Company registration number 03102815 (England and Wales)
FIELD INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
FIELD INTERNATIONAL LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Income statement
10
Statement of financial position
12
Statement of changes in equity
13
Notes to the financial statements
14 - 30
FIELD INTERNATIONAL LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr D W Booker
Mrs M R Booker
Mr A K Oliver
Mr C P Allen
Mr D R Daley
Secretary
Mrs M R Booker
Company number
03102815
Registered office
18-20 Nuffield Road
Nuffield Industrial Estate
Poole
Dorset
BH17 0RB
Auditor
Azets Audit Services
37 Commercial Road
Poole
Dorset
BH14 0HU
FIELD INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present the strategic report for the year ended 31 December 2024.

Fair review of the business

2024 was a very pleasing year for Field International Limited (FIL). Revenues far exceeded expectations, concluding at near £7.5m, but perhaps most importantly this was achieved without sacrificing gross margin performance, and while continuing to significantly change and improve the business both operationally and culturally.

The aim for 2024 was to build on the foundations laid during the turnaround of 2023. Several major new customers were introduced during the year, with excellent initial interactions, which have led to both short term orders and discussions on future strategic support, this allowing the business to work toward our strategic aim of no customer being > 30% of annual turnover. While still some way off this target, the new added customers will significantly increase the pace at which we achieve it.

A further key objective for the business is to achieve robust sustainability around core business processes, simplifying and standardizing where at all possible. Improvements toward this objective certainly started to gain traction in 2024, with some simple and effective gains being made operationally and in terms of profitability.

A healthy gross profit position of 36% was achieved Vs 2023 position of 35%, with a 6% operating profit, which again matches the best performance of the business in the last 12 years.

Our China investment also returned excellent dividends throughout the year, totaling a little over £2m, meaning the retained profit for 2024 is around £2.28m, again returning the balance sheet to strong position.

As we progress into 2025 the order book for FIL is healthy, with an excellent outlook and exciting new opportunities with both existing and new companies.

There are two key focuses for 2025 to ensure we can sustainably support the growth we are seeing:

  1. Obtaining skilled labour, while continuing to develop skills through apprenticeships and graduate placements.

  2. Make preparation to re-commence the construction and fit out our purpose built facility, thus giving the additional floorspace to support the growing customer demands.

FIELD INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Principal risks and uncertainties

Currency risk

As with any globally trading company, Field International Limited experiences significant risk of fluctuating currency exchange rates. With the help of its bankers, the company seeks to minimise these risks as much as possible.

Fluctuations have been relatively small during the period under review.

The directors do not currently have plans to hedge against this risk as we anticipate that the most likely outcome is that currency rates will move in our favour.

Credit risk

Although the company has historically experienced very little bad debt, as the company embarks on a strategy of expanding its client base, the risk of losses attributable to bad debt in the future will rise. The company manages this risk by carefully reviewing credit account applications, regularly reviewing credit limits and actively managing late payments.

This risk may become greater in the future as we introduce new customers to the business.

Liquidity and cash flow risk

Past investment and long term projects have placed significant pressure on the company’s working capital. Careful management and support from various stakeholders have ensured the company has had the cash resources to achieve its objectives. Regular review of cash flow projections enable the directors to assess and predict any deficiencies, and discuss with stakeholders accordingly.

These stakeholders include (in no particular order) the parent company, Field International Group Limited, the company’s bankers, HSBC Bank plc, and the ultimate beneficial owners of Field International Group Limited.

Key performance indicators

Gross margin

During the year the company made a gross margin of 36%. This was higher than anticipated at the start of the year, and an increase on the 2023 figure of 35%.

Earnings before taxation

During the year the company had earnings before taxation of £2,373,552. This was higher than anticipated at the start of the year, and a significant increase on the 2023 earnings before taxation of £93,637.

Future Developments

2025 has continued from the strong platform of 2024, with continued good performance around profitability, balance sheet and cash flow improvements and both the winning of new work, as well as many more new opportunities with both current and new potential customers.

There remain many opportunities for internal improvement within the business, around process efficiency gains, people development and investment / improvement in technology. These will be essential levers as external costs continue to rise, and they can / will be used to ensure margins remain stable over the coming years.

This report was approved by the board and signed on its behalf by:
Mr D R Daley
Director
17 June 2025
FIELD INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of precision engineers.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D W Booker
Mrs M R Booker
Mr A K Oliver
Mr C P Allen
Mr D R Daley
Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

Directors’ confirmations

In the case of each director in office at the date the directors’ report is approved:

On behalf of the board
Mr D R Daley
Director
17 June 2025
FIELD INTERNATIONAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law).

Under company law, 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 the financial statements, the directors are required to:

 

The directors are responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are also 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.

FIELD INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FIELD INTERNATIONAL LIMITED
- 6 -
Opinion

We have audited the financial statements of Field International Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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:

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 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 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. 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 course of 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 our audit:

FIELD INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FIELD INTERNATIONAL LIMITED
- 7 -
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 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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.

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

FIELD INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FIELD INTERNATIONAL LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 

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;

 

To address the risk of fraud through management bias and override of controls, we:

 

FIELD INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FIELD INTERNATIONAL LIMITED
- 9 -

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 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.

Mr Paul Francis
Senior Statutory Auditor
For and on behalf of Azets Audit Services
Statutory Auditor
37 Commercial Road
Poole
Dorset
BH14 0HU
17 June 2025
FIELD INTERNATIONAL LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
7,477,996
6,686,676
Cost of sales
(4,803,897)
(4,378,422)
Gross profit
2,674,099
2,308,254
Administrative expenses
(2,244,419)
(2,154,790)
Other operating income
8,042
9,815
Operating profit
4
437,722
163,279
Interest receivable and similar income
8
2,037,682
-
0
Interest payable and similar expenses
9
(101,327)
(69,642)
Amounts written off investments
10
(525)
-
Profit before taxation
2,373,552
93,637
Tax on profit
11
(88,787)
(889)
Profit for the financial year
2,284,765
92,748

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 14 to 30 form part of these financial statements.

FIELD INTERNATIONAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
£
£
Profit for the year
2,284,765
92,748
Other comprehensive income net of taxation
Revaluation of tangible fixed assets
440,000
-
0
Tax relating to other comprehensive income
(110,000)
-
0
Other comprehensive income for the year
330,000
-
0
Total comprehensive income for the year
2,614,765
92,748
FIELD INTERNATIONAL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,369,250
1,944,459
Investments
13
1
90
2,369,251
1,944,549
Current assets
Stocks
16
1,252,684
1,316,662
Debtors
17
2,894,028
2,555,938
Investments
-
0
529
Cash at bank and in hand
624,936
77,036
4,771,648
3,950,165
Creditors: amounts falling due within one year
18
(3,824,272)
(5,070,036)
Net current assets/(liabilities)
947,376
(1,119,871)
Total assets less current liabilities
3,316,627
824,678
Creditors: amounts falling due after more than one year
19
(931,055)
(1,053,871)
Net assets/(liabilities)
2,385,572
(229,193)
Capital and reserves
Called up share capital
24
3
3
Revaluation reserve
625,940
295,940
Profit and loss reserves
1,759,629
(525,136)
Total equity
2,385,572
(229,193)
The financial statements were approved by the board of directors and authorised for issue on 17 June 2025 and are signed on its behalf by:
Mr D R Daley
Director
Company Registration No. 03102815
FIELD INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
3
295,940
(617,884)
(321,941)
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
92,748
92,748
Balance at 31 December 2023
3
295,940
(525,136)
(229,193)
Year ended 31 December 2024:
Profit for the year
-
-
2,284,765
2,284,765
Other comprehensive income net of taxation:
Revaluation of tangible fixed assets
-
440,000
-
440,000
Tax relating to other comprehensive income
-
(110,000)
-
0
(110,000)
Total comprehensive income for the year
-
330,000
2,284,765
2,614,765
Balance at 31 December 2024
3
625,940
1,759,629
2,385,572
FIELD INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

Field International Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18-20 Nuffield Road, Nuffield Industrial Estate, Poole, Dorset, BH17 0RB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Field International Group Limited. These consolidated financial statements are available from Companies House and the registered office 18-20 Nuffield Road, Nuffield Industrial Estate, Poole, Dorset, England, BH17 0RB.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The Company had net current assets at the year end of £947,376 (2023: liabilities £1,119,871) and net assets of £2,385,572 (2023: net liabilities £229,193). The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern, including their assessment of future trading and funding.

 

As at 31 December 2024, the Company had cash of £624,936 (2023: £77,036) and bank loans of £692,086 (2023: £709,125). Whilst the Company has not breached the financial covenants in relation to the above loans during the accounting period, the Company's bankers have confirmed that they retain the right to recall the loans on demand due to breaches in previous years, however the directors, based upon their conversations with their bankers, have a high degree of confidence that the loans will not be recalled.

 

After making enquiries and considering the uncertainty described above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

FIELD INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Leasehold improvements
2% straight line
Plant and machinery
25% reducing balance basis, 25% straight line and 10% straight line
Fixtures and fittings
25% reducing balance basis
Computer equipment
25% reducing balance basis and 33% straight line
Motor vehicles
25% reducing balance basis, 2 years straight line and 3.5 years straight line

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.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

FIELD INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.8
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 current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

FIELD INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

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.

FIELD INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FIELD INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

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

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

FIELD INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Hedging of exposure to Foreign Currency Volatility

The company operates in a number of different countries around the world and a number of its trade debtors are therefore denominated in a foreign currency. Management must assess, on a continual basis, its exposure to any foreign currency volatility.

 

Judgement is made as to the level, if any, of hedging instruments needed to reduce this exposure to an acceptable level and project the business assets. Management use third party market information, the bank and their own experience to implement standard market hedging instruments in the form of forward contracts.

Recoverability of trade debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of debtors, the ageing profile of debtors and historical experience.

Stock provision

Certain factors could affect the realisable value of the Company's stocks including customer demand and market conditions. The Company considers usage, anticipated sales price, effect of new product introductions, product obsolescence and other factors when evaluating the value.The company provides a provision for obsolescence of 10% for stock held for more than 1 year to 4 years, 25% for 5 to 6 years, 50% for 6 to 7 years, 75% for 8 to 9 years and 100% for 10 years plus. At the year end there was a stock provision of £283,653 (2023: £117,215).

3
Turnover

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sale of goods
7,477,996
6,686,676
FIELD INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover
(Continued)
- 21 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
6,176,084
4,888,753
Rest of European Union
1,113,119
668,320
Rest of World
188,793
1,129,603
7,477,996
6,686,676
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(18,157)
45,920
Depreciation of owned tangible fixed assets
151,747
114,381
Loss/(profit) on disposal of tangible fixed assets
3,023
(68,544)
Cost of stocks recognised as an expense
3,003,288
2,378,856
Operating lease charges
93,898
68,036
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
19,250
18,000
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Administration and support
21
22
Production
19
26
Total
40
48
FIELD INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,630,595
1,719,737
Social security costs
172,566
201,304
Pension costs
51,385
44,251
1,854,546
1,965,292
7
Directors' remuneration

In the current year, directors have been remunerated both by the Company and other group companies. Total director's remuneration paid by Field International Limited, was £121,066 (2023: £115,345) and pension contributions totalled £20,461 (2023: £16,552).Total director's remuneration paid by Field International Group Limited, the parent company, was £296,401 (2023: £276,608) and pension contributions totalled £10,181 (2023: £5,145).

 

The highest paid director has remuneration of £121,066 (2023: £115,345) and pension contributions totalled £20,461 (2023: £16,552).

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
8,588
-
0
Income from fixed asset investments
Income from shares in group undertakings
2,029,094
-
0
Total income
2,037,682
-
0
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
302
418
Other interest on financial liabilities
64,729
45,798
Interest on finance leases and hire purchase contracts
36,296
23,426
101,327
69,642
10
Amounts written off investments
2024
2023
£
£
Other gains and losses
(525)
-
FIELD INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
11
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
88,787
889

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,373,552
93,637
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
593,388
22,005
Tax effect of expenses that are not deductible in determining taxable profit
995
2,195
Permanent capital allowances in excess of depreciation
1,678
(23,311)
Dividend income
(507,274)
-
0
Taxation charge for the year
88,787
889

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
110,000
-
FIELD INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
12
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
1,260,000
106,690
1,498,519
92,115
190,324
71,822
3,219,470
Additions
-
0
57,885
67,275
9,116
5,285
-
0
139,561
Disposals
-
0
(2,891)
(124,029)
(45,074)
(156,240)
(19,225)
(347,459)
Revaluation
440,000
-
0
-
0
-
0
-
0
-
0
440,000
Transfers
-
0
-
0
185
(185)
-
0
-
0
-
0
At 31 December 2024
1,700,000
161,684
1,441,950
55,972
39,369
52,597
3,451,572
Depreciation and impairment
At 1 January 2024
-
0
38,595
894,800
91,051
184,229
66,336
1,275,011
Depreciation charged in the year
-
0
16,531
130,558
463
2,823
1,372
151,747
Eliminated in respect of disposals
-
0
(2,136)
(122,609)
(45,074)
(155,405)
(19,212)
(344,436)
At 31 December 2024
-
0
52,990
902,749
46,440
31,647
48,496
1,082,322
Carrying amount
At 31 December 2024
1,700,000
108,694
539,201
9,532
7,722
4,101
2,369,250
At 31 December 2023
1,260,000
68,095
603,719
1,064
6,095
5,486
1,944,459
FIELD INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and machinery
362,109
447,914

Land and buildings with a carrying amount of £1,700,000 were revalued at 15th October 2024 by Vail Williams Chartered Surveyors, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

Historical Cost Analysis
2024
2023
£
£
Cost
950,000
950,000
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
1
1
Listed investments
-
0
89
1
90
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2024
1
89
90
Disposals
-
(89)
(89)
At 31 December 2024
1
-
1
Carrying amount
At 31 December 2024
1
-
1
At 31 December 2023
1
89
90
FIELD INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Field Aeronautica SL
Spain
Ordinary
100.00
-
Field International (Shanghai) Company Ltd
China
Ordinary
0
100.00
Field International Services Limited
Hong Kong
Ordinary
100.00
-
15
Financial instruments
2024
2023
£
£
Carrying amount of financial assets measured at amortised cost
Trade debtors
1,505,364
845,849
Amounts owed by group companies
919,475
1,051,081
Other debtors
280,032
277,407
2,704,871
2,174,337
Instruments measured at fair value through profit or loss
-
529
Carrying amount of financial liabilities at amortised cost
Bank loans, overdrafts and finance leases
1,052,097
1,172,699
Trade creditors
350,450
431,223
Amounts owed to group companies
1,852,981
3,749,375
Other creditors
1,010,854
307,882
Accruals
339,311
296,019
4,605,693
5,957,198
16
Stocks
2024
2023
£
£
Raw materials and consumables
971,682
1,050,452
Work in progress
281,002
266,210
1,252,684
1,316,662
FIELD INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,505,364
845,849
Corporation tax recoverable
33,029
33,922
Amounts owed by group undertakings
919,475
1,051,081
Other debtors
280,032
277,407
Prepayments and accrued income
33,178
25,942
2,771,078
2,234,201
Deferred tax asset (note 22)
122,950
321,737
2,894,028
2,555,938
18
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
20
16,358
17,038
Obligations under finance leases
21
104,684
101,790
Trade creditors
350,450
431,223
Amounts due to group undertakings
1,852,981
3,749,375
Other taxation and social security
149,634
166,709
Other creditors
1,010,854
307,882
Accruals and deferred income
339,311
296,019
3,824,272
5,070,036

The company continues to receive support from the ultimate parent company and fellow subsidiary companies.

19
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
20
675,728
692,087
Obligations under finance leases
21
255,327
361,784
931,055
1,053,871
Amounts included above which fall due after five years are as follows:
Payable by instalments
595,897
468,031
FIELD INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
20
Loans and overdrafts
2024
2023
£
£
Bank loans
692,086
709,125
Payable within one year
16,358
17,038
Payable after one year
675,728
692,087

Other loans are secured by a fixed and floating charge over the company's assets and a fixed charge over the intellectual property rights.

21
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
104,684
101,790
In two to five years
255,327
361,784
360,011
463,574

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. The obligation under finance lease and hire purchase contracts are secured against the assets to which they relate.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
232,385
256,103
-
-
Tax losses
-
-
465,335
577,840
Revaluations
110,000
-
-
-
342,385
256,103
465,335
577,840
FIELD INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Deferred taxation
(Continued)
- 29 -
2024
Movements in the year:
£
Asset at 1 January 2024
(321,737)
Charge to profit or loss
88,787
Charge to other comprehensive income
110,000
Asset at 31 December 2024
(122,950)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

 

The deferred tax liability set out above is expected to reverse over the assets useful life and relates to accelerated capital allowances that are expected to mature within the same period.

23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
51,385
44,251

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date the amount due to the fund was £20,719 (2023: £6,867).

24
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
25
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
32,095
51,607
Between two and five years
81,986
113,773
114,081
165,380
FIELD INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
26
Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.

27
Ultimate controlling party

The immediate and ultimate parent undertaking is Field International Group Limited, a company registered in England and Wales.

 

The largest and smallest group of undertakings for which group accounts for the year ended 31 December 2024 have been drawn up is that headed by Field International Group Limited. The registered office address of Field International Group Limited is 18-20 Nuffield Road, Nuffield Industrial Estate, Poole, Dorset, BH17 0RB. Copies of the group accounts are available from Companies House.

 

The directors do not consider there to be an ultimate controlling party.

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