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REGISTERED NUMBER: 03886198 (England and Wales)




STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

NORBAR TORQUE TOOLS HOLDINGS LIMITED

NORBAR TORQUE TOOLS HOLDINGS LIMITED (REGISTERED NUMBER: 03886198)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


NORBAR TORQUE TOOLS HOLDINGS LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: N A Brodey
R Miller
J M Arregui Saez
J L Reynertson
S Clarke



SECRETARY: C L Rohll



REGISTERED OFFICE: Wildmere Road
Banbury
Oxfordshire
OX16 3JU



REGISTERED NUMBER: 03886198 (England and Wales)



AUDITORS: Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB



BANKERS: Barclays Bank PLC
1 Churchill Place
Floor 11
London
E14 5HP

NORBAR TORQUE TOOLS HOLDINGS LIMITED (REGISTERED NUMBER: 03886198)

STRATEGIC REPORT
for the year ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The Norbar Torque Tools group had a successful 2023, with strong order books following through from 2022. Despite global challenges caused by conflicts around the world, demand for Norbar products in a wide variety of industry sectors remained strong. This demand was satisfied both through a variety of Norbar outlets and through Norbar's parent company, Snap-on Incorporated. The company continued to grow its range of products available to other Snap-on divisions.

The Holding company therefore benefits from the ongoing stability and strength of Norbar Torque Tools Ltd. and no change is anticipated in the near future to the activities of Norbar Torque Tools Holdings Ltd.

ON BEHALF OF THE BOARD:





N A Brodey - Director


27 August 2024

NORBAR TORQUE TOOLS HOLDINGS LIMITED (REGISTERED NUMBER: 03886198)

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.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

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

N A Brodey
R Miller
J M Arregui Saez
J L Reynertson

Other changes in directors holding office are as follows:

S Clarke - appointed 17 April 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
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;
-state whether applicable accounting standards 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 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





N A Brodey - Director


27 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NORBAR TORQUE TOOLS HOLDINGS LIMITED

Opinion
We have audited the financial statements of Norbar Torque Tools Holdings Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, 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
NORBAR TORQUE TOOLS HOLDINGS 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 Statement of Directors' Responsibilities set out on page three, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NORBAR TORQUE TOOLS HOLDINGS LIMITED


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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- reference to past history and experience of the Entity,
- enquiry of management, including obtaining and reviewing supporting documentation concerning
the Entity's procedures relating to:

- identifying and complying with laws and regulations and whether they were aware of any instances
of non-compliance;
- detection and response to risk of fraud and whether they were aware of any actual or suspected
instances of fraud.

- assessment of the controls and processes that the Entity has in place to mitigate risk

Our assessments included the identification of the following potential areas for fraud:
- Management override of control;

We design audit procedures by tailored and directed testing to aid and support the level of determined level of risk. In response to the assessed risk we plan audit tests and procedures that target specific areas where misstatement may occur. These procedures and the extent to which they are capable of detecting
irregularities, including fraud, are detailed below:

- We tested the appropriateness of accounting journals and other adjustments made in the
preparation of the financial statements
- We reviewed the Entity's accounting policies for non-compliance with relevant standards.
- We made enquiries of management and reviewed correspondence with the relevant authorities to
identify any irregularities or instances of non-compliance with laws and regulations

In performing an audit in accordance with UK GAAP, we exercise professional judgement and maintain
professional scepticism throughout the audit process.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion or override of internal controls. There are inherent limitations in the audit procedures performed.

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
NORBAR TORQUE TOOLS HOLDINGS 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.




Mark Spafford (Senior Statutory Auditor)
for and on behalf of Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

3 September 2024

NORBAR TORQUE TOOLS HOLDINGS LIMITED (REGISTERED NUMBER: 03886198)

INCOME STATEMENT
for the year ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 1,058,465 1,058,465

Administrative expenses 5,752 14,119
1,052,713 1,044,346

Other operating income 500,000 500,000
OPERATING PROFIT 4 1,552,713 1,544,346

Profit on sale of investment 5 1,626,017 -
3,178,730 1,544,346

Interest receivable and similar income 73,899 10,108
3,252,629 1,554,454

Interest payable and similar expenses 6 - 44
PROFIT BEFORE TAXATION 3,252,629 1,554,410

Tax on profit 7 380,691 295,680
PROFIT FOR THE FINANCIAL YEAR 2,871,938 1,258,730

NORBAR TORQUE TOOLS HOLDINGS LIMITED (REGISTERED NUMBER: 03886198)

OTHER COMPREHENSIVE INCOME
for the year ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 2,871,938 1,258,730


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,871,938

1,258,730

NORBAR TORQUE TOOLS HOLDINGS LIMITED (REGISTERED NUMBER: 03886198)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 8 651,208 773,047
Investment property 9 15,900,000 15,900,000
16,551,208 16,673,047

CURRENT ASSETS
Debtors 10 6,880,782 3,790,084

CREDITORS
Amounts falling due within one year 11 343,778 246,857
NET CURRENT ASSETS 6,537,004 3,543,227
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,088,212

20,216,274

PROVISIONS FOR LIABILITIES 13 952,859 952,859
NET ASSETS 22,135,353 19,263,415

CAPITAL AND RESERVES
Called up share capital 14 59,790 59,790
Retained earnings 15 22,075,563 19,203,625
SHAREHOLDERS' FUNDS 22,135,353 19,263,415

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2024 and were signed on its behalf by:





N A Brodey - Director


NORBAR TORQUE TOOLS HOLDINGS LIMITED (REGISTERED NUMBER: 03886198)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 59,790 17,944,895 18,004,685

Changes in equity
Total comprehensive income - 1,258,730 1,258,730
Balance at 31 December 2022 59,790 19,203,625 19,263,415

Changes in equity
Total comprehensive income - 2,871,938 2,871,938
Balance at 31 December 2023 59,790 22,075,563 22,135,353

NORBAR TORQUE TOOLS HOLDINGS LIMITED (REGISTERED NUMBER: 03886198)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Norbar Torque Tools Holdings 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.

Preparation of consolidated financial statements
The financial statements contain information about Norbar Torque Tools Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. Norbar Torque Tools Holdings Limited is part of a large group and has taken advantage of the exemption from the requirements to prepare group accounts.

Related party exemption
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.


NORBAR TORQUE TOOLS HOLDINGS LIMITED (REGISTERED NUMBER: 03886198)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022.

The average number of employees during the year was NIL (2022 - NIL).

2023 2022
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Auditors' remuneration 3,395 5,700

5. EXCEPTIONAL ITEMS
2023 2022
£    £   
Profit on sale of investment 1,626,017 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Interest on tax paid late - 44

NORBAR TORQUE TOOLS HOLDINGS LIMITED (REGISTERED NUMBER: 03886198)

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 380,691 295,680
Tax on profit 380,691 295,680

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 3,252,629 1,554,410
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

813,157

295,338

Effects of:
Expenses not deductible for tax purposes 450 342
Income not taxable for tax purposes (406,504 ) -

revaluation

Change in the tax rate (26,412 ) -
Total tax charge 380,691 295,680

8. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 773,047
Disposals (121,839 )
At 31 December 2023 651,208
NET BOOK VALUE
At 31 December 2023 651,208
At 31 December 2022 773,047

The company's investments at the Balance Sheet date in the share capital of companies include the following:


NORBAR TORQUE TOOLS HOLDINGS LIMITED (REGISTERED NUMBER: 03886198)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

8. FIXED ASSET INVESTMENTS - continued

Norbar Torque Tools (India) Pvt Ltd
Registered office: Plot No A - 168, Khairne Industrial Area, Thane Belapur Road, Mahape, Navi Mumbai - 400 709, India
Nature of business: Distributor of torque tools
%
Class of shares: holding
Ordinary 100.00

Norbar Limited
Registered office: Wildmere Road, Banbury, Oxfordshire, OX16 3JU
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Norbar Torque Tools (China) Limited
Registered office: Wildmere Road, Banbury, Oxfordshire, England, OX16 3JU
Nature of business: Holding company
%
Class of shares: holding
£1 Ordinary shares 100.00

Norbar Torque Tools (China) Limited has a 100% interest in Norbar Torque Tools (Shanghai) Limited, a company incorporated in China, whose principal activity is the distribution of torque tools.

9. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 15,900,000
NET BOOK VALUE
At 31 December 2023 15,900,000
At 31 December 2022 15,900,000

The fair value has been determined on an open market basis and is based on a valuation by an independent valuer who holds a recognised and relevant professional qualification and has recent experience in the location and class of the investment property being valued.

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2014 (435,030 )
Valuation in 2016 1,699,693
Valuation in 2021 3,487,327
Cost 11,148,010
15,900,000

NORBAR TORQUE TOOLS HOLDINGS LIMITED (REGISTERED NUMBER: 03886198)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

9. INVESTMENT PROPERTY - continued

If Investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 11,148,010 11,148,010

Investment property was valued on fair value basis on 14 March 2022 by White Commercial Surveyors .

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 6,880,782 3,790,084

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Preference shares (see note 12) 600 600
Tax 261,954 164,943
Social security and other taxes 77,924 78,464
Accrued expenses 3,300 2,850
343,778 246,857

12. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Preference shares 600 600

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
600 'A' Ordinary £1 600 600

The preference shares have been given the following rights:-

1) to a fixed net cash cumulative preferential dividend at the rate of 5 per cent per annum
2) a return of capital on liquidation or otherwise the assets of the Company remaining after payment of its liabilities shall be applied of £1000 per preference share
3) no rights to vote

13. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 952,859 952,859

NORBAR TORQUE TOOLS HOLDINGS LIMITED (REGISTERED NUMBER: 03886198)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

13. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 952,859
Balance at 31 December 2023 952,859

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
59,790 Ordinary £1 59,790 59,790

15. RESERVES
Retained
earnings
£   

At 1 January 2023 19,203,625
Profit for the year 2,871,938
At 31 December 2023 22,075,563

16. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Snap-on Incorporated.

A copy of the Snap-on Inc annual report can be obtained from www.snapon.com or at the company's offices at 2801 80th Street, Kenosha, Wisconsin, 53143, USA.