REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements |
for the Year Ended 31 December 2024 |
for |
Aalberts Surface Technologies Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements |
for the Year Ended 31 December 2024 |
for |
Aalberts Surface Technologies Limited |
Aalberts Surface Technologies Limited (Registered number: 00961458) |
Contents of the Financial Statements |
for the Year Ended 31 December 2024 |
Page |
Strategic Report | 1 |
Report of the Director | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
Aalberts Surface Technologies Limited (Registered number: 00961458) |
Strategic Report |
for the Year Ended 31 December 2024 |
Review of business |
The company is a wholly owned subsidiary of Aalberts N.V., a Netherlands based manufacturing group. |
Responsibility for day-to-day management of the business rests with the site senior management team locally with support provided by Group personnel as required. |
The former Aalberts Surface Treatment Tamworth Limited is now fully integrated into the business at Kirkby in Ashfield and the combined entities operate as one unit from the Nottinghamshire site. |
KPI's | 2024 (£'000) | 2023 (£'000) | 2022 (£'000) |
Revenue: | 7.34 | 7.12 | 6.17 |
EBITA: | 1.69 | 1.59 | 1.34 |
Description of general economic conditions and their effect on the entity |
The business has again delivered an excellent improvement in revenue and pre-tax profit. |
The results are largely attributable to a continued recovery in the aerospace market along with the ever-growing demand in the defence sector as a result of the general world order. |
The business has again invested significantly in the development in new, and improvements to, existing technology in respect of vacuum coatings (IVD) in order to support the growth forecasts for both the aerospace and defence sectors over the coming 5-10 years. This has facilitated an improvement in RFT and opened up additional capacity. |
Capital investments will continue in this area through 2025 to ensure that the business is well positioned to support the anticipated increases in demand and to replace and upgrade existing assets. |
Internal and external factors and their potential impact on the organisation |
The difficulty in operating outside the UK has again proved challenging as even more rigorous border controls are implemented. This is administratively challenging, however the business has implemented the requisite training of personnel and implemented the appropriate systems and authorisations to enable it to support its customer base in this regard. |
The aerospace supply chain continues to be in ‘catch-up’ mode and the provision of raw materials remains challenging. However, the business has sought to ensure dual source for raw materials wherever possible in order to reduce lead times and avoid disruption to the supply chain.. |
Focus on the investment in REACH compliant alternatives to SVHC's has continued such that prime approvals are now in place to allow for the provision of 'safe' alternative coatings. As a result, some ‘non-REACH’ compliant processes will be removed from the portfolio during 2025. |
HS & Environmental sustainability is a key target for the company and the Aalberts Group as a whole and implementation of 'safe' alternatives is an important factor in helping to deliver full compliance and a safer environment for our people and other stakeholders. |
Aalberts Surface Technologies Limited (Registered number: 00961458) |
Strategic Report |
for the Year Ended 31 December 2024 |
The business maintains a large number of aerospace and defence third party accreditations along with AS9100 and NADCAP certification. There is no doubt that this has become even more challenging (costly) in recent years but, as this is required to operate in the markets that we do, we maintain a strong commitment to compliance. However, the management have taken the strategic decision to be more selective in the maintenance of these approvals to ensure the highest standards and necessary focus can be applied to those which are most important to the continued success and development of the organisation. |
Outlook |
Short term forecasts are encouraging and the management are optimistic of a strong performance in 2025. Medium to long term, driving improvement by implementation of lean, cost efficient and environmentally compliant processes along with the continued development of alternatives in chemical and energy utilisation will help to ensure sustainability for the organisation going forward. |
Technological developments and capacity improvements as a result of strategic capital investments programmes should open up opportunities with existing customers and in new markets / projects, particularly given the current state of world affairs. |
Principal risks and uncertainties |
The management of the business and the development of the company's strategy are subject to a number of risks. The key business risks affecting the company are set out below. |
Uncertainty in global financial and industrial markets. |
Although the company is heavily focused on the support of the UK and European manufacturers, the trends and movements in global manufacturing will impact opportunities for growth. A high proportion of the aerospace products manufactured in these regions are for worldwide markets, hence any negative political or financial movements could impact on demand and reduce growth forecasts. |
Employees |
The company's performance depends to a significant degree on the senior management team and the experienced workforce. The resignation of key individuals and the inability to recruit people with appropriate skills could adversely affect the company's results. The company will focus on establishing a robust succession plan to address these concerns. |
Disaster recovery |
The company's main IT system are managed and controlled by an Aalberts group company located in Germany. Data is backed-up on servers at that location and also on to local servers, thereby providing the ability to recover data in the event of a failure in the group IT systems. |
ON BEHALF OF THE BOARD: |
Aalberts Surface Technologies Limited (Registered number: 00961458) |
Report of the Director |
for the Year Ended 31 December 2024 |
The director presents his report with the financial statements of the company for the year ended 31 December 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company is the provision of specialist surface engineering and metal finishing services. |
The company operates in high level critical industries with very exacting quality management system and appropriate/applicable accreditation requirements. |
The business maintains a very high number of approvals in the aerospace and defence sector and continues to successfully develop systems / procedures / skills etc. required to support this challenging environment. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2024. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Aalberts Surface Technologies Limited (Registered number: 00961458) |
Report of the Director |
for the Year Ended 31 December 2024 |
AUDITORS |
The auditors, Bourne & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Aalberts Surface Technologies Limited |
Opinion |
We have audited the financial statements of Aalberts Surface Technologies Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Report of the Independent Auditors to the Members of |
Aalberts Surface Technologies Limited |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director 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 Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, 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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Aalberts Surface Technologies Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the 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 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 my occur, by: |
- | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of suspected and alleged fraud; and |
- | considering the internal controls in place to mitigate the 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 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. |
Report of the Independent Auditors to the Members of |
Aalberts Surface Technologies Limited |
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 Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
6 Lichfield Street |
Burton-on-Trent |
Staffordshire |
DE14 3RD |
Aalberts Surface Technologies Limited (Registered number: 00961458) |
Income Statement |
for the Year Ended 31 December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 5 |
Income from shares in group undertakings |
Interest receivable and similar income |
133,065 | 8,066,386 |
1,795,546 | 9,667,146 |
Amounts written off investments | 6 | - | 11,548,310 |
1,795,546 | (1,881,164 | ) |
Interest payable and similar expenses | 7 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 8 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Aalberts Surface Technologies Limited (Registered number: 00961458) |
Other Comprehensive Income |
for the Year Ended 31 December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME |
Revaluation of land and buildings |
Income tax relating to other comprehensive income |
( |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Aalberts Surface Technologies Limited (Registered number: 00961458) |
Balance Sheet |
31 December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Share premium | 17 |
Revaluation reserve | 17 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
Aalberts Surface Technologies Limited (Registered number: 00961458) |
Statement of Changes in Equity |
for the Year Ended 31 December 2024 |
Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2023 |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 December 2023 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 December 2024 |
Aalberts Surface Technologies Limited (Registered number: 00961458) |
Notes to the Financial Statements |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Aalberts Surface Technologies Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Aalberts Surface Technologies Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. Aalberts Surface Technologies Limited is consolidated in the financial statements of its ultimate parent company, Aalberts N.V., which may be obtained at www.aalberts.com. Exemptions have been taken in these separate financial statements in respect of the cashflow statement. |
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 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 paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirement of paragraph 33.7. |
Aalberts Surface Technologies Limited (Registered number: 00961458) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions regarding the carrying amounts of the company's assets and liabilities. These are based on historical experience and other factors that are considered relevant. They are reviewed on a regular basis and changes recognised in the period in which the estimate is revised. Actual results mar differ from these estimates. |
The following are the critical accounting judgements and key sources of estimation uncertainty: |
Tangible fixed assets are depreciated over their useful economic lives taking into account their residual values where appropriate. The acute 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 technical innovation, product life cycles and maintainable programmes are taken into account. Residual values consider such things as future market condition, the remaining life of the asset and projected disposal values. |
The value of stock is assessed for impairment. In assessing stock value, factors such as slow movement and obsolescence are taken into account. |
The company holds an investment in a wholly owned subsidiary. Management reviews the carrying amount of the investment annually to determine whether there is any indication of impairment. Where indicators exist, the recoverable amount of the investment is assessed by reference to the subsidiary’s net asset position, profitability, and expected future cash flows. The valuation includes consideration of non-financial indicators such as market position, business forecasts, and strategic plans. |
Due to the inherent uncertainty in forecasting future performance, significant judgement is involved in determining the appropriate assumptions used, including discount rates, growth rates, and the estimated future profitability of the subsidiary. If actual results differ from those estimated, future results may be materially impacted. |
The company owns a freehold property that is held for operational use and stated at fair value in accordance with FRS 102 Section 17. The fair value of the property is based on periodic valuations carried out by qualified external valuers or through management’s own estimation, considering recent market transactions for similar properties, condition of the property, location, and current use. |
Valuations are inherently subjective and dependent on various market factors and assumptions, including yield rates and market demand. Accordingly, there is a risk that the carrying amount of the property may not reflect its actual market value, particularly in times of market volatility. |
Changes in the valuation are recognised in other comprehensive income and accumulated in the revaluation reserve unless the revaluation results in a decrease below historical cost, in which case it is recognised in the profit and loss account. |
Aalberts Surface Technologies Limited (Registered number: 00961458) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents net invoiced sale of goods and services excluding value added tax and is recognised at the fair value of the consideration received for sale of goods and services to external customers in the ordinary course of business. Turnover is recognised when the goods have been delivered to the customer's place of business. The fair value of consideration takes into account returns, discounts and rebates. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Tangible fixed assets are initially recognised at cost, including transaction costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Land and buildings are subsequently subject to fair value measurement, based on an open market basis and deferred tax is provided on the fair value movements. |
Gains and losses arising from changes in the fair value of land and buildings are included within the Statement of Income and Retained Earnings in the period in which they arise. |
Investments in subsidiaries |
Investments in subsidiary undertakings are initially recognised at cost, including transaction costs. Annually the company conducts an impairment review and any impairments are shown in the profit or loss account. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Aalberts Surface Technologies Limited (Registered number: 00961458) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial assets and liabilities |
Short term debtors are measured at transaction price. |
Short term creditors are measured at transaction price, less any impairment. |
3. | TURNOVER |
The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
31.12.24 | 31.12.23 |
£ | £ |
United Kingdom |
Europe |
Rest of World | 2,179,333 | 355,605 |
Aalberts Surface Technologies Limited (Registered number: 00961458) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
4. | EMPLOYEES AND DIRECTORS |
31.12.24 | 31.12.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.24 | 31.12.23 |
Production | 48 | 54 |
Administration and support | 15 | 15 |
31.12.24 | 31.12.23 |
£ | £ |
Director's remuneration |
Director's pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.12.24 | 31.12.23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
Foreign exchange differences | ( |
) | ( |
) |
6. | AMOUNTS WRITTEN OFF INVESTMENTS |
31.12.24 | 31.12.23 |
£ | £ |
Amounts w/o invs | - | 11,548,310 |
Aalberts Surface Technologies Limited (Registered number: 00961458) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.24 | 31.12.23 |
£ | £ |
Other interest paid |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.24 | 31.12.23 |
£ | £ |
Current tax: |
UK corporation tax |
Under/over provision of tax | 50,324 | 252,819 |
Total current tax |
Deferred tax |
Tax on profit/(loss) |
UK corporation tax has been charged at 25% (2023 - 23.50%). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.24 | 31.12.23 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods |
Super-deduction claim | - | 153 |
Total tax charge | 538,079 | 743,448 |
Aalberts Surface Technologies Limited (Registered number: 00961458) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
8. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 December 2024. |
31.12.23 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of land and buildings | (103,045 | ) | 564,074 |
Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements. |
There is no expiry date on timing differences, unused tax losses or tax credits. |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2024 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
Aalberts Surface Technologies Limited (Registered number: 00961458) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 December 2024 is represented by: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
Valuation in 2019 | 1,505,816 | - | - | 1,505,816 |
Valuation in 2023 | 412,182 | - | - | 412,182 |
Cost | 1,427,335 | 3,603,232 | 17,402 | 5,047,969 |
3,345,333 | 3,603,232 | 17,402 | 6,965,967 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
31.12.24 | 31.12.23 |
£ | £ |
Cost | 1,427,335 | 1,422,003 |
Freehold land and buildings were valued on an open market basis on 11 October 2023 by WA Barnes LLP . |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Unit 8 Lagrange, Tamworth, Staffordshire, B79 7XD |
Nature of business: |
% |
Class of shares: | holding |
Aalberts Surface Technologies Limited (Registered number: 00961458) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
11. | STOCKS |
31.12.24 | 31.12.23 |
£ | £ |
Raw materials |
Work-in-progress |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 179,569 | 26,626 |
Other creditors |
Accruals and deferred income |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.24 | 31.12.23 |
£ | £ |
Within one year |
Between one and five years |
15. | PROVISIONS FOR LIABILITIES |
31.12.24 | 31.12.23 |
£ | £ |
Deferred tax | 499,685 | 420,049 |
Aalberts Surface Technologies Limited (Registered number: 00961458) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
15. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 January 2024 |
Charge to Income Statement during year |
Charged on revaluation |
Balance at 31 December 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
value: | £ | £ |
Ordinary | 1 | 514,000 | 514,000 |
17. | RESERVES |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2024 | 9,016,726 |
Profit for the year |
At 31 December 2024 | 10,263,169 |
18. | ULTIMATE PARENT COMPANY |
The company's immediate parent company is Aalberts UK Ltd (company number 03596780), incorporated in England. |
The ultimate parent company is Aalberts N.V. (registration number 30089954), incorporated in the Netherlands. |
19. | OTHER FINANCIAL COMMITMENTS |
The company is a member of a cash pooling arrangement, maintained by Aalberts Finance B.V, with other selected Aalberts Group Companies. This arrangement requires that each company party to the agreement provides a limited guarantee covering any default on the repayment or overdraft facilities by any other member of the group. The director considers the likelihood of this being called upon as remote. |