Registered number:
For the Period Ended
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Company Information
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Contents
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Group Strategic Report
For the Period Ended 31 March 2024
The Directors present the strategic report for the 8 months period ended 31 March 2024.
The principal activity of the Company in the year was that of a holding Company. The company was estabilished during the year and set up Accrofab Investments Limited which acquired Accrofab (Derby) Limited and Accrofab (Alcester) Limited as subsidiaries. The main trading entities in the Group are Accrofab (Derby) Limited and Accrofab (Alcester) Limited and the principal activity of the trading companies during the period 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.. The subsidiaries have generated exceptionally robust revenue during the period.
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 Group 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 Group 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 Group will maintain and build on the current position. To underpin the Groups plan for sustainable growth and enhanced business efficiency, the Group’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.
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Group Strategic Report (continued)
For the Period Ended 31 March 2024
The Group's performance is reliant on the continuing trading operations of its subsidiaries, the risk of which are carefully managed within the subsidiaries. The Directors are taking a balanced and steady approach to expansion into new markets. The Directors also see the expansion of new customer relationships as a reduction in the risk of revenue concentration.
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.
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 £16,263,979 Adjusted Operating EBITDA £2,471,935 Operating EBITDA % 15% 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.
This report was approved by the board on 3 December 2024 and signed on its behalf.
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Directors' Report
For the Period Ended 31 March 2024
The directors present their report and the financial statements for the period ended 31 March 2024.
The loss for the period, after taxation, amounted to £205,272.
No ordinary dividends were paid. The directors do not recommend payment of a final dividends.
The directors who served during the period were:
The following disclosures as required by S414C(11) have been elevated in the Strategic Report:
- Principal risks and uncertainties - Future developments
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Directors' Report (continued)
For the Period Ended 31 March 2024
The Financial Statements have been prepared on a going concern basis. In adopting this basis, the Directors have considered the Group’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 Group’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. The trading companies in the Group will continue to have sufficient funds, through funding from its principal funder, Endless LLP, to meet its liabilities as they fall due. Endless LLP has confirmed the available funding facility available to the Group 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 committed facilities from its principal funder, which the directors consider sufficient to service its ongoing working capital and capital investment requirements. In conclusion, the Accrofab Group 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.
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Directors' Report (continued)
For the Period Ended 31 March 2024
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group'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 Group 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 the Group and to 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.
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.
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Directors' Report (continued)
For the Period Ended 31 March 2024
The auditors, Dains Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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Independent Auditors' Report to the Members of Accrofab Holdings Limited
We have audited the financial statements of Accrofab Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 March 2024, which comprise the Consolidated profit and loss account, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of changes in equity, the Company statement of changes in equity, the Consolidated statement of cash flows and the related notes, 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).
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 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.
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 or 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.
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Independent Auditors' Report to the Members of Accrofab Holdings Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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Independent Auditors' Report to the Members of Accrofab Holdings Limited (continued)
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 Group 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 i- dentified 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.
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Independent Auditors' Report to the Members of Accrofab Holdings Limited (continued)
Auditors' responsibilities for the audit of the financial statements (continued)
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.
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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Statutory Auditor
Chartered Accountants
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Consolidated Profit and Loss Account
For the Period Ended 31 March 2024
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Consolidated Balance Sheet
As at
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Consolidated 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.
The notes on pages 17 to 37 form part of these financial statements.
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Company Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 37 form part of these financial statements.
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Consolidated Statement of Changes in Equity
For the Period Ended 31 March 2024
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Company Statement of Changes in Equity
For the Period Ended 31 March 2024
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Notes to the Financial Statements
For the Period Ended 31 March 2024
Accrofab Holdings Limited is a private company limited by shares, 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
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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
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Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
The Financial Statements have been prepared on a going concern basis. In adopting this basis, the Directors have considered the Group’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 Group’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. The Group will continue to have sufficient funds, through funding from its principal funder, Endless LLP, to meet its liabilities as they fall due, as the Group was in a net liabilities position at 31 March 2024. Endless LLP has confirmed the available funding facility available to the Group 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. Endless LLP has the ability to be able to continue to support the Group, with levels of committed facilities, which the directors consider sufficient to service its ongoing working capital and capital investment requirements
Functional and presentation currency
Transactions and balances
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Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
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Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
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Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
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:
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.
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Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group 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.
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Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
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Notes to the Financial Statements
For the Period Ended 31 March 2024
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 previouslyexpected 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.
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Notes to the Financial Statements
For the Period Ended 31 March 2024
Analysis of turnover by country of destination:
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Notes to the Financial Statements
For the Period Ended 31 March 2024
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Notes to the Financial Statements
For the Period Ended 31 March 2024
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Notes to the Financial Statements
For the Period Ended 31 March 2024
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Notes to the Financial Statements
For the Period Ended 31 March 2024
10.Taxation (continued)
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.
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Notes to the Financial Statements
For the Period Ended 31 March 2024
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The profit after tax of the parent Company for the period was £Nil.
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Notes to the Financial Statements
For the Period Ended 31 March 2024
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Notes to the Financial Statements
For the Period Ended 31 March 2024
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Notes to the Financial Statements
For the Period Ended 31 March 2024
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Notes to the Financial Statements
For the Period Ended 31 March 2024
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Notes to the Financial Statements
For the Period Ended 31 March 2024
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Notes to the Financial Statements
For the Period Ended 31 March 2024
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 £190,956. Contributions totalling £67,295 were payable to the fund at the balance sheet date and are included in creditors.
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Notes to the Financial Statements
For the Period Ended 31 March 2024
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.
At 31 March 2024, the Directors considered the ultimate controlling party to be Enact III (GP) LP.
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