Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31true75falsetruetruetruetruetruetruefalse2023-04-01No description of principal activity86 00575005 2023-04-01 2024-03-31 00575005 2022-04-01 2023-03-31 00575005 2024-03-31 00575005 2023-03-31 00575005 2022-04-01 00575005 1 2023-04-01 2024-03-31 00575005 1 2022-04-01 2023-03-31 00575005 2 2023-04-01 2024-03-31 00575005 2 2022-04-01 2023-03-31 00575005 4 2023-04-01 2024-03-31 00575005 4 2022-04-01 2023-03-31 00575005 d:Director2 2023-04-01 2024-03-31 00575005 d:Director4 2023-04-01 2024-03-31 00575005 d:Director5 2023-04-01 2024-03-31 00575005 d:Director6 2023-04-01 2024-03-31 00575005 e:PlantMachinery 2023-04-01 2024-03-31 00575005 e:PlantMachinery 2024-03-31 00575005 e:PlantMachinery 2023-03-31 00575005 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00575005 e:MotorVehicles 2023-04-01 2024-03-31 00575005 e:MotorVehicles 2024-03-31 00575005 e:MotorVehicles 2023-03-31 00575005 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00575005 e:FurnitureFittings 2023-04-01 2024-03-31 00575005 e:FurnitureFittings 2024-03-31 00575005 e:FurnitureFittings 2023-03-31 00575005 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00575005 e:ComputerEquipment 2023-04-01 2024-03-31 00575005 e:ComputerEquipment 2024-03-31 00575005 e:ComputerEquipment 2023-03-31 00575005 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00575005 e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00575005 e:CurrentFinancialInstruments 2024-03-31 00575005 e:CurrentFinancialInstruments 2023-03-31 00575005 e:Non-currentFinancialInstruments 2024-03-31 00575005 e:Non-currentFinancialInstruments 2023-03-31 00575005 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 00575005 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 00575005 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 00575005 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 00575005 f:UnitedKingdom 2023-04-01 2024-03-31 00575005 f:UnitedKingdom 2022-04-01 2023-03-31 00575005 f:RestEuropeOutsideUK 2023-04-01 2024-03-31 00575005 f:RestEuropeOutsideUK 2022-04-01 2023-03-31 00575005 f:RestWorldOutsideUK 2023-04-01 2024-03-31 00575005 f:RestWorldOutsideUK 2022-04-01 2023-03-31 00575005 e:ShareCapital 2023-04-01 2024-03-31 00575005 e:ShareCapital 2024-03-31 00575005 e:ShareCapital 2022-04-01 2023-03-31 00575005 e:ShareCapital 2023-03-31 00575005 e:ShareCapital 2022-04-01 00575005 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 00575005 e:RetainedEarningsAccumulatedLosses 2024-03-31 00575005 e:RetainedEarningsAccumulatedLosses 2 2023-04-01 2024-03-31 00575005 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 00575005 e:RetainedEarningsAccumulatedLosses 2023-03-31 00575005 e:RetainedEarningsAccumulatedLosses 2022-04-01 00575005 e:RetainedEarningsAccumulatedLosses 2 2022-04-01 2023-03-31 00575005 d:OrdinaryShareClass1 2023-04-01 2024-03-31 00575005 d:OrdinaryShareClass1 2024-03-31 00575005 d:OrdinaryShareClass1 2023-03-31 00575005 d:FRS102 2023-04-01 2024-03-31 00575005 d:Audited 2023-04-01 2024-03-31 00575005 d:FullAccounts 2023-04-01 2024-03-31 00575005 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00575005 e:Subsidiary1 2023-04-01 2024-03-31 00575005 e:Subsidiary1 1 2023-04-01 2024-03-31 00575005 e:AcceleratedTaxDepreciationDeferredTax 2024-03-31 00575005 e:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00575005 6 2023-04-01 2024-03-31 00575005 7 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00575005










JAMES WALKER MOORFLEX LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024


 
JAMES WALKER MOORFLEX LIMITED
 


CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 26



 
JAMES WALKER MOORFLEX LIMITED
 

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Business review
 
Sales were £7,006,000 in the year, a 23.5% decrease on the previous year reflecting the relocation of semi-metallic gaskets to Europe & the Middle East, the remaining products actually decreased by just 1.6% in the year. The new fully integrated ERP implementation commenced at the start of the year  with typical turbulence impacting the business into Q4. Activity levels in the Oil & Gas industries remain cautious however we are experiencing good levels of intake combined with new products and additional industry focus the business is set for growth in the coming years. 
Whilst the inflation pressures have marginally subsided global supply & demand has held material costs at the elevated level, the expectation is these levels will soften thought out the next financial year bar any further adverse global events. 
The Company acquired the load indicating fasteners business of James Walker Rotabolt Limited on 31 March 2004 at net book value in order to strengthen its product offering and manufacturing capability.
For the financial year ended 31 March 2023 the Company recorded an operating loss of £2,029,000 (2023: £1,436,000).

Financial key performance indicators
 
The following key performance indicators are measured and reviewed on a regular basis and enable the business to set and communicate its performance targets and monitor its performance against these targets:
Revenue growth - annual growth rate of revenue: -23.5% (2023: 19.5%).
Operating margin - operating profit before special items as a percentage of revenue: -24.2% (2023:   -13.7%).
Average working capital levels - trade and other receivables less trade and other payables as a percentage of revenue: 42.9% (2023: 21.8%).
Shareholders' funds: £726,000 (2023: £240,000).
Capital expenditure: £106,000 (2023: £212,000).

Principal risks and uncertainties
 
Product innovation 
The Company supplies products which include materials that are subject to regulations and in some cases customer certifications. Specifically, there is a risk around poly and perfluoroalkyl substances (PFAS) and if these materials are prohibited or withdrawn this could stop the supply of certain products into the market place. We are identifying materials that could be at risk as well as researching and developing alternative solutions.
Input costs
Some of the Company’s input costs, including labour and materials, have been increasing at high rates. We aim to mitigate this through operational efficiencies, cost saving initiatives and passing residual cost increases on to customers.
Supply chain disruption 
Disruption of supply of raw and semi-finished materials continued to improve during the year, partly due to a number of measures which the Company has implemented. We continue to communicate closely with our suppliers, review critical raw material needs and monitor logistics partners.
Climate change
A warming, changing climate presents both medium and long-term risks and opportunities for the Company. The transition towards net zero, including policies to encourage decarbonisation, will, in future, require us to provide additional support and products to customers as they shift away from fossil fuel based operation.
Page 1


 
JAMES WALKER MOORFLEX LIMITED
 


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Customers’ environmental expectations of their supply chains are expected to become more demanding.  The Company is responding to the UN Sustainable Development Goals and is developing projects to reduce our energy intensity through better energy management, more efficient equipment and investment in sustainable energy sources.


This report was approved by the Board of Directors on and signed on its behalf.





P L Bristow
Director

Date: 11 July 2024

Page 2


 
JAMES WALKER MOORFLEX LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The loss for the year, after taxation, amounted to £2,029,000 (2023 - £1,436,000).

The Directors do not recommend the payment of a dividend (2023: £NIL).

Directors

The Directors who served during the year were:

D Neeb 
M Brook 
M Tullett 
P L Bristow 

Future prospects

The Directors are confident that the that the Company can continue as a going concern. The Board feels that the Company is in a sound financial position to maximise any opportunities throughout the year as it actively seeks to expand through organic growth.

Research and development activities

To ensure that the Company keeps pace with the demanding changes in industry, its engineers and technologists have placed emphasis upon the need for research and development into materials and products.

Page 3


 
JAMES WALKER MOORFLEX LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsHaysmacintyre LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





P L Bristow
Director

Date: 11 July 2024

Page 4


 
JAMES WALKER MOORFLEX LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES WALKER MOORFLEX LIMITED
 

Opinion


We have audited the financial statements of James Walker Moorflex Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 March 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council'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.


Page 5


 
JAMES WALKER MOORFLEX LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES WALKER MOORFLEX LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records 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 Directors' Responsibilities Statement set out on page 3, 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.


Page 6


 
JAMES WALKER MOORFLEX LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES WALKER MOORFLEX LIMITED (CONTINUED)

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for manufacturing businesses such as health and safety and trade regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax. 
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: 
• Inspecting correspondence with regulators and tax authorities;
• Discussion with management including consideration of known or suspected instances of non-compliance  with laws and regulations and fraud;
• Evaluating managements’ controls designed to prevent and detect irregularities;
• Identifying and testing journals, in particular journal entries posted with unusual account combinations,    postings by unusual users or with unusual descriptions; and
• Challenging assumptions and judgements made by management in their critical accounting estimates.


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 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 Auditors' Report.


Page 7


 
JAMES WALKER MOORFLEX LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES WALKER MOORFLEX LIMITED (CONTINUED)

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 2006Our 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 an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Christopher Cork (Senior Statutory Auditor)
for and on behalf of
Haysmacintyre LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

11 July 2024
Page 8


 
JAMES WALKER MOORFLEX LIMITED
 

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£000
£000

  

Turnover
 3 
7,006
9,161

Change in stocks of finished goods and work in progress
  
348
(300)

Other operating income
 4 
189
198

Raw materials and consumables
  
(4,169)
(5,108)

Other external charges
  
(1,785)
(1,773)

Staff costs
  
(3,166)
(3,311)

Depreciation and amortisation
  
(117)
(125)

Operating loss
 5 
(1,694)
(1,258)

Interest payable and similar expenses
 9 
(335)
(178)

Loss before tax
  
(2,029)
(1,436)

Loss for the financial year
  
(2,029)
(1,436)

Other comprehensive income for the year
  

Total comprehensive income for the year
  
(2,029)
(1,436)

The notes on pages 12 to 26 form part of these financial statements.

Page 9


 
JAMES WALKER MOORFLEX LIMITED
REGISTERED NUMBER:00575005


STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets
 11 
990
1,001

  
990
1,001

Current assets
  

Stocks
 13 
2,619
1,688

Debtors: amounts falling due within one year
 14 
2,290
2,852

Cash at bank and in hand
 15 
180
126

  
5,089
4,666

Creditors: amounts falling due within one year
 16 
(5,321)
(5,395)

Net current liabilities
  
 
 
(232)
 
 
(729)

Total assets less current liabilities
  
758
272

Creditors: amounts falling due after more than one year
 17 
(2)
(2)

Provisions for liabilities
  

Deferred tax
 18 
(30)
(30)

  
 
 
(30)
 
 
(30)

Net assets
  
726
240


Capital and reserves
  

Called up share capital 
 20 
13,807
11,307

Profit and loss account
  
(13,081)
(11,067)

  
726
240


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




P L Bristow
Director

Date: 11 July 2024

The notes on pages 12 to 26 form part of these financial statements.

Page 10


 
JAMES WALKER MOORFLEX LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Share capital
Profit and loss account
Total equity

£000
£000
£000

At 1 April 2023
11,307
(11,067)
240


Comprehensive expense for the year

Loss for the year
-
(2,029)
(2,029)

Shares issued during the year
2,500
-
2,500

Equity Participation Scheme charge
-
15
15


At 31 March 2024
13,807
(13,081)
726



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Share capital
Profit and loss account
Total equity

£000
£000
£000

At 1 April 2022
10,057
(9,644)
413


Comprehensive expense for the year

Loss for the year
-
(1,436)
(1,436)

Shares issued during the year
1,250
-
1,250

Equity Participation Scheme charge
-
13
13


At 31 March 2023
11,307
(11,067)
240


Page 11


 
JAMES WALKER MOORFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

James Walker Moorflex Limited is a private company, limited by shares, registered in England and Wales.
The registered office is:
Lion House
Oriental Road
Woking
Surrey
GU22 8AP
The principal place of business is:
John Escritt Road
Bingley
West Yorkshire
BD16 2BS
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland, and the Companies Act 2006.
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 2).
The following principal accounting policies have been applied:

 
1.2

Financial Reporting Standard 102 - Reduced Disclosure Exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of James Walker Group Limited as at 31 March 2024 and these financial statements may be obtained from Companies House.

Page 12


 
JAMES WALKER MOORFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

 
1.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
1.4

Going concern

After reviewing the Company’s forecasts and projections, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. As part of their review of the Company’s forecasts and projections, the Directors have received confirmation that the parent company, James Walker Group Ltd, will continue to support the Company for at least a year following the date of approving these financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 
1.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
1.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Page 13


 
JAMES WALKER MOORFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)


1.6
Tangible fixed assets (continued)

Depreciation is provided as follows:

Plant and machinery
-
10%
straight-line method
Motor vehicles
-
25%
straight-line method
Fixtures and fittings
-
10%
straight-line method
Computer equipment
-
20%
straight-line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'other external charges' in the Income Statement.

 
1.7

Operating leases: Lessee

Rentals paid under operating leases are charged to the Income Statement on a straight-line basis over the lease term.

 
1.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.

 
1.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.

 
1.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 14


 
JAMES WALKER MOORFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

 
1.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.13

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Income Statement within 'other operating income'.

 
1.14

Share-based payments

The Group operates an Equity Participation Scheme in which employees of the Group are awarded share options based upon the profitability of the Group. The fair value of the employee services received in exchange for the grant of share options is recognised as an expense. The total amount to be expensed is determined by reference to the fair value of share options granted. The Group is obliged to grant the share options each year depending upon Group profits and therefore the Company recognises the expense of these options in the corresponding year.

Page 15


 
JAMES WALKER MOORFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

 
1.15

Pensions

Defined contribution pension scheme
The Company operates a defined contribution scheme for its employees. A defined contribution scheme is a pension scheme under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payments obligations.
The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the scheme are held separately from the Company in independently administered funds.
Defined benefit pension scheme
Where the risks of a defined benefit scheme are shared between entities under common control, the net defined benefit cost is recognised in the financial statements of the Group entity which is legally responsible for the scheme and all other Group entities recognise a cost equal to their contribution payable for the period.

 
1.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of Financial Position date and carried forward to future periods.

 
1.17

Borrowing costs

All borrowing costs are recognised in the Income Statement in the year in which they are incurred.

 
1.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Income Statement in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Page 16


 
JAMES WALKER MOORFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

 
1.19

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Income Statement except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 17


 
JAMES WALKER MOORFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the process of applying its accounting policies, the Company is required to make certain estimates, judgements and assumptions that it believes are reasonable based on the information available. These judgements, estimates and assumptions affect the amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognised during the reporting periods presented. 
On an ongoing basis, the Company evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known. 
The following paragraphs detail the estimates and judgements the Company believes to have the most significant impact on the annual results under FRS 102.
Property, plant and equipment (PPE) 
The estimated useful economic lives of PPE are based on management's judgement and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted prospectively. Due to the significance of PPE investment to the Group, variations between actual and estimated useful economic lives could impact operating results both positively and negatively, although historically few changes to estimated useful economic lives have been required. 
The Company is required to evaluate the carrying values of PPE for impairment whenever circumstances indicate, in management's judgement, that the carrying value of such assets may not be recoverable. An impairment review requires management to make subjective judgements concerning the cash flows, growth rates and discount rates of the cash generating units under review.
Stock valuation
The Company includes within the value of finished goods and work in progress a percentage of overheads judged by management to be incurred in direct relation to its manufacturing activities. The overhead absorption rate is a fixed percentage of labour costs and general overheads that is applied consistently year-on-year, subject to annual review for reasonableness by management.
At each financial year-end, the Company recognises an impairment against stock. The provision recognised includes  a fixed percentage of each stock-line based on its ageing. 

Page 18


 
JAMES WALKER MOORFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Turnover

All turnover is attributable to the principal activity of the Company, the manufacture and sale of precision metallic components and gaskets.

Analysis of turnover by country of destination:

2024
2023
£000
£000

United Kingdom
1,029
1,467

Rest of Europe
1,861
3,567

Rest of the world
4,116
4,127

7,006
9,161



4.


Other operating income

2024
2023
£000
£000

Sale of scrap metal
166
188

Sundry income
23
10

189
198



5.


Operating loss

The operating loss is stated after charging:

2024
2023
£000
£000

Exchange differences
-
52

Depreciation of tangible fixed assets
117
125


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£000
£000

Fees payable to the Company's auditors for the audit of the Company's annual accounts
38
35

Other services relating taxation
3
3

Page 19


 
JAMES WALKER MOORFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£000
£000

Wages and salaries
2,759
2,889

Social security costs
275
287

Cost of defined contribution scheme
132
135

3,166
3,311


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Direct manufacturing
21
29



Indirect manufacturing
46
48



Sales, office, management and other
8
9

75
86


8.


Directors' remuneration

2024
2023
£000
£000

Directors' emoluments
142
127

Company contributions to defined contribution pension schemes
15
14

157
141


During the year retirement benefits were accruing to one Director (2023 - one) in respect of defined contribution pension schemes. Pension arrangements with regards to the one Director who is also a Director of the parent company is disclosed in the parent company accounts. The other Directors' pensions are dealt with in the accounts of their employing company.
The Company does not consider any individuals other than the Directors to be Key Management Personnel.

Page 20


 
JAMES WALKER MOORFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Interest payable and similar charges

2024
2023
£000
£000


Loans from group undertakings
335
178


10.


Taxation


2024
2023
£000
£000



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
-
-

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 - 19%). The differences are explained below:

2024
2023
£000
£000


Loss on ordinary activities before tax
(2,029)
(1,436)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(507)
(273)

Effects of:


Capital allowances for year in excess of depreciation
3
(20)

Other timing differences leading to a decrease in taxation
4
4

Group relief
500
289

Total tax charge for the year
-
-


Factors that may affect future tax charges

As of April 2023 the standard corporation tax rate in the UK rose to 25%. The company has recognised a deferred tax liability of £30,000 (2023: £30,000) in the Statement of Financial Position.

Page 21


 
JAMES WALKER MOORFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£000
£000
£000
£000
£000



Cost or valuation


At 1 April 2023
4,168
30
338
102
4,638


Additions
106
-
-
-
106



At 31 March 2024

4,274
30
338
102
4,744



Depreciation


At 1 April 2023
3,323
30
232
52
3,637


Charge for the year
117
-
-
-
117



At 31 March 2024

3,440
30
232
52
3,754



Net book value



At 31 March 2024
834
-
106
50
990



At 31 March 2023
845
-
106
50
1,001

Page 22


 
JAMES WALKER MOORFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.



Fixed asset investments



Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

James Walker (Thailand) Co. Limited
106 Moo 5, Narakaum, Muang Rayong 21000, Thailand
Ordinary
100%


13.


Stock

2024
2023
£000
£000

Raw materials and consumables
1,408
825

Finished goods and work in progress
1,211
863

2,619
1,688


An impairment loss of £22,000 (2023: £281,000) was recognised in raw materials and consumables and finished goods during the year due to slow-moving and obsolete stock. 


14.


Debtors

2024
2023
£000
£000


Trade debtors
715
1,164

Amounts owed by group undertakings
1,207
846

Other debtors
266
188

Prepayments and accrued income
102
654

2,290
2,852


Page 23


 
JAMES WALKER MOORFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Cash and cash equivalents

2024
2023
£000
£000

Cash at bank and in hand
180
126



16.


Creditors: Amounts falling due within one year

2024
2023
£000
£000

Other loans
-
669

Trade creditors
754
1,220

Amounts owed to group undertakings
4,044
3,121

Other creditors
58
29

Accruals and deferred income
465
356

5,321
5,395


Included within other loans is a balance owed to James Walker Group Limited 2004 Employee Share Trust of £669,000 (2023: £669,000). The loan is not secured on the assets of the Company and is subject to interest of 7.25% per annum. Loan interest of £12,100 (2023: £10,000) has been included within accruals. The loan is repayable on demand.


17.


Creditors: Amounts falling due after more than one year

2024
2023
£000
£000

Accruals and deferred income
2
2


Page 24


 
JAMES WALKER MOORFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Deferred taxation




2024


£000






At 1 April 2023
(30)



At 31 March 2024
(30)

The provision for deferred taxation is made up as follows:

2024
2023
£000
£000


Accelerated capital allowances
(30)
(30)

(30)
(30)

19.

Reserves

Profit and loss account
The profit and loss account includes all current and prior period retained profits and losses.


20.


Share capital

2024
2023
£000
£000
Allotted, called up and fully paid



13,807,000 (2023 - 11,307,000) Ordinary shares of £1.00 each
13,807
11,307


On  12 March 2024 £2,500,000 of the amounts owed to James Walker Group Limited were converted to £2,500,000 of ordinary shares.


21.


Contingent liabilities

At 31 March 2024 the Company was party to a multilateral guarantee in respect of the indebtedness of other group companies to the value of £2,000,000 (2023: £2,000,000).

Page 25


 
JAMES WALKER MOORFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Capital commitments


At 31 March 2024 the Company had capital commitments as follows:

2024
2023
£000
£000


Contracted for but not provided in these financial statements
57
75

57
75


23.


Pension commitments

The Company participates in a group defined benefit plan, the James Walker Pension Scheme ("JWPS").  For the purposes of FRS102 s28 the Company cannot identify its share of the underlying assets and liabilities of the defined benefit scheme in which it participates and the Company's pension contributions are assessed in accordance with the advice of a qualified independent actuary whose calculations are based upon total scheme membership.  There is no contractual agreement or stated policy for charging the cost of the plan to the individual companies. In overall terms at 31 March 2024 there was nil deficit in respect of the UK scheme. The JWPS was closed to future accrual with effect from 30 April 2016 and active members of the scheme at that date were auto-enrolled into the James Walker Group Personal Pension Plan, a defined contribution scheme. Further information is included in the financial statements of the parent undertaking.


24.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the reporting date.


25.


Related party transactions

The  Company has taken advantage of exemptions from disclosing transactions with related companies under the provisions of Section 33 of Financial Reporting Standard 102.


26.


Controlling party

The ultimate parent undertaking is James Walker Group Limited. Its registered office is Lion House, Oriental Road, Woking, Surrey, GU22 8AP.
Group financial statements for James Walker Group Limited are available to the public from Companies House, Crown Way, Cardiff, for which there may be a fee, if applicable.

Page 26