COMPANY REGISTRATION NUMBER 01141077
MONOCON INTERNATIONAL REFRACTORIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
MONOCON INTERNATIONAL REFRACTORIES LIMITED
COMPANY INFORMATION
Directors
Mr M P Bajoria
Mr D A Harris
Mr D Parakh
Mr M A Payne
Mr W Vardy
(Appointed 16 April 2024)
Secretary
Mr D Parakh
Company number
01141077
Registered office
Denaby Main Industrial Estate
Denaby Lane
Old Denaby
Doncaster
DN12 4LQ
Auditor
UHY Hacker Young
6 Broadfield Court
Broadfield Way
Sheffield
S8 0XF
Bankers
HSBC Bank plc
Unit 4
Europa Court
Sheffield
S9 1XE
ICICI Bank
21 Knightsbridge
London
SW1X 7LY
Barclays Bank plc
Corporate Banking
Level 2
1 Park Row
Leeds
LS1 5WU
MONOCON INTERNATIONAL REFRACTORIES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 31
MONOCON INTERNATIONAL REFRACTORIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Fair review of the business

Like many other companies in the manufacturing sector, Monocon has not been immune to global supply chain issues, increases in energy costs, and disruptions caused by to war in Ukraine and Gaza .

However, the company has acted swiftly to mitigate the effect on business. The directors firmly believe that the company is in a strong position to come through this difficult time.

During the year 2023-24, the company received a dividend of £285k from its subsidiary. The company has also paid £485k as dividends to the shareholders.

As in the previous year, the strategy adopted for the year has been to continually strengthen the company's market position. This is based on continued investment in the company's manufacturing and product technology to further promote our well known Monocon brands as well as introducing new products for new markets.

Monocon and its parent company continue to have great faith in the UK operations and we are committed to investing in UK businesses and its local communities. We continue to search for and identify new potential acquisitions and opportunities for long-term growth.

 

 

 

Principal risks and uncertainties

The management of the business and the nature of the Company's strategy are subject to a number of risks.

The major commercial risks presently faced by the Company are a) High proportion of fixed overheads and variable revenues b) Competition c) Product obsolescence d) High energy costs. The Directors are of the opinion that a system for risk assessment, identification, monitoring, control and mitigation exists whereby these risks and other micro and macro risks faced by the Company are continually managed.

 

 

Key performance indicators

 

2024

£

2023

£

2022

£

2021

£

2020

£

Turnover

17,154

17,227

18,948

15,923

17,163

Profit (loss)

after tax

656

1,015

432

516

(1,889)

MONOCON INTERNATIONAL REFRACTORIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

Financial risk management objectives and policies

 

The Company uses financial instruments, other than derivatives, comprising borrowings, cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations.

The main purpose of these financial instruments is to raise finance for the Company's operations. The main risks arising from the Company financial instruments are interest rate risk, liquidity risk and foreign exchange risk. The directors review and agree policies for managing each of these risks and they are summarised below.

The policies have remained unchanged from previous periods.

 

Interest rate risk

The Company finances its operations through a mixture of retained profits, inter-company accounts and bank borrowings. The Company's exposure to interest rate fluctuations on its borrowings is managed on a group basis by the use of both fixed and floating facilities.

Liquidity risk

The Company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Primarily this is achieved through inter-company accounts and bank overdraft facilities.

Currency risk

The Company is exposed to transactions and translation foreign exchange risk. In relation to translation risk the proportion of assets held in the foreign currency are matched to an appropriate level of borrowing in the same currency. Transaction exposures are hedged when known, mainly using the forward hedge market.

 

On behalf of the board

Mr D Parakh
Director
15 May 2024
MONOCON INTERNATIONAL REFRACTORIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The Directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The Company manufactures specialised refractories and equipment used by the steel industry.

Results and dividends

The profit for the year after taxation amounted to £655,143 (2023 - £1,014,593).

Ordinary dividends were paid amounting to £484,839. The directors do not recommend payment of a final dividend.

Directors

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

Mr M P Bajoria
Mr D A Harris
Mr D Parakh
Mr M A Payne
Mr A Henman
(Appointed 1 April 2023 and resigned 31 January 2024)
Mr W Vardy
(Appointed 16 April 2024)
Research and development

The Company is continuing its policy of developing its product range to meet market requirements and researching new products that will contribute to the future expansion and diversification of the business.

Post reporting date events

There have been no significant events affecting the Company since the year end.

Future developments

The directors recognise that increased competition has put pressure on prices and margins. They believe that the Company's continued investment in its product range, with particular emphasis on quality, design and employing people with the relevant expertise, will enable the Company to improve on its market position.

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.

MONOCON INTERNATIONAL REFRACTORIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
On behalf of the board
Mr D Parakh
Director
15 May 2024
MONOCON INTERNATIONAL REFRACTORIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

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.

- 6 -
6 Broadfield Court
Broadfield Way
Sheffield
S8 0XF
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
MONOCON INTERNATIONAL REFRACTORIES LIMITED
Opinion

We have audited the financial statements of Monocon International Refractories Limited (the 'company') for the year ended 31 March 2024 which comprise 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.

- 7 -
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
MONOCON INTERNATIONAL REFRACTORIES LIMITED CONTINUED

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.

Opinions on other matters prescribed by the Companies Act 2006

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

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:

- 8 -
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
MONOCON INTERNATIONAL REFRACTORIES LIMITED CONTINUED
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.

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

- 9 -
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
MONOCON INTERNATIONAL REFRACTORIES LIMITED CONTINUED

Based on our understanding of the company and the industry in which it operates, we identified the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, 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. 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 revenue and trade receivables.

 

To address the risk of fraud through management bias and override of controls, we:

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Hulse (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young
15 May 2024
Chartered Accountants
Statutory Auditor
MONOCON INTERNATIONAL REFRACTORIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
17,154,762
17,227,436
Cost of sales
(10,663,858)
(11,755,649)
Gross profit
6,490,904
5,471,787
Administrative expenses
(5,918,379)
(5,339,426)
Other operating income
44,108
64,559
Operating profit
4
616,633
196,920
Interest receivable and similar income
7
285,579
830,760
Interest payable and similar expenses
8
(38,534)
(6,468)
Profit before taxation
863,678
1,021,212
Tax on profit
9
(208,535)
(6,619)
Profit for the financial year
655,143
1,014,593

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

MONOCON INTERNATIONAL REFRACTORIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
-
0
5,000
Tangible assets
12
3,558,943
3,238,198
Investments
13
8,082,197
12,169,500
11,641,140
15,412,698
Current assets
Stocks
16
3,587,118
3,739,382
Debtors
17
4,361,972
5,590,741
Cash at bank and in hand
279,059
30,499
8,228,149
9,360,622
Creditors: amounts falling due within one year
18
(6,518,318)
(11,762,886)
Net current assets/(liabilities)
1,709,831
(2,402,264)
Total assets less current liabilities
13,350,971
13,010,434
Provisions for liabilities
Deferred tax liability
20
400,355
230,121
(400,355)
(230,121)
Net assets
12,950,616
12,780,313
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
12,950,516
12,780,213
Total equity
12,950,616
12,780,313

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 15 May 2024 and are signed on its behalf by:
Mr D Parakh
Director
Company registration number 01141077 (England and Wales)
MONOCON INTERNATIONAL REFRACTORIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100
12,574,387
12,574,487
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
1,014,593
1,014,593
Dividends
10
-
(808,767)
(808,767)
Balance at 31 March 2023
100
12,780,213
12,780,313
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
655,143
655,143
Dividends
10
-
(484,839)
(484,839)
Balance at 31 March 2024
100
12,950,516
12,950,616
MONOCON INTERNATIONAL REFRACTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
1
Accounting policies
Company information

Monocon International Refractories Limited is a private company limited by shares incorporated in England and Wales. The registered office is shown on the Company Information page.

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 IFGL Refractories Limited. These consolidated financial statements are available from its head office and corporate office at 3 Netaji Subhas Road, Kolkata - 700 001, India.

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under the law of a non-EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

MONOCON INTERNATIONAL REFRACTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.2
Going concern
At the time of approving the financial statements, and based on the forecasts taking into account the risks and uncertainties disclosed in the strategic report, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable 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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
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:

Patents
Straight line over 5 years
1.5
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 property
Straight line over 50 years
Leasehold property
Straight line over 20 years
Plant and equipment
Straight line over 5-10 years
Fixtures and fittings
Straight line over 1-5 years
Motor vehicles
Straight line over 4 years

Assets in the course of construction are not depreciated until they are available for use.

MONOCON INTERNATIONAL REFRACTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -

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.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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.

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.

MONOCON INTERNATIONAL REFRACTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

MONOCON INTERNATIONAL REFRACTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
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.

MONOCON INTERNATIONAL REFRACTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
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.

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.

MONOCON INTERNATIONAL REFRACTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.14
Retirement benefits

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

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

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.

MONOCON INTERNATIONAL REFRACTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
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

Management apply their judgement to a variety of balances. Provisions (for depreciation and against debtors) as well as certain accruals or prepayments are based on management's expected outcome with reference to similar balances in prior years. Provisions against debtors are made by reference to the financial position of each respective customer and the criticality of supplies. The necessity of these provisions are kept under constant review.

 

Judgements with respect to the defined benefit pension scheme are made by management based on advice from qualified actuaries. See note 20 for further details.

 

Annually, the valuation of investments in subsidiaries is given consideration by the Directors. Where an indication of impairment is identified, an estimation of the recoverable value of the investments in subsidiaries is required. This requires estimation of future cashflows from the investments and also an estimation of appropriate discount rates in order to calculate the net present value of those cash flows.

 

 

3
Turnover and other revenue
2024
2023
£
£
Other significant revenue
Interest income
740
21,993
Dividends received
284,839
808,767
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
6,148,517
5,039,242
Europe
4,370,258
4,526,848
Rest of the World
6,635,986
7,661,346
17,154,761
17,227,436
MONOCON INTERNATIONAL REFRACTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
58,672
(171,510)
Fees payable to the company's auditor for the audit of the company's financial statements
21,750
20,500
Depreciation of owned tangible fixed assets
241,091
167,931
Amortisation of intangible assets
5,000
5,000
Operating lease charges
87,304
82,509
5
Employees

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

2024
2023
Number
Number
Production
48
47
Sales and service
15
17
Office and management
16
17
Total
79
81

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,124,823
2,896,415
Social security costs
320,486
320,951
Pension costs
193,071
127,314
3,638,380
3,344,680
MONOCON INTERNATIONAL REFRACTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
605,143
526,901
Company pension contributions to defined contribution schemes
59,373
38,112
664,516
565,013

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
227,200
227,200
Company pension contributions to defined contribution schemes
11,360
11,360
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
225
15,615
Other interest income
515
6,378
Total interest revenue
740
21,993
Income from fixed asset investments
Income from shares in group undertakings
284,839
808,767
Total income
285,579
830,760

Investment income includes the following:

Bank interest received
225
15,615
MONOCON INTERNATIONAL REFRACTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
38,534
6,468
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(60,037)
Adjustments in respect of prior periods
38,301
-
0
Total current tax
38,301
(60,037)
Deferred tax
Origination and reversal of timing differences
170,234
66,656
Total tax charge
208,535
6,619

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:

2024
2023
£
£
Profit before taxation
863,678
1,021,212
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
215,919
194,030
Tax effect of expenses that are not deductible in determining taxable profit
12,695
10,618
Tax effect of income not taxable in determining taxable profit
-
0
(4,179)
Adjustments in respect of prior years
38,301
13,554
Dividend income
(71,210)
(153,666)
Depreciation in excess of capital allowances
(73,245)
8,677
Enhanced capital allowances claim
-
0
(69,034)
Deferred tax adjustments
170,234
66,656
Loss carry back claim
(84,159)
(60,037)
Taxation charge for the year
208,535
6,619
MONOCON INTERNATIONAL REFRACTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
10
Dividends
2024
2023
£
£
Interim paid
484,839
808,767
11
Intangible fixed assets
Patents
£
Cost
At 1 April 2023 and 31 March 2024
25,000
Amortisation and impairment
At 1 April 2023
20,000
Amortisation charged for the year
5,000
At 31 March 2024
25,000
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
5,000
MONOCON INTERNATIONAL REFRACTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
12
Tangible fixed assets
Freehold property
Leasehold property
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2023
1,878,432
300,000
701,340
3,205,958
644,004
59,790
6,789,524
Additions
5,480
-
0
445,589
1,560
24,060
84,900
561,589
Transfers
-
0
-
0
(589,131)
589,131
-
0
-
0
-
0
At 31 March 2024
1,883,912
300,000
557,798
3,796,649
668,064
144,690
7,351,113
Depreciation and impairment
At 1 April 2023
687,422
75,000
-
0
2,137,976
604,593
46,088
3,551,079
Depreciation charged in the year
30,779
15,000
-
0
164,747
8,019
22,546
241,091
At 31 March 2024
718,201
90,000
-
0
2,302,723
612,612
68,634
3,792,170
Carrying amount
At 31 March 2024
1,165,711
210,000
557,798
1,493,926
55,452
76,056
3,558,943
At 31 March 2023
1,191,009
225,000
701,340
1,067,982
39,166
13,701
3,238,198
MONOCON INTERNATIONAL REFRACTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Tangible fixed assets
(Continued)
- 26 -

Included in Freehold land and buildings is land at cost of £344,948 (2023: £344,948) which is not depreciated.

13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
8,082,197
12,169,500
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
12,169,500
Disposals
(4,087,303)
At 31 March 2024
8,082,197
Carrying amount
At 31 March 2024
8,082,197
At 31 March 2023
12,169,500
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Goricon Metallurgical Services Limited
England
Ordinary
100.00
-
IFGL GmbH
Germany
Ordinary
100.00
-
Hoffman Ceramic GmbH
Germany
Ordinary
-
100.00
Hoffman Ceramic CZ sro
Czech Republic
Ordinary
-
98.78
Sheffield Refractories Limited
England
Ordinary
100.00
-
MONOCON INTERNATIONAL REFRACTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
15
Financial instruments
2024
2023
£
£
Debt instruments measured at amortised cost
4,237,394
5,392,731
Carrying amount of financial liabilities
Measured at amortised cost
6,402,854
11,664,540
16
Stocks
2024
2023
£
£
Raw materials and consumables
1,394,698
1,493,245
Work in progress
214,866
232,660
Finished goods and goods for resale
1,977,554
2,013,477
3,587,118
3,739,382

The carrying value of stocks are stated net of stock provisions totalling £685,800 (2023: £630,475) and are recognised in the profit and loss account.

17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,802,893
5,043,033
Corporation tax recoverable
70,000
90,037
Amounts owed by group undertakings
364,333
195,972
Other debtors
70,168
213,889
Prepayments and accrued income
54,578
47,810
4,361,972
5,590,741

Trade debtors are stated net of a provision for bad debts totalling £396,649 (2023: £154,598 ).

 

All amounts owed by group undertakings are interest free and repayable on demand.

MONOCON INTERNATIONAL REFRACTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
18
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
559,259
426,743
Trade creditors
1,107,086
1,521,453
Amounts owed to group undertakings
2,852,570
7,551,741
Taxation and social security
115,464
98,346
Other creditors
78,213
64,240
Accruals and deferred income
1,805,726
2,100,363
6,518,318
11,762,886

All amounts owed to group undertakings are interest free and repayable on demand.

19
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
559,259
426,743
Payable within one year
559,259
426,743

The bank borrowings are secured by a cross guarantee between Monocon International Refractories Limited, Monocon Overseas Limited, IFGL Monocon Holdings Limited, Goricon Metallurgical Services Limited and Sheffield Refractories Limited on all bank borrowings with HSBC plc.

 

20
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
536,522
452,251
Tax losses
(136,167)
(222,130)
400,355
230,121
MONOCON INTERNATIONAL REFRACTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
20
Deferred taxation
(Continued)
- 29 -
2024
Movements in the year:
£
Liability at 1 April 2023
230,121
Charge to profit or loss
170,234
Liability at 31 March 2024
400,355
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
193,071
127,314

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.

Defined benefit schemes

The company operates a defined benefit pension scheme for qualifying members.

 

The assets of the scheme are held separately from those of the company, being invested with insurance companies.

 

The pension cost and provision for the year ended 31 March 2024 are based on the advice of a professionally qualified actuary using revised assumptions that are consistent with the requirements of FRS102. The most recent formal valuation is dated 31 March 2024. Investments have been valued, for this purpose, at fair value.

 

The contribution made for the year ended 31 March 2024 was £Nil (2023: £Nil).

2024
2023
Key assumptions
%
%
Discount rate
4.9
4.8
Inflation assumption (RPI)
3.2
3.2
Inflation assumption (CPI)
2.7
2.7
MONOCON INTERNATIONAL REFRACTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
21
Retirement benefit schemes
(Continued)
- 30 -
Mortality assumptions
2024
2023

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
20
20.4
- Females
21.9
22.2
Retiring in 20 years
- Males
21.2
21.7
- Females
23.4
23.7
2024

Movements in the present value of defined benefit obligations

£
Liabilities at 1 April 2023
1,788,000
Benefits paid and expenses
(312,000)
Actuarial losses and (gains)
(65,000)
Interest cost
78,000
At 31 March 2024
1,489,000
2024

Movements in the fair value of plan assets

£
Fair value of assets at 1 April 2023
2,061,000
Interest income
91,000
Actuarial gains and (losses)
(43,000)
Benefits paid and expenses
(312,000)
At 31 March 2024
1,797,000
2024
£
Fair value of plan assets
1,797,000
Present value of defined benefit obligation
(1,489,000)
Unrecognised surplus
(308,000)
Net pension scheme liability
-
The surplus has not been recognised in the financial statements.
MONOCON INTERNATIONAL REFRACTORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
23
Contingent liabilities

There is a cross guarantee between Monocon International Refractories Limited, Monocon Overseas Limited, IFGL Monocon Holdings Limited, Goricon Metallurgical Services Limited and Sheffield Refractories Limited on all bank borrowings with HSBC plc. At 31 March 2024 the amount guaranteed by the Company was £559,259 (2023: £426,743).

24
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:

2024
2023
£
£
Within one year
44,467
49,984
Between two and five years
36,790
48,688
81,257
98,672
25
Related party transactions

The Company has taken advantage of the exemption permitted by FRS 102 for the disclosure requirements of section 33 Related Party Disclosures and has not disclosed related party transactions with entities that are part of the IFGL Refractories Limited Group.

26
Ultimate controlling party

The ultimate parent undertaking of the Company is IFGL Refractories Limited, a company registered in India.

 

IFGL Monocon Holdings Limited, a company registered in England and Wales, is the Company's immediate parent company.

 

The smallest and largest undertaking for which group accounts have been drawn up is that headed by IFGL Refractories Limited. Copies of IFGL Refractories Limited's group accounts can be obtained from its head and corporate office at 3 Netaji Subhas Road, Kolkata - 700 001, India.

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