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          Accrofab (Alcester) Limited
          Annual Report and Financial Statements
          For the Period Ended 31 March 2024















           img3899.png

 
Accrofab (Alcester) Limited
 
 
Company Information


Directors
M J Tew 
N J Godfrey 
E J Ashworth 
D W Forshaw (resigned 26 July 2023) 
G Wilson (resigned 26 July 2023) 
W P Allen 
A H I Ball 
G M Harvey 
S A Ward 




Registered number
11700293



Registered office
Unit 9 Kinwarton Farm Road
Arden Forest Ind Est

Alcester

Warkwickshire

B49 6EH




Independent auditors
Dains Audit Limited

2 Chamberlain Square

Paradise Circus

Birmingham

B3 3AX





 
Accrofab (Alcester) Limited
 

Contents



Page
Strategic Report
1 - 3
Directors' Report
4 - 7
Independent Auditors' Report
8 - 12
Profit and Loss Account
13
Balance Sheet
14 - 15
Statement of Changes in Equity
16
Notes to the Financial Statements
17 - 36


 
Accrofab (Alcester) Limited
 
 
Strategic Report
For the Period Ended 31 March 2024

Introduction
 
The directors present the strategic report for the 16 months period ended 31 March 2024.

Business review
 
The principal activity of the company during this year was the manufacture and sale of precision engineered components, delivering trusted performance and quality to our customers in the aerospace, defence and industrial power sectors. 
 
Accrofab (Alcester) Limited began trading on the 1st August 2023, prior to that it was a dormant shell company. The first 8-month trading period ending 31st March 2024 performed in line with expectations with revenue of £9.0m and £1.7m Operating EBITDA. The reliability in performance is testament to the longstanding and trusted relationships the team have developed with our valued customers.

Future developments

Our business operates with a well-defined strategy, underpinned by clear goals and objectives that have been fully endorsed by the Board of Directors. This strategic framework provides clear direction for the company, ensuring that all initiatives align with our long-term vision and operational priorities. Regular reviews of progress against these objectives is conducted to maintain alignment with market conditions and stakeholder expectations. The Board’s oversight ensures that our strategy remains robust, adaptable, and focused on delivering sustainable growth and value for all stakeholders.
Supplier performance will remain a key differentiator as our customers look to increase build rates over the coming years and therefore believe that the company is in a good financial position as steady growth continues. With careful focus on the right new customers and products, and continued recovery in the aerospace sector, we are confident the company will maintain and build on the current position.
To underpin the company’s plan for sustainable growth and enhanced business efficiency, the company’s ERP system is being assessed for potential upgrade. A modern, fully integrated system will provide real-time insights to drive the business forward and enhance the customer experience. 
Delivering trusted performance and quality to our customers is a critical part of our vision. Our people are pivotal to achieving this, investment in our employees remains a key objective for the business. Training and continual professional development are core to everything we do. 
Further capital investment in new machinery and infrastructure will add new capabilities and increase capacity, ultimately helping us to exceed customer expectations. Almost all manufacturing processes are executed in-house helping the business to maintain quality and agility.
In May 2024, the Accrofab Group acquired RTI Advanced Forming Limited (RTI) from Howmet Aerospace to expand and complement the Group’s position on single-aisle aircraft and diversify the customer base across both engine and structural precision engineered components. 

Page 1

 
Accrofab (Alcester) Limited
 

Strategic Report (continued)
For the Period Ended 31 March 2024

Principal risks and uncertainties
 
Competitive threat. The barriers for new entrants who specialise in similar products remains high due to the technical nature of Aerospace components. Despite this, the company continues to penetrate new territories and focus on core opportunities due to its trusted reputation for delivering excellence. The Directors are taking a balanced and steady approach to expansion into new markets. 
An ability to recruit and retain team members with the necessary skills is key to the business’s success. An active communication strategy deployed the company's strategy, an employee engagement survey was implemented, and work undertaken to embed our core values of Respect, Integrity, Safety and Excellence (RISE), in addition to other workstreams to motivate and retain team members. We are now working on proactive steps as part of our People Strategy to enhance skills and competencies and have implemented our Apprenticeship programme.  
In response to the growing threat of cyber-attacks, the Risk and Audit Committee recognised the critical need to enhance the company’s cybersecurity framework. After a thorough risk assessment, the Committee determined that the rapidly evolving nature of cyber threats posed a significant risk to business continuity and operational resilience. As a result, leading industry experts in cybersecurity were engaged to assess current vulnerabilities and implement advanced protective measures. This proactive engagement ensures that the company remains at the forefront of cybersecurity standards, safeguarding sensitive data, proprietary technology, and critical infrastructure against potential breaches. Accrofab has embedded well established best practices achieving Cyber Essentials Plus certification. 
Economic volatility and uncertainty remain a risk. Price inflation is stabilising due to ongoing central banking policies, but supply-chain challenges in sourcing essential commodities remains a risk. Where possible, commercial terms cater for this to ensure the business is not penalised for circumstances beyond its control. 
The majority of commercial contracts are transacted in GBP creating a natural hedge against fluctuations in foreign currency exchange rates. If a foreign currency is mandated, Accrofab works with the supply-chain to cascade the risk where possible, or specialist advisors to implement risk mitigation strategies. 

Financial key performance indicators
 
The Operations Director constantly monitors the financial performance of the business and management accounts are presented to the Board on a monthly basis. The key indicators are as follows: 
Gross sales                      £9,093,420
Operating EBITDA            £1,697,218
Operating EBITDA %                   19%
The overall order book remains stable, and the Board believes that investment in new plant and machinery and facilities will strengthen the company’s ability to increase market share. 
Accredited with ISO9001, AS9100, ISO14001, NADCAP and Cyber Essentials Plus.

Page 2

 
Accrofab (Alcester) Limited
 

Strategic Report (continued)
For the Period Ended 31 March 2024


This report was approved by the board on 3 December 2024 and signed on its behalf.




___________________________
A H I Ball
Director

Page 3

 
Accrofab (Alcester) Limited
 
 
Directors' Report
For the Period Ended 31 March 2024

The directors present their report and the financial statements for the 16 months period ended 31 March 2024.

During the period, the company extended its accounting reference date from 30 November 2023 to 31 March 2024 to align with its parent undertaking.

Principal activity

The principal activity of the company is the manufacture and sale of precision engineered components, delivering trusted performance and quality to customers in the aerospace, defence and industrial power sectors.

Results and dividends

The profit for the period, after taxation, amounted to £311,845 (2022 - £NIL).

No ordinary dividends were paid (2023 - £Nil). The directors do not recommend payment of a final dividends.

Directors

The directors who served during the period were:

M J Tew (appointed 26 July 2023)
N J Godfrey (appointed 26 July 2023)
E J Ashworth (appointed 26 July 2023)
D W Forshaw (resigned 26 July 2023) 
G Wilson (resigned 26 July 2023) 
W P Allen (appointed 26 July 2023)
A H I Ball (appointed 19 March 2024)
G M Harvey (appointed 19 March 2024)
S A Ward (appointed 19 March 2024)

Page 4

 
Accrofab (Alcester) Limited
 
 
Directors' Report (continued)
For the Period Ended 31 March 2024

Going concern

The Financial Statements have been prepared on a going concern basis. In adopting this basis, the Directors have considered the Company’s business activities, principal risks and uncertainties, exposure to macroeconomic conditions, financial position, liquidity and borrowing facilities. The Directors have also prepared a 12 months forecast from the date of approval of these financial statements. The Directors believe that the Company’s prospects are positive in the medium and long term.  
Accrofab maintains a policy of careful cash flow management and the business continues to have the full support of the bank and investors and is considered a low risk. The principal hazard for the short to medium term relates to inflation and labour issues in the wider economy which are likely to impact on the recovery of the airline and power generation industries. It is anticipated though that revenue will continue to strengthen in FY2025, with pre-COVID demand returning.  
The Group has been capitalised primarily by the Enact Fund III and Management Team. Cynergy Bank provide an asset-based lending facility too. 
In conclusion, Accrofab is well-positioned to capitalise on the opportunities presented by the evolving aerospace and industrial power industry landscape. By staying true to our core values of Respect, Integrity, Safety and Excellence, we are confident that we will continue to deliver sustainable growth and create long-term value for all our stakeholders.
The Company will continue to have sufficient funds, through funding from its principal funder, Endless LLP, to meet its liabilities as they fall due, as the Company was in a net asset position at 31 March 2024.
Endless LLP has confirmed the available funding facility available to the Company to enable it to meet its debts as they fall due to repayment for a period of at least 12 months from the date of these financial statements. The Group has the ability to be able to continue to support the Company, with levels of committed facilities, which the directors consider sufficient to service its ongoing working capital and capital investment requirements.

Matters covered in the Strategic Report

The business review, future developments, principal risks and uncertainties and financial key performance indicators are included in the company Strategic Report.

Page 5

 
Accrofab (Alcester) Limited
 
 
Directors' Report (continued)
For the Period Ended 31 March 2024

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

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

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

Post balance sheet events

In May 2024, the Accrofab Group acquired RTI Advanced Forming Limited (RTI) from Howmet Aerospace to expand and complement the Group’s position on single-aisle aircraft and diversify the customer base across both engine and structural precision engineered components. There have been no other significant events affecting the Company since the period end.

Page 6

 
Accrofab (Alcester) Limited
 
 
Directors' Report (continued)
For the Period Ended 31 March 2024


Auditors

The auditorsDains Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 3 December 2024 and signed on its behalf.
 





................................................
A H I Ball
Director

Page 7

 
Accrofab (Alcester) Limited
 
 
Independent Auditors' Report to the Members of Accrofab (Alcester) Limited

Opinion


We have audited the financial statements of Accrofab (Alcester) Limited (the 'Company') for the period ended 31 March 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 8

 
Accrofab (Alcester) Limited
 
 
Independent Auditors' Report to the Members of Accrofab (Alcester) Limited (continued)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 9

 
Accrofab (Alcester) Limited
 
 
Independent Auditors' Report to the Members of Accrofab (Alcester) Limited (continued)

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 6, 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. 


Auditors' responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the senior statutory auditor ensured that the engagement team collectively had the appropriate competence,
            capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the Company through discussions with directors and other  
            management, and from our commercial knowledge and experience of the manufacturing 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 financial reporting legislation, Companies 
            Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation;
• 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.




 
Page 10

 
Accrofab (Alcester) Limited
 
 
Independent Auditors' Report to the Members of Accrofab (Alcester) Limited (continued)

Auditors' responsibilities for the audit of the financial statements (continued)
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;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


Other matter
 

The financial statements of the Company for the year ended 30 November 2022 were unaudited as the company was not required to obtain an audit in accordance with section 480 of the Companies Act 2006.


Page 11

 
Accrofab (Alcester) Limited
 
 
Independent Auditors' Report to the Members of Accrofab (Alcester) Limited (continued)

Use of our report
 

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




Mark Gurney FCCA (Senior Statutory Auditor)
  
for and on behalf of
Dains Audit Limited
 
Statutory Auditor
Chartered Accountants
  

Birmingham
Date: 
3 December 2024
Page 12

 
Accrofab (Alcester) Limited
 
 
Profit and Loss Account
For the Period Ended 31 March 2024

16 months
 period ended 31
March 2024
Year ended
30 November 2022
Note
£
£

  

Turnover
 4 
9,093,420
-

Cost of sales
  
(4,598,984)
-

Gross profit
  
4,494,436
-

Distribution costs
  
(36,806)
-

Administrative expenses
  
(3,408,862)
-

Operating profit
 5 
1,048,768
-

Interest payable and similar expenses
 9 
(350,530)
-

Profit before tax
  
698,238
-

Tax on profit
 10 
(386,393)
-

Profit for the financial period
  
311,845
-

The notes on pages 17 to 36 form part of these financial statements.

Page 13

 
Accrofab (Alcester) Limited
Registered number:11700293

Balance Sheet
As at 31 March 2024

Period ended
31 March 2024
Year ended
30 November 2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
(551,427)
-

Tangible assets
 12 
1,163,598
-

  
612,171
-

Current assets
  

Stocks
 13 
2,171,011
-

Debtors: amounts falling due within one year
 14 
3,572,647
1,000

Cash at bank and in hand
 15 
227,446
-

  
5,971,104
1,000

Creditors: amounts falling due within one year
 16 
(2,075,747)
-

Net current assets
  
 
 
3,895,357
 
 
1,000

Total assets less current liabilities
  
4,507,528
1,000

Creditors: amounts falling due after more than one year
 17 
(4,020,683)
-

Provisions for liabilities
  

Deferred tax
 18 
(174,000)
-

  
 
 
(174,000)
 
 
-

Net assets
  
312,845
1,000


Capital and reserves
  

Called up share capital 
 19 
1,000
1,000

Profit and loss account
  
311,845
-

  
312,845
1,000


Page 14

 
Accrofab (Alcester) Limited
Registered number:11700293
    
Balance Sheet (continued)
As at 31 March 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 December 2024.



___________________________
A H I Ball
Director

The notes on pages 17 to 36 form part of these financial statements.

Page 15

 
Accrofab (Alcester) Limited
 

Statement of Changes in Equity
For the Period Ended 31 March 2024


Called up share capital
Profit and loss
Total equity

£
£
£


At 1 December 2021
1,000
-
1,000


Comprehensive income for the year

Profit for the year
-
-
-



At 1 December 2022
1,000
-
1,000


Comprehensive income for the period

Profit for the period
-
311,845
311,845


At 31 March 2024
1,000
311,845
312,845


The notes on pages 17 to 36 form part of these financial statements.

Page 16

 
Accrofab (Alcester) Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

1.


General information

Accrofab (Alcester) Limited is a private company, limited by shares and incorporated in the United Kingdom and registered in England and Wales under the Companies Act. The address of the registered office is given in the Company information section. The nature of the Company's operation and its principal activities are set out in the Strategic and the Directors' Report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
-  the requirements of Section 7 Statement of Cash Flows;
-  the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
-  the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 
   11.48(a)(iv), 11.48(b) and 11.48(c);
-  the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) 
   and 12.29A;
-  the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Accrofab Holdings Limited as at 31 March 2024 and these financial statements may be obtained from Unit 11 Stoney Gate Road, Spondon, Derby, England, DE21 7RX.

Page 17

 
Accrofab (Alcester) Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)

 
2.3

Going concern

The Financial Statements have been prepared on a going concern basis. In adopting this basis, the Directors have considered the Company’s business activities, principal risks and uncertainties, exposure to macroeconomic conditions, financial position, liquidity and borrowing facilities. The Directors have also prepared a 12 months forecast from the date of approval of these financial statements. The Directors believe that the Company’s prospects are positive in the medium and long term.  
Accrofab maintains a policy of careful cash flow management and the business continues to have the full support of the bank and investors and is considered a low risk. The principal hazard for the short to medium term relates to inflation and labour issues in the wider economy which are likely to impact on the recovery of the airline and power generation industries. It is anticipated though that revenue will continue to strengthen in FY2025, with pre-COVID demand returning.  
The Group has been capitalised primarily by the Enact Fund III and Management Team. 
The Company will continue to have sufficient funds, through funding from its principal funder, Endless LLP, to meet its liabilities as they fall due, as the Company was in a net asset position at 31 March 2024.
Endless LLP has confirmed the available funding facility available to the Company to enable it to meet its debts as they fall due to repayment for a period of at least 12 months from the date of these financial statements. The Group has the ability to be able to continue to support the Company, with levels of committed facilities, which the directors consider sufficient to service its ongoing working capital and capital investment requirements.

 
2.4

Revenue

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

Sale of goods

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

Page 18

 
Accrofab (Alcester) Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and the financial statements are rounded to the nearest £.

Transactions and balances

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

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 19

 
Accrofab (Alcester) Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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

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

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

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

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and Loss Account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 20

 
Accrofab (Alcester) Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

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

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
20%
Straight line
Plant and machinery
-
10%
Straight line
Motor vehicles
-
25%
Straight line
Fixtures and fittings
-
10%
Straight line
Computer equipment
-
25%
Straight line
Other fixed assets
-

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Stocks

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

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

 
2.13

Debtors

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

Page 21

 
Accrofab (Alcester) Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

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

 
2.15

Creditors

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

 
2.16

Provisions for liabilities

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

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Page 22

 
Accrofab (Alcester) Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk
Page 23

 
Accrofab (Alcester) Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgements in applying accounting policies 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 amounts 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 if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.
Tangible Fixed Assets 
Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as product life cycles and maintenance programmes are taken into account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values, and plans to dispose of an asset before the previously expected date.
Impairment of Goodwill
When considering any impairment of goodwill or investments, the directors' use impairment models with detailed cash flow forecasts to determine the value in use of the assets. The impairment testing involves significant judgements as to whether the estimated future cash flows can support the carrying value of the asset. 

Page 24

 
Accrofab (Alcester) Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


16 months
period ended
31 March 2024
Year ended
30 November 2022
£
£

Sale of goods
8,975,170
-

Scrap income
111,148
-

Interco
7,102
-

9,093,420
-


Analysis of turnover by country of destination:

16 months
period ended
31 March 2024
Year ended
30 November 2022
£
£

United Kingdom
1,341,691
-

Rest of Europe
6,278,874
-

Rest of the world
1,472,855
-

9,093,420
-



5.


Operating profit

The operating profit is stated after charging:

16 months
period ended
31 March 2024
Year ended
30 November 2022
£
£

Lease payments
18,687
-

Exchange differences
(40,960)
-

Depreciation of tangible fixed assets
201,685
-

Amortisation of intangible assets
(40,130)
-

Page 25

 
Accrofab (Alcester) Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

6.


Auditors' remuneration

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


2024
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
10,000
-

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

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


16 months
period ended
31 March 2024
Year ended
30 November 2022
£
£

Wages and salaries
3,434,055
-

Social security costs
347,808
-

Cost of defined contribution scheme
111,163
-

3,893,026
-


The average monthly number of employees, including the directors, during the period was as follows:


16 months
period ended
31 March 2024
Year ended 30 November 2022
            No.
            No.







Sales and Admin
6
-



Engineering
35
-



Production
77
-



Directors
3
2

121
2

Page 26

 
Accrofab (Alcester) Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

8.


Directors' remuneration

16 months
period ended
31 March 2024
Year ended
30 November 2022
£
£

Directors' emoluments
253,845
-

Company contributions to defined contribution pension schemes
17,602
-

Other benefits
145,290
-

416,737
-


During the period retirement benefits were accruing to 3 directors (2022 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £105,209 (2022 - £NIL).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6221 (2022 - £NIL).


9.


Interest payable and similar expenses

16 months
period ended
31 March 2024
Year ended
30 November 2022
£
£


Other loan interest payable
42,185
-

Loans from group undertakings
308,345
-

350,530
-

Page 27

 
Accrofab (Alcester) Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

10.


Taxation


16 months
period ended
31 March 2024
Year ended
30 November 2022
£
£

Corporation tax


Current tax on profits for the year
212,393
-


Total current tax
212,393
-

Deferred tax


Origination and reversal of timing differences
174,000
-

Total deferred tax
174,000
-


Tax on profit
386,393
-
Page 28

 
Accrofab (Alcester) Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024
 
10.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is higher than (2022 - higher than) the effective rate of corporation tax in the UK of 23.51% (2022 - 19%). The differences are explained below:

16 months
period ended
31 March 2024
Year ended
30 November 2022
£
£


Profit before tax
698,238
-


Profit multiplied by standard rate of corporation tax in the UK of 23.51% (2022 -19%)
164,150
-

Effects of:


Expenses not deductible for tax purposes
227,672
-

Fixed asset differences
(27,092)
-

Tax credits
12,665
-

Other tax adjustments, reliefs and transfers
(1,634)
-

Remeasurement of deferred tax for changes in tax rates
10,360
-

Movement on deferred tax not recognised
272
-

Total tax charge for the period/year
386,393
-


Factors that may affect future tax charges

In the Spring Budget 2021, the government announced that from 1 April 2023 the headline corporation tax rate will increase to 25%. The proposal to increase the rate to 25% had been substantively enacted at the company’s balance sheet date, therefore its effects have been included in these financial statements.

Page 29

 
Accrofab (Alcester) Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

11.


Intangible assets






Computer software
Goodwill
Total

£
£
£



Cost


Additions
33,573
(633,132)
(599,559)


On acquisition of trade and assets
67,075
-
67,075


Disposals
(15,800)
-
(15,800)



At 31 March 2024

84,848
(633,132)
(548,284)



Amortisation


Charge for the period on owned assets
2,079
(42,209)
(40,130)


Amortisation on acquisition of trade and assets
59,073
-
59,073


On disposals
(15,800)
-
(15,800)



At 31 March 2024

45,352
(42,209)
3,143



Net book value



At 31 March 2024
39,496
(590,923)
(551,427)



At 30 November 2022
-
-
-


On 1 August 2023, the Company acquired the trade, assets and certain liabilities of the former Accrofab Limited's
business.
Page 30

 
Accrofab (Alcester) Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

12.


Tangible fixed assets







Freehold property
Plant and machinery
Motor vehicles
Furniture and equipment
Computer equipment
Other 
fixed 
assets
Total

£
£
£
£
£
£
£



Cost or valuation


Additions
-
260,383
8,575
10,105
17,946
49,956
346,965


On acquisition of trade and assets
83,739
3,981,491
-
41,098
13,602
-
4,119,930


Disposals
-
(38,176)
-
-
(13,602)
-
(51,778)



At 31 March 2024

83,739
4,203,698
8,575
51,203
17,946
49,956
4,415,117



Depreciation


Charge for the period on owned assets
7,892
189,905
715
2,691
482
-
201,685


Depreciation on acquisition of trade and assets
37,433
3,022,627
-
27,950
13,602
-
3,101,612


Disposals
-
(38,176)
-
-
(13,602)
-
(51,778)



At 31 March 2024

45,325
3,174,356
715
30,641
482
-
3,251,519



Net book value



At 31 March 2024
38,414
1,029,342
7,860
20,562
17,464
49,956
1,163,598



At 30 November 2022
-
-
-
-
-
-
-

Page 31

 
Accrofab (Alcester) Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

13.


Stocks

31 March 2024
30 November 2020
£
£

Raw materials and consumables
243,506
-

Work in progress
1,389,523
-

Finished goods and goods for resale
537,982
-

2,171,011
-


There is no significant difference between the replacement cost of raw materials, work in progress and finished goods and their carrying value amounts.


14.


Debtors

31 March 2024
30 November 2022
£
£


Trade debtors
3,148,107
-

Amounts owed by group undertakings
44,656
-

Other debtors
142,923
1,000

Prepayments and accrued income
236,961
-

3,572,647
1,000


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Page 32

 
Accrofab (Alcester) Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

15.


Cash and cash equivalents

31 March 2024
30 November 2022
£
£

Cash at bank and in hand
227,446
-

Less: bank overdrafts
(283,461)
-

(56,015)
-



16.


Creditors: Amounts falling due within one year

31 March 2024
 
30 November 2022
£
£

Bank loans
81,676
-

Bank overdraft
283,461
-

Trade creditors
514,697
-

Corporation tax
212,393
-

Other taxation and social security
125,183
-

Other creditors
105,764
-

Accruals and deferred income
752,573
-

2,075,747
-


Bank loans are secured, carrying interest at a rate of 4.5% above the Bank of England base rate and repayable in 60 equal montly payments.
The bank overdraft is unsecured, interest bearing at a rate of 2.25% above the Bank of England base rate with no fixed repayment date and are repayable on demand with a notice period of 6 months. 
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Page 33

 
Accrofab (Alcester) Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

17.


Creditors: Amounts falling due after more than one year

31 March 2024
30 November 2022
£
£

Loan notes
2,667,750
-

Bank loans
253,239
-

Amounts owed to group undertakings
800,000
-

Other creditors
299,694
-

4,020,683
-


Loan notes amounting to £2,667,750 and amounts owed to group undertakings which comprises of a revolving loan for £800,000, are unsecured. Loan notes incur interest at a rate of 4.5% above the Bank of England base rate and revolving loan carries interest at 8% per annum plus the base rate of Bank of England from time to time. Both facilities are repayable on the earlier of the fifth anniversary of the date when the loans were issued i.e 31 July 2023 or on the completion of exit.

Bank loans are secured, carrying interest at a rate of 4.5% above the Bank of England base rate and repayable in 60 equal montly payments.


18.


Deferred taxation






2024


£






At beginning of year
-


Charged to profit or loss
(174,000)



At end of year
(174,000)

Page 34

 
Accrofab (Alcester) Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024
 
18.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

31 March
30 November
2024
2022
£
£


Fixed asset timing differences
(172,000)
-

Short term timing differences
(2,000)
-

(174,000)
-


19.


Share capital

31 March 2024
30 November 2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



20.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £111,163 (2022 - £Nil). Contributions totalling £33,327 (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


21.


Related party transactions

The company has taken advantage of the exemption under FRS 102 Section 33.7 not to disclose transactions with other wholly owned group companies.


22.


Post balance sheet events

In May 2024, the Accrofab group acquired RTI Advanced Forming Limited (RTI) from Howmet Aerospace to expand and complement the Group’s position on single-aisle aircraft and diversify the customer base across both engine and structural precision engineered components. There have been no other significant events affecting the Company since the period end. 

Page 35

 
Accrofab (Alcester) Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

23.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 March
30 November
2024
2022
£
£


Not later than 1 year
28,470
-

Later than 1 year and not later than 5 years
60,265
-

88,735
-


24.


Controlling party

At 31 March 2024, the ultimate parent undertaking is Accrofab Holdings Ltd, a company incorporated in the United Kingdom and registered in England and Wales. The immidiarte parent undertaking is Accrofab Investments Limited, a company incorporated in the United Kingdom and registered in England and Wales. 
The parent undertaking of the smallest and largest group to consolidate their financial statements is Accrofab Holdings Limited. Copies of these financial statements can be obtained from Unit 11 Stoney Gate Road Spondon, Derby DE21 7RX.
At 31 March 2024, the Directors considered there to be no ultimate controlling party. 

Page 36