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REGISTERED NUMBER: 02710581 (England and Wales)

















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 29 February 2024

for

Wrekin Shell Mouldings Limited

Wrekin Shell Mouldings Limited (Registered number: 02710581)






Contents of the Consolidated Financial Statements
for the year ended 29 February 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 13

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Statement of Cash Flows 17

Notes to the Consolidated Statement of Cash Flows 18

Notes to the Consolidated Financial Statements 20


Wrekin Shell Mouldings Limited

Company Information
for the year ended 29 February 2024







DIRECTORS: M J Ellis
J N Ellis
K D Motherwell



SECRETARY: D B Oakes



REGISTERED OFFICE: Units D1 & D2
Halesfield 21
Telford
Shropshire
TF7 4NX



REGISTERED NUMBER: 02710581 (England and Wales)



AUDITORS: WR Partners
Chartered Accountants and Statutory Auditor
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG



BANKERS: HSBC Bank Plc
16 Sherwood Square
The Telford Shopping Centre
Telford
TF3 4AN

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Group Strategic Report
for the year ended 29 February 2024

The directors present their strategic report of the company and the group for the year ended 29 February 2024.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS
The group continues to operate profitably in a competitive market and its healthy balance sheet means it is in a good position to take advantage of any opportunities which may arise in the future.

We continue to invest in developing our people, our carbon performance and engaging with our communities through Environmental and Social Governance practices consistent with our sustainable growth strategy. The strategic focus of the business remains both consistent and relevant as Government investment in the modernisation and decarbonisation of the UK's national infrastructure builds increasing momentum towards the UK 2050 net zero target. As a result, our financial, social and environmental goals for the next year and beyond are extremely promising.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties are predominantly external market factors which affect the global market price of raw metal and the current ongoing global recession.

The board is satisfied that it acted swiftly in amending working practices and policies to minimise the financial effect on the group as much as possible.

During the current period, material shortages and their significant inflationary price rates have caused the group challenges at times, however the board are satisfied that these were well managed and overcome.

The group is in a good financial position to ensure it can maintain sufficient stock levels to meet demand.

Key performance indicators

2024 2023 Change (% )
Turnover (£) 5,509,501 7,174,178 - 23.20%
Gross profit (£) 1,938,799 2,790,414 - 30.52%
(Loss)/Profit before tax
(£)

(359,822

)

907,749

- 139.64%

ON BEHALF OF THE BOARD:





J N Ellis - Director


27 November 2024

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Report of the Directors
for the year ended 29 February 2024

The directors present their report with the financial statements of the company and the group for the year ended 29 February 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of manufacturing of metal castings.

DIVIDENDS
The total distribution of dividends for the year ended 29 February 2024 will be £ 3,728 .

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

M J Ellis
J N Ellis
K D Motherwell

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Report of the Directors
for the year ended 29 February 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





J N Ellis - Director


27 November 2024

Report of the Independent Auditors to the Members of
Wrekin Shell Mouldings Limited

Opinion
We have audited the financial statements of Wrekin Shell Mouldings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 29 February 2024 and of the group's 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 group 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 group's and the parent 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.

Report of the Independent Auditors to the Members of
Wrekin Shell Mouldings Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Wrekin Shell Mouldings Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities, and skills to identify or recognize non-compliance with applicable laws and regulations; and
- we identified the laws and regulations applicable to the company through discussion with directors and other senior management, and from our commercial knowledge of the steel sector.
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection and employment; and
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships.
- tested journal entries to identify unusual transactions.
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation.
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


Report of the Independent Auditors to the Members of
Wrekin Shell Mouldings Limited

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Helen Pierce (Senior Statutory Auditor)
for and on behalf of WR Partners
Chartered Accountants and Statutory Auditor
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

27 November 2024

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Consolidated
Income Statement
for the year ended 29 February 2024

2024 2023
Notes £    £    £    £   

REVENUE 3 5,509,501 7,174,178

Cost of sales 3,570,702 4,383,764
GROSS PROFIT 1,938,799 2,790,414

Distribution costs 36,386 37,209
Administrative expenses 2,241,722 1,836,172
2,278,108 1,873,381
(339,309 ) 917,033

Other operating income 9,790 5,873
OPERATING (LOSS)/PROFIT 5 (329,519 ) 922,906

Interest receivable and similar income 234 173
(329,285 ) 923,079

Interest payable and similar expenses 7 30,537 15,330
(LOSS)/PROFIT BEFORE TAXATION (359,822 ) 907,749

Tax on (loss)/profit 8 140,122 179,257
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(499,944

)

728,492
(Loss)/profit attributable to:
Owners of the parent (507,852 ) 723,028
Non-controlling interests 7,908 5,464
(499,944 ) 728,492

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Consolidated
Other Comprehensive Income
for the year ended 29 February 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (499,944 ) 728,492


OTHER COMPREHENSIVE INCOME
Gain on revaluation of investments 44,992 -
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

44,992

-
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(454,952

)

728,492

Total comprehensive income attributable to:
Owners of the parent (462,860 ) 723,028
Non-controlling interests 7,908 5,464
(454,952 ) 728,492

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Consolidated Statement of Financial Position
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 1,459,942 1,747,310
Property, plant and equipment 12 7,640,087 7,852,626
Investments 13 107,092 58,500
9,207,121 9,658,436

CURRENT ASSETS
Inventories 14 1,106,859 1,337,113
Debtors 15 1,845,625 2,266,985
Cash at bank and in hand 1,388,526 1,199,132
4,341,010 4,803,230
CREDITORS
Amounts falling due within one year 16 1,116,629 1,466,464
NET CURRENT ASSETS 3,224,381 3,336,766
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,431,502

12,995,202

CREDITORS
Amounts falling due after more than
one year

17

(906,566

)

(1,122,192

)

PROVISIONS FOR LIABILITIES 21 (592,919 ) (482,313 )
NET ASSETS 10,932,017 11,390,697

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Consolidated Statement of Financial Position - continued
29 February 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 22 40 40
Revaluation reserve 23 1,572 172,735
Fair value reserve 23 44,992 -
Retained earnings 23 10,840,853 11,181,270
SHAREHOLDERS' FUNDS 10,887,457 11,354,045

NON-CONTROLLING INTERESTS 44,560 36,652
TOTAL EQUITY 10,932,017 11,390,697


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





J N Ellis - Director


Wrekin Shell Mouldings Limited (Registered number: 02710581)

Company Statement of Financial Position
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Property, plant and equipment 12 7,193,044 6,974,038
Investments 13 3,024,858 2,976,266
10,217,902 9,950,304

CURRENT ASSETS
Inventories 14 540,760 694,405
Debtors 15 1,181,576 1,574,688
Cash at bank and in hand 12,670 154,965
1,735,006 2,424,058
CREDITORS
Amounts falling due within one year 16 866,765 1,160,201
NET CURRENT ASSETS 868,241 1,263,857
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,086,143

11,214,161

CREDITORS
Amounts falling due after more than
one year

17

(790,646

)

(966,528

)

PROVISIONS FOR LIABILITIES 21 (483,232 ) (374,907 )
NET ASSETS 9,812,265 9,872,726

CAPITAL AND RESERVES
Called up share capital 22 40 40
Retained earnings 9,812,225 9,872,686
SHAREHOLDERS' FUNDS 9,812,265 9,872,726

Company's (loss)/profit for the financial
year

(60,461

)

625,329

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Company Statement of Financial Position - continued
29 February 2024


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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





J N Ellis - Director


Wrekin Shell Mouldings Limited (Registered number: 02710581)

Consolidated Statement of Changes in Equity
for the year ended 29 February 2024

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 March 2022 40 10,398,103 236,602

Changes in equity
Dividends - (3,728 ) -
Total comprehensive income - 786,895 (63,867 )
Balance at 28 February 2023 40 11,181,270 172,735

Changes in equity
Dividends - (3,728 ) -
Total comprehensive income - (336,689 ) (171,163 )
Balance at 29 February 2024 40 10,840,853 1,572
Fair
value Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 March 2022 - 10,634,745 31,188 10,665,933

Changes in equity
Dividends - (3,728 ) - (3,728 )
Total comprehensive income - 723,028 5,464 728,492
Balance at 28 February 2023 - 11,354,045 36,652 11,390,697

Changes in equity
Dividends - (3,728 ) - (3,728 )
Total comprehensive income 44,992 (462,860 ) 7,908 (454,952 )
Balance at 29 February 2024 44,992 10,887,457 44,560 10,932,017

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Company Statement of Changes in Equity
for the year ended 29 February 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 March 2022 40 9,247,357 9,247,397

Changes in equity
Total comprehensive income - 625,329 625,329
Balance at 28 February 2023 40 9,872,686 9,872,726

Changes in equity
Total comprehensive income - (60,461 ) (60,461 )
Balance at 29 February 2024 40 9,812,225 9,812,265

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Consolidated Statement of Cash Flows
for the year ended 29 February 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 902,057 675,676
Interest paid (2,318 ) (6,005 )
Interest element of hire purchase
payments paid

(28,219

)

(9,325

)
Tax paid (63,245 ) (74,761 )
Net cash from operating activities 808,275 585,585

Cash flows from investing activities
Purchase of tangible fixed assets (581,794 ) (1,015,029 )
Purchase of fixed asset investments (3,600 ) (3,600 )
Sale of intangible fixed assets - 1,250
Sale of tangible fixed assets 352,000 -
Interest received 234 173
Net cash from investing activities (233,160 ) (1,017,206 )

Cash flows from financing activities
Loan repayments in year (72,583 ) (118,954 )
Intercompany movements - (1,021 )
Capital movement in year (207,700 ) 534,605
Amount introduced by directors 31,392 7,286
Amount withdrawn by directors (133,102 ) (6,719 )
Equity dividends paid (3,728 ) (3,728 )
Net cash from financing activities (385,721 ) 411,469

Increase/(decrease) in cash and cash equivalents 189,394 (20,152 )
Cash and cash equivalents at beginning
of year

2

1,199,132

1,219,284

Cash and cash equivalents at end of
year

2

1,388,526

1,199,132

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Statement of Cash Flows
for the year ended 29 February 2024

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
(Loss)/profit before taxation (359,822 ) 907,749
Depreciation charges 741,509 716,040
Profit on disposal of fixed assets (11,808 ) -
Finance costs 30,537 15,330
Finance income (234 ) (173 )
400,182 1,638,946
Decrease/(increase) in inventories 230,254 (118,701 )
Decrease/(increase) in trade and other debtors 421,360 (287,857 )
Decrease in trade and other creditors (149,739 ) (556,712 )
Cash generated from operations 902,057 675,676

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 29 February 2024
29.2.24 1.3.23
£    £   
Cash and cash equivalents 1,388,526 1,199,132
Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 1,199,132 1,219,284


Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Statement of Cash Flows
for the year ended 29 February 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.3.23 Cash flow At 29.2.24
£    £    £   
Net cash
Cash at bank and in hand 1,199,132 189,394 1,388,526
1,199,132 189,394 1,388,526
Debt
Finance leases (856,712 ) 207,700 (649,012 )
Debts falling due within 1 year (72,583 ) 72,583 -
(929,295 ) 280,283 (649,012 )
Total 269,837 469,677 739,514

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements
for the year ended 29 February 2024

1. STATUTORY INFORMATION

Wrekin Shell Mouldings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
(c) No disclosure has been given for the aggregate remuneration of key management personnel.

Basis of consolidation
The financial statements consolidate the financial statements of Wrekin Shell Mouldings Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual statement of comprehensive income.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost, 5% on cost and 2% straight line
Plant and machinery - 10% on cost, 10 to 33% straight line and 20% straight line
Fixtures and fittings - 33% on cost, 10% on cost and 20% straight line
Motor vehicles - 25% on reducing balance and 20% on cost
Computer equipment - 33% on cost

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

Financial instruments
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit and loss.
Financial assets are derecognised when (a) a contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party.

Basic financial liabilities including trade and other creditors are initially recognised at transaction price and subsequently carried at amortised cost. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. REVENUE

The revenue and loss (2023 - profit) before taxation are attributable to the one principal activity of the group.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,404,411 1,421,555
Social security costs 121,594 138,744
Other pension costs 239,079 77,219
1,765,084 1,637,518

The average number of employees during the year was as follows:
2024 2023

Employees 45 55

2024 2023
£    £   
Directors' remuneration 51,064 46,184
Directors' pension contributions to money purchase schemes 18,131 15,826

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

5. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 13,435 10,581
Other operating leases 16,389 6,977
Depreciation - owned assets 454,141 427,652
Profit on disposal of fixed assets (11,808 ) -
Goodwill amortisation 285,093 285,093
Patents and licences amortisation 2,275 2,275
Foreign exchange differences (226 ) (497 )

6. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

23,304

27,192

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 2,318 5,778
Interest on overdue tax - 227
Hire purchase interest 28,219 9,325
30,537 15,330

8. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 29,516 63,244
Adjustments to previous period - (508 )
Total current tax 29,516 62,736

Deferred tax 110,606 116,521
Tax on (loss)/profit 140,122 179,257

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
(Loss)/profit before tax (359,822 ) 907,749
(Loss)/profit multiplied by the standard rate of corporation tax in
the UK of 25 % (2023 - 19 %)

(89,956

)

172,472

Effects of:
Expenses not deductible for tax purposes 115 -
Income not taxable for tax purposes (1,690 ) -
Depreciation in excess of capital allowances 85,239 7,292
Adjustments to tax charge in respect of previous periods - (507 )
Effect of change in tax rate 146,249 -
Deferred tax not provided on intangible assets 165 -
Total tax charge 140,122 179,257

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Gain on revaluation of investments 44,992 - 44,992

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1 each
Final 3,728 3,728

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

11. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 March 2023
and 29 February 2024 3,046,929 49,201 3,096,130
AMORTISATION
At 1 March 2023 1,308,342 40,478 1,348,820
Amortisation for year 285,093 2,275 287,368
At 29 February 2024 1,593,435 42,753 1,636,188
NET BOOK VALUE
At 29 February 2024 1,453,494 6,448 1,459,942
At 28 February 2023 1,738,587 8,723 1,747,310

Company
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 March 2023
and 29 February 2024 187,999 37,824 225,823
AMORTISATION
At 1 March 2023
and 29 February 2024 187,999 37,824 225,823
NET BOOK VALUE
At 29 February 2024 - - -
At 28 February 2023 - - -

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

12. PROPERTY, PLANT AND EQUIPMENT

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 March 2023 5,710,362 5,155,155 116,214
Additions 325,903 242,655 13,236
Disposals (337,791 ) (310,047 ) -
At 29 February 2024 5,698,474 5,087,763 129,450
DEPRECIATION
At 1 March 2023 383,210 2,679,758 79,241
Charge for year 16,462 418,008 13,678
Eliminated on disposal (28,086 ) (279,560 ) -
At 29 February 2024 371,586 2,818,206 92,919
NET BOOK VALUE
At 29 February 2024 5,326,888 2,269,557 36,531
At 28 February 2023 5,327,152 2,475,397 36,973

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 March 2023 69,482 80,167 11,131,380
Additions - - 581,794
Disposals - - (647,838 )
At 29 February 2024 69,482 80,167 11,065,336
DEPRECIATION
At 1 March 2023 61,705 74,840 3,278,754
Charge for year 2,188 3,805 454,141
Eliminated on disposal - - (307,646 )
At 29 February 2024 63,893 78,645 3,425,249
NET BOOK VALUE
At 29 February 2024 5,589 1,522 7,640,087
At 28 February 2023 7,777 5,327 7,852,626

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

12. PROPERTY, PLANT AND EQUIPMENT - continued

Group

Cost or valuation at 29 February 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2011 145,920 - -
Valuation in 2018 - (410,093 ) (58,142 )
Cost 5,552,554 5,497,856 187,592
5,698,474 5,087,763 129,450

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2011 - - 145,920
Valuation in 2018 (12,085 ) - (480,320 )
Cost 81,567 80,167 11,399,736
69,482 80,167 11,065,336

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

12. PROPERTY, PLANT AND EQUIPMENT - continued

Company
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 March 2023 5,372,571 4,015,836 102,409 45,482 9,536,298
Additions 325,903 235,340 4,654 - 565,897
Disposals - (35,000 ) - - (35,000 )
At 29 February 2024 5,698,474 4,216,176 107,063 45,482 10,067,195
DEPRECIATION
At 1 March 2023 356,817 2,093,930 70,266 41,247 2,562,260
Charge for year 14,770 304,567 11,668 1,302 332,307
Eliminated on disposal - (20,416 ) - - (20,416 )
At 29 February 2024 371,587 2,378,081 81,934 42,549 2,874,151
NET BOOK VALUE
At 29 February 2024 5,326,887 1,838,095 25,129 2,933 7,193,044
At 28 February 2023 5,015,754 1,921,906 32,143 4,235 6,974,038

13. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST OR VALUATION
At 1 March 2023 58,500
Additions 3,600
Revaluations 44,992
At 29 February 2024 107,092
NET BOOK VALUE
At 29 February 2024 107,092
At 28 February 2023 58,500

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

13. FIXED ASSET INVESTMENTS - continued

Group

Cost or valuation at 29 February 2024 is represented by:

Unlisted
investments
£   
Cost 107,092
Company
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 March 2023 2,917,766 58,500 2,976,266
Additions - 3,600 3,600
Revaluations - 44,992 44,992
At 29 February 2024 2,917,766 107,092 3,024,858
NET BOOK VALUE
At 29 February 2024 2,917,766 107,092 3,024,858
At 28 February 2023 2,917,766 58,500 2,976,266

Cost or valuation at 29 February 2024 is represented by:

Shares in
group Other
undertakings investments Totals
£    £    £   
Valuation in 2024 - 44,992 44,992
Cost 2,917,766 62,100 2,979,866
2,917,766 107,092 3,024,858

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

13. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Dynafluid Limited
Registered office: England and Wales
Nature of business: Manufacturing of valves
%
Class of shares: holding
Ordinary 97.50
2024 2023
£    £   
Aggregate capital and reserves 1,734,446 1,418,134
Profit for the year 465,497 367,750

Gresswell Valves Limited
Registered office: England and Wales
Nature of business: Manufacturing of valves
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2 2

The Cubra Casting Company Limited
Registered office: England and Wales
Nature of business: Manufacturing of valves
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 849,577 1,279,015
(Loss)/profit for the year (104,438 ) 165,967


Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

14. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 737,216 809,460 171,117 166,752
Raw materials 369,643 527,653 369,643 527,653
1,106,859 1,337,113 540,760 694,405

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 889,829 1,284,935 253,674 590,046
Other debtors 796,762 872,601 796,762 871,901
VAT - 883 - 24,615
Prepayments and accrued income 159,034 108,566 131,140 88,126
1,845,625 2,266,985 1,181,576 1,574,688

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) - 72,583 - -
Hire purchase contracts (see note 19) 207,700 207,700 167,956 167,956
Trade creditors 400,720 598,328 288,108 338,983
Amounts owed to group undertakings - - 126,322 209,758
Tax 29,515 63,244 - 12,100
Social security and other taxes 24,664 27,210 14,565 16,323
VAT 72,881 - 39,039 -
Other creditors 4,937 3,189 - 1,966
Other loans 7,125 7,125 7,125 7,125
Directors' current accounts 27,664 - - -
Directors' loan accounts 170,252 299,626 166,524 271,963
Accruals and deferred income 171,171 187,459 57,126 134,027
1,116,629 1,466,464 866,765 1,160,201

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 19) 441,312 649,012 325,392 493,348
Other creditors 465,254 473,180 465,254 473,180
906,566 1,122,192 790,646 966,528

18. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - 72,583

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 207,700 207,700
Between one and five years 441,312 649,012
649,012 856,712

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 167,956 167,956
Between one and five years 325,392 493,348
493,348 661,304

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

19. LEASING AGREEMENTS - continued

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 6,156 -
Between one and five years 8,721 -
14,877 -

20. SECURED DEBTS

Any overdraft facility is secured by fixed and floating charges over the company's assets.

21. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 484,594 413,768 374,907 306,362
Deferred tax 108,325 68,545 108,325 68,545
592,919 482,313 483,232 374,907

Group
Deferred
tax
£   
Balance at 1 March 2023 482,313
Provided during year 110,606
Balance at 29 February 2024 592,919

Company
Deferred
tax
£   
Balance at 1 March 2023 374,907
Provided during year 108,325
Balance at 29 February 2024 483,232

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 29 February 2024

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
40 Ordinary 1 40 40

23. RESERVES

Group
Fair
Retained Revaluation value
earnings reserve reserve Totals
£    £    £    £   

At 1 March 2023 11,181,270 172,735 - 11,354,005
Deficit for the year (507,852 ) (507,852 )
Dividends (3,728 ) (3,728 )
Revaluation movement - - 44,992 44,992
Revaluation movement 171,163 (171,163 ) - -
At 29 February 2024 10,840,853 1,572 44,992 10,887,417


24. ULTIMATE PARENT COMPANY

Wrekin Shell Mouldings Limited. is regarded by the directors as being the company's ultimate parent company.

25. RELATED PARTY DISCLOSURES

During the year, total dividends of £3,728 were paid to the directors .

The group occupies premises owned by Mr and Mrs J N Ellis. Mr J N Ellis is a director of the group. The total rent paid to Mr and Mrs J N Ellis during the year was £14,250 (2023: £14,250) and at the balance sheet date, no amount was outstanding (2023: nil).

Included in creditors due within one year and after one year is a loan due to Mrs L Ellis, the wife of Mr J N Ellis, a director of the group, of £472,379 (2023: £480,305). The loan is repayable on demand. No interest has been charged on the loan balance in the year.

Also included in creditors due within one year are amounts totalling £197,916 (2023: £299,627) due to the directors of the group. These balances are repayable on demand. No interest has been charged on the loan balance in the year.