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REGISTERED NUMBER: 11486682 (England and Wales)















Financial Statements

for the Year Ended 31 December 2023

for

Novametal Wire UK Limited

Novametal Wire UK Limited (Registered number: 11486682)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Novametal Wire UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: R Rogers





REGISTERED OFFICE: Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD





BUSINESS ADDRESS: 55 Enville Road
Kingswinford
West Midlands
DY6 0JT





REGISTERED NUMBER: 11486682 (England and Wales)





AUDITORS: Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

Novametal Wire UK Limited (Registered number: 11486682)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 468 748

CURRENT ASSETS
Stocks 573,828 819,655
Debtors 5 458,843 637,561
Cash at bank 177,818 240,686
1,210,489 1,697,902
CREDITORS
Amounts falling due within one year 6 (327,050 ) (848,818 )
NET CURRENT ASSETS 883,439 849,084
TOTAL ASSETS LESS CURRENT
LIABILITIES

883,907

849,832

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 883,807 849,732
SHAREHOLDERS' FUNDS 883,907 849,832

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 March 2024 and were signed by:





R Rogers - Director


Novametal Wire UK Limited (Registered number: 11486682)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33.33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

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.

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.

Novametal Wire UK Limited (Registered number: 11486682)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 7,660
Additions 299
At 31 December 2023 7,959
DEPRECIATION
At 1 January 2023 6,912
Charge for year 579
At 31 December 2023 7,491
NET BOOK VALUE
At 31 December 2023 468
At 31 December 2022 748

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 416,024 540,866
Other debtors 42,819 96,695
458,843 637,561

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 238,026 603,319
Amounts owed to group undertakings 17,340 110,856
Taxation and social security 3,789 61,052
Other creditors 67,895 73,591
327,050 848,818

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

Novametal Wire UK Limited (Registered number: 11486682)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

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

The Report of the Auditors was qualified on the following basis:

Basis for qualified 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 qualified opinion.


As stated in the accounting policies, the company has applied the group policy of providing for certain stock lines to be written down for materials older than 12 months. Under United Kingdom Generally Accepted Accounting Practice, stock should be valued as the lower of cost or net realisable value. The lower of cost or net realisable value of those items that have been valued as £13,968 is £39,137. Therefore, stock held at 31 December 2023 and profit before tax has been understated by £25,169.

Susanna D Ault FCCA ACA (Senior Statutory Auditor)
for and on behalf of Tomkinson Teal (Lichfield) LLP

9. RELATED PARTY DISCLOSURES

During the year the company made a consultancy payment of £17,349 to Dr E. Marzorati, the Group Board President.

Novametal SA

Main supplier and group company


Purchases from Novametal SA during the year ended 31 December 2023 were £1,424,389 (2022: £2,433,858).

The company also received sales commission of £12,090 (2022: £19,131).

2023 2022
£ £
Amount due to related party at the balance sheet date 232,519 596,661

Novametal Holding SA

Parent company


On 30 September 2020, the company received a loan of £250,000 from Novametal Holding SA. At the year end, £17,340 remained outstanding (2022: £110,856), which is repayable on demand.

2023 2022
£ £
Amount due to related party at the balance sheet date 17,340 110,856

Novametal Wire UK Limited (Registered number: 11486682)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Novametal Holding SA, Switzerland.

Registered office: Via Pra Mag, 11 - P.O. Box 23, 6862 Rancate (CH), Switzerland.