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Registered number: 01339039
voestalpine Rotec Ltd
Strategic Report, Director's Report and
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Strategic Report 1
Director's Report 2—3
Independent Auditor's Report 4—6
Profit and Loss Account 7
Statement of Comprehensive Income 8
Balance Sheet 9
Statement of Changes in Equity 10
Statement of Cash Flows 11
Notes to the Statement of Cash Flows 12
Notes to the Financial Statements 13—19
Page 1
Strategic Report
The director presents his strategic report for the year ended 31 March 2024.
Principal Activity
The company's principal activity continues to be that of production, processing and sales of tubular products made of precision steel, lightweight aluminium or high strength titanium.
Review of the Business
The company is focusing its expertise on new projects with greater complexity and added value in order to increase its margins and to help win new business. The company continues to source opportunities in various sectors to mitigate risks. The company is concentrating on its operational efficiencies to maintain its position as the most efficient and high quality manufacturer in its area of operation, with a competitive pricing structure. 
Our strategy to target greater added value business requiring relatively significant investment, makes resourcing existing business more challenging unless it is achieved by intergroup transfer. 
The company holds adequate stock to reduce logistical risk and recognises that external supply chains support operational performance and works to maintain good working relationships with its suppliers. 
The company is managing the effects of global conflicts. Most notably the dramatic increase in shipping costs from Far East. The company can source the raw materials affected from the EU if the shipping becomes financially prohibitive. 
The director monitors progress towards the achievement of goals as outlined in a strategic business plan on a regular basis. Long term business sustainability continues to be a key priority for voestalpine Rotec Ltd. The company actively recruits talent in preparation for an ageing workforce. 
Continued developments in financial reporting systems will further enable review of performance against plan.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs
Unit
2024
2023
Sales
£
9,873,755
8,702,038  
Operaing (Loss)/Profit
£
(393,048)
(85,592)
EBITDA
£
(33,351)
298,228
Working capital
£
(2,242,008)
(1,609,586)
Return on capital employed
%
-
-
Working capital as % of sales
%
(23)
(18)
Principal Risks and Uncertainties
The business works to a business plan where financial and non-financial risks are considered and potential impact on the company. The business plan also considers the group strategic requirements and then along with the rules are cascaded through each department via a monthly plan which is reviewed monthly as a management team chaired by the managing director. This business has demonstrated its flexibility during uncertainty and is creating a future income stream in 2024/25 financial year. 
On behalf of the board
Mr G A Hitchman
Director
20 August 2024
Page 1
Page 2
Director's Report
The director presents his report and the financial statements for the year ended 31 March 2024.
Financial Instruments
Objectives and policies
The company uses financial instruments, other than derivatives, comprising borrowings, cash 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 raise finance for the company’s operations. The main risks arising from the company’s financial instruments are credit risk, interest rate risk, liquidity risk and foreign currency risk. The director reviews and agrees policies for managing each of these risks and they are summarised below. The policies have remained unchanged from previous years.
Price risk, credit risk, liquidity risk and cash flow risk
Credit risk 
The company's principal financial assets are bank balances, trade and other receivables. 
The company's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. 
The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. 
Interest rate risk 
The company finances its operations through a mixture of retained profits, inter-company accounts and bank borrowings. The company’s exposure to interest rate fluctuations on its borrowings is managed on a group basis by the use of both fixed and floating facilities. 
Liquidity risk 
The company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitability. Primarily this is achieved through inter-company accounts or through loans arranged at group level. Short-term flexibility is achieved by overdraft facilities. Debtor balances are insured by a company approved third party provider. 
Currency risk 
The company is exposed to transaction and translation foreign exchange risk. Transaction exposures are internally hedged when known.
Going concern
Current trading conditions in the automotive market, in which the company operates, have been challenging over the year, with a general global reduction in demand. The company won some new business this year and has good prospects of more new projects with greater added value in the coming years. The company has continued to improve its efficiency over the last 12 months and it's strategy is to continue to do so, with this the director is confident the company will return to trade profitably and will continue to manage its business risks successfully over the forthcoming year. The business is innovative and invests in the field of research and development. Extensive dialogue with customers is maintained. 
Operational performance is closely monitored by continual review of risks and mitigating strategies applied to reduce any risks. Risks and uncertainties are managed through the operational review and challenge process. 
Health and safety and environmental monitoring is a priority for the business. Staff are rigorously trained to minimise mistakes and accidents. 
Current forecasts, extending for a period of at least 12 months from the date of approval of these financial statements, which also take into account possible changes in trading performance. Monthly forecasts are continually reviewed to understand our position with cost savings and efficiency initiatives in place to improve performance. 
Day to day working capital requirements are managed through group treasury arrangements. The immediate parent company has also provided a non-binding letter confirming their intention to support the company for at least 12 months from the date of the financial statements being signed. 
At the date of this statement there are reasonable grounds to believe the company will be able to pay its liabilities as and when they fall due. 
After making all reasonable enquiries and taking into consideration the letter of support from the immediate parent, the director is confident about future trading prospects due to its current order book and market opportunities. Accordingly we continue to adopt the going concern basis in preparing the financial statements.
Directors
The director who held office during the year were as follows:
Mr G A Hitchman
Page 2
Page 3
Statement of Director's Responsibilities
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director 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 the financial statements the director is required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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. He is 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.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Director's Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, Nuvo Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr G A Hitchman
Director
20 August 2024
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of voestalpine Rotec Ltd for the year ended 31 March 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit/(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 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 director's 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 entity's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.
Page 4
Page 5
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 Director's 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 or returns; or
  • certain disclosures of director's 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 Director's Responsibilities Statement set out on page 2—3, the director is 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 director 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 director is 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.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
• Enquiring of management of any known or suspected instances of fraud, as well as considering management's assessment of the susceptibility of the financial statements to fraud. 
• Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements. 
• Performing substantive testing over a selection of journal entries made in the period, to address the risk of fraud due to management override of controls. With a focus on entries made by unusual team members or entries made at unusual times or on unusual dates. 
• Performing analytical procedures to identify any unusual or unexpected relationships that may indicate an increased risk of material misstatement as a result of fraud, or management override. 
• Assessing accounting estimates which have a material impact of the year end accounts, to determine if there is indication of management bias. 
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 
Our audit did not identify any key audit matters relating to the detection of irregularities including fraud. However, despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls 
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website 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 that 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.
Page 5
Page 6
Mr Daniel Johnson FCCA (Senior Statutory Auditor)
for and on behalf of Nuvo Audit Limited , Statutory Auditor
20 August 2024
Nuvo Audit Limited
7 Faraday Court
First Avenue, Centrum 100
Burton Upon Trent
Staffordshire
DE14 2WX
Page 6
Page 7
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 3 9,873,755 8,702,038
Cost of sales (8,676,953 ) (7,467,912 )
GROSS PROFIT 1,196,802 1,234,126
Distribution costs (551,616 ) (463,339 )
Administrative expenses (1,047,624 ) (868,571 )
Other operating income 9,390 11,815
OPERATING LOSS 5 (393,048 ) (85,969 )
Profit on disposal of fixed assets - 377
Interest payable and similar charges 10 (171,676 ) (98,614 )
LOSS BEFORE TAXATION (564,724 ) (184,206 )
Tax on Loss 11 115,262 64,111
LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR (449,462 ) (120,095 )
The notes on pages 12 to 19 form part of these financial statements.
Page 7
Page 8
Statement of Comprehensive Income
2024 2023
£ £
LOSS FOR THE FINANCIAL YEAR (449,462 ) (120,095 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (449,462 ) (120,095 )
Page 8
Page 9
Balance Sheet
Registered number: 01339039
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 12 5,648,767 5,039,736
5,648,767 5,039,736
CURRENT ASSETS
Stocks 13 1,193,459 1,452,524
Debtors 14 1,012,620 1,205,703
Cash at bank and in hand 1,207 1,207
2,207,286 2,659,434
Creditors: Amounts Falling Due Within One Year 15 (4,449,294 ) (3,842,949 )
NET CURRENT ASSETS (LIABILITIES) (2,242,008 ) (1,183,515 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,406,759 3,856,221
NET ASSETS 3,406,759 3,856,221
CAPITAL AND RESERVES
Called up share capital 17 200,000 200,000
Revaluation reserve 2,243,140 2,243,140
Profit and Loss Account 963,619 1,413,081
SHAREHOLDERS' FUNDS 3,406,759 3,856,221
On behalf of the board
Mr G A Hitchman
Director
20 August 2024
The notes on pages 12 to 19 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Revaluation reserve Profit and Loss Account Total
£ £ £ £
As at 1 April 2022 200,000 2,243,140 1,533,176 3,976,316
Loss for the year and total comprehensive income - - (120,095 ) (120,095)
As at 31 March 2023 and 1 April 2023 200,000 2,243,140 1,413,081 3,856,221
Loss for the year and total comprehensive income - - (449,462 ) (449,462)
As at 31 March 2024 200,000 2,243,140 963,619 3,406,759
Page 10
Page 11
Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 1,114,790 266,855
Interest paid (171,676 ) (112,267 )
Tax refunded 25,613 -
Net cash generated from operating activities 968,727 154,588
Cash flows from investing activities
Purchase of tangible assets (968,727 ) (168,056 )
Proceeds from disposal of tangible assets - 13,001
Net cash used in investing activities (968,727 ) (155,055 )
Decrease in cash and cash equivalents - (467 )
Cash and cash equivalents at beginning of year 2 1,207 1,674
Cash and cash equivalents at end of year 2 1,207 1,207
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Notes to the Statement of Cash Flows
1. Reconciliation of loss for the financial year to cash generated from operations
2024 2023
£ £
Loss for the financial year (449,462 ) (120,095 )
Adjustments for:
Tax on loss (115,262 ) (64,111 )
Interest expense 171,676 112,267
Depreciation of tangible assets 359,697 373,819
Profit on disposal of tangible assets - (377)
Movements in working capital:
Decrease/(increase) in stocks 259,065 (149,972 )
Decrease in trade and other debtors 282,732 218,622
Increase/(decrease) in trade and other creditors 606,344 (103,298 )
Net cash generated from operations 1,114,790 266,855
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 1,207 1,207
3. Analysis of changes in net funds
As at 1 April 2023 Cash flows As at 31 March 2024
£ £ £
Cash at bank and in hand 1,207 - 1,207
Page 12
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Notes to the Financial Statements
1. General Information
voestalpine Rotec Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 01339039 . The registered office is 2 Jacknell Road, Dodwells Bridge Industrial Estate, Hinckley, Leicestershire, LE10 3BS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 50 years
Leasehold over the lease term
Plant & Machinery 7 and 10 years
Motor Vehicles 4 years
Fixtures & Fittings 4 and 7 years
Computer Equipment 3 and 4 years
2.5. 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 stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.6. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.7. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. The assets of the scheme are administered by the provider in a fund independent from those of the company.
2.10. Trade 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 company will not be able to collect all amounts due according to the original terms of the receivables.
2.11. Trade 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 company 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.
2.12. 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.
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3. Turnover
Analysis of turnover for the year from continuing operations is as follows:
2024 2023
£ £
Sale of goods 9,873,755 8,702,038
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 company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
4. Other Operating Income
2024 2023
£ £
Other operating income 9,390 11,815
9,390 11,815
5. Operating Loss
The operating loss is stated after charging:
2024 2023
£ £
Bad debts - 9,989
Depreciation of tangible fixed assets 359,697 373,819
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 12,000 12,000
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 2,400,615 1,848,494
Other pension costs 36,144 43,052
2,436,759 1,891,546
8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Sales, marketing and distribution 20 18
Manufacturing 39 33
59 51
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9. Director's remuneration
2024 2023
£ £
Emoluments 104,638 90,489
Company contributions to money purchase pension schemes 36,144 43,052
140,782 133,541
10. Interest Payable and Similar Charges
2024 2023
£ £
Foreign exchange charges (3,004 ) (13,653 )
Other finance charges 174,680 112,267
171,676 98,614
11. Tax on Profit
The tax credit on the loss for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 19.0% - (31,621 )
Prior period adjustment - 10,887
- (20,734 )
Deferred Tax
Origination and reversal of timing differences (115,262 ) (43,377 )
Total tax charge for the period (115,262 ) (64,111 )
The actual credit for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax (564,724) (184,206)
Tax on profit at 25% (UK standard rate) (141,181 ) (34,999 )
Goodwill/depreciation not allowed for tax 25,945 (19,265 )
Tax losses utilised - (20,734 )
Short term timing differences (26 ) -
Prior period adjustment - 10,887
Total tax charge for the period (115,262) (64,111)
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12. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2023 4,450,000 7,094,437 50,666 471,524
Additions - 967,625 - -
Disposals - (219,995 ) - -
As at 31 March 2024 4,450,000 7,842,067 50,666 471,524
Depreciation
As at 1 April 2023 213,393 6,376,085 25,334 435,741
Provided during the period 98,005 221,732 12,667 18,614
Disposals - (219,995 ) - -
As at 31 March 2024 311,398 6,377,822 38,001 454,355
Net Book Value
As at 31 March 2024 4,138,602 1,464,245 12,665 17,169
As at 1 April 2023 4,236,607 718,352 25,332 35,783
Computer Equipment Total
£ £
Cost
As at 1 April 2023 265,988 12,332,615
Additions 1,102 968,727
Disposals - (219,995 )
As at 31 March 2024 267,090 13,081,347
Depreciation
As at 1 April 2023 242,326 7,292,879
Provided during the period 8,678 359,696
Disposals - (219,995 )
As at 31 March 2024 251,004 7,432,580
Net Book Value
As at 31 March 2024 16,086 5,648,767
As at 1 April 2023 23,662 5,039,736
Included within the net book value of land and buildings above is £4,138,602 (2023 - £4,236,607) in respect of freehold land and buildings.
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13. Stocks
2024 2023
£ £
Materials 739,904 917,584
Finished goods 289,977 352,961
Work in progress 163,578 181,979
1,193,459 1,452,524
14. Debtors
2024 2023
£ £
Due within one year
Trade debtors 142,937 425,478
Amounts owed by group undertakings 5,752 1,173
Other debtors 863,931 779,052
1,012,620 1,205,703
15. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,662,209 1,062,839
Amounts owed to group undertakings 2,525,528 2,332,914
Other creditors 59,803 44,074
Taxation and social security 54,064 132,937
Accruals and deferred income 147,690 270,185
4,449,294 3,842,949
16. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 April 2023 (571,061 ) (571,061)
Additions (115,262 ) (115,262)
Balance at 31 March 2024 (686,323 ) (686,323)
17. Share Capital
2024 2023
Allotted, called up and fully paid £ £
200,000 Ordinary Shares of £ 1.00 each 200,000 200,000
18. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £36,144 (2023: £43,052).
At the balance sheet date contributions of £15,170 (2023: £13,260) were due to the fund and are included in creditors.
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19. Controlling Parties
The company's immediate parent undertaking is voestalpine Rotec GmbH (Krieglach) , by virtue of its 100% shareholding.
The ultimate parent undertaking is voestalpine Rotec GmbH (Krieglach) (incorporated in Austria). Its registered office is voestalpine AG, voestalpine Str. 1, 4020 Linz, Austria .
These financial statements are available upon request from the largest and smallest group of undertakings for which group financial statements have been drawn up is that headed by voestalpine AG. Copies of the group financial statements can be obtained at www.voestalpine.com. The registered office of voestalpine AG is voestalpine Str. 1, 4020 Linz, Austria
The company's ultimate controlling party is voestalpine AG by virtue of its 100% shareholding in voestalpine Metal Forming GmbH (Krems) (incorporated in Austria), which itself has a 100% shareholding in voestalpine Rotec GmbH (Krieglach) (incorporated in Austria).
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