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REGISTERED NUMBER: 02177443 (England and Wales)















MONCASTER WIRE PRODUCTS LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 8


MONCASTER WIRE PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S McKeon
Miss S Cavatorta


SECRETARY: I Goddard


REGISTERED OFFICE: Cavatorta House
Tattershall Way
Fairfield Industrial Estate
Louth
Lincolnshire
LN11 0YZ


REGISTERED NUMBER: 02177443 (England and Wales)


SENIOR STATUTORY AUDITOR: Timothy Godson FCA


AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS


BANKERS: Clydesdale Bank
Mcintosh House
Foxbridge Way
Normanton
West Yorkshire
WF6 1TN

MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,371,502 1,362,218

CURRENT ASSETS
Stocks 3,022,286 3,758,402
Debtors 5 1,059,844 1,350,433
Cash at bank 1,041,885 167,369
5,124,015 5,276,204
CREDITORS
Amounts falling due within one year 6 1,199,298 1,808,856
NET CURRENT ASSETS 3,924,717 3,467,348
TOTAL ASSETS LESS CURRENT LIABILITIES 5,296,219 4,829,566

PROVISIONS FOR LIABILITIES 8 60,565 41,937
NET ASSETS 5,235,654 4,787,629

CAPITAL AND RESERVES
Called up share capital 9 631,581 631,581
Retained earnings 4,604,073 4,156,048
SHAREHOLDERS' FUNDS 5,235,654 4,787,629

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

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

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 2 September 2024 and were signed on its behalf by:





S McKeon - Director


MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Moncaster Wire Products 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts charged to customers for goods and services provided during the year, excluding value added tax and trade discounts. Sales are recognised upon delivery to the customer, or upon collection by the customer.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property- Not depreciated
Land- Not depreciated
Property improvements- Straight line over 10 years
Plant and machinery etc- at varying rates on cost


Freehold buildings are depreciated to write down the cost less estimated residual value over their remaining useful life by equal annual instalments. Where buildings are maintained to such a standard that their residual value is not less than their cost or valuation, no depreciation is charged.

Stocks
Cost is calculated using an average cost basis.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443)

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 Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account 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 31 (2022 - 32 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 January 2023 1,197,633 171,646 487,472
Additions - - 5,217
Disposals - (25,834 ) (18,651 )
At 31 December 2023 1,197,633 145,812 474,038
DEPRECIATION
At 1 January 2023 - 118,661 390,313
Charge for year - 10,942 24,638
Eliminated on disposal - (25,835 ) (18,651 )
At 31 December 2023 - 103,768 396,300
NET BOOK VALUE
At 31 December 2023 1,197,633 42,044 77,738
At 31 December 2022 1,197,633 52,985 97,159

MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2023 142,871 55,506 2,055,128
Additions 53,985 - 59,202
Disposals (12,630 ) - (57,115 )
At 31 December 2023 184,226 55,506 2,057,215
DEPRECIATION
At 1 January 2023 142,078 41,858 692,910
Charge for year 2,926 11,413 49,919
Eliminated on disposal (12,630 ) - (57,116 )
At 31 December 2023 132,374 53,271 685,713
NET BOOK VALUE
At 31 December 2023 51,852 2,235 1,371,502
At 31 December 2022 793 13,648 1,362,218

Included in freehold property is a building at a cost of £1,047,633 (2022: £1,047,633) and land at £150,000 (2022: £150,000). No depreciation has been charged during the year in accordance with the company's accounting policies on page 9.


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,004,602 1,290,902
Amounts owed by group undertakings 292 5,564
Other debtors 54,950 53,967
1,059,844 1,350,433

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 36,598 92,919
Amounts owed to group undertakings 889,833 1,070,837
Taxation and social security 199,043 484,665
Other creditors 73,824 160,435
1,199,298 1,808,856

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 32,180 60,477
Between one and five years 21,630 26,933
53,810 87,410

MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 60,565 41,937

Deferred
tax
£   
Balance at 1 January 2023 41,937
Movement in the year 18,628
Balance at 31 December 2023 60,565

Deferred tax liability has arisen as a result of accelerated capital allowances and other tax adjustments.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
631,581 Ordinary £1 631,581 631,581

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

The Report of the Auditors was unqualified.

Timothy Godson FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

11. OTHER FINANCIAL COMMITMENTS

Although the company is based in the UK, it has a significant foreign currency exposure through the purchase and sale of goods in currencies other than Sterling. The company mitigates its exposure to currency fluctuations via hedging and forward contracts wherever appropriate and cost effective.


At 31 December 2023 the company had a commitment in place under a forward exchange contract for £Nil (2022: £427,533 ($500,000)).

MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. RELATED PARTY DISCLOSURES

The following balances and transactions relate to Metallurgica Abruzzese SpA and other companies within the group.

OutstandingOutstanding
20232022
Related partyRelationshipTransaction and amount£   £   

Metallurgica Abruzzese SpA

Parent company
Purchases and interest of
£1,027,563 (2022: £1,513,134)

Nil

Nil
Metallurgica Abruzzese SpAParent companyShort term creditors324,974Nil

Metallurgica Abruzzese SpA

Parent company
Long term creditors (including
loan)

Nil

Nil
Metallurgica Abruzzese SpAParent companyDebtorsNil4,938

Metallurgica Abruzzese SpA

Parent company
Commissions receivable of
£1,971 (2022: £8,636)

Nil

Nil

SC Metallurgica Cavatorta
SRL
Fellow subsidiary
company

Purchases of £Nil (2022: £Nil)

Nil

Nil
SC Metallurgica Cavatorta
SRL
Fellow subsidiary
company

Creditors within one year

Nil

Nil


Cavatorta France SAS
Fellow subsidiary
company
Purchases and interest of
£3,099,622 (2022: £3,948,163)

Nil

Nil

Cavatorta France SAS
Fellow subsidiary
company

Short term creditors

564,859

1,070,837

Cavatorta France SAS
Fellow subsidiary
company

Debtors

Nil

Nil

Cavatorta France SAS
Fellow subsidiary
company
Sales and commissions
receivable of £Nil (2022: £Nil)

Nil

Nil


TZ Cavatorta SpA
Fellow subsidiary
company

Debtors

292

626


TZ Cavatorta SpA

Fellow subsidiary
company
Sales and commissions
receivable £1,021 (2022:
£3,227)


Nil


Nil

TZ Cavatorta SpA
Fellow subsidiary
company
Purchases of £76,029 (2022:
£289,552)

Nil

Nil

TZ Cavatorta SpA
Fellow subsidiary
company

Short term creditors

Nil

Nil

Aluwire Val Vibrata SRL
Fellow subsidiary
company

Purchases of £Nil (2022:£Nil)

Nil

Nil

Aluwire Val Vibrata SRL
Fellow subsidiary
company

Short term creditors

Nil

Nil

MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. ULTIMATE CONTROLLING PARTY

The holding of the group is the company I.FI.CO.M S.r.l. with registered office in Montesilvano (PE) - 75 Via Danubio as it holds 78.73% of the share capital of Metallurgica Abruzzese Spa, which in turn controls or is directly connected to all the other companies of the group. In fact, Metallurgica Abruzzese Spa can therefore be considered a sub-holding.

The capital of the company I.FI.CO.M. srl is made up as follows:
Gianluca Cavatorta 40.01%
Giovanni Cavatorta 20.00%
Nicoletta Cavatorta 19.99%
Clama srl. 10.00%
Fintrading srl. 10.00%

Metallurgica Abruzzese Spa based in Contrada Marina - Mosciano Sant'Angelo (TE) ITALY - holds 100% of the share capital of Moncaster Wire Products Ltd. based in Louth in the UK. The share capital of Metallurgica Abruzzese Spa is made up as follows:
I.FI.CO.M. Srl 78.73%
Gianluca Cavatorta 5.04%
Giovanni Cavatorta 5.40%
Nicoletta Cavatorta 5.39%
Clama srl 5.44%