Formagrind Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04573242

Formagrind Limited

Filleted Unaudited Financial Statements

31 March 2025

Formagrind Limited

Financial Statements

Period from 1 January 2024 to 31 March 2025

CONTENTS	PAGE

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Formagrind Limited

Officers and Professional Advisers

Director	Mr M J Couser

Company secretary	Mrs J Couser (resigned on 29.12.24) Mr B Couser & Miss J Couser ( Appointed 30.12.24)

Registered office	Unit 10
	Milland Road Industrial Estate
	Neath
	West Glamorgan
	SA11 1NJ

Accountants	James & Uzzell Ltd
	Chartered Certified Accountants
	Axis 15, Axis Court
	Mallard Way
	Riverside Business Park
	Swansea
	SA7 0AJ

Formagrind Limited

Statement of Financial Position

31 March 2025

	31 Mar 25	31 Dec 23
Note	£	£

FIXED ASSETS

Intangible assets	5	52,153	89,406
Tangible assets	6	1,099,543	965,801
		------------	------------
		1,151,696	1,055,207

CURRENT ASSETS

Debtors	8	426,129	271,730
Cash at bank and in hand		294,200	430,749
		---------	---------
		720,329	702,479

CREDITORS: amounts falling due within one year	9	541,918	522,881
		---------	---------
NET CURRENT ASSETS		178,411	179,598
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		1,330,107	1,234,805

CREDITORS: amounts falling due after more than one year	10	224,450	154,788

PROVISIONS

Taxation including deferred tax	272,567	237,273
	------------	------------
NET ASSETS	833,090	842,744
	------------	------------

CAPITAL AND RESERVES

Called up share capital	11	2	2
Profit and loss account		833,088	842,742
		---------	---------
SHAREHOLDERS FUNDS		833,090	842,744
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the period ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Formagrind Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 3 November 2025 , and are signed on behalf of the board by:

Mr M J Couser

Director

Company registration number: 04573242

Formagrind Limited

Notes to the Financial Statements

Period from 1 January 2024 to 31 March 2025

1. GENERAL INFORMATION

Formagrind Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.The nature of the company's operations and principal activities are precision engineering.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements is 15 months and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 March 2025. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

The director has considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 9 for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets.

(ii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 11 for the net carrying amount of the debtors and associated impairment provision.

(iii) Goodwill and intangible fixed assets

Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortisation periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortised and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions.

(iv) Provisions

Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes

(v) Going concern

The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard

(vi) Research & Development

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

Debtors and creditors receivable/payable within one year

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

Research & development

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Sale of goods Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Rent receivable Rent receivable is recognised when an invoice is raised at the beginning of the rental period.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate

Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is ten years. Provision is made for any impairment

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill amortisation	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & equipment	-	10% reducing balance
Fixtures & fittings	-	10% reducing balance
Motor vehicles	-	20% straight line
Computer equipment	-	20% straight line

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease. Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

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.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the period amounted to 30 (2023: 29 ).

5. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 January 2024 and 31 March 2025	298,020
	---------
Amortisation
At 1 January 2024	208,614
Charge for the period	37,253
	---------
At 31 March 2025	245,867
	---------
Carrying amount
At 31 March 2025	52,153
	---------
At 31 December 2023	89,406
	---------

6. TANGIBLE ASSETS

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024	1,423,950	13,341	29,295	25,686	1,492,272
Additions	444,455	724	–	–	445,179
Disposals	( 227,296)	–	–	–	( 227,296)
	------------	--------	--------	--------	------------
At 31 March 2025	1,641,109	14,065	29,295	25,686	1,710,155
	------------	--------	--------	--------	------------
Depreciation
At 1 January 2024	505,437	6,412	2,930	11,692	526,471
Charge for the period	128,562	884	6,836	4,231	140,513
Disposals	( 56,372)	–	–	–	( 56,372)
	------------	--------	--------	--------	------------
At 31 March 2025	577,627	7,296	9,766	15,923	610,612
	------------	--------	--------	--------	------------
Carrying amount
At 31 March 2025	1,063,482	6,769	19,529	9,763	1,099,543
	------------	--------	--------	--------	------------
At 31 December 2023	918,513	6,929	26,365	13,994	965,801
	------------	--------	--------	--------	------------

7. INVESTMENTS

	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 March 2025	597,769
	---------
Impairment
At 1 January 2024 and 31 March 2025	597,769
	---------

Carrying amount
At 31 March 2025	–
	---------
At 31 December 2023	–
	---------

8. DEBTORS

	31 Mar 25	31 Dec 23
	£	£
Trade debtors	348,475	239,042
Other debtors	77,654	32,688
	---------	---------
	426,129	271,730
	---------	---------

9. CREDITORS: amounts falling due within one year

	31 Mar 25	31 Dec 23
	£	£
Bank loans and overdrafts	35,059	–
Trade creditors	16,717	71,999
Corporation tax	42,644	121,063
Social security and other taxes	48,856	84,695
Other creditors	398,642	245,124
	---------	---------
	541,918	522,881
	---------	---------

Obligations under finance leases and hire purchase contracts are secured over the assets to which they relate. The total amount of secured liabilities is £269,581(2023: £82,888).

10. CREDITORS: amounts falling due after more than one year

	31 Mar 25	31 Dec 23
	£	£
Other creditors	224,450	154,788
	---------	---------

Obligations under finance leases and hire purchase contracts are secured over the assets to which they relate. The total amount of secured liabilities is £224,450(2023: £154,783).

11. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	31 Mar 25		31 Dec 23
	No.	£	No.	£
Ordinary A shares of £ 1 each	1	1	1	1
Ordinary B shares of £ 1 each	1	1	1	1
	----	----	----	----
	2	2	2	2
	----	----	----	----

12. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £12,667 (2023:£60,167).

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The amount owed to the company from the directors is £44,126 (2023: £nil). There is no interest charged to this balance.

14. RELATED PARTY TRANSACTIONS

Other related parties

	2025	2023
	£	£
Balance due from other related parties:	29,227	24,491

There was no interest charged on these balances.