ACCOUNTS - Final Accounts

Analysis of the maturity of loans is given below:

Registered number: 00855790

FULTON BOILER WORKS, (GREAT BRITAIN) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

FULTON BOILER WORKS, (GREAT BRITAIN) LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

BUSINESS REVIEW

The principal activities of Fulton Boiler Works (Great Britain) Limited during the year were the supply, design, manufacture of steam boilers, and skidded systems. The provision of training, water treatment, commissioning, service and spare parts in the industrial and commercial sectors.

Climate change and the commitment by the attendant countries of COP28 agreed to transition away from fossil fuels, additionally the UK itself announced a target to cut emissions to 81% of 1990 levels by 2035. Clearly this could impact our sales of fuel fired boilers, however we have developed both Hybrid and purely electric boilers to countermand these actions. This can be seen by an increase in our sales and enquiries of Electric boilers and our highly efficient VSRT, and now the Hybrid VSRTe, which has gained a lot of traction in terms of enquiries. Additionally customers are “de-steaming” and focusing on heat transfer media that can be used instead, such as Heat pumps. This “de-steaming” is pushing large steam users into our steam generation capabilities, so is having a truly positive effect on our sales.

This puts Fulton in a primary position to take business advantage of this commitment through existing, and technologies that the group is pursuing.

Research and development

Considering a Worldwide drive towards Climate change goals, research around alternative fuels such as Hydrogen, Hybrid (Gas and electric) boiler systems, and energy efficient steam generation, we have successfully type tested and gained certification for our fuel fired boilers to run on Hydrogen the UK being the first Fulton Group company to achieve this accreditation.

Testing was carried out at independent laboratories and certified through BSI. The VSRTe will give us true “dual fuel” capability and still hold the advantage in energy savings the VSRT delivers, which is a huge USP for this product with several large organisations showing interest (example Thermo- Fisher)

Further research and development is taking place on larger electrically heated steam boilers, Hydronic boilers, and Heat Pump solutions, some of which will be available to the UK business before the end of 2026.

Other revenue streams

We have sitting tenants for the warehouse area, and for our vacant offices in the building. These tenants provide an income to mitigate the onerous costs of running an over- sized property.

Gross Margin

The business has continued to expand into a higher proportion of revenue income seen through service related activities, this relates to over 52% of our total revenue and runs at consistently high GM, this along with implementation of a new CRM/ERP system has seen efficiency and margin gains, over our gross margins for equipment sales. This increase in gross margin coupled with general efficiencies has helped to drive improvements in our Trading profit margins.

The directors are satisfied therefore that, with these opportunities, a very healthy order book and continued close control on costs, further improvement in overall revenues and improvements in margin will continue to be recognised.

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FULTON BOILER WORKS, (GREAT BRITAIN) LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the Company’s strategy are subject to several risks.

The key risks affecting the future of the business are outlined below and are monitored by the board regularly and reported and discussed at a minimum of three board meetings every year.

Competitors

Ever decreasing steam markets mean the Company, like other UK and European manufacturers, continues to fight competitors who sometimes offer cheaper solutions to the marketplace. We at Fulton pride ourselves on supplying highly technically innovative, low energy usage, low emission heat transfer products, and continue with extensive product research and development. It is safe to say that our competitors, whilst being able to offer cheaper solutions, can not match our innovative products. We do not see in our dealings, any efforts by these companies to further innovate, and so we believe we have several sales advantages (USPs) over them. Our Hybrid steam boiler is a unique product which hits the marketplace in 2025 and will not easily be matched by any competitor.

Occasionally we do lose out to competitors of course, but this is the exception rather than the rule. Solution selling by our sales personnel, ensures we deliver our customers strategic solutions to suit their needs. We are also focusing highly on Customer KPIs such as CLV (customer lifetime value) where we will be able to adjust pricing to match competitors where we have real opportunity for ringfencing into service contracts and other service offerings.

Employees

The Company continues Investment in training and development of its staff, and offers enhanced working conditions, such as flexible working, and above average employee benefits, such as a Death in Service scheme, a Permanent Health scheme, Private Medical Insurance, and a significant company contribution to pension payments, in order to not only to attract excellent staff, but retain those it has. We offer Hybrid working for some of our employees, allowing them to have a balance of working from home, and at our Bristol site. We also allow short day working on Fridays for production and office staff to further enhance the working environment. The board has agreed that we will continue to invest in people, and we offer competitive salaries, and compare with “like” companies to benchmark our salaries against theirs. We aim to ensure we are always at the forefront of attractive pay and conditions for our employees.

Exchange rates

Fulton continues to purchase pressure vessels from Hangzhou Fulton Thermal Equipment Co Ltd in China and finished product from Fulton North America. Company rules mean that these transactions are usually paid in US$. This carries risk due to exchange rate fluctuations. Fulton group accept that payments may be made intercompany, where possible, when exchange rates have least impact. The Group financial teams monitor this on a regular basis and attempt where possible to mitigate against this risk to profit. Mitigation takes the form of agreements to fix exchange rate transfer pricing should the risk become unacceptable. Additionally we have the option of dealing in Chinese RMB when appropriate and use this to mitigate $:£ fluctuation risk, when purchasing from our Chinese Fulton Company.

The company has employed currency hedging with some success, and continues to monitor this, and utilise when necessary.

Price risk

The Company is exposed to commodity price risk because of its operations. However, given the size of the Company’s operations, the cost of monitoring and managing exposure to commodity price exceeds any potential benefits. The directors may re-visit the appropriateness of this policy should the Company’s operations grow, such that this risk management becomes valid. The Company has no exposure to equity securities price risk, as it holds no listed or other equity investments.

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FULTON BOILER WORKS, (GREAT BRITAIN) LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Political influence risk

Fulton GB purchase a high level of product from our Chinese manufacturer, and this supply chain can be disrupted by Global issues (Wars etc) and potentially economic sanctioning. We mitigate this risk, by always keeping high stock levels of product in our Bristol facility, retaining the ability to switch to our USA supplier and having a lot of UK ability to produce product. These mitigations are assessed to be effective in the unlikely event that we find ourselves in this position, additionally the UK is also heavily insured with Business Continuity cover, and a full business continuity plan (work in progress).

Potential USA tariffs, we do not currently expect that the new President will affect our business by the introduction of tariffs on China, this in isolation will not affect the UK business in the short term, however due to the intercompany purchasing any USA imposed tariffs may well put some cost pressures on us.

FINANCIAL KEY PERFORMANCE INDICATORS

The Company closely monitors gross margin, turnover, and costs. As a result, KPIs are in place to ensure each business unit (UK and Export sales, Spare parts, Service and Training) achieve targets. This includes additional KPIs on timely invoicing and aged debt profiles. KPIs are discussed regularly by the senior management team, should KPIs not be met, actions are taken to address or mitigate any shortfalls. The introduction of a new ERP/CRM system has vastly improved our ability to measure all of our KPIs on a live basis, as well as allowing us to introduce new sub-measures to support our main goals.

This report was approved by the board and signed on its behalf.

C Knight

Director

Date: 29 September 2025

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FULTON BOILER WORKS, (GREAT BRITAIN) LIMITED

REGISTERED NUMBER:00855790

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

FIXED ASSETS
Intangible assets	5		57,335		81,920
Tangible assets	6		2,392,621		2,460,495
Investments	7		2		2
			2,449,958		2,542,417
CURRENT ASSETS
Stocks	8	1,979,558		2,056,440
Debtors: amounts falling due within one year	9	1,150,723		885,445
Cash at bank and in hand	10	635,032		905,648
		3,765,313		3,847,533
Creditors: amounts falling due within one year	11	(3,784,673)		(4,019,930)
NET CURRENT LIABILITIES			(19,360)		(172,397)
TOTAL ASSETS LESS CURRENT LIABILITIES			2,430,598		2,370,020
Creditors: amounts falling due after more than one year	12		(784,725)		(882,589)
PROVISIONS FOR LIABILITIES
Deferred tax	14	(37,573)		(55,786)
NET ASSETS			1,608,300		1,431,645

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FULTON BOILER WORKS, (GREAT BRITAIN) LIMITED

REGISTERED NUMBER:00855790

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

CAPITAL AND RESERVES
Called up share capital	15	6,300	6,300
Profit and loss account	16	1,602,000	1,425,345
		1,608,300	1,431,645

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

C Knight

Director

Date: 29 September 2025

The notes on pages 6 to 18 form part of these financial statements.

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FULTON BOILER WORKS, (GREAT BRITAIN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	GENERAL INFORMATION

Fulton Boiler Works (Great Britain) Limited is a company limited by shares incorporated in England and Wales under the Companies Act. The address of the registered office is given in the company information page and the nature of the company's operations and its principal activities are set out in the strategic report.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The company made a profit in the current year of £176,655 (2023: £384,975) and at the year end had net current liabilties of £19,360 (2023: £172,397).
At the year end, £1,994,764 (2023: £2,545,233) was due to the company's parent, which is included in current liabilities. The directors have a reasonable expectation that the company's parent will continue to provide such financial support as the company requires.
Forecasts prepared by the directors indicate the company will maintain profitability and cash flow projections show that the company has adequate banking facilities in place at the date of approval of these accounts. Thus, the directors consider the company to be a going concern for the foreseeable future, being 12 months from the date of approval of these accounts.

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FULTON BOILER WORKS, (GREAT BRITAIN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 7

FULTON BOILER WORKS, (GREAT BRITAIN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.5

OPERATING LEASES: THE COMPANY AS LESSOR

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 January 2023 to continue to be charged over the period to the first market rent review rather than the term of the lease.

2.6

OPERATING LEASES: THE COMPANY AS LESSEE

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.8

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 8

FULTON BOILER WORKS, (GREAT BRITAIN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.10

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.11

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.12

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

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FULTON BOILER WORKS, (GREAT BRITAIN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.13

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	2% - 10%
Plant and machinery	-	5% - 20%
Motor vehicles	-	25%
Fixtures, fittings and equipment	-	5% - 25%
Hire boiler fleet	-	20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.14

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

2.15

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.16

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.17

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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FULTON BOILER WORKS, (GREAT BRITAIN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.18

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.19

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

3.	JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In preparing these financial statements, the directors have had to make the following judgements:
Lease commitments
Leases entered into by the company company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Depreciation rates
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residial value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Sources of estimation uncertainity
Warranty provision
The warranty provision is made for the future estimated liability on some boilers and is based upon previous costs incurred and the expertise and judgement of the directors.

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FULTON BOILER WORKS, (GREAT BRITAIN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

EMPLOYEES

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Production	8	6
Selling and distribution	30	26
Administration	8	7

	46	39

5.	INTANGIBLE ASSETS

		Development expenditure
		£
	COST
	At 1 January 2024	600,703
	At 31 December 2024	600,703
	AMORTISATION
	At 1 January 2024	518,783
	Charge for the year on owned assets	24,585
	At 31 December 2024	543,368
	NET BOOK VALUE
	At 31 December 2024	57,335
	At 31 December 2023	81,920

All development expenditure is internally generated.
The net book value of intangible assets includes amounts in relation to the development of designs and manufacturing processes for the production of certain products for the UK market: £57,335 (2023: £81,920) for spiral-rib tubeless vertical boiler models. This development expenditure is being amortized over ten years ending in 2023 and 2024 respectively. No other intangible assets are individually material to the financial statements.

6.	TANGIBLE FIXED ASSETS

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FULTON BOILER WORKS, (GREAT BRITAIN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.TANGIBLE FIXED ASSETS (CONTINUED)

	Freehold property	Plant and machinery	Motor vehicles	Furniture, fittings and equipment	Hire boiler fleet
	£	£	£	£	£
COST OR VALUATION
At 1 January 2024	2,962,419	514,932	112,518	408,215	32,016
Additions	-	-	24,544	-	-
At 31 December 2024	2,962,419	514,932	137,062	408,215	32,016
DEPRECIATION
At 1 January 2024	655,543	391,746	84,331	405,969	32,016
Charge for the year on owned assets	49,900	26,382	13,890	2,246	-
At 31 December 2024	705,443	418,128	98,221	408,215	32,016
NET BOOK VALUE
At 31 December 2024	2,256,976	96,804	38,841	-	-
At 31 December 2023	2,306,876	123,186	28,187	2,246	-
					Total
					£
COST OR VALUATION
At 1 January 2024					4,030,100
Additions					24,544
At 31 December 2024					4,054,644
DEPRECIATION
At 1 January 2024					1,569,605
Charge for the year on owned assets					92,418
At 31 December 2024					1,662,023
NET BOOK VALUE
At 31 December 2024					2,392,621
At 31 December 2023					2,460,495

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FULTON BOILER WORKS, (GREAT BRITAIN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.TANGIBLE FIXED ASSETS (CONTINUED)

The net book value of land and buildings may be further analysed as follows:
	2024	2023
	£	£

Freehold	2,256,976	2,306,876
	2,256,976	2,306,876

7.	FIXED ASSET INVESTMENTS

		Investments in subsidiary companies
		£
	COST OR VALUATION
	At 1 January 2024	2
	At 31 December 2024	2

8.	STOCKS
		2024	2023
		£	£

Raw materials and consumables	1,776,105	1,584,530
Work in progress (goods to be sold)	127,969	202,143
Finished goods and goods for resale	75,484	269,767
	1,979,558	2,056,440

DEBTORS

					2024	2023
					£	£


Trade debtors	822,095	780,072
Amounts owed by group undertakings	-	78
Other debtors	162,889	69,081
Prepayments and accrued income	165,739	36,214
	1,150,723	885,445

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FULTON BOILER WORKS, (GREAT BRITAIN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.DEBTORS (CONTINUED)

10.	CASH AND CASH EQUIVALENTS
		2024	2023
		£	£

Cash at bank and in hand	635,032	905,648
	635,032	905,648

11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2024	2023
		£	£

Bank loans	94,251	98,281
Trade creditors	559,036	213,324
Amounts owed to group undertakings	1,994,764	2,545,233
Corporation tax	-	150,140
Other taxation and social security	203,214	221,175
Accruals and deferred income	933,408	791,777
	3,784,673	4,019,930

The bank loans and overdrafts are secured by a first charge over the property of the company and a floating charge over all other company assets. The obligations under hire purchase agreements are secured by charges over the corresponding hire purchase assets.

12.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
		2024	2023
		£	£

Bank loans	784,725	882,589
	784,725	882,589

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FULTON BOILER WORKS, (GREAT BRITAIN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans	94,251	98,281
	94,251	98,281

AMOUNTS FALLING DUE 2-5 YEARS
Bank loans	-	23,005
	-	23,005
AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS
Bank loans	784,725	859,584
	784,725	859,584
	878,976	980,870

The company has two bank loans. One loan is repayable over 20 years with interest rate of 2.76% per annum over the Bank's Sterling Based rate and the other loan is repayable over 35 months with fixed interest rate of 6.05% per annum unless it is requested to change to variable, in which case it will be 2.25% per annum over the Bank of England base rate.

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FULTON BOILER WORKS, (GREAT BRITAIN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	DEFERRED TAXATION

	2024	2023
	£	£

At beginning of year	(55,786)	(33,803)
Charged to profit or loss	18,213	(21,983)
AT END OF YEAR	(37,573)	(55,786)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Fixed asset timing differences	(55,786)	(59,042)
Short term timing differences	18,213	3,256
	(37,573)	(55,786)

15.	SHARE CAPITAL
		2024	2023
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

6,300 (2023: 6,300) Ordinary shares of £1.00 each	6,300	6,300

16.

RESERVES

Profit and loss account

Profit and loss account represents cumulative profits or losses net of dividends paid and other adjustments.

17.	CONTINGENT LIABILITIES

The company has given a specific counter indemnity relating to a bank guarantee for £50,000 (2023: £50,000) dated 5 January 2012 in favour of HM Revenue & Customs regarding deferred VAT payments.

18.	PENSION COMMITMENTS

The company operates a defined contribution scheme. The total pension cost for the company was £284,008 (2023: £246,975). At the year end, £NIL (2023: £NIL) was payable from the company to the scheme.

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FULTON BOILER WORKS, (GREAT BRITAIN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Not later than 1 year	122,523	123,534
Later than 1 year and not later than 5 years	96,707	150,381
Later than 5 years	4,234	6,662
	223,464	280,577

20.	RELATED PARTY TRANSACTIONS
	The company has taken advantage of the exemption conferred by section 33.1A of FRS102 not to disclose transactions with other wholly owned subsidiaries within the group.

21.	CONTROLLING PARTY

The company's immediate and ultimate parent company is Fulton Group NA, Inc., a company incorporated in the United States. This is the parent of the smallest and largest group of undertakings for which consolidated group accounts are prepared.
The ultimate controlling parties are Messrs R B Palm Snr and Jnr by virtue of their shareholdings in Fulton Group NA, Inc.

22.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 29 September 2025 by Ria Burridge FCCA (Senior statutory auditor) on behalf of Bishop Fleming Audit Limited.

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