ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

FINLAY PLANT (UK) LIMITED - Company Information

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Registered number: 06107764
















FINLAY PLANT (UK) LIMITED




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2022


































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FINLAY PLANT (UK) LIMITED
REGISTERED NUMBER:06107764

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 5 
3,884,063
3,884,063

Current assets
  

Debtors: amounts falling due within one year
 6 
2,000,000
21

  
2,000,000
21

Creditors: amounts falling due within one year
 7 
(2,215,532)
(215,553)

Net current liabilities
  
 
 
(215,532)
 
 
(215,532)

Total assets less current liabilities
  
3,668,531
3,668,531

  

Net assets
  
3,668,531
3,668,531


Capital and reserves
  

Called up share capital 
  
342,452
342,452

Share premium account
  
282,548
282,548

Profit and loss account
  
3,043,531
3,043,531

  
3,668,531
3,668,531


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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





J Powles
Director

Date: 30 June 2023

The notes on pages 2 to 5 form part of these financial statements.

Page 1

FINLAY PLANT (UK) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Molson Group Limited as at 30 September 2022 and these financial statements may be obtained from Unit 4, Smoke Lane Industrial Estate, Avonmouth, Bristol, BS11 0YA.

 
2.3

GOING CONCERN

The company has ceased to trade, with all trading activities transferred to another group company. The company remains in a net asset position and expects to realise its assets and liabilities in the next 12 months, therefore its financial statements have been prepared on the going concern basis. 
The company is part of the group headed by Molson Group Limited. At the year end the group had net assets of £24.2m and trading since the year end has been solid and order intake continued to remain strong. 
The directors have prepared group forecasts that show the group is able to realise its assets and settle its liabilities as they fall due in the normal course of business for a period of at least 12 months from the date of approval of the financial statements.

 
2.4

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 2

FINLAY PLANT (UK) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.ACCOUNTING POLICIES (continued)

 
2.5

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

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.

 
2.7

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.

 
2.8

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgments and estimates. These items in the financial statements where these judgments and estimates have been made include:
Valuation of Investments
Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares together with the fair value of any additional consideration paid.


4.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 2 (2021: 3).

Page 3

FINLAY PLANT (UK) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

5.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST OR VALUATION


At 1 October 2021
3,884,063



At 30 September 2022
3,884,063





6.


DEBTORS

2022
2021
£
£


Amounts owed by group undertakings
2,000,000
21

2,000,000
21


Amounts owed by group undertakings are unsecured and repayable on demand.


7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022
2021
£
£

Amounts owed to group undertakings
2,215,532
215,553

2,215,532
215,553


Amounts owed to group undertakings are unsecured and repayable on demand.


8.


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.

Page 4

FINLAY PLANT (UK) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

9.


CONTROLLING PARTY

Finlay Plant (UK) Limited is a wholly owned subsidiary of Molson Group Limited, a company incorporated in England and Wales. There is no ultimate controlling party.


10.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 30 September 2022 was unqualified.

The audit report was signed on 30 June 2023 by Ria Burridge FCCA (Senior statutory auditor) on behalf of Bishop Fleming Bath Limited.

 
Page 5