Registration number:
FGP Group Limited
for the Year Ended 31 March 2021
FGP Group Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Statement of Comprehensive Income |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
FGP Group Limited
Company Information
Directors |
Mr D M Taylor Mr S Ghosh |
Company secretary |
Vistra Company Secretaries Limited |
Registered office |
|
Auditors |
|
FGP Group Limited
Strategic Report for the Year Ended 31 March 2021
The directors present their strategic report for the year ended 31 March 2021.
Principal activity
The principal activity of the company is to supply a single sourced, engineered and manufactured solution to our customers, within the aerospace, defence and commercial sectors. The group utilises the latest AI and robotic solutions, supported with innovative processes and technology, underpinned by a highly skilled workforce to deliver a world class customer experience. From “Design for Manufacture”, (DFM), including build to print solutions, the group offers manufactured and treated products, including the supply of top-level assemblies that are shipped using “Direct Line Feed” (DLF) solutions, straight into our customers’ factories and assembly lines.
Fair review of the business
The FGP Group comprises of three trading companies,
• FGP Systems Ltd - (AS9100 Rev D accredited), manufacturing and assembly facility based in Weymouth.
• FGP Lufton Ltd - (AS9100 Rev D & NADCAP accredited), manufacturing, metal joining, welding, brazing, including four vacuum heat treatment furnaces, non-destructive testing and pressure test facility based in Yeovil.
• Ramp Surface Coatings Ltd - (AS9100 Rev D & NADCAP accredited), chemical processing, anodising, plating & paint (up to 14 metres) facility based in Yeovil & Weymouth.
The financial year ended 31 March 2021 brought new challenges to the group, especially with the effect Covid-19 had on the commercial aerospace sector. The group did experience a reduction in demand for the period across its two manufacturing sites, FGP Systems and FGP Lufton, however this was partly mitigated by an increase in demand for RSC`s treatments and processing services. The senior management team have continued to execute the group strategy, of building a one stop solution for our customers and the targeted diversification of the business into new sectors, especially screen print (PCB & Solar) and marine. The business expects the new customer contracts to start delivering top line sales revenue from Q2 onwards, in the next FY 2022.
One of the effects Covid-19 had on the manufacturing sector, had been to increase the stress on an already stretched supply chain. The business has consequently been awarded several order books, which have been transitioned to group, from certain suppliers that have not been able to trade through the pandemic. The business expects this to continue and may even increase as the government initiatives and support packages reduce during 2021.
The group made redundancies in the year which totalled 31 people; 24 at FGP Systems Ltd and 7 at FGP Lufton. The cost of the redundancies was £274,045.
The businesses are all managed by a central senior management team with group functions across Finance, HSE, Quality, Procurement, Sales, Commercial and HR. This structure has enabled the business to improve its processes and execute its strategy, whilst reducing the costs and overheads associated with running individual business units. The group has monthly KPI meetings across all departments to drive improved performance across all departments and align our relevant resources to our customers’ needs. These KPI`s include HSE incident reductions, sales order intake, quote win rate, TAT, delivery performance OTD, both internally and within our supply chain, quality performance PPM, internal and supply chain, productive hours, past dues, cost of poor quality, right first time and delivery schedule adherence. These are all supported by monthly management Profit and Loss accounts and quarterly board meetings with Executive and Non-Executive Board members.
FGP Group Limited
Strategic Report for the Year Ended 31 March 2021
During the period the group has increased its capability offering to our customers.
FGP Systems added the flushing of gallery process to enable higher level supply of products, including lee plug installation, additional assembly operations and final mask, paint processing all carried out at RSC.
Ramp Surface Coatings added new plating lines into our Lufton facility, including electroless nickel, zinc nickel and zinc plate. This will realise additional group and external revenue, from RSC`s customer base.
The business expects New Product Introduction (NPI) volumes to increase from circa 4-5% in FY 2021 to around 15-18% in FY 2022. The FGP Group is well positioned to ingest this new work with the addition of increased front-end resources and the implementation of improved manufacturing processes, including Operator Controlled Quality (OCQ). This will allow the business to manage the increased volumes of new work in a more controlled environment now and for the foreseeable future. This will be supported by additional robotic, automated machining loading and tending solutions, that will remove the mundane and repetitive labour intense manual processes, currently within group.
The company's key financial and other performance indicators during the year were as follows:
Unit |
2021 |
2020 |
|
Turnover |
£ |
14,638,943 |
17,729,160 |
Profit/(loss) before tax |
£ |
(773,207) |
781,976 |
EBITDA |
£ |
561,737 |
1,664,392 |
Principal risks and uncertainties
The delayed recovery within the aerospace sector: The directors anticipate a difficult start to FY2022 due to further potential travel and Covid restrictions across the world.
Credit risk: The principal financial assets are trade debtors and plant and machinery assets. The customer relationships are very good and are proactively managed by the sales, commercial and account management teams. The plant and machinery are maintained and serviced proactively to a high level and supported with total planned maintenance (TPM) programmes by our internal and external maintenance support teams. The company also uses the services of national and international credit ratings agencies to set the parameters to ensure certainty, of our receivables.
Liquidity risk: The senior management team constantly review and maintain available credit lines and funds, to support the aspirations of the group going forward.
Cash flow: The senior management team carry out monthly reviews and updates to mitigate the working capital movements, to minimise risk to the business.
Contract risk: The company conducts significant levels of its business under customer contracts. The key to managing these risks are robust tendering and contract review processes, supported by strong operational KPI performance levels. Tenders whose values and profiles are in excess of pre-set qualitative and quantitative parameters, must also be approved by the board of directors.
HSE: Health and safety risks are continually assessed, monitored and improved where necessary to support our HSE plan and continue to operate at best in class standards.
FGP Group Limited
Strategic Report for the Year Ended 31 March 2021
Environmental risks: The company places considerable emphasis upon environmental compliance in each of its businesses and not only seeks to ensure ongoing compliance but also strives to ensure best practice is incorporated into its key processes.
Commercial relationships: The company maintains strong relationships with each of its key customers and has established credit control parameters for each of them. There is a rigorous control procedure for cash flow which includes regular reviews of collections and payments to minimise the risks to liquidity.
Approved by the
|
|
FGP Group Limited
Directors' Report for the Year Ended 31 March 2021
The directors present their report and the for the year ended 31 March 2021.
Directors of the group
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The directors continually review the financial and operational risk management policies of the Group. A full risk assessment is undertaken for all contracts before issuing quotations to customers.
By operating appropriate certified management systems, the Group is committed to providing the highest standard of design service and quality for all products supplied and installed to customers' requirements.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk
The group is exposed to commodity price risk which it partially offsets by either forward buying and/or bulk purchasing of raw materials in order to take advantage of market opportunities. In addition, the Group is continually seeking alternative materials which meet it's strict quality standards. There is also price risk in respect of the loan and other finance provided to the company by various funders. The directors regularly monitor the performance of the group in the light of its finance costs and periodically review the terms and conditions, including pricing of the finance provided.
Credit risk
Appropriate terms are negotiated with suppliers and customers. Management reviews these terms and manages any exposure on normal trade terms. The directors do not consider there to be any significant risk in relation to prices and credit as the company is not dependent on any one customer or group of customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company reviews its cash flow needs and financing arrangements regularly and plans accordingly.
Cash flow risk
In order to minimise cash flow risk, cash flow is monitored and reviewed by the board of directors on a regular basis.
FGP Group Limited
Directors' Report for the Year Ended 31 March 2021
Going concern
Following the COVID-19 pandemic and the resulting impact on the economy, the directors have prepared forecasts in order to assess its expected effect on the group's future trading position. The directors expect that the group will suffer a decrease in revenues but that it will be able to continue trading and pay its debts as they fall due.
Disclosure of information to the auditor
Each director has taken 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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved by the
|
|
FGP Group Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the 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 these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 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. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
FGP Group Limited
Independent Auditor's Report to the Members of FGP Group Limited
Opinion
We have audited the financial statements of FGP Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2021, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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 March 2021 and of the group's loss 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 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
FGP Group Limited
Independent Auditor's Report to the Members of FGP Group Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page 7, 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 group’s and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
FGP Group Limited
Independent Auditor's Report to the Members of FGP Group Limited
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
• Obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;
• Inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud;
• Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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.
......................................
For and on behalf of
Motivo House
Alvington
Somerset
BA20 2FG
FGP Group Limited
Consolidated Profit and Loss Account for the Year Ended 31 March 2021
Note |
2021 |
2020 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Distribution costs |
( |
( |
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating (loss)/profit |
( |
|
|
Other interest receivable and similar income |
- |
|
|
Interest payable and similar expenses |
( |
( |
|
(221,865) |
(189,530) |
||
(Loss)/profit before tax |
( |
|
|
Tax on (loss)/profit |
|
|
|
(Loss)/profit for the financial year |
( |
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
( |
|
FGP Group Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2021
2021 |
2020 |
|
(Loss)/profit for the year |
( |
|
Total comprehensive income for the year |
( |
|
Total comprehensive income attributable to: |
||
Owners of the company |
( |
|
FGP Group Limited
(Registration number: 09501876)
Consolidated Balance Sheet as at 31 March 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Other reserves |
|
|
|
Profit and loss account |
|
1,984,746 |
|
Equity attributable to owners of the company |
|
|
|
Total equity |
|
|
Approved and authorised by the
|
|
FGP Group Limited
(Registration number: 09501876)
Balance Sheet as at 31 March 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Investments |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Other reserves |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
|
|
The company made a loss after tax for the financial year of £33,556 (2020 - profit of £105,145).
Approved and authorised by the
|
|
FGP Group Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 March 2021
Equity attributable to the group
Share capital |
Share premium |
Merger reserve |
Profit and loss account |
Total |
Total equity |
|
At 1 April 2020 |
|
|
|
1,984,746 |
10,049,162 |
10,049,162 |
Loss for the year |
- |
- |
- |
( |
( |
( |
Total comprehensive income |
- |
- |
- |
( |
( |
( |
At 31 March 2021 |
|
|
|
|
|
|
Share capital |
Share premium |
Merger reserve |
Profit and loss account |
Total |
Total equity |
|
At 1 April 2019 |
|
|
- |
|
|
|
Prior period adjustment |
- |
- |
- |
( |
( |
( |
At 1 April 2019 (As restated) |
|
|
- |
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Total comprehensive income |
- |
- |
- |
|
|
|
New share capital subscribed |
|
- |
- |
- |
|
|
Merger adjustment, increase/ (decrease) in equity |
- |
- |
|
- |
|
|
At 31 March 2020 |
49,413 |
5,182,886 |
2,832,117 |
1,984,746 |
10,049,162 |
10,049,162 |
FGP Group Limited
Statement of Changes in Equity for the Year Ended 31 March 2021
Share capital |
Share premium |
Merger reserve |
Profit and loss account |
Total |
|
At 1 April 2020 |
|
|
|
( |
|
Loss for the year |
- |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
- |
( |
( |
At 31 March 2021 |
|
|
|
( |
|
Share capital |
Share premium |
Merger reserve |
Profit and loss account |
Total |
|
At 1 April 2019 |
|
|
- |
( |
|
Profit for the year |
- |
- |
- |
|
|
Total comprehensive income |
- |
- |
- |
|
|
New share capital subscribed |
|
- |
- |
- |
|
Merger adjustment, increase/ (decrease) in equity |
- |
- |
2,832,117 |
- |
2,832,117 |
At 31 March 2020 |
49,413 |
5,182,886 |
2,832,117 |
(1,183,626) |
6,880,790 |
FGP Group Limited
Consolidated Statement of Cash Flows for the Year Ended 31 March 2021
Note |
2021 |
2020 |
|
Cash flows from operating activities |
|||
(Loss)/profit for the year |
( |
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Profit on disposal of intangible assets |
- |
( |
|
Finance income |
- |
( |
|
Finance costs |
|
|
|
Income tax expense |
( |
( |
|
|
|
||
Working capital adjustments |
|||
Decrease/(increase) in stocks |
|
( |
|
Decrease in trade debtors |
|
|
|
(Decrease)/increase in trade creditors |
( |
|
|
Increase/(decrease) in provisions |
|
( |
|
Cash generated from operations |
|
|
|
Income taxes (paid)/received |
( |
|
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
- |
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Acquisition of intangible assets |
- |
( |
|
Merger reserve |
- |
2,832,117 |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
|
Proceeds from bank borrowing draw downs |
|
|
|
Repayment of other borrowing |
- |
( |
|
Receipts from finance lease creditors |
|
|
|
Payments to finance lease creditors |
( |
( |
|
Net cash flows from financing activities |
|
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 April |
( |
( |
|
Cash and cash equivalents at 31 March |
391,974 |
(1,250,375) |
FGP Group Limited
Statement of Cash Flows for the Year Ended 31 March 2021
Note |
2021 |
2020 |
|
Cash flows from operating activities |
|||
(Loss)/profit for the year |
( |
|
|
Adjustments to cash flows from non-cash items |
|||
Finance income |
- |
( |
|
( |
( |
||
Working capital adjustments |
|||
Increase in debtors |
( |
( |
|
(Decrease)/increase in trade creditors |
( |
|
|
Net cash flow from operating activities |
( |
( |
|
Cash flows from investing activities |
|||
Interest received |
- |
|
|
Acquisition of subsidiaries |
- |
( |
|
Net cash flows from investing activities |
- |
|
|
Cash flows from financing activities |
|||
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
|
Proceeds from bank borrowing draw downs |
|
- |
|
Net cash flows from financing activities |
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
Cash and cash equivalents at 1 April |
|
|
|
Cash and cash equivalents at 31 March |
150,000 |
17,681 |
FGP Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
No Profit or Loss account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a loss after tax for the financial period of £33,556 (2020 - profit after tax £105,145).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2021.
FGP Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The financial statements have been prepared on a going concern basis. The directors have prepared forecasted cash flows for the foreseeable future for the company and for the group of which the company is a member. The forecasts indicate that the company will have sufficient working capital from its own cash inflows and through support from the group, to meet its needs.
FGP Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
(a) Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
(i) Useful economic lives of tangible assets
The annual deprecitation charge for tangible assets is sensitive to changes in he estimated 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 notes to the accounts for the carrying acmount of the property, plant and equipment and for the useful economic lives for each class of assets.
(ii) Stock provision
The group utilises raw materials in its provision of engineering precision services and is subject to varying raw material prices. As a result it is necessary to consider the recoverability of the cost of the stock and the associated provisioning required. When calculating the inventory provision, management consider the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future use of raw materials.
(iii) Impairment of debtors
The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors inlcuding the current credit rating of the debtor, the ageing profile of debtors and historical experience.
(iv) Impairment of intangible assets and goodwill
The group considers whether intangible assets and/or goodwill are impaired. Where an indication of impairment is identified the estimation of the recoverable value requires estimation of the recoverable value of the cash generating units (GCUs). This requires estimation of the future cash flows from the GCUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows..
FGP Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Government grants
Grants are recognised in the financial statements when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received.
Grants become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.
Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
FGP Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
7% - 15% straight line |
Equipment |
10% - 25% straight line |
Fixtures and fittings |
25% straight line |
Motor vehicles |
25% straight line |
Land and buildings |
7% - 12% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10 years straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
FGP Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Inventories
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Finished goods stock delivered to, and under the control and management of customers, is treated as sales once accepted by the customer.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
FGP Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Provisions
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Share based payments
The group operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
FGP Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Financial instruments
Classification
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing
transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the
asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged,
cancelled or expires.
Equity instruments issued by the company are recorded at the fair value of cash or other resources
received or receivable, net of direct issue costs.
The company uses forward foreign currency contracts to reduce exposure to foreign exchange rates.
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 and loss in finance costs or income as appropriate.
The company does not currently apply hedge accounting for foreign exchange derivatives.
Impairment
FGP Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Charges on assets
The factoring advance is secured by a fixed and floating charge over the company assets of FGP Systems Limited and FGP Lufton Limited in favour of Lloyds Bank Commercial Finance Limited
Revenue |
The analysis of the group's revenue for the year from continuing operations is as follows:
2021 |
2020 |
|
Sale of goods |
|
|
Rendering of services |
|
|
|
|
The analysis of the group's turnover for the year by class of business is as follows:
2021 |
2020 |
|
Sale of goods and services |
|
|
Overseas turnover amounted to 1.4% (2020: 2.2%) of the total turnover for the year.
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2021 |
2020 |
|
Government grants |
|
|
Miscellaneous other operating income |
|
|
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
2021 |
2020 |
|
Gain (loss) on disposal of property, plant and equipment |
|
|
Gain (loss) on disposal of intangible assets |
- |
|
70 |
142,304 |
FGP Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Operating (loss)/profit |
Arrived at after charging/(crediting)
2021 |
2020 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Operating lease expense - plant and machinery |
|
|
Operating lease expense - other |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
Other interest receivable and similar income |
2021 |
2020 |
|
Other finance income |
- |
|
Interest payable and similar expenses |
2021 |
2020 |
|
Interest on bank overdrafts and borrowings |
|
- |
Interest on obligations under finance leases and hire purchase contracts |
|
|
Interest expense on other finance liabilities |
|
|
Foreign exchange (gains) / losses |
|
( |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2021 |
2020 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
FGP Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2021 |
2020 |
|
Production |
|
|
Administration and management |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2021 |
2020 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
505,195 |
507,338 |
In respect of the highest paid director:
2021 |
2020 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
Auditors' remuneration |
2021 |
2020 |
|
Audit of these financial statements |
24,400 |
16,075 |
FGP Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Taxation |
Tax charged/(credited) in the income statement
2021 |
2020 |
|
Current taxation |
||
UK corporation tax |
( |
( |
UK corporation tax adjustment to prior periods |
( |
( |
(375,942) |
(510,814) |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Arising from changes in tax rates and laws |
- |
( |
Total deferred taxation |
|
|
Tax receipt in the income statement |
( |
( |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2020 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2021 |
2020 |
|
(Loss)/profit before tax |
( |
|
Corporation tax at standard rate |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Effect of tax losses |
( |
- |
Decrease in UK and foreign current tax from adjustment for prior periods |
- |
( |
Tax decrease from effect of capital allowances and depreciation |
- |
( |
Tax increase/(decrease) from other short-term timing differences |
|
( |
Tax decrease arising from group relief |
- |
( |
Tax decrease from effect of adjustment in research and development tax credit |
( |
( |
Other tax effects for reconciliation between accounting profit and tax expense (income) |
- |
( |
Total tax credit |
( |
( |
FGP Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Intangible assets |
Group
Goodwill |
Total |
|
Cost or valuation |
||
At 1 April 2020 |
|
|
At 31 March 2021 |
|
|
Amortisation |
||
At 1 April 2020 |
|
|
Amortisation charge |
|
|
At 31 March 2021 |
|
|
Carrying amount |
||
At 31 March 2021 |
|
|
At 31 March 2020 |
|
|
Tangible assets |
Group
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
|||||
At 1 April 2020 |
|
|
|
|
|
Additions |
|
|
- |
|
|
Disposals |
( |
- |
- |
( |
( |
At 31 March 2021 |
|
|
|
|
|
Depreciation |
|||||
At 1 April 2020 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
( |
- |
- |
( |
( |
At 31 March 2021 |
|
|
|
|
|
Carrying amount |
|||||
At 31 March 2021 |
|
|
|
|
|
At 31 March 2020 |
|
|
|
|
|
FGP Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Included within the net book value of land and buildings above is £408,121 (2020 - £306,066) in respect of short leasehold land and buildings.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2021 |
2020 |
|
Plant and machinery |
4,626,675 |
5,131,157 |
Motor vehicles |
721 |
14,614 |
4,627,396 |
5,145,771 |
Restriction on title and pledged as security
Investments |
Group
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
2021 |
2020 |
||||||
Subsidiary undertakings |
|||||||
|
First Floor Templeback, 10 Temple Back, Bristol, BS1 6FL |
|
|
|
|||
England |
|||||||
|
20-22 Cumberland Drive, Weymouth, DT4 9TB |
|
|
|
|||
England |
|||||||
|
20-22 Cumberland Drive, Weymouth, DT4 9TB |
|
|
|
|||
England |
FGP Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
|
20-22 Cumberland Drive, Weymouth, DT4 9TB |
|
|
|
|||
England |
Subsidiary undertakings
Heartland Engineering Limited The principal activity of Heartland Engineering Limited is |
FGP Systems Limited The principal activity of FGP Systems Limited is |
FGP Lufton Limited The principal activity of FGP Lufton Limited is |
Ramp Surface Coatings Limited The principal activity of Ramp Surface Coatings Limited is |
Company
2021 |
2020 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 April 2020 |
|
Provision |
|
Carrying amount |
|
At 31 March 2021 |
|
At 31 March 2020 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
FGP Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
2021 |
2020 |
||||||
Subsidiary undertakings |
|||||||
|
20-22 Cumberland Drive, Granby Industrial Estate, Weymouth, DT4 9TB England |
|
|
|
|||
|
First Floor Templeback, 10 Temple Back, Bristol, BS1 6FL England |
|
|
|
Subsidiary undertakings |
FGP Systems Limited The principal activity of FGP Systems Limited is |
Heartland Engineering Limited The principal activity of Heartland Engineering Limited is |
For the year ending 31 March 2021 the subsidiary Heartland Engineering Limited was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
Stocks |
Group |
Company |
|||
2021 |
2020 |
2021 |
2020 |
|
Raw materials and consumables |
|
|
- |
- |
Work in progress |
|
|
- |
- |
Finished goods and goods for resale |
|
|
- |
- |
Other inventories |
|
|
- |
- |
|
|
- |
- |
The carrying amount of stocks pledged as security for liabilities amounted to £
FGP Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Debtors |
Group |
Company |
||||
Note |
2021 |
2020 |
2021 |
2020 |
|
Trade debtors |
|
|
- |
- |
|
Amounts owed by related parties |
- |
- |
|
|
|
Other debtors |
|
|
|
|
|
Prepayments |
|
|
- |
- |
|
Accrued income |
|
|
- |
- |
|
Gross amount due from customers for contract work |
|
|
- |
- |
|
Income tax asset |
|
|
|
|
|
|
|
|
|
||
Less amounts due after more than one year |
- |
- |
( |
( |
|
|
|
|
|
Group
Bank loans and overdrafts of £1,195,642 (2020 - £2,041,327 ) are secured upon trade debtors in favour of Lloyds Bank Commercial Finance Limited.
Hire purchaes and finance leases are secured upon the assets to which they relate.
Cash and cash equivalents |
Group |
Company |
|||
2021 |
2020 |
2021 |
2020 |
|
Cash on hand |
|
|
- |
- |
Cash at bank |
|
|
|
|
Short-term deposits |
|
- |
- |
- |
|
|
|
|
|
Bank overdrafts |
( |
( |
- |
- |
Cash and cash equivalents in statement of cash flows |
391,974 |
(1,250,375) |
150,000 |
17,681 |
FGP Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Creditors |
Group |
Company |
||||
Note |
2021 |
2020 |
2021 |
2020 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
|
- |
|
Trade creditors |
|
|
- |
- |
|
Social security and other taxes |
|
|
- |
- |
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
Other payables |
|
|
( |
|
|
Accruals |
|
|
|
|
|
Income tax liability |
- |
29,952 |
- |
- |
|
|
|
|
|
||
Due after one year |
|||||
Loans and borrowings |
|
|
|
- |
Bank loans and overdrafts of £1,195,642 (2020: £2,041,327) are secured upon trade debtors in favour of Lloyds Bank Commercial Finance Limited.
Hire purchase and finance leases of £970,089 (2020: £1,056,483) are secured upon the assets to which they relate.
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to
£
Contributions totalling
£
FGP Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
49,413.04 |
|
49,413.04 |
Rights, preferences and restrictions
Ordinary have the following rights, preferences and restrictions: |
Loans and borrowings |
Group |
Company |
|||
2021 |
2020 |
2021 |
2020 |
|
Non-current loans and borrowings |
||||
Bank borrowings |
|
|
|
- |
Hire purchase contracts |
|
|
- |
- |
|
|
|
- |
Group |
Company |
|||
2021 |
2020 |
2021 |
2020 |
|
Current loans and borrowings |
||||
Bank borrowings |
|
|
|
- |
Bank overdrafts |
|
|
- |
- |
Finance lease liabilities |
|
|
- |
- |
|
|
|
- |
Obligations under leases and hire purchase contracts |
Group
Finance leases
The total of future minimum lease payments is as follows:
2021 |
2020 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
FGP Group Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Operating leases
The total of future minimum lease payments is as follows:
2021 |
2020 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Share-based payments |
Scheme details and movements
The company is a private limited company and as such there is no readily observable market value for the share options granted. The share options issued have been valued by the directors based on their estimation of the future market value of the group over the estimated vesting period.
Effect of share-based payments on profit or loss and financial position
The total expense recognised in profit or loss for the year was £Nil (2020 - £Nil).
The total carrying amount of the liabilities arising from share-based payments at the end of the year was £Nil (2020 - £Nil).
Parent and ultimate parent undertaking |