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Registered number: 15181445
THREESIXTY HOLDCO 10 LIMITED
Strategic Report, Directors' Report and
Financial Statements
For the Period 2 October 2023 to 31 August 2024
SFB Group Limited
Contents
Page
Strategic Report 1
Directors' Report 2
Independent Auditor's Report 3—4
Consolidated Profit and Loss Account 5
Consolidated Statement of Comprehensive Income 6
Consolidated Balance Sheet 7
Company Balance Sheet 8—9
Consolidated Statement of Changes in Equity 10
Consolidated Statement of Cash Flows 11
Notes to the Consolidated Statement of Cash Flows 12
Notes to the Financial Statements 13—22
Page 1
Strategic Report
The directors present their strategic report for the period ended 31 August 2024.
Principal Activity
The group's principal activity continues to be that of treatment & coating of metals.
Review of the Business
We aim to present a balanced and comprehensive review of the development and performance of our business during the financial period and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face.
We consider that our key financial performance indicators are those that communicate the financial performance of the group, specifically turnover, gross margin and net profit/loss.
Turnover from acquisition to 31 August 2024 is £3.29m. The group gross profit margin this year is 26%. After overheads the company is left with an operating loss this year of £0.56m. Loss for the financial period after taxation was £0.50m.
Principal Risks and Uncertainties
As for many businesses of our size, the environment in which we operate continues to be competitive and challenging and we are often subject to market forces outside of our control.
With these risks and uncertainties currently in mind, we acknowledge that any plans for future development may be affected by circumstances which are both unforeseen and beyond our control.
On behalf of the board
Mr Simon Ling
Director
27/05/2025
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the period ended 31 August 2024.
Dividends
The total distribution of dividends for the period ended 31 August 2024 were £Nil.
Directors
The directors who held office during the period were as follows:
Mr Simon Ling Appointed 02/10/2023
Mr John Whitfield Appointed 09/04/2024
Mr Peter Raybould Appointed 09/04/2024
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
Independent Auditors
The auditors, SFB Group Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Simon Ling
Director
27/05/2025
Page 2
Page 3
Independent Auditor's Report
Opinion
We have audited the financial statements of THREESIXTY HOLDCO 10 LIMITED (the "parent company") and its subsidiaries (the "group") for the period ended 31 August 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the group's and of the parent company's affairs as at 31 August 2024 and of the group's profit/(loss) for the period 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group and parent company's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report 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 group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
  • the parent company financial statements are not in agreement with the accounting records or 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.
Page 3
Page 4
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report 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: 
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws;
- Enquiry of management around actual and potential litigation and claims;
- Enquiry of management to identify any instances of non-compliance with laws and regulations;
- We reviewed correspondence with legal and regulatory bodies where applicable;
- We agreed the financial statements disclosures to underlying supporting documentation
-We reviewed the detail of certain nominal accounts for indications of management override;
-We gained an understanding of the design and implementation of the processes and controls in place within the group which are designed to prevent, detect or correct fraud or error within the financial statements
- We challenged the accounting treatment applied  in respect of revenue recognised during the year, in particular in relation to manual adjustments made to revenue, cut off between accounting periods;
- We identified and tested journal entries which we considered to be unusual and me be indicative of bias on the part of management or those charged with governance, investigating the rationale behind significant or unusual transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 that we are required to state to them in an auditor's report 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.
Paul Carvell BFP FCA (Senior Statutory Auditor)
for and on behalf of SFB Group Limited , Statutory Auditor
27/05/2025
SFB Group Limited
Manor Court Chambers
Townsend Drive
Nuneaton
Warwickshire
CV11 6RU
Page 4
Page 5
Consolidated Profit and Loss Account
31 August 2024
Notes £
TURNOVER 3 3,289,076
Cost of sales (2,444,213 )
GROSS PROFIT 844,863
Administrative expenses (1,458,631 )
Other operating income 49,382
OPERATING LOSS 5 (564,386 )
Other interest receivable and similar income 9 872
Interest payable and similar charges 10 (234,221 )
LOSS BEFORE TAXATION (797,735 )
Tax on Loss 11 294,321
LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL PERIOD ATTRIBUTABLE TO THE OWNERS OF THE PARENT (503,414 )
The notes on pages 12 to 22 form part of these financial statements.
Page 5
Page 6
Consolidated Statement of Comprehensive Income
31 August 2024
£
LOSS FOR THE FINANCIAL PERIOD (503,414 )
OTHER COMPREHENSIVE INCOME:
Gain/(loss) on loans at present value 95,235
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO THE OWNERS OF THE PARENT (408,179 )
Page 6
Page 7
Consolidated Balance Sheet
Registered number: 15181445
31 August 2024
Notes £ £
FIXED ASSETS
Intangible Assets 12 5,763,115
Tangible Assets 13 1,097,605
6,860,720
CURRENT ASSETS
Stocks 15 210,430
Debtors 16 2,088,330
Cash at bank and in hand 784,104
3,082,864
Creditors: Amounts Falling Due Within One Year 17 (3,612,483 )
NET CURRENT ASSETS (LIABILITIES) (529,619 )
TOTAL ASSETS LESS CURRENT LIABILITIES 6,331,101
Creditors: Amounts Falling Due After More Than One Year 18 (6,739,193 )
NET LIABILITIES (408,092 )
CAPITAL AND RESERVES
Called up share capital 20 87
Other reserves 95,235
Profit and Loss Account (503,414 )
SHAREHOLDERS' FUNDS (408,092)
On behalf of the board
Mr Simon Ling
Director
27/05/2025
The notes on pages 12 to 22 form part of these financial statements.
Page 7
Page 8
Company Balance Sheet
Registered number: 15181445
31 August 2024
Notes £ £
FIXED ASSETS
Investments 14 1
1
CURRENT ASSETS
Debtors 16 193,500
Cash at bank and in hand 326,584
520,084
NET CURRENT ASSETS (LIABILITIES) 520,084
TOTAL ASSETS LESS CURRENT LIABILITIES 520,085
Creditors: Amounts Falling Due After More Than One Year 18 (520,000 )
NET ASSETS 85
CAPITAL AND RESERVES
Called up share capital 20 87
Profit and Loss Account (2 )
SHAREHOLDERS' FUNDS 85
Page 8
Page 9
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's loss for the period was £(2 ) .
For the period ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Simon Ling
Director
27/05/2025
The notes on pages 12 to 22 form part of these financial statements.
Page 9
Page 10
Consolidated Statement of Changes in Equity
Share Capital Other reserves Profit and Loss Account Total
£ £ £ £
As at 2 October 2023 1 - - 1
Loss for period - - (503,414) (503,414 )
Other comprehensive income (expense) type A - 95,235 - 95,235
Other comprehensive income for the period - 95,235 - 95,235
Total comprehensive income for the period - 95,235 (503,414 ) (408,179)
Dividends paid - - - -
Arising on shares issued during the period 86 - - 86
As at 31 August 2024 87 95,235 (503,414 ) (408,092)
Page 10
Page 11
Consolidated Statement of Cash Flows
31 August 2024
Notes £
Cash flows from operating activities
Net cash generated from operations 1 1,536,400
Interest paid (52,561 )
Net cash generated from operating activities 1,483,839
Cash flows from investing activities
Purchase of tangible assets (20,287 )
Purchase of investment in subsidiary undertaking (5,719,157 )
Interest received 872
Net cash used in investing activities (5,738,572 )
Cash flows from financing activities
Proceeds from issue of share capital 87
Proceeds from new bank borrowings 4,518,750
Proceeds from new other loans 520,000
Net cash generated from financing activities 5,038,837
Increase in cash and cash equivalents 784,104
Cash and cash equivalents at beginning of period 2 -
Cash and cash equivalents at end of period 2 784,104
Page 11
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of loss for the financial period to cash generated from operations
31 August 2024
£
Loss for the financial period (503,414 )
Adjustments for:
Tax on loss (294,321 )
Interest expense 234,221
Interest income (872 )
Amortisation of intangible assets 198,728
Depreciation of tangible assets 136,570
Grant income (5,614)
Movements in working capital:
Increase in stocks (70,430 )
Decrease in trade and other debtors 172,360
Increase in trade and other creditors 1,712,940
Present value adjustment - Other income (43,768)
Net cash generated from operations 1,536,400
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
31 August 2024
£
Cash at bank and in hand 784,104
3. Analysis of changes in net debt
As at 2 October 2023 Cash flows Acquisition and disposal of subsidiaries As at 31 August 2024
£ £ £ £
Cash at bank and in hand - (441,473) 1,225,577 784,104
Debts falling due within one year - (788,268) - (788,268 )
Debts falling due after more than one year - (4,111,479) - (4,111,479)
- (5,341,220) 1,225,577 (4,115,643)
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Notes to the Financial Statements
1. General Information
THREESIXTY HOLDCO 10 LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 15181445 . The registered office is 32 Bayton Road, Exhall, Coventry, West Midlands, CV7 9EJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 August 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. 
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. 
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
2.4. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.
2.5. Significant judgements and estimations
The group makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the group accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors,including expectations of future events that are believed to be reasonable under the circumstances.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Depreciation and residual values
The director has reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic lives and residual values of fixture & fittings and plant & machinery, and have concluded that asset lives and residual values are appropriate.
The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and project disposal values.
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2.6. Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
The group recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the group retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when specific criteria relating to each of the group sales channels have been met.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the group will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
2.7. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.
Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.
Goodwill is amortised over its expected useful life which is estimated to be 10 years.
Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.
2.8. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 2% on reducing balance
Plant & Machinery 15%, 33% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 25% on reducing balance
The assets residual values, useful life and depreciation methods are reviewed and adjusted prospectively if appropriate, if there is an indication of a significant change since the last reporting date.
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.  Cost includes the original purchase cost, costs directly attributable to making the asset capable of operating as intended, dismantlation and restoration costs and borrowing costs.
2.9. Investments
Investments in subsidiary undertakings are recognised at cost.
2.10. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.11. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
2.12. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.13. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.14. Pensions
The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.15. Government Grant
Deferred grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the asset to which they relate.
3. Turnover
Analysis of turnover by class of business is as follows:
31 August 2024
£
Coating 3,169,648
Energy and rates 5,764
Shotblast 113,664
3,289,076
4. Other Operating Income
31 August 2024
£
Grant income 5,614
Other operating income 43,768
49,382
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5. Operating Loss
The operating loss is stated after charging:
31 August 2024
£
Bad debts 24,502
Operating lease rentals 135,313
Depreciation of tangible fixed assets 136,570
Amortisation of intangible fixed assets 198,728
31 August 2024
Further disclosures 
£
Light and heat
617,191
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the period was as follows:
31 August 2024
£
Audit Services
Audit of the company's financial statements 4,000
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
31 August 2024
£
Wages and salaries 1,511,747
Social security costs 130,254
Other pension costs 22,880
1,664,881
8. Average Number of Employees
Group
Average number of employees, including directors, during the period was as follows:
31 August 2024
Office and administration 5
Manufacturing 115
120
Company
Average number of employees, including directors, during the period was: NIL
-
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9. Interest Receivable and Similar Income
31 August 2024
£
Bank interest receivable 872
10. Interest Payable and Similar Charges
31 August 2024
£
Bank loans and overdrafts 234,221
11. Tax on Profit
The tax credit on the loss for the period was as follows:
Tax Rate 31 August 2024
31 August 2024 £
Current tax
UK Corporation Tax 25.0% -
Deferred Tax
Deferred taxation (294,321 )
Total tax charge for the period (294,321 )
The actual credit for the period can be reconciled to the expected credit for the period based on the loss and the standard rate of corporation tax as follows:
31 August 2024
£
Profit before tax (797,735)
Tax on profit at 25% (UK standard rate) (199,434 )
Goodwill/depreciation not allowed for tax 83,823
Expenses not deductible for tax purposes 624
Capital allowances (2,219 )
Short term timing differences 213,954
Tax losses unutilised carried forward (239,472 )
Tax incentives (151,597 )
Total tax charge for the period (294,321)
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12. Intangible Assets
Group
Goodwill
£
Cost
As at 2 October 2023 -
Additions 5,961,843
As at 31 August 2024 5,961,843
Amortisation
As at 2 October 2023 -
Provided during the period 198,728
As at 31 August 2024 198,728
Net Book Value
As at 31 August 2024 5,763,115
As at 2 October 2023 -
Company
The company had no intangible fixed assets as at 31 August 2024.
13. Tangible Assets
Group
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 2 October 2023 - - - - -
Additions 31,335 1,111,591 89,623 1,626 1,234,175
As at 31 August 2024 31,335 1,111,591 89,623 1,626 1,234,175
Depreciation
As at 2 October 2023 - - - - -
Provided during the period 627 122,092 13,444 407 136,570
As at 31 August 2024 627 122,092 13,444 407 136,570
Net Book Value
As at 31 August 2024 30,708 989,499 76,179 1,219 1,097,605
As at 2 October 2023 - - - - -
Company
The company had no tangible fixed assets as at 31 August 2024.
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14. Investments
Company
Subsidiaries
£
Cost
As at 2 October 2023 -
Additions 1
As at 31 August 2024 1
Provision
As at 2 October 2023 -
As at 31 August 2024 -
Net Book Value
As at 31 August 2024 1
As at 2 October 2023 -
Subsidiary undertakings
The following were subsidiary undertakings of the company:
Name
Holding
Threesixty Investco 10 Limited
100%
FP Advanced Group Holdings Limited
100%
FP Advanced Holdings Limited
100%
FP Advanced Coatings Limited
100%
Foleshill Plating Co. Limited
100%
The registered office of the above subsidiaries is the same as that of Threesixty Holdco 10 Limited as shown on the company information page.
All of the above subsidiaries have been consolidated in Threesixty Holdco 10 Limited Group accounts.
15. Stocks
31 August 2024
£
Stock 210,430
16. Debtors
Group Company
31 August 2024 31 August 2024
£ £
Due within one year
Trade debtors 2,045,410 -
Prepayments and accrued income 21,376 -
Other debtors 21,544 -
Amounts owed by group undertakings - 193,500
2,088,330 193,500
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17. Creditors: Amounts Falling Due Within One Year
Group
31 August 2024
£
Trade creditors 738,942
Bank loans and overdrafts 788,268
Other creditors 1,368,151
Taxation and social security 317,058
Accruals and deferred income 400,064
3,612,483
18. Creditors: Amounts Falling Due After More Than One Year
Group Company
31 August 2024 31 August 2024
£ £
Trade creditors 265,773 -
Bank loans 3,730,482 -
Other loans 380,997 520,000
Deferred consideration 2,200,000 -
Government grants after one year 161,941 -
6,739,193 520,000
Of the creditors falling due after more than one year the following amounts are due after more than five years.
Group Company
31 August 2024 31 August 2024
£ £
Other loans 380,997 520,000
19. Loans
An analysis of the maturity of loans is given below:
Group
31 August 2024
£
Amounts falling due within one year or on demand:
Bank loans 788,268
Group
31 August 2024
£
Amounts falling due between one and five years:
Bank loans 3,730,482
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Group Company
31 August 2024 31 August 2024
£ £
Amounts falling due after more than five years:
Other loans 380,997 520,000
The group has provided a joint guarantee to secure loan facilities to group undertakings, which creates a fixed and floating charge over the assets of the group. The amounts outstanding under these facilities as at 31 August 2024 were £4,518,750, with repayment terms of 52 months and an interest rate of 2% above the base rate.
Other loans of £520,000 is interest free and repayable after 5 years and within group this balance has been recognised as present value. 
20. Share Capital
31 August 2024
Allotted, called up and fully paid £
8,700 Ordinary Shares of £ 0.01 each 87
Shares issued during the period: £
8,600 Ordinary Shares of £ 0.01 each 86
21. Business Combinations
FP Advanced Group Holdings Limited
On 2 May 2024 the group acquired 96% of the issued share capital of FP Advanced Group Holdings Limited and its subsidiaries. The expected useful life of goodwill stemming from this acquisition is 10 years. The company and its subsidiaries contributed revenues of £3,289,076 and net loss of £568,579 during the period.
Net assets acquired
Book Values Adjustments Fair Value
£ £ £
Tangible Assets 1,234,174 - 1,234,174
Stocks 140,000 - 140,000
Debtors 4,301,926 - 4,301,926
Cash at bank and in hand 1,225,577 - 1,225,577
Creditors: Amounts falling due within one year (1,600,745) - (1,600,745 )
Creditors: Amounts falling due after more than one year (166,712) - (166,712 )
Deferred taxation (294,320) - (294,320 )
Total identifiable net assets 4,839,900 - 4,839,900
Goodwill 5,961,843
Total Consideration 10,801,743
The consideration was satisfied by:
Cash consideration paid 10,328,338
Costs directly attributable to the business combination 473,405
Total Consideration 10,801,743
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22. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
31 August 2024
£
Not later than one year 252,000
Later than one year and not later than five years 1,260,000
Later than five years 1,365,000
2,877,000
23. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the period the charge to profit or loss in respect of defined contribution schemes was £22,879
At the balance sheet date contributions of £2,967 were due to the fund and are included in creditors.
24. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
During the year the company traded with a business related by common director. The company made sales of £289,130. At the year end an amount of £60,475 was due by the company.
During the year the company traded with a business related by common director. The company made sales of £502. At the year end an amount of £602 was due by the company.
During the year the company traded with a business related by common director. The company made sales of £349. At the year end an amount of £419 was due by the company.
During the year the group received a loan from businesses related by common director. Included in other loans is a unsecured loan of £380,997. The loan is interest free and is due for repayment on August 2030. All transactions were carried out on terms agreed between the parties. The related party relationships and the amounts outstanding at the balance sheet date are disclosed to provide users of the accounts with a full understanding of the company’s financial position.
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