Company registration number 07759655 (England and Wales)
FIELD INTERNATIONAL GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
FIELD INTERNATIONAL GROUP LIMITED
COMPANY INFORMATION
Directors
Mr D Booker
Mr M Booker
Mrs M R Booker
Mr A Oliver
Mr R Marples
Mr B Chalmers
Mr A W D Booker
(Appointed 13 October 2025)
Company number
07759655
Registered office
18-20 Nuffield Road
Nuffield Industrial Estate
Poole
Dorset
BH17 0RB
Auditor
Azets Audit Services
37 Commercial Road
Poole
Dorset
BH14 0HU
FIELD INTERNATIONAL GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 38
FIELD INTERNATIONAL GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Fair review of the business

In presenting the financial results for the year ended 31 December 2024 the Board are extremely pleased that the business continues to show further, significant, improvement in financial performance.

Building on the successes of the last few years, turnover increased more modestly in 2024. We had forecast an increase of 6.6% however, the final increase was 2.8%. A key contributor to this smaller than forecast increase was the strengthening of the US Dollar during the year. The average rate of exchange we used to convert our US Dollar sales and results moved from $1.25:£1 used for our forecast, to $1.28:£1 during the year, a 2.1% increase. Many of our sales in the Aerospace industry are denominated in US Dollars, so this strengthening had an impact on our top line.

The fall in turnover was more than offset by the continuing improvement in gross margin as discussed in last year's Strategic Report. These 2024 results show that gross margin has continued to improve from 43.7% to 49.0%. We had prudently anticipated gross margin of 42.7% in our original forecast.

Due to the increased revenue and significant margin increase, we have recorded a profit for the year of £4.2m. This compares to a profit of £2.4m in 2023. The result for the year also exceeded our original forecast of £3.1m.

Our cash balance also improved significantly during the year, despite further investment in our manufacturing facilities, particularly in China & India. This investment is shown by the rise in Tangible Assets from £3.0m to £4.1m.

Net current assets almost doubled from £3.7m to £6.6m. This shows a very pleasing strengthening of the Group’s financial position.

As stated above, we focussed heavily on investing in our facility in India during the year. The increased capacity and capability allowed two of our largest clients to place work directly with this entity during 2024. Further, various blue-chip domestic clients also started to place orders with Field India. Our Indian operations have also begun to assist with many Group back-end activities such as Finance, Credit Control and Sales Support

The moving pains of re-basing our Chinese operations from Shanghai to Jiaxing were overcome with the hard work and dedication of our team in China. Our manufacturing entity in Singapore also settled into the new facility we moved to during 2023.

FIELD INTERNATIONAL GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principle risks and uncertainties

War in Ukraine & other Geopolitical issues

We do not currently anticipate further escalation of the conflict outside of Ukraine and Russia. It is also our opinion that the worst of the cost increases because of this conflict have now been seen. Indeed, the recent statements made by various Heads of State regarding the re-focussing of NATO from the US to Europe, may lead to further opportunities in our Defence markets.

Since our last report global trade has become much more difficult to plan for, especially long-term planning. The tariff strategies of the Trump administration mean we must be very vigilant and keep abreast of any changes. As discussed further below, this has led to us exploring the opportunities presenting themselves in the United Sates.

Currency risk

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

To this end, we continue to improve our hedging strategy with our Foreign Exchange partner, Alpha FX. This has meant we have had more time to react to adverse currency movements during the year, meaning our exposure to currency fluctuations is minimised.

Added to this, much of the Field International Group trades in US Dollars which reduces the exposure to fluctuating exchange rates by providing natural hedging.

Credit risk

Although the Field International Group has historically experienced very little bad debt, as the group embarks on a strategy of expanding its client base post-pandemic, the risk of losses attributable to bad debt in the future will rise.

The Group manages this risk by carefully reviewing credit account applications, regularly reviewing credit limits, and managing late payments.

We have also looked to reduce this risk by establishing a Credit Control team in India to manage older outstanding amounts.

Liquidity and cash flow risk

Careful management and support from various stakeholders have ensured that the Field International Group has had the cash resources to achieve its objectives.

Regular review of cash flow projections enables the directors to assess and predict any deficiencies, discuss with stakeholders, and take appropriate decisions to ensure the future viability of the Group.

We continue to pay down debt to time, meaning that our debt-to-equity ratio has improved considerably. We have a fantastic relationship with our Strategic Bankers, HSBC, and regularly discuss how they can support us to take advantage of the many opportunities we have identified.

We now owe less than £650,000 of the CBILS and RLS loans that were used to help us survive the COVID pandemic. We are now in early discussions with HSBC to develop our relationship so the Field Group can take advantage of opportunities.

FIELD INTERNATIONAL GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Analysis based on Key Performance Indicators

Gross margin

During the year the Field International Group made a gross margin of 49% (2023: 44%).

This was significantly better than the gross margin that we had projected at the start of the year of 43%.

Gross margin for 2025 is expected to have decreased slightly from 2024 levels, but still outperform our original forecast for 2025, showing our continued prudence in setting financial forecasts.

Profit before tax

The Field International Group recorded a profit before tax of £4.6m for 2024, compared to a profit of £3.3m in 2023.

We had forecast a profit before tax of £3.8m at the start of 2024. Therefore, we are very pleased with the increased performance over expectation. This helps us to have the resources to pay back debt as due and invest for the future.

2025 has seen a further improvement in financial performance. We anticipate our Profit before tax to be in the region of £6m for 2025.

Net current assets

Net current assets have increased in the year from £3.7m to £6.6m.

The directors are confident that the Field Group’s liquidity position will continue to strengthen in the years to come.

Summary & moving forward

All in all, we look forward to the future with great confidence.

The superb results noted above have not stopped us from continuing to push the business forward. The initial results of 2025 show a significant increase in turnover. However, further drives for efficiency have resulted in increased margin and profit for the year.

The Board were very pleased with the financial performance of the Field Group in 2024.

Our improved trading performance gives us the confidence to invest in new technologies, improve manufacturing environments and embrace opportunities as they arise.

One key focus for 2026 is our imminent expansion into the United States. Our largest customer is based in the US, and the largest market for Boeing aircraft is also there.

On behalf of the board

Mr A Oliver
Director
13 February 2026
FIELD INTERNATIONAL GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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

Principal activities

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

Results and dividends

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

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

Directors

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

Mr D Booker
Mr M Booker
Mrs M R Booker
Mr A Oliver
Mr R Marples
Mr B Chalmers
Mr A W D Booker
(Appointed 13 October 2025)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Post reporting date events

There are no post reporting date events to disclose.

Going Concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Auditor

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

FIELD INTERNATIONAL GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

Directors’ confirmations

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

- so far as the director is aware, there is no relevant audit information of which the company’s auditors are unaware; and

- they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

On behalf of the board
Mr A Oliver
Director
13 February 2026
FIELD INTERNATIONAL GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

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

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

Under company law, directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing the financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- state whether applicable United Kingdom Accounting Standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements;

- make judgements and accounting estimates that are reasonable and prudent; and

- 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 safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006.

FIELD INTERNATIONAL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FIELD INTERNATIONAL GROUP LIMITED
- 7 -
Opinion

We have audited the financial statements of Field International Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

FIELD INTERNATIONAL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FIELD INTERNATIONAL GROUP LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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 directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

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

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

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

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

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr James Reilly (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
13 February 2026
Chartered Accountants
Statutory Auditor
37 Commercial Road
Poole
Dorset
BH14 0HU
FIELD INTERNATIONAL GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
as restated
Notes
£
£
Turnover
3
28,442,776
27,671,969
Cost of sales
(14,519,424)
(15,576,258)
Gross profit
13,923,352
12,095,711
Administrative expenses
(9,303,245)
(8,583,781)
Other operating income
300,178
58,872
Operating profit
4
4,920,285
3,570,802
Interest receivable and similar income
8
10,646
55,371
Interest payable and similar expenses
9
(345,765)
(376,067)
Amounts written off investments
(614)
-
Profit before taxation
4,584,552
3,250,106
Tax on profit
10
(795,796)
(488,921)
Profit for the financial year
3,788,756
2,761,185
Other comprehensive income
Revaluation of tangible fixed assets
440,000
-
0
Currency translation gain/(loss) taken to retained earnings
62,741
(376,956)
Tax relating to other comprehensive income
(110,000)
-
0
Total comprehensive income for the year
4,181,497
2,384,229
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 16 to 38 form part of these financial statements.

FIELD INTERNATIONAL GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
12
226,061
162,183
Tangible assets
13
4,078,415
2,802,259
Investments
14
-
0
89
4,304,476
2,964,531
Current assets
Stocks
17
3,855,550
3,547,875
Debtors
18
9,289,177
6,834,021
Investments
16
-
0
529
Cash at bank and in hand
2,604,199
963,612
15,748,926
11,346,037
Creditors: amounts falling due within one year
19
(9,145,607)
(7,678,510)
Net current assets
6,603,319
3,667,527
Total assets less current liabilities
10,907,795
6,632,058
Creditors: amounts falling due after more than one year
20
(2,292,298)
(2,206,854)
Provisions for liabilities
Deferred tax liability
23
8,796
-
0
(8,796)
-
Net assets
8,606,701
4,425,204
Capital and reserves
Called up share capital
25
3
3
Revaluation reserve
625,940
295,940
Profit and loss reserves
7,980,758
4,129,261
Total equity
8,606,701
4,425,204
The financial statements were approved by the board of directors and authorised for issue on 13 February 2026 and are signed on its behalf by:
13 February 2026
Mr A Oliver
Director
Company registration number 07759655 (England and Wales)
FIELD INTERNATIONAL GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
178,332
114,188
Tangible assets
13
44,555
26,590
Investments
14
84
84
222,971
140,862
Current assets
Debtors
18
6,510,773
4,202,742
Cash at bank and in hand
47,521
31,432
6,558,294
4,234,174
Creditors: amounts falling due within one year
19
(5,098,272)
(2,987,145)
Net current assets
1,460,022
1,247,029
Total assets less current liabilities
1,682,993
1,387,891
Creditors: amounts falling due after more than one year
20
(636,521)
(1,152,983)
Provisions for liabilities
Deferred tax liability
23
8,796
-
0
(8,796)
-
Net assets
1,037,676
234,908
Capital and reserves
Called up share capital
25
3
3
Profit and loss reserves
1,037,673
234,905
Total equity
1,037,676
234,908

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £802,768 (2023 - £279,746 profit).

The financial statements were approved by the board of directors and authorised for issue on 13 February 2026 and are signed on its behalf by:
13 February 2026
Mr A Oliver
Director
Company registration number 07759655 (England and Wales)
FIELD INTERNATIONAL GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
3
295,940
1,745,032
2,040,975
Year ended 31 December 2023:
Profit for the year
-
-
2,761,185
2,761,185
Other comprehensive income:
Currency translation differences
-
-
(376,956)
(376,956)
Total comprehensive income
-
-
2,384,229
2,384,229
Balance at 31 December 2023
3
295,940
4,129,261
4,425,204
Year ended 31 December 2024:
Profit for the year
-
-
3,788,756
3,788,756
Other comprehensive income:
Revaluation of tangible fixed assets
-
440,000
-
440,000
Currency translation differences
-
-
62,741
62,741
Tax relating to other comprehensive income
-
(110,000)
-
0
(110,000)
Total comprehensive income
-
330,000
3,851,497
4,181,497
Balance at 31 December 2024
3
625,940
7,980,758
8,606,701
FIELD INTERNATIONAL GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
3
(44,841)
(44,838)
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
279,746
279,746
Balance at 31 December 2023
3
234,905
234,908
Year ended 31 December 2024:
Profit and total comprehensive income
-
802,768
802,768
Balance at 31 December 2024
3
1,037,673
1,037,676
FIELD INTERNATIONAL GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
4,077,303
1,794,387
Interest paid
(308,707)
(376,067)
Income taxes paid
(534,064)
(181,850)
Net cash inflow from operating activities
3,234,532
1,236,470
Investing activities
Purchase of intangible assets
(107,071)
(39,878)
Purchase of tangible fixed assets
(1,341,271)
(759,339)
Proceeds from disposal of tangible fixed assets
106,698
182,914
Repayment of loans
(9,314)
(18,772)
Interest received
10,646
71,233
Net cash used in investing activities
(1,340,312)
(563,842)
Financing activities
Repayment of bank loans
(175,271)
(412,431)
Purchase of derivatives
25,200
-
Payment of finance leases obligations
(103,562)
(98,339)
Net cash used in financing activities
(253,633)
(510,770)
Net increase in cash and cash equivalents
1,640,587
161,858
Cash and cash equivalents at beginning of year
963,612
801,754
Cash and cash equivalents at end of year
2,604,199
963,612
Relating to:
Cash at bank and in hand
2,905,304
1,371,797
Bank overdrafts included in creditors payable within one year
(301,105)
(408,185)
FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information

Field International Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 18-20 Nuffield Road, Nuffield Industrial Estate, Poole, Dorset, England, BH17 0RB.

The group consists of Field International Group Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Field International Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.4
Going concern

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern, including their assessment of future trading and funding.

As at 31 December 2024, the Group had cash of £2,604,199 and bank loans of £2,488,271. The Company similarly having cash of £47,521 and bank loans of £1,153,043. The Company and its UK subsidiary (Field International Limited) have breached the financial covenants in relation to the above loans in the year to 31 December 2024, but not since. The Company's bankers have confirmed that they retain the right to recall the loans on demand due to these breaches, however the directors, based upon their conversations with their bankers, have a high degree of confidence that the loans will not be recalled.

At the date of signing the group finanical statements, the group are currently negotiating on a substantially increased lending facility with the banks support. In additon, the group has passed all five quarterly covenant tests since the last breach in September 2024 and have no expectation that they will breach them in the future.

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

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Patents & licences
10 years straight line over the length of the patent
Development costs
10 years straight line basis following the commencement of sales
Website costs
10 years straight line basis
1.9
Tangible fixed assets

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

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

Freehold land and buildings
2% straight line
Leasehold improvements
life of the lease
Plant and equipment
25% reducing balance, 25% straight line and 10% straight line
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance, 2 years straight line, 3.5 years straight line and 4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.10
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.11
Impairment of fixed assets

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

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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

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

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

1.12
Stocks

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

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

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.13
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.

FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.14
Financial instruments

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

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

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

Impairment of financial assets

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

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

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

Derecognition of financial assets

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

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

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

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

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

1.16
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
Deferred tax

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

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Employee benefits

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

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

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

1.18
Retirement benefits

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

1.19
Leases

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

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

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

1.20
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Hedging of exposure to Foreign Currency Volatility

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

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

Recoverability of trade debtors

The Group makes an estimate of the recoverability value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of debtors, the ageing profile of debtors and historical experience. At the year end, there was a debtors provision of £195,871 (2023: £185,737).

Stock provision

Certain factors could affect the realisable value of the Group's stocks including customer demand and market conditions. The Group considers usage, anticipated sales price, effect of new product introductions, product obsolescence and other factors when evaluating the value. At the year end, there was a stock provision of £289,558 (2023: £117,215).

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales
28,442,776
27,671,969
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
6,173,204
4,888,753
Rest of Europe
2,243,963
1,634,958
Rest of the world
20,025,609
21,148,258
28,442,776
27,671,969
FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 24 -
2024
2023
£
£
Other revenue
Interest income
47,704
55,371
Grants received
13,401
11,825
Other operating income
276,131
47,047
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(217,491)
99,330
Research and development costs
(228,009)
43,122
Government grants
(13,401)
(11,825)
Depreciation of owned tangible fixed assets
204,163
203,891
Depreciation of tangible fixed assets held under finance leases
145,420
59,514
Impairment of owned tangible fixed assets
28,615
212,199
Loss/(profit) on disposal of tangible fixed assets
9,862
(68,544)
Amortisation of intangible assets
15,094
15,824
Loss on disposal of intangible assets
28,357
-
Cost of stocks recognised as an expense
10,939,517
11,176,216
Operating lease charges
973,373
703,870
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
19,250
16,750
Audit of the financial statements of the company's subsidiaries
19,250
18,000
38,500
34,750
FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration and support (including directors)
133
109
16
15
Production
156
151
-
-
Total
289
260
16
15

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,383,786
6,121,674
1,199,099
1,041,519
Social security costs
464,716
471,366
140,351
121,894
Pension costs
189,680
187,067
52,605
72,280
7,038,182
6,780,107
1,392,055
1,235,693
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
722,174
638,932
Company pension contributions to defined contribution schemes
39,846
61,626
762,020
700,558
The number of directors for who retirement benefits are accuring under defined contribution schemes amounted to 4 (2023: 4)
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
223,266
180,877
Company pension contributions to defined contribution schemes
15,000
50,000
FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,860
47,011
Other interest income
8,786
24,222
Total interest revenue
10,646
71,233
Other income from investments
(Losses)/gains on financial instruments measured at fair value through profit or loss
(37,058)
(15,862)
Total income
10,646
55,371
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,860
47,011
Interest on financial assets measured at fair value through profit or loss
(37,058)
(15,862)
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
207,526
306,719
Other interest on financial liabilities
64,729
45,798
272,255
352,517
Other finance costs:
Interest on finance leases and hire purchase contracts
36,452
23,550
Total finance costs
308,707
376,067
10
Taxation
2024
2023
£
£
Current tax
Foreign current tax on profits for the current period
698,213
488,032
Deferred tax
Origination and reversal of timing differences
97,583
889
Total tax charge
795,796
488,921
FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 27 -

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

2024
2023
£
£
Profit before taxation
4,584,552
3,250,106
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
1,146,138
763,775
Tax effect of expenses that are not deductible in determining taxable profit
288,617
74,435
Tax effect of income not taxable in determining taxable profit
(22,443)
-
0
Tax effect of utilisation of tax losses not previously recognised
(55,687)
(76,309)
Unutilised tax losses carried forward
67,229
-
0
Adjustments in respect of prior years
-
0
49,867
Effect of change in corporation tax rate
(392,562)
(302,839)
Permanent capital allowances in excess of depreciation
(85,585)
-
0
Research and development tax credit
(149,911)
-
0
Adjustment relating to foreign subsidiaries
-
0
(20,008)
Taxation charge
795,796
488,921

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

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
110,000
-
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Property, plant and equipment
13
28,615
212,199
Fixed asset investments
14
614
-
Recognised in:
Administrative expenses
28,615
212,199
Amounts written off investments
614
-
FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Impairments
(Continued)
- 28 -

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

12
Intangible fixed assets
Group
Goodwill
Patents & licences
Development costs
Website costs
Total
£
£
£
£
£
Cost
At 1 January 2024
256,527
47,995
17,815
140,547
462,884
Additions - internally developed
-
0
-
0
37,538
41,700
79,238
Additions - separately acquired
-
0
-
0
-
0
27,833
27,833
Disposals
-
0
(28,357)
-
0
-
0
(28,357)
Exchange adjustments
-
0
258
-
0
-
0
258
At 31 December 2024
256,527
19,896
55,353
210,080
541,856
Amortisation and impairment
At 1 January 2024
256,527
-
0
-
0
44,174
300,701
Amortisation charged for the year
-
0
-
0
-
0
15,094
15,094
At 31 December 2024
256,527
-
0
-
0
59,268
315,795
Carrying amount
At 31 December 2024
-
0
19,896
55,353
150,812
226,061
At 31 December 2023
-
0
47,995
17,815
96,373
162,183
Company
Development costs
Website costs
Total
£
£
£
Cost
At 1 January 2024
66,190
140,547
206,737
Additions - internally developed
37,538
41,700
79,238
At 31 December 2024
103,728
182,247
285,975
Amortisation and impairment
At 1 January 2024
48,375
44,174
92,549
Amortisation charged for the year
-
0
15,094
15,094
At 31 December 2024
48,375
59,268
107,643
Carrying amount
At 31 December 2024
55,353
122,979
178,332
At 31 December 2023
17,815
96,373
114,188
FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Intangible fixed assets
(Continued)
- 29 -

More information on impairment movements in the year is given in note 11.

13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
1,260,000
195,651
3,050,934
501,519
167,375
5,175,479
Additions
-
0
95,718
1,225,969
19,584
-
0
1,341,271
Disposals
-
0
(292,830)
(341,104)
(61,014)
(19,225)
(714,173)
Revaluation
440,000
-
0
-
0
-
0
-
0
440,000
Transfers
-
0
-
0
185
(185)
-
0
-
0
Exchange adjustments
-
0
3,760
(41,900)
1,027
(534)
(37,647)
At 31 December 2024
1,700,000
2,299
3,894,084
460,931
147,616
6,204,930
Depreciation and impairment
At 1 January 2024
-
0
107,091
1,698,020
429,116
138,993
2,373,220
Depreciation charged in the year
-
0
43,633
280,241
10,999
14,710
349,583
Impairment losses
-
0
-
0
28,615
-
0
-
0
28,615
Eliminated in respect of disposals
-
0
(292,075)
(226,443)
(59,887)
(19,212)
(597,617)
Exchange adjustments
-
0
3,480
(30,959)
674
(481)
(27,286)
At 31 December 2024
-
0
(137,871)
1,749,474
380,902
134,010
2,126,515
Carrying amount
At 31 December 2024
1,700,000
140,170
2,144,610
80,029
13,606
4,078,415
At 31 December 2023
1,260,000
88,560
1,352,914
72,403
28,382
2,802,259
FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Tangible fixed assets
(Continued)
- 30 -
Company
Leasehold improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 January 2024
17,764
5,658
66,664
90,086
Additions
37,833
-
0
-
0
37,833
At 31 December 2024
55,597
5,658
66,664
127,919
Depreciation and impairment
At 1 January 2024
12,453
4,386
46,657
63,496
Depreciation charged in the year
5,305
1,225
13,338
19,868
At 31 December 2024
17,758
5,611
59,995
83,364
Carrying amount
At 31 December 2024
37,839
47
6,669
44,555
At 31 December 2023
5,311
1,272
20,007
26,590

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
362,109
447,914
-
0
-
0

More information on impairment movements in the year is given in note 11.

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

The following asse t s are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Group
Cost
950,000
950,000
FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
84
84
Listed investments
-
0
89
-
0
-
0
-
0
89
84
84
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2024
89
Disposals
(89)
At 31 December 2024
-
Carrying amount
At 31 December 2024
-
At 31 December 2023
89
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
84
Carrying amount
At 31 December 2024
84
At 31 December 2023
84
FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
15
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Field Aeronautica SL
Spain
Dormant company
Ordinary shares
0
100.00
Field International Aerospace LLC
US
Precision engineers
Ordinary shares
100.00
-
Field International Limited
United Kingdom
Precision engineers
Ordinary shares
100.00
-
Field International PTE Limited
Singapore
Precision engineers
Ordinary shares
0
100.00
Field International Services Limited
Hong Kong
Holding company
Ordinary shares
0
100.00
Field International Shanghai Company Limited
China
Precision engineers
Ordinary shares
0
100.00
Field International Holdings PTE Ltd
Singapore
Holding company
Ordinary shares
100.00
-
Field International Technologies PTE Ltd
Singapore
Precision engineers
Ordinary shares
0
100.00
Field International Middle East Mechanical Trading LLC
UAE
Precision engineers
Ordinary shares
0
100.00
Field International Manufacturing PVT Ltd
India
Precision engineers
Ordinary shares
0
100.00
Field International Engineering PTE Ltd
Singapore
Civil engineers
Ordinary shares
0
100.00
Field International Engineering & Consultancy PVT Ltd
India
Engineering consultancy
Ordinary shares
0
100.00
Field International Engineering (Shanghai) Company Ltd
China
Engineering consultancy
Ordinary shares
0
100.00
Field International Zhejiang Ltd
China
Precision engineers
Ordinary shares
0
100.00
16
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Listed investments
-
529
-
-
FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,179,334
1,231,334
-
-
Work in progress
759,942
1,291,454
-
-
Finished goods and goods for resale
1,916,274
1,025,087
-
0
-
0
3,855,550
3,547,875
-
-
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,865,911
4,340,005
-
0
-
0
Corporation tax recoverable
49,680
45,422
16,651
11,500
Amounts owed by group undertakings
-
-
6,074,942
3,804,357
Derivative financial instruments
-
8,388
-
8,388
Other debtors
2,123,478
892,064
257,242
248,862
Prepayments and accrued income
891,640
1,226,405
161,938
129,635
8,930,709
6,512,284
6,510,773
4,202,742
Deferred tax asset (note 23)
122,950
321,737
-
0
-
0
9,053,659
6,834,021
6,510,773
4,202,742
Amounts falling due after more than one year:
Prepayments and accrued income
235,518
-
0
-
0
-
0
Total debtors
9,289,177
6,834,021
6,510,773
4,202,742
FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
1,176,022
818,472
516,522
516,582
Obligations under finance leases
22
104,685
101,790
-
0
-
0
Trade creditors
1,466,677
2,506,384
119,654
59,283
Amounts owed to group undertakings
-
0
-
0
4,244,552
2,198,971
Corporation tax payable
477,812
319,508
-
0
-
0
Other taxation and social security
183,553
249,188
42,845
42,995
Derivative financial instruments
16,812
-
0
16,812
-
0
Deferred income
242,329
217,945
-
0
-
0
Other creditors
2,127,700
907,262
28,265
44,252
Accruals
3,350,017
2,557,961
129,622
125,062
9,145,607
7,678,510
5,098,272
2,987,145
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
1,312,249
1,845,070
636,521
1,152,983
Obligations under finance leases
22
255,327
361,784
-
0
-
0
Other creditors
685,424
-
0
-
0
-
0
Accruals and deferred income
39,298
-
0
-
0
-
0
2,292,298
2,206,854
636,521
1,152,983
Amounts included above which fall due after five years are as follows:
Payable by instalments
595,897
468,031
-
-
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
2,488,271
2,663,542
1,153,043
1,669,565
Bank overdrafts
301,105
408,185
-
0
-
0
2,789,376
3,071,727
1,153,043
1,669,565
Payable within one year
1,477,127
1,226,657
516,522
516,582
Payable after one year
1,312,249
1,845,070
636,521
1,152,983
FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Loans and overdrafts
(Continued)
- 35 -

The long-term loans are secured by a fixed charge over the freehold property, floating charges over the Company's assets and a fixed charge over the intellectual property.

22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
104,685
101,790
-
0
-
0
In two to five years
255,327
361,784
-
0
-
0
360,012
463,574
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate to.

23
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
241,181
256,103
-
-
Tax losses
-
-
465,335
577,840
Revaluations
110,000
-
-
-
351,181
256,103
465,335
577,840
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
8,796
-
-
-
FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
23
Deferred taxation
(Continued)
- 36 -
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 January 2024
(321,737)
-
Charge to profit or loss
97,583
8,796
Charge to other comprehensive income
110,000
-
Liability/(Asset) at 31 December 2024
(114,154)
8,796

The deferred tax asset set out above is expected to reverse after 12 months and relates to the utilisation of tax losses against future expected profits of the same period. T he deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
189,680
187,067

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

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
26
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
840,417
999,026
44,198
85,157
Between two and five years
1,402,874
2,054,479
18,297
62,649
In over five years
990,858
1,251,520
-
-
3,234,149
4,305,025
62,495
147,806
FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 37 -
27
Directors' transactions

During the year, the directors were advanced £29,258 (2023: £37,133) and credited £25,500 (2023: £12,066) in respect of their directors loan account. Interest of £5,570 (2023: £4,831) was charged on this balance at 2.25% per p.a. At the balance sheet date the directors owed the Company a total of £250,001 (2023:£240,687).

28
Prior year adjustment

A prior year adjustment has been made to correct the fixed asset value within the 2023 financial statements by way of an impairment. Fixed assets has been reduced by £212,199, which has decreased the profit after tax and reduced profit and loss reserves by £212,199.

29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
3,788,756
2,761,185
Adjustments for:
Taxation charged
795,796
488,921
Finance costs
345,765
376,067
Investment income
(10,646)
(55,371)
Loss/(gain) on disposal of tangible fixed assets
9,862
(68,544)
Loss on disposal of intangible assets
28,357
-
Amortisation and impairment of intangible assets
15,094
15,824
Depreciation and impairment of tangible fixed assets
378,198
475,605
Movement of foreign exchange contracts
(37,058)
3,893
Foreign exchange gains on cash equivalents
62,741
(371,676)
Other gains and losses
614
-
Movements in working capital:
Increase in stocks
(307,675)
(98,057)
Increase in debtors
(2,648,759)
(1,060,780)
Increase/(decrease) in creditors
1,631,874
(413,246)
Increase/(decrease) in deferred income
24,384
(259,434)
Cash generated from operations
4,077,303
1,794,387
FIELD INTERNATIONAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 38 -
30
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,371,797
1,533,507
2,905,304
Bank overdrafts
(408,185)
107,080
(301,105)
963,612
1,640,587
2,604,199
Borrowings excluding overdrafts
(2,663,542)
175,271
(2,488,271)
Obligations under finance leases
(463,574)
103,562
(360,012)
(2,163,504)
1,919,420
(244,084)
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