Company registration number 03471031 (England and Wales)
MATRIX TOOLING SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
MATRIX TOOLING SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr V M B McGurk
Mr R Bowring
(Appointed 20 February 2023)
Company number
03471031
Registered office
Dakota House
Concord Business Park
Manchester
M22 0RR
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
MATRIX TOOLING SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 7
Directors' report
8
Directors' responsibilities statement
9
Independent auditor's report
10 - 12
Profit and loss account
13
Statement of comprehensive income
14
Balance sheet
15
Statement of changes in equity
16
Notes to the financial statements
17 - 28
MATRIX TOOLING SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Fair review of the business

The company's principal activity is that of a specialist tooling supplier and distributor.

Matrix Tooling Services Limited is a wholly owned subsidiary of Rubix UK Limited, a subsidiary of Rubix International Limited. Rubix Group are the market leading pan-European distributor of industrial products and services with customers being some of the biggest blue chip companies in their sectors. For these companies, we help drive their business forward supporting their need for profitability, productivity, quality and consistency.

The Rubix Group geographic footprint covers 750+ locations across 22 countries, which gives us a more extensive European coverage than any of our competitors, and we have a portfolio of in-market brands with strong reputations. Rubix UK Limited are the authorised distributor of many of the world's leading engineering component manufacturer and supply Bearings, Mechanical Power Transmission components, Fluid Power, Tools and General Maintenance products, together with engineering and associated industrial services, to the maintenance repair and overhaul ("MRO") market across the UK.

Key performance indicators

The key financial and other performance indicators during the period were as follows:

2023
2022
Revenue (£'000)
20,747
18,823
Operating Profit (£'000)
1,285
1,102
Profit for the financial year (£'000)
971
964
Total Shareholder's Funds (£'000)
1,961
2,909
Average number of employees
66
62
Turnover has increased by 10% to £20,747k due to an increasing share of wallet from existing customers and successfuly winning new business. The company has been able to maintain a gross profit at 25% by passing on inflationary supplier price increases and cost control throughout 2023 has maintained overheads at 19% of turnover.
Cash projections are prepared frequently and reviewed by management to ensure that adequate financial resources exist at least a year ahead. The company has maintained adequate funding facilities with financial institutions and no changes are envisaged for the foreseeable future.
Principal risks and uncertainties
A formal review of all commercial risks is performed on a six monthly basis by the senior leadership team review and this review informs the strategic direction pursued by the company.  The principal risks affecting the company are considered below:
MATRIX TOOLING SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

Macroeconomic risk and downturn in major markets

Risk

The downturn in the macroeconomic environment and major markets along with the current high inflationary environment and higher interest rates could lead to disruption to our customers' and suppliers' business.

Impact

The ability to maintain service levels to our customers may be lost, with consequential impacts on our results.

Strategic Importance

The company is dependent on its key suppliers in order to provide a high level of service to its customer base, including providing goods and services at a price that is acceptable to its customers.

Controls and Mitigation

The diversified nature of the business model in terms of its geographical and end-customer segments provides resilience against macroeconomic risks. The company monitors key market drivers to give an early warning of slowing demand. The company has demonstrated an ability to pass on price increases from its suppliers to its customers and expects to continue to do so.

Withdrawal or loss of a major supplier

Risk

The business is dependent on its key suppliers which it represents in a multi-brand environment to the customer base.

Impact

The unforeseen withdrawal or loss of a major supplier could cause significant harm to the company’s ability to service customers in the short term.

Strategic Importance

The overall business strategy at Group level includes leveraging economies of scale when purchasing in order to provide better value for customers across the entire geographical footprint.

Controls and Mitigation

The relationship with strategic suppliers is mutually dependent and enhanced by our partnership approach to key accounts. In addition, concentrating spend with core suppliers enables favourable purchasing terms including rebates. A significant reduction of purchases in any one year can have an impact on rebates or pricing from suppliers. The business continues to invest time in maintaining strong relationships with its core suppliers and, due to the range of suppliers it deals with, the loss of any one supplier can be mitigated by moving spend to an alternative supplier.

Loss of a major customer

Risk

There is always a risk that the business loses a significant key account contract.

Impact

The loss of significant numbers of key accounts could have an adverse effect on revenue growth and an impact on other focus areas of cross-selling opportunities. As a distributor in a fragmented market following the rebrand to Rubix, the company derives great benefits from its first-class reputation as an industry leader in its service offering to key accounts, which could be potentially damaged with significant loss of major customers.

MATRIX TOOLING SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

Strategic Importance

A core part of the growth strategy for the business is a focus on winning and maintaining those significant customers it views as key accounts.

Controls and Mitigation

The business does not have dependency on any single customer. The top 100 customers represent 78%/£16.3m of the annual turnover, with no customer representing > 3.8% of revenue. Key account customers are carefully monitored by the senior management team via regular reviews and reporting.

Expected benefits from Strategic Acquisitions may not be realised

Risk

Acquisitions involve a number of risks related to the performance of the acquired business and challenges arising from integration.

Impact

If benefits from acquisitions are not realised, there could be an impact on forecasted performance and the potential for disruption to the underlying core business.

Strategic Importance

Part of the overall Rubix group strategy is growth through selective acquisitions.

Controls and Mitigation

Through a formal and well established acquisition strategy, potential targets are carefully researched prior to any purchase by an experienced M&A team and are closely monitored by Rubix Group senior management subsequent to acquisition.

Liquidity

Risk

A failure to maintain sufficient operational liquidity.

Impact

The company would be unable to pay creditors on time, acquire new investments or service its debt service obligations.

Strategic Importance

Critical in supporting the growth strategy of the company and maintaining supplier relationships.

Controls and Mitigation

The company monitors detailed cash and liquidity positions and maintains a rolling forecast of near-term and long-term requirements.

Climate change

Risk

The threat from climate change includes both physical risks to operations and supply chains arising from the impact of global warming, as well as transition risks from changing stakeholder expectations and regulation designed to drive the transition to a low-carbon economy.

Impact

Disruption to the company business model and activities.

MATRIX TOOLING SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

Strategic Importance

Climate-related issues influence the company's business, strategy and financial planning.

Controls and Mitigation

The company undertakes a climate scenario analysis annually to inform risk and opportunity planning. For 2023, climate risk has been assessed alongside other business risk using the Group's risk management framework, supplemented by external climate data models. Formal materiality assessments and regular customer engagement provides additional insight for our climate-related strategy. The company supports climate risk assessment and implementation of mitigation measures, supported by a dedicated sustainability team and Group ESG Committee.

Loss of infrastructure/systems

Risk

IT infrastructure and associated systems, including business ERPs, could fail to function in a timely and accurate fashion or be compromised by cyber attack.

Impact

Failure of our IT infrastructure or key IT systems could result in loss of information, inability to operate effectively, financial or regulatory penalties and could adversely affect our reputation. For the company, which is a distributor of products, these key processes are in the area of inventory and order management, sales and delivery management and transactional record keeping, including financial books and records. A cyber attack could result in confidential databases including customer lists, price lists and sales data being stolen or misused intentionally.

Strategic Importance

The business strives to achieve a consistent level and quality of service across our businesses and functional IT infrastructure and systems are a fundamental requirement to achieve that.

Controls and Mitigation

As with most large organisations that depend on Information Technology for their day-to-day operations, there are disaster recovery plans in place such as overnight and real-time back-up systems in place and stored offsite which can be expected to mitigate the worst effects of such disruption.

Integration teams continually work to develop Group-wide solutions to business-critical processes which provide improved security and resilience against failure in the event that issues occur in our operations.

Data security measures limit access to key infrastructure and there is contingency planning to minimise operational impacts. Information security policies are readily available to all employees in the company.

Loss of key employees

Risk

There is a risk of inability to retain key employees across the group.

Impact

The loss of key employees could lead to loss of information, damage to customer/supplier relationships and an inability to execute business strategy.

Strategic Importance

Key employees assist our ability to meet our key strategic targets.

 

MATRIX TOOLING SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

Controls and Mitigation

The business regularly reviews its remuneration and succession plan arrangements to ensure that key managers are recognised and developed.

Where appropriate, employment contracts contain relevant provisions regarding interaction with competitors and customers. Industry benchmarking and the use of external advisors form part of the recruitment process for key managers to ensure high calibre recruits to key roles.

 

Relationships with employees

 

Risk

The company is dependent on good relations with its employees.

 

Impact

Poor relations could result in interruptions to the business and restructuring implementation.

 

Strategic Importance

Engaged and supportive employees are necessary for the company to deliver on its targets and goals.

 

Controls and Mitigation

Regular dialogue is maintained between the senior management and employees of the company, through physical and virtual roadshows, employee representatives and daily digital communication updates.

 

Conflict in Ukraine

 

The company is mindful of the evolving situation in Ukraine. While the company has no sales to the Ukraine, limited values of products purchased by Rubix U.K. Limited are traditionally manufactured in the country, requiring alternative suppliers to be sourced. We continue to monitor developments and will react as appropriate.

 

The conflict in the Ukraine has added to the economic pressures faced by the world. Rising energy prices and general inflation will challenge the Company but it will continue to work with its suppliers to ensure that any price increases to customers are minimised.

 

Environmental, Social and Governance (ESG)

The company is committed to ensuring that its business model creates value for stakeholders in a socially and environmentally responsible manner, with the highest ethical and sustainable business standards applied across its value chain.

 

The company has established a clear governance structure to deliver its ESG strategy. Supported by the Group, the company and its Directors drive ESG-related data collection processes, identifying, prioritising and advancing the adoption of ESG initiatives and improvement measures.

 

Relevant details of the Group’s ESG progress are given in the 2022 Rubix Limited Annual Report and Consolidated Financial Statements.

 

ESG Policy Framework

The Group’s ESG strategy is supported by the compliance and policy framework that includes the Group’s Code of Conduct and Ethics for employees and business partners, Human Rights, Anti Bribery and Corruption, and Health and Safety practices.

 

MATRIX TOOLING SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

Human rights and business ethics

 

The company is committed to acting with honesty, integrity and the highest ethical standards, and in compliance with all applicable local and international legislation, as set out in the Group’s Code of Conduct and Ethics.

 

The Group is committed to upholding and respecting human rights and since 2017 has been a full signatory to the United Nations Global Compact (UNGC), thus respecting the ten principles of the UNGC on human rights, labour, environment and anti-corruption. This includes the commitment to report transparently on the implementation of the ten principles.

The Group's fulfilment of its obligations under the Modern Slavery Act of 2015 are published in an annual Modern Slavery Act Transparency Statement which sets out the steps taken to mitigate the risk of slavery and human trafficking taking place within its business or supply chain.

The company endeavors to select suppliers who adopt high ethical standards which are consistent with the company’s corporate beliefs and values. The company expects its suppliers (and their subcontractors) to operate their businesses and conduct employee relations in an ethical manner and to meet the requirements stipulated by both international and regional laws and industry standards.

Environment

It is the policy of the company, so far as is reasonably practicable, to protect and conserve the local and wider environment from any adverse impacts caused by its operations and to take all reasonable steps to reduce its impact upon the environment, including reducing its carbon footprint through reducing energy consumption and proactive waste management.

Employees are provided with relevant environmental training and awareness, to meet all relevant legislative requirements on environmental issues and ensure that all contractors follow company practices while working on site and respond promptly and efficiently to adverse incidents.

Health and Safety

The company strives to provide and maintain a safe environment for all employees, customers and visitors to its premises and to comply with relevant health and safety legislation. The company encourages the involvement of employees in health and safety matters and aims for continual improvement through a formal structure incorporating a training, reporting and review process that ensures every employee of the company is aware of methods to prevent accidents and, if they happen, to deal with them in an appropriate manner. Mandatory health and safety awareness training is provided to all employees through the Rubix Academy, with specialist training also made available to employees engaged in roles that involve activities such as heavy lifting and machine operation.

The company aims to minimize the risk of workplace accidents by ensuring that policies, systems and processes are in place to address the health and safety of its employees. Company entities collect data (total incidents, lost time, injury frequency rate, etc.) to track the development and improvements in safety measures.

In order to achieve best practice across all its operations, compliance with health and safety policies and legislation is monitored and discussed in the company’s monthly business reviews.

Financial Risk Management

The company is a fully owned subsidiary of Rubix UK Limited and is a part of the Rubix International Limited group. The company's activities expose it to a variety of financial risks including market risk, credit risk, price risk and cash flow and liquidity risk. We actively participate in the group's overall risk management programme which focuses on the unpredictability of financial markets, which seeks to minimise the potential adverse effects on the company's financial performance.

MATRIX TOOLING SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -

Market risk is mitigated by ensuring the business continues to supply a diverse range of sectors. The company frequently enters into contracts with both customers and suppliers agreeing fixed price terms as a means to combat price risk. The company has no significant concentrations of credit risk. It has policies in place to ensure that the sales of products are made to customers with an appropriate credit history. Management implement controls to manage these risks and have a continual review and improvement process. Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities. Group treasury aims to maintain flexibility in funding by keeping committed credit lines available and monitoring the cash flow position for all group entities.

Commercial risk review                    

Matrix Tooling Services Limited is dependent on its key suppliers which it represents in a multi-brand environment to the existing customer base. The relationship with strategic suppliers is mutually dependent and enhanced by our partnership approach to key accounts. At group level support continues to be available for Matrix Tooling Services’ efforts to increase market share.

In the event of a loss of infrastructure or systems, Matrix Tooling Services Limited has backup systems in place which can be expected to mitigate the worst effects of such disruption. Matrix Tooling Services Limited continually works to develop improved resilience against failure in our key processes: stock and order management, sales and delivery management and transactional record keeping, including financial books and records. Through technical and administrative controls, access to key infrastructure and databases are limited, to safeguard sensitive and Commercial information.

Future Developments

 

Focus will continue in 2024 on delivering key account growth both organically and through new customer wins, delivering growth through the engineered solutions team, developing margin through exclusive brand penetration and creating cross-selling opportunities with other group companies and acquisitions.

On behalf of the board

Mr V M B McGurk
Director
19 September 2024
MATRIX TOOLING SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of tooling suppliers and distributors.

Results and dividends

The results for the year are set out on page 13.

Ordinary dividends were paid during the year of an amount equal to £1,919,195. Post year end, the directors have recommended payment of a final dividend of £964,358 in relation to the financial year 31 December 2023, to be paid in 2024.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Ms H S Shaw
(Resigned 1 July 2023)
Mr V M B McGurk
Mr R Bowring
(Appointed 20 February 2023)
Auditor

The auditor, MHA, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr V M B McGurk
Director
19 September 2024
MATRIX TOOLING SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -

The directors are responsible for preparing the annual report 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:

 

 

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.

MATRIX TOOLING SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MATRIX TOOLING SERVICES LIMITED
- 10 -
Opinion

We have audited the financial statements of Matrix Tooling Services Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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. 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 course of 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.

MATRIX TOOLING SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MATRIX TOOLING SERVICES LIMITED (CONTINUED)
- 11 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

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 directors' report.

Matters on which we are required to report by exception

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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 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.

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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

MATRIX TOOLING SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MATRIX TOOLING SERVICES LIMITED (CONTINUED)
- 12 -

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 is available on the Financial Reporting Council’s website at: https://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 member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Paul Williams BA(Hons) FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
19 September 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
MATRIX TOOLING SERVICES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
Turnover
3
20,747,334
18,822,544
Cost of sales
(15,519,735)
(14,139,417)
Gross profit
5,227,599
4,683,127
Administrative expenses
(3,953,067)
(3,597,079)
Other operating income
10,486
15,472
Operating profit
4
1,285,018
1,101,520
Interest receivable and similar income
6
271,681
306,860
Interest payable and similar expenses
7
(309,008)
(132,814)
Profit before taxation
1,247,691
1,275,566
Tax on profit
8
(276,685)
(311,208)
Profit for the financial year
971,006
964,358

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MATRIX TOOLING SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
£
£
Profit for the year
971,006
964,358
Other comprehensive income
-
-
Total comprehensive income for the year
971,006
964,358
MATRIX TOOLING SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 15 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
10
-
0
17,061
Tangible assets
11
575,455
662,409
575,455
679,470
Current assets
Stocks
12
2,598,466
2,527,448
Debtors
13
5,036,711
3,570,946
Cash at bank and in hand
425,385
1,128,824
8,060,562
7,227,218
Creditors: amounts falling due within one year
14
(6,675,203)
(4,974,091)
Net current assets
1,385,359
2,253,127
Total assets less current liabilities
1,960,814
2,932,597
Provisions for liabilities
Deferred tax liability
15
-
0
23,594
-
(23,594)
Net assets
1,960,814
2,909,003
Capital and reserves
Called up share capital
17
25,000
25,000
Profit and loss reserves
1,935,814
2,884,003
Total equity
1,960,814
2,909,003

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Mr V M B McGurk
Director
Company registration number 03471031 (England and Wales)
MATRIX TOOLING SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
25,000
4,225,923
4,250,923
Year ended 31 December 2022:
Profit and total comprehensive income
-
964,358
964,358
Dividends
9
-
(2,306,278)
(2,306,278)
Balance at 31 December 2022
25,000
2,884,003
2,909,003
Year ended 31 December 2023:
Profit and total comprehensive income
-
971,006
971,006
Dividends
9
-
(1,919,195)
(1,919,195)
Balance at 31 December 2023
25,000
1,935,814
1,960,814
MATRIX TOOLING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
1
Accounting policies
Company information

Matrix Tooling Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dakota House, Concord Business Park, Manchester, M22 0RR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Rubix Group Holding Limited. These consolidated financial statements are available from its registered office, Accurist House, 44 Baker Street, London, England, W1U 7AP. Copies of the consolidated financial statements are available from Companies House, Cardiff.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover from the sale of tooling 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.

MATRIX TOOLING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.4
Research and development expenditure

Research and development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. It is then amortised in full in the year which it is incurred.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
100% amortised in year of capitalisation
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
10% Straight line
Fixtures and fittings
10% - 20% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

MATRIX TOOLING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

MATRIX TOOLING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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. Amounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MATRIX TOOLING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MATRIX TOOLING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Measurement of stock provision

The stock provision is determined based on the prior 24 months sales and the level of stock held. The resulting provision may not equal the actual accounting results dependent on the rate of future sales.

 

The carrying amount of the provision at year end is £190k (2022: £90k).

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Relating to the one principal activity
20,747,334
18,822,544
2023
2022
£
£
Other revenue
Interest income
271,681
306,860
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(3,043)
(4,138)
Fees payable to the company's auditor for the audit of the company's financial statements
25,000
22,550
Depreciation of owned tangible fixed assets
180,418
132,102
Amortisation of intangible assets
36,911
-
Operating lease charges
293,566
281,922
MATRIX TOOLING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Engineers
16
15
Administration
49
46
Directors
1
1
Total
66
62

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,330,804
2,134,740
Social security costs
220,076
220,474
Pension costs
87,721
73,354
2,638,601
2,428,568
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest receivable from group companies
271,681
306,860
7
Interest payable and similar expenses
2023
2022
£
£
Interest on invoice finance arrangements
309,008
116,163
Interest payable to group undertakings
-
0
16,651
309,008
132,814
8
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
17,534
(6,761)
Group tax relief
311,336
205,198
Total current tax
328,870
198,437
MATRIX TOOLING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
2023
2022
£
£
(Continued)
- 24 -
Deferred tax
Origination and reversal of timing differences
(23,009)
112,771
Adjustment in respect of prior periods
(29,176)
-
0
Total deferred tax
(52,185)
112,771
Total tax charge
276,685
311,208

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,247,691
1,275,566
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
293,457
242,358
Tax effect of expenses that are not deductible in determining taxable profit
237
224
Tax effect of income not taxable in determining taxable profit
(2,468)
(2,940)
Change in unrecognised deferred tax assets
(1,362)
21,046
Adjustments in respect of prior years
17,534
(6,761)
Deferred tax adjustments in respect of prior years
(29,176)
-
0
Transfer pricing adjustments
-
0
(14,910)
Fixed asset differences
(1,537)
72,191
Taxation charge for the year
276,685
311,208

Factors affecting future tax charges

 

In the budget on 3 March 2021, the UK Government announced an increase in the main corporation tax rate from 19% to 25% with effect from 1 April 2023. The change in rate was substantively enacted on 24 May 2021.

9
Dividends
2023
2022
£
£
Interim paid
1,919,195
2,306,278
MATRIX TOOLING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Dividends
(Continued)
- 25 -

Ordinary dividends were paid during the year of an amount equal to £1,919,195. Post year end, the directors have recommended payment of a final dividend of £964,358 in relation to the financial year 31 December 2023, to be paid in 2024.

10
Intangible fixed assets
Development costs
£
Cost
At 1 January 2023
100,813
Additions - internally developed
19,850
At 31 December 2023
120,663
Amortisation and impairment
At 1 January 2023
83,752
Amortisation charged for the year
36,911
At 31 December 2023
120,663
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
17,061
11
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
10,171
1,629,682
1,639,853
Additions
-
0
93,464
93,464
Disposals
-
0
(106,154)
(106,154)
At 31 December 2023
10,171
1,616,992
1,627,163
Depreciation and impairment
At 1 January 2023
1,865
975,579
977,444
Depreciation charged in the year
-
0
180,418
180,418
Eliminated in respect of disposals
-
0
(106,154)
(106,154)
At 31 December 2023
1,865
1,049,843
1,051,708
Carrying amount
At 31 December 2023
8,306
567,149
575,455
At 31 December 2022
8,306
654,103
662,409
MATRIX TOOLING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
12
Stocks
2023
2022
£
£
Finished goods and goods for resale
2,598,466
2,527,448
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,739,908
1,904,722
Corporation tax recoverable
-
0
12,532
Amounts owed by group undertakings
1,786,317
1,204,491
Other debtors
9,746
34,578
Prepayments and accrued income
472,150
414,623
5,008,121
3,570,946
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 15)
28,590
-
0
Total debtors
5,036,711
3,570,946

The trade debtors figure is stated after netting off amounts of £2,901,214 (2022: £3,478,739) that have been factored without recourse. The corresponding entry has reduced other creditors by the same amount.

 

The company has entered into a debt factoring arrangement with Facto France SA. The company has granted a fixed and floating charge over the underlying book debtors of the company that have been subject to factoring.

 

Amounts owed by group undertakings include group loans which accrue interest at 0.1% plus 3M SONIA. The loans are revolving 12 month credit facilities which are repayable on demand by the lender.

MATRIX TOOLING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
14
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,395,358
3,474,725
Corporation tax
1,992
-
0
Other taxation and social security
176,104
179,840
Other creditors
1,700,712
1,098,034
Accruals and deferred income
401,037
221,492
6,675,203
4,974,091

Included within other creditors is £1,700,029 (2022: £1,097,113) in respect of factoring liabilities which are secured by a fixed and floating charge over the assets of the company. As disclosed in the debtors note above, this liability has been offset with the value of trade debtors sold without recourse.

15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
-
23,594
28,590
-
2023
Movements in the year:
£
Liability at 1 January 2023
23,594
Credit to profit or loss
(52,184)
Asset at 31 December 2023
(28,590)
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
87,721
73,354

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

MATRIX TOOLING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
25,000
25,000
25,000
25,000
18
Financial commitments, guarantees and contingent liabilities

The company is a party to a bank guarantee whereby they agree to discharge, on demand, in part or in total, bank borrowings under a specific facility of other companies with the Rubix Group.

19
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
281,998
256,508
Between two and five years
778,434
130,225
1,060,432
386,733
20
Related party transactions

The company has taken advantage of the exemption permitted under Section 33.1A from disclosing transactions with the parent and fellow subsidiary companies.

21
Ultimate controlling party

The immediate parent company is Rubix U.K. Limited (company registration number 00569290), a company incorporated in England and Wales. The registered office of Rubix U.K. Limited is at Dakota House, Concord Business Park, Manchester, England, M22 0RR.

The immediate parent company of Rubix U.K. Limited is Rubix International Limited, with the results being consolidated into Rubix Limited, which is the smallest and largest company to prepare consolidated financial statements. The financial statements of Rubix Limited can be obtained at Accurist House, 44 Baker Street, London W1U 7AL.

 

The ultimate holding company is Al Robin (Cayman) Limited. Advent International, L.P., incorporated in the State of Delaware and SEC registered, is the investment manager of circa 20 Advent GPE VIII funds which are individual limited partnerships domiciled in either Luxembourg, the Cayman Island or the State of Delaware (together the “Funds”). The Funds have invested directly or indirectly in AI Robin (Cayman) Limited. No individual Fund holds more than 25% interest in AI Robin (Cayman) Limited.

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