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REGISTERED NUMBER: 01910661 (England and Wales)




















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023


for



Fabrikat (Nottingham) Limited



Fabrikat (Nottingham) Limited (Registered number: 01910661)








Contents of the Financial Statements

for the Year Ended 31 December 2023





Page




Company Information  

1




Strategic Report  

2




Report of the Directors  

4




Report of the Independent Auditors  

6




Profit and Loss Account  

9




Balance Sheet  

10




Statement of Changes in Equity  

11




Notes to the Financial Statements

12





Fabrikat (Nottingham) Limited



Company Information

for the Year Ended 31 December 2023









DIRECTORS:

P Allen


M Batty


M Scott


M Caetano


B Mota


A Antunes


T Vieira





REGISTERED OFFICE:

Hamilton Road


Sutton in Ashfield


Nottingham


NG17 5LN





REGISTERED NUMBER:

01910661 (England and Wales)





AUDITORS:

Bates Weston Audit Ltd


Statutory Auditors


Chartered Accountants


The Mills


Canal Street


Derby


DE1 2RJ





SOLICITORS:

Nelsons


Sterne House


Lodge Lane


Derby


DE1 3WD



Fabrikat (Nottingham) Limited (Registered number: 01910661)



Strategic Report

for the Year Ended 31 December 2023


Financial Overview

Profit on ordinary activities before taxation was £3,186,901 (2022: £2,718,099). The directors are pleased with the result for the period in what continued to be a difficult trading market and are confident for the coming year.


Financial Performance


Year to


Year to




31 Dec 2023


31 Dec 2022


Change


Change



                       £'000


                          

£'000


            

£'000


                  

%



Turnover



21,181


19,181


2000


10.4


Gross Profit



5,225


4,567


658


14.4


Profit on ordinary activities before

taxation


3,187


2,718


469


17.3



Strategy

Further progress was made during the period to ensuring that the company continues to achieve a balance between its product ranges and continues to strive to improve market share particularly in the bespoke section of the market.


Turnover

Overall sales have shown an increase due to increasing prices.


Gross Margin

This increased year on year as the market price for steel became less volatile. Competition in the conventional product market has and will continue to put pressures on margins in this sector.


Operating Costs

Operating costs increased as expected with the increase in turnover.


Research and Development

The company continues to invest in the quality and design of its products believing that continued investment in research and development is fundamental to the growth of the business.


Capital Expenditure

The directors feel that investment in our material handling capability is necessary and have continued to invest.


Summary of Key Performance Indicators


2023



2022



Actual


Target


Actual


Target



Sales £'000


21,181


18,750


19,181


13,488


Sales growth % compared to prior year


10


39


29


5


Gross Profit Margin %


25


24


24


22


Net Profit Before Tax Margin %


15


14


14


12



Future Developments for the Business/Future Outlook

The company believes that continuing to place emphasis on quality, design and delivery will enable the business to improve both its already strong reputation and market position as the market improves.


Principal Risks and Uncertainties

The management of the business and the nature of the company's strategy are subject to a number of risks.


The directors feel that the principal risk is that of not achieving turnover and the company closely monitors this. There is also the risk of gross profit reduction and cost increases against anticipated performance. This again is closely monitored by the directors with any necessary action undertaken.





Fabrikat (Nottingham) Limited (Registered number: 01910661)



Strategic Report

for the Year Ended 31 December 2023



Financial risk management objectives and policies

The company uses basic financial instruments, comprising bank borrowings and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to maintain finance for the company's operations. The main risks arising from the company's financial instruments are interest rate risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below:


Interest rate risk

The company finances its operations through a mixture of retained profits, intercompany accounts and bank borrowings. The company's exposure to interest rate fluctuations on its overdraft is managed on a group basis.


Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Primarily this was achieved through bank borrowings. The company policy throughout the period has been to ensure continuity of funding and short term flexibility was achieved by overdraft facilities.


ON BEHALF OF THE BOARD:






P Allen - Director



15 April 2024



Fabrikat (Nottingham) Limited (Registered number: 01910661)



Report of the Directors

for the Year Ended 31 December 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.  


PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture of street lighting columns, traffic management and telecommunication structures, pedestrian guard rails, parapets, fencing and street furniture.

DIVIDENDS

Interim dividends per share were paid as follows:

0.0086


- 20 March 2023

0.1606


- 16 June 2023

2.5000


- 31 December 2023

2.6692



The directors recommend that no final dividend be paid.


The total distribution of dividends for the year ended 31 December 2023 will be £ 2,669,147 .


DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.


P Allen

M Batty

M Scott


Other changes in directors holding office are as follows:


M Caetano , B Mota , A Antunes and T Vieira were appointed as directors after 31 December 2023 but prior to the date of this report.


DISCLOSURE IN THE STRATEGIC REPORT

The matters required to be disclosed under SI (2008) 410 Sch 7 are contained within the Strategic Report as is applicable in accordance with s414C(11) of the Companies Act 2006, this being future developments, research and development activities of the group, financial risk management and the financial instruments used.


DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 then apply them consistently;
-make judgements 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.




Fabrikat (Nottingham) Limited (Registered number: 01910661)



Report of the Directors

for the Year Ended 31 December 2023


DIRECTORS' RESPONSIBILITIES STATEMENT - continued

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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:






P Allen - Director



15 April 2024


Report of the Independent Auditors to the Members of

Fabrikat (Nottingham) Limited


Opinion

We have audited the financial statements of Fabrikat (Nottingham) Limited (the 'company') for the year ended 31 December 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 31 December 2023 and of its profit 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 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.


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 financial statements are 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.


Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.


Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


Report of the Independent Auditors to the Members of

Fabrikat (Nottingham) Limited



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 Strategic Report or the Report of the Directors.


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, 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 set out on pages four and five, 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 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 a Report of the Auditors 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.


Based on our understanding of the company and industry in which it operates, we considered those laws  and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. Audit procedures performed by the engagement team included:


-


Enquiry of management around actual and potential litigation and claims;


-


Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;


-


Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.



Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Report of the Auditors.


Report of the Independent Auditors to the Members of

Fabrikat (Nottingham) Limited



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 a Report of the Auditors 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.





Wayne Thomas FCA (Senior Statutory Auditor)

for and on behalf of Bates Weston Audit Ltd

Statutory Auditors

Chartered Accountants

The Mills

Canal Street

Derby

DE1 2RJ


16 April 2024



Fabrikat (Nottingham) Limited (Registered number: 01910661)



Profit and Loss Account

for the Year Ended 31 December 2023



2023

2022



Notes

£   

£   

£   

£   



TURNOVER

21,180,807


19,181,078




Cost of sales

15,955,594


14,614,493



GROSS PROFIT

5,225,213


4,566,585




Distribution costs

957,293


881,422



Administrative expenses

1,057,536


959,332



2,014,829

1,840,754

OPERATING PROFIT

5

3,210,384


2,725,831





Interest payable and similar expenses

6

23,483


7,732



PROFIT BEFORE TAXATION

3,186,901


2,718,099




Tax on profit

7

445,970


202,829



PROFIT FOR THE FINANCIAL YEAR

2,740,931


2,515,270




OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

2,740,931


2,515,270





Fabrikat (Nottingham) Limited (Registered number: 01910661)



Balance Sheet

31 December 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

9

1,087,661


1,196,616




CURRENT ASSETS

Stocks

10

1,901,566


2,177,571



Debtors

11

5,662,546


4,312,233



Cash at bank

664,873


881,628



8,228,985


7,371,432



CREDITORS

Amounts falling due within one year

12

3,861,335


3,192,521



NET CURRENT ASSETS

4,367,650


4,178,911



TOTAL ASSETS LESS CURRENT

LIABILITIES

5,455,311


5,375,527




PROVISIONS FOR LIABILITIES

15

96,000


88,000



NET ASSETS

5,359,311


5,287,527




CAPITAL AND RESERVES

Called up share capital

16

10,000


10,000



Revaluation reserve

17

66,892


68,815



Retained earnings

17

5,282,419


5,208,712



SHAREHOLDERS' FUNDS

5,359,311


5,287,527




The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2024  and were signed on its behalf by:






P Allen - Director




Fabrikat (Nottingham) Limited (Registered number: 01910661)



Statement of Changes in Equity

for the Year Ended 31 December 2023



Called up



share


Retained


Revaluation


Total


capital


earnings


reserve


equity

£   

£   

£   

£   


Balance at 1 January 2022

10,000


5,091,519


70,738


5,172,257




Changes in equity

Dividends

-


(2,400,000

)

-


(2,400,000

)


Total comprehensive income

-


2,517,193


(1,923

)

2,515,270



Balance at 31 December 2022

10,000


5,208,712


68,815


5,287,527




Changes in equity

Dividends

-


(2,669,147

)

-


(2,669,147

)


Total comprehensive income

-


2,742,854


(1,923

)

2,740,931



Balance at 31 December 2023

10,000


5,282,419


66,892


5,359,311





Fabrikat (Nottingham) Limited (Registered number: 01910661)



Notes to the Financial Statements

for the Year Ended 31 December 2023


1.

STATUTORY INFORMATION



Fabrikat (Nottingham) 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 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 as modified by the revaluation of certain assets



Financial Reporting Standard 102 - reduced disclosure exemptions


The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":




the requirements of Section 7 Statement of Cash Flows.



Turnover


Turnover from the sales of goods is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company will receive the previously agreed amounts upon payment. These criteria are considered to be met when the goods are delivered to the buyer.



Tangible fixed assets and depreciation

Tangible fixed assets are stated at historical cost or deemed cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Freehold property- Straight line over 33 years
Plant and machinery- 20% on cost
Motor vehicles- 25% on cost
Office equipment- 20% on cost

Freehold land is not depreciated.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'other operating income' in the profit and loss account.


Stocks and work in progress


Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items, cost is determined on a first in first out basis.



Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.




Fabrikat (Nottingham) Limited (Registered number: 01910661)



Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


2.

ACCOUNTING POLICIES - continued


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Research and development

Expenditure on research and development is written off in the year in which it is incurred.



Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the profit and loss account.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account as incurred.


Pensions

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they fall due. Amounts not paid are shown in accruals on the balance sheet. The assets of the plan are held separately from the company in independently administered funds.



Fabrikat (Nottingham) Limited (Registered number: 01910661)



Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


2.

ACCOUNTING POLICIES - continued



Financial instruments


Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.



Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.



Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.



Bank financing arrangements


The gross equivalent of trade debts subject to a receivables financing agreement is included within Trade debtors with the corresponding amount relating to the discounted sums received from the facility provider included within creditors. The interest element and  other facility provider's charges are recognised within the profit and loss account as they accrue.



Revaluation reserve


The revaluation reserve consists of gains on revaluations to land and buildings prior to FRS 102 adoption. Deferred tax on these gains is assessed on an annual basis.



Judgements in applying accounting policies and key sources of estimation uncertainty


Tangible  fixed  assets  are  depreciated  over  their  useful  economic  lives  taking  in  to  account   their residual  values where appropriate.  The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken in to account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values.



The recoverability of debtors is assessed on the likelihood and circumstances of the particular cost.



The cost of certain stock is estimated based on weight.



The valuation of work in progress and finished goods is based on direct and indirect costs to date, indirect costs are estimated based on a multiple of labour costs which is reassessed each year.



Stock that has not been replenished for 12 months is considered to be obsolete and is written off to the Profit and Loss Account.


3.

EMPLOYEES AND DIRECTORS


2023


2022

£   

£   



Wages and salaries

3,488,249


3,362,330




Social security costs

376,185


359,851




Other pension costs

68,262


60,301



3,932,696


3,782,482





Fabrikat (Nottingham) Limited (Registered number: 01910661)



Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


3.

EMPLOYEES AND DIRECTORS - continued



The average number of employees during the year was as follows:


2023


2022



Production staff

87


84




Administrative staff

6


6



93


90




4.

DIRECTORS' EMOLUMENTS


2023


2022

£   

£   



Directors' remuneration

276,000


305,616





Information regarding the highest paid director is as follows:


2023


2022

£   

£   



Emoluments etc

92,000


117,678




5.

OPERATING PROFIT



The operating profit is stated after charging:



2023


2022

£   

£   



Depreciation - owned assets

202,102


223,428




Loss on disposal of fixed assets

5,344


-




Auditors' remuneration

17,500


26,741




Hire of plant and machinery  

47,935


44,973




Auditors' remuneration for non-audit work  

4,000


4,000




6.

INTEREST PAYABLE AND SIMILAR EXPENSES



2023


2022

£   

£   



Other bank financing interest

23,064


4,888




Hire purchase

419


2,844



23,483


7,732





Fabrikat (Nottingham) Limited (Registered number: 01910661)



Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


7.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


2023


2022

£   

£   



Current tax:


UK corporation tax

437,970


167,397




Adjustment re prior year

-


2,470




Total current tax

437,970


169,867





Deferred tax

8,000


32,962




Tax on profit

445,970


202,829





UK corporation tax was charged at 19%) in 2022.



Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:



2023


2022

£   

£   



Profit before tax

3,186,901


2,718,099




Profit multiplied by the standard rate of corporation tax in the UK of

25% (2022 - 19%)  

796,725


516,439





Effects of:


Expenses not deductible for tax purposes

1,336


-




Adjustments to tax charge in respect of previous periods

-


2,470




Other timing differences  

15,590


8,754




Research and development enhanced relief  

(146,439

)

(169,858

)



Group relief  

(206,239

)

(154,976

)



Change in tax rate  

(15,003

)

-




Total tax charge

445,970


202,829




Deferred tax provision20232022
££

Accelerated capital allowances96,00088,000
96,00088,000

8.

DIVIDENDS


2023


2022

£   

£   



Ordinary shares of £0.01 each


Interim

2,669,147


2,400,000





Fabrikat (Nottingham) Limited (Registered number: 01910661)



Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


9.

TANGIBLE FIXED ASSETS


Freehold


Plant and


Motor


Office



property


machinery


vehicles


equipment


Totals

£   

£   

£   

£   

£   



COST


At 1 January 2023

900,000


2,039,823


109,988


371,838


3,421,649




Additions

-


49,040


9,500


39,951


98,491




Disposals

-


(6,704

)

-


-


(6,704

)



At 31 December 2023

900,000


2,082,159


119,488


411,789


3,513,436




DEPRECIATION


At 1 January 2023

183,344


1,649,554


62,919


329,216


2,225,033




Charge for year

20,004


137,925


16,779


27,394


202,102




Eliminated on disposal

-


(1,360

)

-


-


(1,360

)



At 31 December 2023

203,348


1,786,119


79,698


356,610


2,425,775




NET BOOK VALUE


At 31 December 2023

696,652


296,040


39,790


55,179


1,087,661




At 31 December 2022

716,656


390,269


47,069


42,622


1,196,616





Included in cost of land and buildings is freehold land of £ 241,071 (2022 - £ 241,071 ) which is not depreciated.


Land and buildings were valued on an open market basis on 1 November 2013 by an independent valuer and this was the deemed cost at the date of transition to FRS 102 which was 1 January 2015.

If land and buildings had not been revalued they would have been included at a carrying amount of £140,860 (2022: £158,937).

10.

STOCKS

2023

2022


£   

£   



Raw materials

1,322,245


1,397,122




Work-in-progress

299,769


221,798




Finished goods

279,552


558,651



1,901,566


2,177,571




11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade debtors

3,299,262


2,294,410




Amounts owed by group undertakings

2,044,313


1,776,473




Other debtors

20,399


34,663




Prepayments and accrued income

298,572


206,687



5,662,546


4,312,233





Fabrikat (Nottingham) Limited (Registered number: 01910661)



Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Hire purchase contracts  (see note 13)

-


66,500




Trade creditors

2,307,210


2,253,256




Amounts owed to group undertakings

320,062


94,952




Tax

280,726


167,397




Social security and other taxes

528,389


273,785




Accrued expenses

424,948


336,631



3,861,335


3,192,521




13.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Hire purchase contracts


2023

2022


£   

£   



Net obligations repayable:


Within one year

-


66,500





Non-cancellable

operating leases


2023

2022


£   

£   



Within one year

98,800


105,775




Between one and five years

395,200


397,054




In more than five years

98,800


172,900



592,800


675,729




14.

SECURED DEBTS



The following secured debts are included within creditors:


2023

2022


£   

£   



Hire purchase agreements

-


66,500





The amounts advanced under hire purchase agreements are secured against the assets to which they relate.


15.

PROVISIONS FOR LIABILITIES

2023

2022


£   

£   



Deferred tax

96,000


88,000





Fabrikat (Nottingham) Limited (Registered number: 01910661)



Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


15.

PROVISIONS FOR LIABILITIES - continued



Deferred



tax


£   



Balance at 1 January 2023

88,000




Provided during year

8,000




Balance at 31 December 2023

96,000




16.

CALLED UP SHARE CAPITAL




2022


2021





£    


£    




Allotted, called up and fully paid





1,000,000 Ordinary shares of £0.01 each


10,000


10,000





10,000


10,000




17.

RESERVES


Retained


Revaluation



earnings


reserve


Totals

£   

£   

£   




At 1 January 2023

5,208,712


68,815


5,277,527




Profit for the year

2,740,931


-


2,740,931




Dividends

(2,669,147

)

-


(2,669,147

)



Transfer

1,923


(1,923

)

-




At 31 December 2023

5,282,419


66,892


5,349,311




18.

PENSION COMMITMENTS


The principal employee benefit, as operated by the company, is that of a defined contribution scheme. The assets of the scheme are administered by trustees in a fund independent from those of the company.

The pension cost charge for the period was £70,411 (2022: £62,014).

19.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES



The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:


2023

2022


£   

£   



P Allen and M Batty


Balance outstanding at start of year

-


-




Amounts advanced

20,000


-




Amounts repaid

-


-




Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

20,000


-





Fabrikat (Nottingham) Limited (Registered number: 01910661)



Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


20.

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.



The directors are considered to be the key management personnel.



Meteor Holdco Limited is regarded by the directors as being the company's ultimate parent company at the balance sheet date.



The 100% share capital of the group was subsequently acquired by Metalogalva - Irmaos Silvas, S. A. on 6 March 2024.



All companies within the group share the registered office as detailed on page 1. The group accounts can be obtained from Companies House.