FGH Controls Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01298491 (England and Wales)

FGH CONTROLS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S Bajaj

Mr D N Macarthur

SECRETARY:

Mr S Bajaj

REGISTERED OFFICE:

Blackhorse Road

Letchworth Garden City

Hertfordshire

SG6 1HN

REGISTERED NUMBER:

01298491 (England and Wales)

AUDITORS:

Keens Shay Keens Limited (Statutory Auditor)

Christchurch House

Upper George Street

Luton

Bedfordshire

LU1 2RS

FIXED ASSETS

Tangible assets

4

58,937

117,216

Investments

5

600

600

59,537

117,816

CURRENT ASSETS

Stocks

1,453,228

1,380,816

Debtors

6

654,164

2,644,986

Cash at bank and in hand

337,892

66,631

2,445,284

4,092,433

CREDITORS

Amounts falling due within one year

7

407,699

517,166

NET CURRENT ASSETS

2,037,585

3,575,267

TOTAL ASSETS LESS CURRENT LIABILITIES

2,097,122

3,693,083

CREDITORS

Amounts falling due after more than one year

8

1,918,770

3,520,349

NET ASSETS

178,352

172,734

CAPITAL AND RESERVES

Called up share capital

10

111,263

111,263

Share premium

6,063

6,063

Capital redemption reserve

4,000

4,000

Retained earnings

57,026

51,408

SHAREHOLDERS' FUNDS

178,352

172,734

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 25th January 2019 and were signed on its behalf by:

Mr S Bajaj - Director

1.	STATUTORY INFORMATION

FGH Controls Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the amounts receivable for services provided and goods sold during the year and

derives from the provision of goods falling within the company's ordinary activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

over the remaining period of the lease

Plant and machinery

-

Straight line over 4 years

Fixtures and fittings

-

Straight line over 2 to 5 years

Motor vehicles

-

Straight line over 4 or 5 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable

profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2017 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1st October 2017

198,729

266,662

137,711

7,768

610,870

Additions

-

6,350

816

-

7,166

At 30th September 2018

198,729

273,012

138,527

7,768

618,036

DEPRECIATION

At 1st October 2017

163,589

204,810

117,487

7,768

493,654

Charge for year

33,838

19,949

11,658

-

65,445

At 30th September 2018

197,427

224,759

129,145

7,768

559,099

NET BOOK VALUE

At 30th September 2018

1,302

48,253

9,382

-

58,937

At 30th September 2017

35,140

61,852

20,224

-

117,216

5.	INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st October 2017

and 30th September 2018

600

NET BOOK VALUE

At 30th September 2018

600

At 30th September 2017

600

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

438

6,038

Amounts owed by group undertakings

539,542

2,504,888

Other debtors

114,184

134,060

654,164

2,644,986

A debenture is in existence over the assets of the company in favour of HSBC Bank Canada which

incorporates both a fixed and floating charge over the assets and undertakings of the company.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

289,244

294,534

Amounts owed to group undertakings

2,526

53,323

Taxation and social security

14,597

56,873

Other creditors

101,332

112,436

407,699

517,166

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Amounts owed to group undertakings

1,918,770

3,520,349

The company has a loan with a group undertaking of $2,500,000 (2017 - $4,716,210). The loan is

repayable after more than one year. The interest rate on the loan is 2.75%.

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

-

80,500

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

61,263

Ordinary

£1

61,263

61,263

50,000

Preference

£1

50,000

50,000

111,263

111,263

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Grange BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of Keens Shay Keens Limited (Statutory Auditor)

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102

'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose

related party transactions with wholly owned subsidiaries within the group.