ACCOUNTS - Final Accounts

FINLAY PLANT (UK) LIMITED - Company Information

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Registered number: 06107764

FINLAY PLANT (UK) LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

FINLAY PLANT (UK) LIMITED

COMPANY INFORMATION

DIRECTORS	R N Powell
	J L Powles (appointed 17 July 2020)
	J M Wilson


REGISTERED NUMBER	06107764


REGISTERED OFFICE	U4 Smoke Lane Ind. Est
	Smoke Lane
	Bristol
	BS11 0YA


INDEPENDENT AUDITORS	Bishop Fleming Bath Limited
	Chartered Accountants & Statutory Auditors
	Minerva House
	Lower Bristol Road
	Bath
	BA2 9ER

FINLAY PLANT (UK) LIMITED

CONTENTS

	Page
Directors' report
Independent auditors' report
Statement of comprehensive income
Statement of financial position
Analysis of net debt
Notes to the financial statements

FINLAY PLANT (UK) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2020

The directors present their report and the financial statements for the year ended 30 September 2020.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙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 to 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.

RESULTS AND DIVIDENDS

The loss for the year, after taxation, amounted to £151 (2019: loss £9,788).

DIRECTORS

The directors who served during the year were:

R N Powell

J L Powles (appointed 17 July 2020)

J M Wilson

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

The auditors, Bishop Fleming Bath Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

FINLAY PLANT (UK) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2020

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

J Wilson

Director

Date: 26 February 2021

U4 Smoke Lane Ind. Est

Smoke Lane

Bristol

BS11 0YA

FINLAY PLANT (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF FINLAY PLANT (UK) LIMITED

OPINION

We have audited the financial statements of Finlay Plant (UK) Limited (the 'Company') for the year ended 30 September 2020, which comprise the Statement of comprehensive income, the Statement of financial position and the related notes, 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 Company's affairs as at 30 September 2020 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

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 Auditors' 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.

FINLAY PLANT (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF FINLAY PLANT (UK) LIMITED (CONTINUED)

OPINION ON OTHER MATTERS 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

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

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

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the Directors' responsibilities statement on page , 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 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 Company or to cease operations, or have no realistic alternative but to do so.

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

FINLAY PLANT (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF FINLAY PLANT (UK) LIMITED (CONTINUED)

USE OF OUR REPORT

This report is made solely to the Company's shareholders 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 Auditors' 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 shareholders for our audit work, for this report, or for the opinions we have formed.

Ria Burridge FCCA (Senior statutory auditor)

for and on behalf of

Bishop Fleming Bath Limited

Chartered Accountants

Statutory Auditors

Minerva House

Lower Bristol Road

Bath

BA2 9ER

1 March 2021

FINLAY PLANT (UK) LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 SEPTEMBER 2020

	2020	2019
Note	£	£


Administrative expenses	(77)	(9,788)
OPERATING LOSS	(77)	(9,788)
Interest payable and expenses	(74)	-
LOSS BEFORE TAX	(151)	(9,788)
LOSS FOR THE FINANCIAL YEAR	(151)	(9,788)

There were no recognised gains and losses for 2020 or 2019 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2020 (2019:£NIL).

The notes on form part of these financial statements.

FINLAY PLANT (UK) LIMITED

REGISTERED NUMBER:06107764

STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2020

		2020		2019
Note		£		£

FIXED ASSETS
Investments	6		3,884,063		3,884,063
			3,884,063		3,884,063
CURRENT ASSETS
Cash at bank and in hand		-		4
		-		4
Creditors: amounts falling due within one year	7	(215,488)		(215,341)
NET CURRENT LIABILITIES			(215,488)		(215,337)
TOTAL ASSETS LESS CURRENT LIABILITIES			3,668,575		3,668,726

NET ASSETS			3,668,575		3,668,726

CAPITAL AND RESERVES
Called up share capital	342,452	342,452
Share premium account	282,548	150,000
Capital redemption reserve	-	132,548
Profit and loss account	3,043,575	3,043,726
	3,668,575	3,668,726

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

J Wilson

Director

Date: 26 February 2021

The notes on form part of these financial statements.

FINLAY PLANT (UK) LIMITED

REGISTERED NUMBER:06107764

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 30 SEPTEMBER 2020


At 1 October 2019	Cash flows	At 30 September 2020
£	£	£

Cash at bank and in hand	4	(4)	-
Bank overdrafts	-	(7)	(7)
	4	(11)	(7)

The notes on form part of these financial statements.

FINLAY PLANT (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

1.	GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is U4 Smoke Lane Ind. Est, Smoke Lane, Bristol, BS11 0YA.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

At the year-end, the company had net assets of £3.7m (2019: £3.7m) and the Molson Group has undrawn headroom funding facilities at the year end of £38.7m (2019: £10m). Additionally, trading during the first quarter of the current financial year has been solid and order intake continues to remain strong.
The directors therefore believe the company's position to be satisfactory.

2.3

FINANCE COSTS

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

2.4

BORROWING COSTS

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

2.5

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

2.6

CASH AND CASH EQUIVALENTS

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

2.7

CREDITORS

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

FINLAY PLANT (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

2.ACCOUNTING POLICIES (continued)

2.8

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:

∙at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;

∙at cost less impairment for all other investments.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

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

3.	AUDITORS' REMUNERATION

The Company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent Company.

EMPLOYEES

The company has no employees, other than directors: 3 (2019: 2).

FINLAY PLANT (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

5.	INTEREST PAYABLE AND SIMILAR EXPENSES
		2020	2019
		£	£

	Bank interest payable	74	-
		74	-

6.	FIXED ASSET INVESTMENTS

		Investments in subsidiary companies
		£
	COST OR VALUATION
	At 1 October 2019	3,884,063
	At 30 September 2020	3,884,063

SUBSIDIARY UNDERTAKINGS
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

Aggregate Procesing Solutions Limited	A	100%
Environmental Processing Solutions Limited	A	100%
Finlay Hire Limited	A	100%
Finlay Plant Sales Limited	A	100%
Finlay Plant (Southern) Limited	A	100%
Finlay Washing Plant Limited	A	100%

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2020	2019
		£	£

Bank overdrafts	7	-
Amounts owed to group undertakings	204,785	204,645
Other creditors	28	28
Accruals and deferred income	10,668	10,668
	215,488	215,341

FINLAY PLANT (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

RELATED PARTY TRANSACTIONS

All related party transactions are on normal commercial rates and normal commercial terms.
The company is consolidated within Molson Group Limited accounts and has therefore taken advantage of the exemption available under the requirements of Section 33 Related Party Disclosures paragraph 33.7, in not providing details of any transactions which have been eliminated on consolidation.
There is no ultimate controlling party.

9.	CONTROLLING PARTY

Finlay Plant (UK) Limited is a wholly owned subsidiary of Molson Group Limited, a company incorporated in England and Wales. Molson Group Limited prepares consolidated accounts which include the results for Finlay Plant S.W. Limited. The registered office address for Molson Group Limited is: U4 Smoke Lane Ind. Est, Smoke Lane, Bristol, BS11 0AY.