| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| FLETCHER MOORLAND LIMITED |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| FLETCHER MOORLAND LIMITED |
| FLETCHER MOORLAND LIMITED (REGISTERED NUMBER: 02984467) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 | to | 5 |
| Report of the Directors | 6 | to | 7 |
| Report of the Independent Auditors | 8 | to | 11 |
| Statement of Income and Retained Earnings | 12 |
| Statement of Financial Position | 13 |
| Notes to the Financial Statements | 14 | to | 21 |
| FLETCHER MOORLAND LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & Statutory Auditors |
| Stone House |
| Stone Road Business Park |
| Stoke-on-Trent |
| ST4 6SR |
| BANKERS: |
| Town Road |
| Hanley |
| Stoke On Trent |
| Staffordshire |
| ST1 2PJ |
| FLETCHER MOORLAND LIMITED (REGISTERED NUMBER: 02984467) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The directors present their strategic report for the year ended 30 September 2024. |
| Company Overview and Review Of The Business |
| Founded in 1946, our company continues to evolve in line with the demands of modern engineering. With a proven track record in electro-mechanical repair, reliability services, and now advanced manufacturing, we are entering our next financial year with confidence, backed by a year of expansion, innovation, and significant capital investment. |
| During the financial year ending 30 September 2024, the company achieved a turnover of £12,629,170, representing a 18.37% increase from the prior year. Gross profit reached £6,016,723 (47.6% margin), while net profit was £2,099,582 (16.6% margin). These results reflect effective strategic execution, successful diversification, and continued investment in people and technology. |
| Key Performance Indicators (KPIs) |
| KPI | FY 2023 | FY 2024 | Change |
| Turnover | £10,670,614 | £12,629,170 | + 18.37% |
| Gross profit | £4,566,671 (42.8%) | £6,016,723 (47.6%) | + 4.8 pts |
| Net profit | £1,086,862 (10.2%) | £2,188,796 (17.3%) | + 7.1 pts |
| Solar energy offset | 0% | 25% | + 25 pts |
| Customer retention | 93% | 94% | + 1 pt |
| Staff trained in leadership |
N/A |
100% |
New KPI |
| Investment in equipment |
£450,000 |
£750,000+ |
£350,00+ |
| Principal Risks and Uncertainties |
| Economic Pressures |
| Inflation and rising logistics costs may continue to impact profitability. |
| Mitigation: Supplier negotiations, improved energy efficiency, and operational productivity gains. |
| Skills Gap |
| Ongoing difficulty in recruiting skilled technical staff. |
| Mitigation: Apprentice schemes, CPD investment, partnerships with colleges, and internal mentoring programs. |
| Capacity Constraints |
| Workshop capacity may not keep pace with demand. |
| Mitigation: Expansion of premises through new leases; investment in VPI tank and extended shift patterns. |
| ESG & Regulation |
| Growing demand for sustainable practices from clients and regulators. |
| Mitigation: Solar energy expansion, ESG visibility in marketing, and participation in sustainability initiatives. |
| Customer Concentration |
| Exposure to a small number of large customers or sectors could increase risk. |
| Mitigation: Market diversification into healthcare, prisons, advanced manufacturing, and new products like Meerkat. |
| FLETCHER MOORLAND LIMITED (REGISTERED NUMBER: 02984467) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Outlook |
| The company is well-positioned for further growth in FY 2026. Our strategic focus includes scaling the Advanced Manufacturing department, expanding our digital marketing footprint, enhancing our leadership training programmes, and progressing negotiations to secure additional premises. |
| We expect to continue delivering year-on-year revenue growth while maintaining strong gross and net profit margins. Sustained investment in people, innovation, and customer experience will remain at the core of our long-term success strategy. |
| Our strategic direction over the next 12 months is built around capacity growth, capability enhancement, and customer responsiveness - underpinned by a leadership-led approach to people development. |
| Strategic Priorities for 2025-2026 |
| 1. Advanced Manufacturing Growth |
| Objective: Establish Advanced Manufacturing as a core revenue stream alongside our traditional service lines. |
| Key Actions: |
| - Maximise ROI from £750,000 investment in equipment by building production capacity for flexible batch sizes (1 to full production runs). |
| - Establish 24/7 operations for advanced manufacturing, integrating rapid response for urgent component needs. |
| - Expand technical teams with new hires in programming, CNC operations, and support roles. |
| - Continue investment in CPD for machinists and recruit trainees into structured development pathways. |
| - Drive commercial success through a dedicated sales team and enhanced digital marketing presence. |
| Expected Outcomes: |
| - Penetration into new sectors seeking bespoke, just-in-time component supply. |
| - Increased responsiveness and customer loyalty due to 24/7 manufacturing availability. |
| - Enhanced internal capability through continuous skill development. |
| 2. Marketing and Digital Visibility |
| Objective: Strengthen brand recognition, increase inbound enquiries, and drive SEO-led lead generation. |
| Key Actions: |
| - Leverage our new Marketing Manager to build engagement across LinkedIn, TikTok, WhatsApp, and other platforms. |
| - Expand visibility of products like Meerkat - especially as we secure the largest order to date. |
| - Improve SEO performance and digital footprint with content targeting industry-specific keywords. |
| - Develop case studies and media around key services, innovation stories, and sustainability milestones. |
| Expected Outcomes: |
| - Increased qualified lead generation through organic channels. |
| - Measurable growth in website traffic and customer conversions. |
| - Better alignment between marketing content and sales team outreach. |
| FLETCHER MOORLAND LIMITED (REGISTERED NUMBER: 02984467) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 3. Workforce Expansion and Leadership Development |
| Objective: Manage a 10% headcount growth while reinforcing our unique leadership-driven people strategy. |
| Key Actions: |
| - Continue our commitment to leadership-driven HR by delivering bespoke management training for all people managers. |
| - Mentor junior team members (e.g. junior salesperson) to grow internal leadership pipelines. |
| - Reward performance with above-inflation pay increases to reflect another strong year. |
| - Expand trainee programs and internal mentoring to ensure skill retention and cultural continuity. |
| Expected Outcomes: |
| - High levels of employee engagement and retention. |
| - Improved leadership consistency across shifts, departments, and new recruits. |
| - Smooth onboarding of new hires into our inclusive culture without diluting values. |
| 4. Infrastructure and Capacity Expansion |
| Objective: Secure additional workshop space to meet rising demand and prepare for future scaling. |
| Key Actions: |
| - Progress lease negotiations with Dog & Bone for neighbouring units. |
| - Install the UK's largest VPI tank within 3 months to increase specialist repair capability. |
| - Complete setup of a training area for apprentices and customer engineers. |
| Expected Outcomes: |
| - Expanded footprint enabling greater throughput and reduced bottlenecks. |
| - Enhanced reputation as a centre of excellence in both service and learning. |
| - Customer trust deepened by visible investment in future-proofing. |
| 5. Sustainability and Energy Efficiency |
| Objective: Build on our solar energy gains to reduce operational costs and meet sustainability goals. |
| Key Actions: |
| - Monitor energy data to increase solar panel efficiency (currently offsetting ~25% usage). |
| - Explore additional sustainable practices (e.g. waste reduction, energy recovery). |
| - Engage with customers looking for sustainable engineering suppliers. |
| Expected Outcomes: |
| - Lower energy costs and reduced environmental impact. |
| - Improved ESG positioning in client procurement processes. |
| - Potential eligibility for green business certifications or partnerships. |
| FLETCHER MOORLAND LIMITED (REGISTERED NUMBER: 02984467) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Financial Outlook |
| We are forecasting a 10% growth in turnover, primarily driven by increased market share in: |
| - Renewable Energy |
| - Rail |
| - Healthcare & Medical (for hospitals) |
| - Government & Institutions or Secure Services (for prisons) |
| - Advanced manufacturing |
| - Meerkat product line |
| Our growth strategy anticipates: |
| - Gross profit: 41% |
| - Net profit: 11% |
| These projections are underpinned by increased operational efficiency, expanded capabilities, and a consistent approach to value-based leadership. |
| Conclusion |
| This coming year marks a pivotal shift: from growth through adaptability to growth through strategic focus. With new departments, enhanced digital presence, and a people-first culture that defies traditional HR models, we are not simply responding to market needs - we are helping to shape them. |
| Our ongoing challenge will be maintaining our inclusive, leadership-led approach while navigating expansion. But with continued investment in our people, technology, and infrastructure, we are well-positioned for sustainable success. |
| ON BEHALF OF THE BOARD: |
| FLETCHER MOORLAND LIMITED (REGISTERED NUMBER: 02984467) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
| DIVIDENDS |
| Particulars of recommended dividends are detailed in the notes to the financial statements. |
| EVENTS SINCE THE END OF THE YEAR |
| Information relating to events since the end of the year is given in the notes to the financial statements. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
| DISCLOSURE IN THE STRATEGIC REPORT |
| The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required byschedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations2008, including the future developments of the company. |
| The strategic report can be found on pages 2-4 of these financial statements. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| FLETCHER MOORLAND LIMITED (REGISTERED NUMBER: 02984467) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| AUDITORS |
| The auditors are deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| FLETCHER MOORLAND LIMITED |
| Opinion |
| We have audited the financial statements of Fletcher Moorland Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| FLETCHER MOORLAND LIMITED |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| FLETCHER MOORLAND LIMITED |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit |
| evidence that is sufficient and appropriate to provide a basis for our opinion. |
| Identifying and assessing potential risks related to irregularities |
| In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
| • | the nature of the industry and sector, control environment and business performance including the design of the company remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; |
| • | results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
| • | any matters we identified having obtained and reviewed the company documentation of their policies and procedures relating to: |
| - | identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
| - | detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
| - | the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
| • | the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
| Based on this approach, we were able to assess the company risks and ensure the risks were considered throughout all areas of audit testing. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information. |
| Audit response to risks identified |
| As a result of performing the above, we did not identify any key audit matters related to the potential risk of |
| fraud or irregularities. Our procedures to respond to risks identified included the following: |
| • reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
| • enquiring of management concerning actual and potential litigation and claims; |
| • performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
| • obtaining an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
| • in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| FLETCHER MOORLAND LIMITED |
| Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. |
| As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: |
| - | 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. 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. |
| - | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. |
| - | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
| - | Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern. |
| - | Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
| We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants & Statutory Auditors |
| Stone House |
| Stone Road Business Park |
| Stoke-on-Trent |
| ST4 6SR |
| FLETCHER MOORLAND LIMITED (REGISTERED NUMBER: 02984467) |
| STATEMENT OF INCOME AND RETAINED EARNINGS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| REVENUE |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| 2,188,177 | 1,088,345 |
| Interest receivable and similar income |
| 2,188,796 | 1,089,868 |
| Interest payable and similar expenses | 4 | ( |
) |
| PROFIT BEFORE TAXATION | 5 |
| Tax on profit | 6 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| Retained earnings at beginning of year |
| Dividends | 7 | ( |
) | ( |
) |
| RETAINED EARNINGS AT END OF YEAR |
| FLETCHER MOORLAND LIMITED (REGISTERED NUMBER: 02984467) |
| STATEMENT OF FINANCIAL POSITION |
| 30 SEPTEMBER 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 8 |
| CURRENT ASSETS |
| Inventories | 9 |
| Debtors | 10 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 11 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 15 |
| Retained earnings | 16 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| FLETCHER MOORLAND LIMITED (REGISTERED NUMBER: 02984467) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | GENERAL INFORMATION |
| Fletcher Moorland Limited is a |
| The principal activity of the company during the year was that of electronic and electro mechanical engineers. |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity |
| FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS |
| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows; |
| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c). |
| RELATED PARTY EXEMPTION |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| 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. |
| (i) Critical accounting estimates and assumptions |
| The company makes estimates and assumptions concerning the future. The resulting accounting |
| estimates will, by definition, seldom equal the related actual results. 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. |
| (ii) Estimated useful lives and residual values of tangible and intangible fixed assets |
| Depreciation of tangible and intangible fixed assets has been based on estimated useful lives and |
| residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods. |
| REVENUE RECOGNITION |
| Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. |
| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
| FLETCHER MOORLAND LIMITED (REGISTERED NUMBER: 02984467) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| TANGIBLE FIXED ASSETS |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
| STOCKS |
| Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Work in progress |
| Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. |
| FINANCIAL INSTRUMENTS |
| A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
| Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
| Debt instruments are subsequently measured at amortised cost. |
| Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
| For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
| Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
| Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
| Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
| FLETCHER MOORLAND LIMITED (REGISTERED NUMBER: 02984467) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| TAXATION |
| The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. |
| Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. |
| DEFERRED TAX |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more. or a right to pay less or to receive more tax, with the following exceptions: |
| Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. |
| Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. |
| Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. |
| FOREIGN CURRENCIES |
| Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. |
| FINANCE LEASES AND HIRE PURCHASE CONTRACTS |
| Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis. |
| DEFINED CONTRIBUTION PLANS |
| Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. |
| When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises |
| FLETCHER MOORLAND LIMITED (REGISTERED NUMBER: 02984467) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| PROVISIONS |
| Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. |
| Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
| OPERATING LEASE AGREEMENTS |
| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 30.9.24 | 30.9.23 |
| Employees |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Information regarding the highest paid director is as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| FLETCHER MOORLAND LIMITED (REGISTERED NUMBER: 02984467) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 4. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Corporation tax interest paid |
| 5. | PROFIT BEFORE TAXATION |
| The profit is stated after charging: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Auditors' remuneration |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Under provision of prior year | - | 25,464 |
| Total current tax |
| Deferred tax |
| Tax on profit |
| RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Utilisation of tax losses | ( |
) |
| Adjustments to tax charge in respect of previous periods |
| Change in future rate of taxation | - | 10,477 |
| Land remediation relief | - | (7,588 | ) |
| Deferred taxation | 86,089 | 121,321 |
| Research & development enhanced deduction | (177,752 | ) | - |
| Total tax charge | 381,570 | 146,785 |
| FLETCHER MOORLAND LIMITED (REGISTERED NUMBER: 02984467) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 7. | DIVIDENDS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Ordinary shares of £1 each |
| Final |
| 8. | PROPERTY, PLANT AND EQUIPMENT |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 9. | INVENTORIES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Raw materials |
| Work in progress | 491,794 | 260,462 |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Directors' loan accounts | - | 42,400 |
| Prepayments |
| Amounts owed by group undertakings are unsecured, interest free and are repayable on demand. |
| FLETCHER MOORLAND LIMITED (REGISTERED NUMBER: 02984467) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| VAT | 198,103 | 155,840 |
| Other creditors |
| Accruals and deferred income |
| Amounts owed to group undertakings are unsecured, interest free and are repayable on demand. |
| 12. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 13. | SECURED DEBTS |
| A debenture dated 25 July 1996 exists in favour of Barclays Bank plc over the property and assets of the company. |
| A guarantee and debenture dated 1 March 2011 exists in favour of Barclays Bank plc over the property and assets of the company. |
| 14. | PROVISIONS FOR LIABILITIES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 |
| Charge to Income Statement during year |
| Balance at 30 September 2024 |
| FLETCHER MOORLAND LIMITED (REGISTERED NUMBER: 02984467) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 15. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| Ordinary | £1 | 600,000 | 600,000 |
| 16. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 October 2023 |
| Profit for the year |
| Dividends | ( |
) |
| At 30 September 2024 |
| 17. | CONTINGENT LIABILITIES |
| The company is party to a cross guarantee which also includes Elenora Street Holdings Limited and Fletcher Bickerton (Holdings) Limited. There was no contingent liability at 30 September 2024 (2023: £Nil) as the company had cash at bank. |
| 18. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| During the year, the company advanced £Nil (2023: £42,400) to a director. At the year-end £Nil (2023: £42,400) was due from the director. |
| The amounts advanced are interest free, unsecured and repayable on demand. |
| Directors' are the key management personnel, directors remuneration is disclosed in note 3. |
| 19. | EVENTS AFTER THE END OF THE REPORTING PERIOD |
| There were no significant events up to the date of approval of the financial statements by the Board. |
| 20. | CONTROLLING PARTY |
| At the balance sheet date, Fletcher Bickerton Holdings Limited, a company incorporated in England and Wales, was the ultimate parent undertaking. |