Company registration number 02509857 (England and Wales)
FIELDBONDS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FIELDBONDS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 9
FIELDBONDS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
2,301,296
301,296
Investments
5
3,600,000
75,000
5,901,296
376,296
Current assets
Debtors
6
9,885,660
3,542,368
Cash at bank and in hand
26,806
49,195
9,912,466
3,591,563
Creditors: amounts falling due within one year
7
(9,101,345)
(436,229)
Net current assets
811,121
3,155,334
Total assets less current liabilities
6,712,417
3,531,630
Creditors: amounts falling due after more than one year
8
(1,650,000)
(1,650,000)
Provisions for liabilities
(150,417)
Net assets
5,062,417
1,731,213
Capital and reserves
Called up share capital
100,000
100,000
Revaluation reserve
9
3,043,050
Profit and loss reserves
1,919,367
1,631,213
Total equity
5,062,417
1,731,213
FIELDBONDS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
For the financial year ended 31 March 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 of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 26 July 2025 and are signed on its behalf by:
K Z Drazdzewska
Director
Company registration number 02509857 (England and Wales)
FIELDBONDS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
100,000
231,183
331,183
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
1,400,030
1,400,030
Balance at 31 March 2023
100,000
1,631,213
1,731,213
Year ended 31 March 2024:
Profit
-
-
288,154
288,154
Other comprehensive income:
Adjustments to fair value of financial assets
-
3,043,050
-
3,043,050
Total comprehensive income
-
3,043,050
288,154
3,331,204
Balance at 31 March 2024
100,000
3,043,050
1,919,367
5,062,417
FIELDBONDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Fieldbonds Limited is a private company limited by shares incorporated in England and Wales. The registered office is Environment House, 1 St. Marks street, Nottingham, NG3 1DE.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group qualifies as a small group. The financial statements present information about the company as an individual entity and not about the group.
1.2
Turnover
Turnover comprises rent receivable and recharges of expenses at invoiced valued net value added tax.
1.3
Investment property
Investment property is carried at fair value. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.
1.4
Fixed asset investments
Interests in subsidiariess are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
Investments in unlisted Company shares, whose market value can be reliably determined are revalued to market value at each balance sheet date. Gains and losses on revaluation are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
1.5
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.
1.6
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.
FIELDBONDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities are initially recognised at transaction price. 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.
1.7
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 profit and loss account 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.
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.
FIELDBONDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
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.
Valuation of investments
The valuation of investments not quoted in an active market is a key area of judgement and requires management judgement. Changes in these assumptions could materially affect the reported fair value of the investments.
These valuations are reviewed periodically and updated based on the latest available information.
Due to the inherent uncertainty in valuing unlisted investments, actual outcomes may differ from those estimated, and such differences could be material to the financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
4
Investment property
2024
£
Fair value
At 1 April 2023
301,296
Additions
2,000,000
At 31 March 2024
2,301,296
FIELDBONDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Investment property
(Continued)
- 7 -
The valuation was made on an open market value for existing use basis by the directors.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
3,600,000
75,000
Fixed asset investments revalued
On the 31 December 2023 the Company purchased the remaining 25% of the share capital in Cordline Services Limited for £481,950. The total investment was revalued to £3,600,000. The directors valued the investment based on the value in use of the property held in Corderline Services Limited.
The historic cost of the 75% holding was £75,000.
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
75,000
Additions
481,950
Valuation changes
3,043,050
At 31 March 2024
3,600,000
Carrying amount
At 31 March 2024
3,600,000
At 31 March 2023
75,000
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
5,776,850
1,860,409
Other debtors
4,108,810
1,681,959
9,885,660
3,542,368
FIELDBONDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,801
Amounts owed to group undertakings
436,774
375,688
Corporation tax
20,241
Other creditors
8,662,770
40,300
9,101,345
436,229
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
1,650,000
1,650,000
9
Revaluation reserve
2024
2023
£
£
At the beginning of the year
Fair value adjustment to investments
3,043,050
At the end of the year
3,043,050
-
The revaluation reserve includes amounts in relation to the revaluation of fixed assets investments.
FIELDBONDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
10
Related party transactions
The company has taken advantage of the exemption available under the section 1AC.35 of FRS102 from disclosing transactions entered into between two or more wholly - owned members of the group.
Included within other creditors is £103,969 (2023: £Nil) due to Purico Limited, £262,330 (2023: £Nil) due to Clary Limited, £786,990 (2023: £Nil) due to Melham Group Limited, £55,000 (2023: £Nil) due to Purico Speciality Paper Co Limited and £7,400,308 (2023: £Nil) due to Donlow Fininvest Limited all of which are related parties by virtue of common directors.
Included within other debtors is £1,695,914 (2023: £,677,884) due from Autoforge Limited, £2,269,183 (2023: £Nil) due from Cricklade Property, £8,282 (2023:£Nil) due from Skerritts of Nottingham Limited and £101,096 (2023:£Nil) from Ocean Breeze Residential Care Home Limited all of which are related parties by virtue of common directors.
During the year Fieldbonds Limited received rental income of £117,396 (2023: £16,300) from Companies with common directors.
During the year the company received loan interest of £301,033 (2023: £118,648) from Companies with common directors.
During the year the company paid loan interest of £298,490 (2023: £54,959) to Companies with common directors.
11
Parent company
The ultimate parent company is Freibusa Limited, a company incorporated in the Isle of Man.
The ultimate controlling party is N R Puri, the controlling party of the parent company.