE SHEET

As at 31 October 2024
FLOOD CONTROL INTERNATIONAL LTD

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Intangible assets 4 59,499 49,207
Tangible assets 5 60,131 67,666
119,630 116,873
Current assets
Stocks 6 550,281 276,112
Debtors 7 1,196,719 1,204,191
Cash at bank and in hand 1,898,270 1,316,361
3,645,270 2,796,664
Creditors: amounts falling due within one year 8 ( 3,016,058) ( 1,923,443)
Net current assets 629,212 873,221
Total assets less current liabilities 748,842 990,094
Net assets 748,842 990,094
Capital and reserves
Called-up share capital 100 100
Profit and loss account 748,742 989,994
Total shareholder's funds 748,842 990,094

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Flood Control International Ltd (registered number: 04934945) were approved and authorised for issue by the Board of Directors on 02 May 2025. They were signed on its behalf by:

T L Collingwood
Director
FLOOD CONTROL INTERNATIONAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
FLOOD CONTROL INTERNATIONAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Flood Control International Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 1 Kilworthy Park, Tavistock, PL19 0FZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 4 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Prior year adjustment

A prior period adjustment has been made to the financial statements to disclose work in progress of £169,000 as stocks, rather than as debtors, as the contracts are ongoing, not yet completed and there is no contractual entitlement to the balance as such. The directors believe this is a more appropriate disclosure and gives the users of the financial statements a truer and fairer view.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 27 25

4. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 November 2023 49,207 49,207
Additions 10,542 10,542
Disposals ( 250) ( 250)
At 31 October 2024 59,499 59,499
Accumulated amortisation
At 01 November 2023 0 0
At 31 October 2024 0 0
Net book value
At 31 October 2024 59,499 59,499
At 31 October 2023 49,207 49,207

5. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 November 2023 1,569 52,830 39,754 101,075 195,228
Additions 9,348 0 1,266 8,751 19,365
At 31 October 2024 10,917 52,830 41,020 109,826 214,593
Accumulated depreciation
At 01 November 2023 1,252 7,406 33,537 85,367 127,562
Charge for the financial year 1,390 14,238 3,012 8,260 26,900
At 31 October 2024 2,642 21,644 36,549 93,627 154,462
Net book value
At 31 October 2024 8,275 31,186 4,471 16,199 60,131
At 31 October 2023 317 45,424 6,217 15,708 67,666

6. Stocks

2024 2023
£ £
Work in progress 421,000 169,000
Finished goods 129,281 107,112
550,281 276,112

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

7. Debtors

2024 2023
£ £
Trade debtors 202,268 345,223
Amounts owed by Group undertakings 482,447 441,133
Other debtors 512,004 417,835
1,196,719 1,204,191

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 538,361 185,628
Amounts owed to Parent undertakings 1,422,768 532,622
Other taxation and social security 31,588 29,328
Other creditors 1,023,341 1,175,865
3,016,058 1,923,443

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 153,227 207,335