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Registered number: 15030918













          Accrofab Investments Limited
          Annual Report and Financial Statements
          For the Period Ended 31 March 2024















           img39ad.png

 
Accrofab Investments Limited
 
 
Company Information


Directors
E J Ashworth 
R W Harrison 
S A Ward 




Registered number
15030918



Registered office
Unit 11 Stoney Gate Road
Spondon

Derby

England

DE21 7RX




Independent auditors
Dains Audit Limited

2 Chamberlain Square

Paradise Circus

Birmingham

B3 3AX





 
Accrofab Investments Limited
 

Contents



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Independent Auditors' Report
 
6 - 9
Profit and Loss Account
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 18


 
Accrofab Investments Limited
 
 
Strategic Report
For the Period Ended 31 March 2024

Introduction
 
The Directors present the strategic report for the 8 months period ended 31 March 2024.

Business review
 
The principal activity of the Company in the period was that of a holding Company. The company was estabilished during the period and acquired Accrofab (Derby) Limited and Accrofab (Alcester) Limited as subsidiaries. The subsidiaries have generated exceptionally robust revenue.  

Future Development
 
The Company's success is dependent on maintaining growth in the market segments in which it and its main subsidiaries operate. The next few years will require the need to assess opportunities and threats in the market and a continuation of investing in systems and process enhancements and staff to achieve this aim.
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. 

Principal risks and uncertainties

The Company'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. 

Page 1

 
Accrofab Investments Limited
 

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

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. 


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



___________________________
E J Ashworth
Director

Page 2

 
Accrofab Investments Limited
 
 
Directors' Report
For the Period Ended 31 March 2024

The directors present their report and the financial statements for the 8 months period ended 31 March 2024.

Principal activity

The principal activity of the Company in the period was that of a holding Company.

Results and dividends

The profit for the period, after taxation, amounted to £NIL. 
No ordinary dividends were paid. The directors do not recommend payment of a final dividends.

Directors

The directors who served during the period were:

E J Ashworth (appointed 26 July 2023)
R W Harrison (appointed 26 July 2023)
S A Ward (appointed 13 March 2024)

Matters covered in the Strategic Report

The following disclosures as required by S414C(11) have been elevated in the Strategic Report:
- Principal risks and uncertainties
- Future developments

Going concern

The Group has been capitalised primarily by the Enact Fund III and Management Team. Cynergy Bank provide an asset-based lending facility too. 
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.  
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.

Page 3

 
Accrofab Investments 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.

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.

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.

Page 4

 
Accrofab Investments 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.
 





___________________________
E J Ashworth
Director

Page 5

 
Accrofab Investments Limited
 
 
Independent Auditors' Report to the Members of Accrofab Investments Limited

Opinion


We have audited the financial statements of Accrofab Investments 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 result 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 6

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

Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Directors' Report for the financial 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 7

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

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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.

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.


 
Page 8

 
Accrofab Investments Limited
 
 
Independent Auditors' Report to the Members of Accrofab Investments 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.


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

3 December 2024
Page 9

 
Accrofab Investments Limited
 
 
Profit and Loss Account
For the Period Ended 31 March 2024

The Company has not traded during the period. During this period, the Company received no income and incurred no expenditure and therefore made neither profit or loss.




  

  

Page 10

 
Accrofab Investments Limited
Registered number:15030918

Balance Sheet
As at 31 March 2024

8 months period ended 31 March 2024
Note
£

Fixed assets
  

Investments
 6 
2,000

Current assets
  

Debtors: amounts falling due within one year
 7 
1

Creditors: amounts falling due within one year
 8 
(2,000)

Net current liabilities
  
 
 
(1,999)

  

Net assets
  
1


Capital and reserves
  

Called up share capital 
 9 
1

  
1


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




___________________________
E J Ashworth
Director

The notes on pages 13 to 18 form part of these financial statements.

Page 11

 
Accrofab Investments Limited
 

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


Called up share capital
Total equity

£
£

At 26 July 2023
1
1

Profit for the period
-
-


At 31 March 2024
1
1

The notes on pages 13 to 18 form part of these financial statements.

Page 12

 
Accrofab Investments Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

1.


General information

Accrofab Investments Limited is a private company limited by shares, incorporated in 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 Company has taken advantage of the exemption under s400 of the Companies Act 2006 not to prepare group accounts.  The results of the entity are included within the consolidated financial statements prepared by Accrofab Holdings Limited, the results of which are available from Unit 11 Stoney Gate Road, Derby, DE21 7RX.

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, Derby, DE21 7RX..

Page 13

 
Accrofab Investments Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

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.

 
2.6

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.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Profit and Loss Account if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the
Page 14

 
Accrofab Investments Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)


2.7
Financial instruments (continued)

asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


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.
Valuation of investments
When considering an impairment of 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. 


4.


Auditors' remuneration

2024
£


Fees payable to the Company's auditor for the audit of the Company's financial statements
1,000


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

Page 15

 
Accrofab Investments Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

5.


Employees


The Company has no employees other than the directors, who did not receive any remuneration.


6.


Fixed asset investments





Investments in
subsidiaries

2024
£



Cost 


Additions
2,000



At 31 March 2024
2,000





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Accrofab (Derby) Limited
Unit 11 Stoney Gate Road, Derby, DE21 7RX
Ordinary shares
 100%
Accrofab (Alecester) Limited
Unit 9 Kinwarton Farm Road, Arden Forest Ind Est, Warwickshire, B49 6EH
Ordinary shares
100%






Page 16

 
Accrofab Investments Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

7.


Debtors

2024
£


Amounts owed by group undertakings
1

1


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


8.


Creditors: Amounts falling due within one year

2024
£

Amounts owed to group undertakings
2,000

2,000


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


9.


Share capital

2024
£
Allotted, called up and fully paid


1 Ordinary share of £ 1.00 each
1




10.


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.


11.


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 17

 
Accrofab Investments Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 March 2024

12.


Controlling party

At 31 March 2024, the ultimate and immediate parent undertaking is Accrofab Holdings Ltd, 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 18