Registered number:
For the Period Ended
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Company Information
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Contents
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Strategic Report
For the Period Ended 31 March 2024
The directors present the strategic report for the 13 months period ended 31 March 2024.
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 (Derby) 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 £7.2m and £0.8m Operating EBITDA. The reliability in performance is testament to the longstanding and trusted relationships the team have developed with our valued customers.
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.
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Strategic Report (continued)
For the Period Ended 31 March 2024
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.
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 £7,177,661 Operating EBITDA £789,717 Operating EBITDA % 11% 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.
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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.
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Directors' Report
For the Period Ended 31 March 2024
The directors present their report and the financial statements for the 13 months period ended 31 March 2024.
During the period, the company changed its Accounting reference date from 28 February 2024 to 31 March 2024.
The loss for the period, after taxation, amounted to £517,117 (2023 -profit £NIL).
No ordinary dividends were paid (2023 - £Nil). The directors do not recommend payment of a final dividends.
The directors who served during the period were:
The business review, future developments, principal risks and uncertainties and financial key performance indicators are included in the company Strategic Report.
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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 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 liabilities 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.
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Directors' Report (continued)
For the Period Ended 31 March 2024
The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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 (Derby) Limited
We have audited the financial statements of Accrofab (Derby) 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 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 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.
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.
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Independent Auditors' Report to the Members of Accrofab (Derby) 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 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.
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.
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Independent Auditors' Report to the Members of Accrofab (Derby) 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 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.
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Independent Auditors' Report to the Members of Accrofab (Derby) 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.
The financial statements of the Company for the year ended 28 February 2023 were unaudited as the company was not required to obtain an audit in accordance with section 477 of the Companies Act 2006.
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Independent Auditors' Report to the Members of Accrofab (Derby) Limited (continued)
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 Birmingham
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Profit and Loss Account
For the Period Ended 31 March 2024
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Balance Sheet
As at
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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
The notes on pages 17 to 36 form part of these financial statements.
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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 (Derby) 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
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:
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.
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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 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 liabilities 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.
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Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
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)
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 and reducing balance 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)
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.
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.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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
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Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
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 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.
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Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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.
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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
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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 £79,793 (2023- £Nil). Contributions totalling £33,968 (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.
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.
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