REGISTERED NUMBER: 05120158 (England and Wales)

FG3 MANUFACTURING LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

8

DIRECTORS:

B D Daisy

Mrs C L Daisy

A Baldwin

SECRETARY:

Mrs C L Daisy

REGISTERED OFFICE:

Seebeck House

1 Seebeck Place

Knowlhill

Milton Keynes

Buckinghamshire

MK5 8FR

REGISTERED NUMBER:

05120158 (England and Wales)

SENIOR STATUTORY AUDITOR:

Stuart Armstrong FCCA

AUDITORS:

Phipps Henson McAllister

Chartered Accountants

and Statutory Auditors

22-24 Harborough Road

Kingsthorpe

Northampton

NN2 7AZ

FIXED ASSETS

Intangible assets

4

60,000

84,000

Tangible assets

5

199,019

216,295

259,019

300,295

CURRENT ASSETS

Stocks

216,648

423,994

Debtors

6

339,247

266,736

Cash in hand

219

155

556,114

690,885

CREDITORS

Amounts falling due within one year

7

700,549

691,898

NET CURRENT LIABILITIES

(144,435

)

(1,013

)

TOTAL ASSETS LESS CURRENT LIABILITIES

114,584

299,282

PROVISIONS FOR LIABILITIES

47,887

39,365

NET ASSETS

66,697

259,917

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

66,597

259,817

SHAREHOLDERS' FUNDS

66,697

259,917

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2025 and were signed on its behalf by:

Mrs C L Daisy - Director

1.	STATUTORY INFORMATION

FG3 Manufacturing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Group has continued to trade profitably. Business is expected to be challenging in the current economic climate, but the Group remains in a strong position. The directors have reviewed liquidity requirements across the Group and are confident that there is sufficient flexibility such that it continues to be appropriate to prepare the accounts on a going concern basis.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenues are recognised once risks and rewards of ownership have passed to the buyer, and the costs incurred in respect of the transaction can be measured reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance and 10% on cost

Motor vehicles

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2023 - 35 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

120,000

AMORTISATION

At 1 January 2024

36,000

Charge for year

24,000

At 31 December 2024

60,000

NET BOOK VALUE

At 31 December 2024

60,000

At 31 December 2023

84,000

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

474,639

43,500

518,139

Additions

18,885

-

18,885

At 31 December 2024

493,524

43,500

537,024

DEPRECIATION

At 1 January 2024

281,283

20,561

301,844

Charge for year

30,426

5,735

36,161

At 31 December 2024

311,709

26,296

338,005

NET BOOK VALUE

At 31 December 2024

181,815

17,204

199,019

At 31 December 2023

193,356

22,939

216,295

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 January 2024

71,082

Transfer to ownership

(71,082

)

At 31 December 2024

-

DEPRECIATION

At 1 January 2024

51,403

Transfer to ownership

(51,403

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

19,679

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

316,439

247,368

Other debtors

22,808

19,368

339,247

266,736

Included in Trade debtors is £249,978 (2023: £213,534) due from other group companies.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

28,057

30,855

Hire purchase contracts (see note 8)

-

7,464

Trade creditors

210,952

286,840

Amounts owed to group undertakings

231,533

163,333

Taxation and social security

116,248

43,583

Other creditors

113,759

159,823

700,549

691,898

Included in Trade creditors is £36,599 (2023: £43,933) due to other group companies.

Obligations under hire purchase contracts are secured on the assets to which they relate.

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

-

7,464

Non-cancellable

operating leases

2024

2023

£

£

Within one year

2,447

7,400

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdrafts

28,057

30,855

The bank overdraft is secured by a fixed and floating charge over the assets of the company and by personal guarantees given by the directors, limited to £50,000.

In addition, there is a cross guarantee and debenture between other members of the group.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

The Senior Statutory Auditor was Stuart Armstrong FCCA.

The Auditor was Phipps Henson McAllister.

12.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions of £4,382 (2023: £4,166) were payable to the fund at the balance sheet date.

13.	CONTINGENT LIABILITIES

A cross guarantee and debenture between FG3 Manufacturing Limited and other members of the group exists in relation to bank overdraft facilities of £50,000 for FG Library Products Limited and £100,000 for Frem Limited.

14.	RELATED PARTY DISCLOSURES

The company was a wholly owned subsidiary of Frem Group Limited throughout the year, whose registered office address is:

Seebeck House

1 Seebeck Place

Knowlhill

Milton Keynes

Buckinghamshire

MK5 8FR

15.	ULTIMATE CONTROLLING PARTY

FG3 Manufacturing Limited is a wholly owned subsidiary of Frem Group Limited, which is the smallest and largest undertaking for which group financial statements are prepared.

The company is under the control of Mr B D Daisy and his wife Mrs C L Daisy who control 100% of the shares of Frem Group Limited.