1.
General Information
Foleshill Plating Co. Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
01656795
. The registered office is 32 Bayton Road, Exhall, Coventry, West Midlands, CV7 9EJ.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
-
the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d).
2.3.
Exemption From Preparing Consolidated Financial Statements
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
2.4.
Going Concern Disclosure
The directors have assessed the company’s ability to continue as a going concern, taking into account its financial position, recent trading results and cash flow forecasts for a period of at least twelve months from the date of approval of these financial statements.
The company incurred exceptional expenditure during 2025 relating to changes in group structure and ownership. Excluding these exceptional costs, the company made a profit after tax of £686,355, which the directors consider to be reflective of the underlying trading performance of the business.
Following the reacquisition of the company, £500,000 was introduced into the business to provide additional liquidity and support ongoing operations. The directors do not expect any further group structure or ownership changes and believe this will allow management to focus on the company’s core trading activities and cash generation.
The directors recognise that market conditions remain challenging. The directors also note that loan repayments and associated interest costs are significant costs for the group and represent an important factor in the going concern assessment. The company’s forecasts have therefore been prepared taking these obligations into account.
After reviewing the forecasts, including the additional liquidity introduced on reacquisition and the mitigating actions available to management, the directors have a reasonable expectation that the company will be able to meet its liabilities as they fall due for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.
2.5.
Significant judgements and estimations
The company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the group accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors,including expectations of future events that are believed to be reasonable under the circumstances.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Depreciation and residual values
The director has reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic lives and residual values of fixture & fittings and plant & machinery, and have concluded that asset lives and residual values are 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. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and project disposal values.
Leases
The director determines whether leases entered into by the company either as a lessor or a lessee are operating lease 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 based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.
Foleshill Plating Co. Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2025
2.6.
Turnover
Turnover 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:
The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when specific criteria relating to each of the companies sales channels have been met.
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.
2.7.
Tangible Fixed Assets and Depreciation
Depreication is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
| Leasehold |
|
| Plant & Machinery |
|
The assets residual values, useful life and depreciation methods are reviewed and adjusted prospectively if appropriate, if there is an indication of a significant change since the last reporting date.
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase cost, costs directly attributable to making the asset capable of operating as intended, dismantlation and restoration costs and borrowing costs.
Freehold property is valued at cost less accumulated depreciation and accumulated impairment losses capitalised.
During the year, the reducing balance depreciation rate for plant and machinery was revised from 33% to 10%. The previous rate was deemed to depreciate assets too quickly relative to their useful lives; the revised rate better reflects the pattern in which economic benefits are consumed. The change has been applied prospectively as a change in accounting estimate. The effect of the change was to reduce the depreciation charge for the year by £129,012
2.8.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contract are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.9.
Stocks and Work in Progress
Stocks are stated at the lower of cost and 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 balance sheet 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.
2.10.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
Foleshill Plating Co. Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2025
2.11.
Foreign Currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
2.12.
Taxation
The tax expense for the year comprises current and deferred tax.
Tax is recognised in profit or loss except that a change 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.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2.13.
Employee Benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
2.14.
Reasearch and development
Expenditure on research and development is written off in the year in which it is incurred.
3.
Turnover
Analysis of turnover by class of business is as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Coating | 9,323,105 | 10,112,715 | |
| Energy and rates | - | 20,163 | |
| Other services | 130,000 | - | |
| Shotblast | 267,048 | 300,951 | |
| 9,720,153 | 10,433,829 | ||
4.
Operating Profit
The operating profit is stated after charging:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | - | 24,502 | |
| Reorganisation expenditure | - |
|
|
| Operating lease rentals |
|
|
|
| Depreciation of tangible fixed assets |
|
|
|
| Profit on disposal of tangible fixed assets | - |
( |
|
Foleshill Plating Co. Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2025
|
2025
|
2024
|
||
|
£
|
£
|
||
|
Hire of plant and machinery
|
236,114
|
412,740
|
|
|
Light and heat
|
952,275
|
1,373,010
|
|
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5.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
6.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
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|
| Social security costs |
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| Other pension costs |
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7.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| Office and administration |
|
|
|
| Manufacturing |
|
|
|
|
|
|
||
8.
Directors' remuneration
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments | - |
|
|
9.
Interest Receivable and Similar Income
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank interest receivable |
|
|
|
Foleshill Plating Co. Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2025
10.
Interest Payable and Similar Charges
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
11.
Tax on Profit
The tax charge/(credit) on the (loss)/profit for the year was as follows:
| Tax Rate | 2025 | 2024 | |||
|---|---|---|---|---|---|
| 2025 | 2024 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | - | 25.0% |
|
|
|
| Prior period adjustment |
|
( |
|||
|
|
( |
||||
| Deferred Tax | |||||
| Deferred taxation |
|
( |
|||
| Total tax charge for the period |
|
( |
|||
The actual charge/(credit) for the year can be reconciled to the expected (credit)/charge for the year based on the (loss)/profit and the standard rate of corporation tax as follows:
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Profit before tax | (1,333,482) | 64,271 | |||
| Tax on profit at 25% (UK standard rate) |
( |
|
|||
| Goodwill/depreciation not allowed for tax |
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| Expenses not deductible for tax purposes |
|
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| Capital allowances |
( |
( |
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| Short term timing differences |
|
( |
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| Prior period adjustment |
|
( |
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| Tax incentives |
( |
( |
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| Group relief |
( |
|
|||
| Tax losses unutilised carried forward |
|
|
|||
| Total tax charge for the period | 130,120 | (296,904) | |||
Foleshill Plating Co. Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2025
12.
Tangible Assets
| Land & Property | |||
|---|---|---|---|
| Leasehold | Plant & Machinery | Total | |
| £ | £ | £ | |
| Cost | |||
| As at 1 September 2024 |
|
|
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| Additions |
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|
| As at 31 August 2025 |
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| Depreciation | |||
| As at 1 September 2024 |
|
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| Provided during the period |
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| As at 31 August 2025 |
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| Net Book Value | |||
| As at 31 August 2025 |
|
|
|
| As at 1 September 2024 |
|
|
|
The net book value of tangible fixed assets includes £NIL (2024 - £NIL) in respect of assets held under hire purchase contracts.
13.
Stocks
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Raw materials and consumables |
|
|
|
14.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Amounts owed by group undertakings |
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15.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
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| Other taxes and social security |
|
|
|
| VAT |
|
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| Factoring account |
|
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| Accruals and deferred income |
|
|
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| Amounts owed to group undertakings | - |
|
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Foleshill Plating Co. Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2025
16.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors | - |
|
|
The company has provided a joint guarantee to secure loan facilities to group undertakings, which creates a fixed and floating charge over the assets of the company. The amounts outstanding under these facilities as at 31 August 2025 were £3,791,118.
18.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 130,120 | - | |
19.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| Deferred taxation |
|
|
| Balance at 31 August 2025 |
|
130,120 |
21.
Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
At the balance sheet date contributions of £2,975 (2024: £3,937) were due to the fund and are included in creditors.
22.
Dividends
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid | - |
|
|
Foleshill Plating Co. Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2025
23.
Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
During the year the company traded with a business related by common director. The company made sales of £280,685 (2024 - £289,130). At the year end an amount of £50,587 (2024 - £60,475) was due by the company.
During the year the company traded with a business related by common director. The company made sales of £1,754 (2024 - £349). At the year end an amount of £NIL (2024 - £419) was due by the company.
During the year the company traded with a business related by common director. The company made sales of £4,269 (2024 - £502). At the year end an amount of £NIL (2024 - £602) was due by the company.
During the year the company provided services to a business related by common director. Sales recognised in the year amounted to £130,000. At the year end £130,000 was due by the company.
24.
Controlling Parties
At 31 August 2025 the immediate controlling party of Foleshill Plating Co. Limited is FP Advanced Coatings Ltd. The ultimate parent company was Threesixty Holdco 10 Limited at the year end.
Following post year-end acquisition on 31 October 2025 the new ultimate parent company is Foleshill Plating Group Ltd.
25.
Exceptional Items
During the year, the company recognised an exceptional expense in respect of loans advanced to certain entities that are no longer part of the Group. Accordingly, the outstanding loan balances has been fully written off, as recovery is no longer considered probable.
The loans written off relate to the following companies:
Threesixty Investco 10 Limited: £3,446,240.
FP Advanced Group Holdings Limited: £1,500
During the year company recognised an exceptional income item in respect of loans payable. An amount owed of £1,297,783 to FP Advanced Coatings Limited was written off in agreement.