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REGISTERED NUMBER: 02177443 (England and Wales)















MONCASTER WIRE PRODUCTS LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


MONCASTER WIRE PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: S McKeon
Miss S Cavatorta


SECRETARY: I Goddard


REGISTERED OFFICE: Cavatorta House
Tattershall Way
Fairfield Industrial Estate
Louth
Lincolnshire
LN11 0YZ


REGISTERED NUMBER: 02177443 (England and Wales)


SENIOR STATUTORY AUDITOR: Tara Bellamy FCA


AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS


BANKERS: Clydesdale Bank

MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 1,334,416 1,371,502

CURRENT ASSETS
Stocks 2,690,812 3,022,286
Debtors 5 984,938 1,059,844
Cash at bank 1,699,733 1,041,885
5,375,483 5,124,015
CREDITORS
Amounts falling due within one year 6 1,127,429 1,199,298
NET CURRENT ASSETS 4,248,054 3,924,717
TOTAL ASSETS LESS CURRENT LIABILITIES 5,582,470 5,296,219

PROVISIONS FOR LIABILITIES 54,226 60,565
NET ASSETS 5,528,244 5,235,654

CAPITAL AND RESERVES
Called up share capital 8 631,581 631,581
Retained earnings 4,896,663 4,604,073
SHAREHOLDERS' FUNDS 5,528,244 5,235,654

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 13 May 2025 and were signed on its behalf by:





S McKeon - Director


MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Moncaster Wire Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover represents amounts charged to customers for goods and services provided during the year, excluding value added tax and trade discounts. Sales are recognised upon delivery to the customer, or upon collection by the customer.

Commissions
Revenue from commissions received is recognised as turnover in the income statement.

Interest received
Revenue from interest receivable relating to bank interest and corporation tax interest is recognised as other income in the income statement.

Sundry income
Revenue from a feed-in tariff is recognised as other income in the income statement.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property- Not depreciated
Land- Not depreciated
Property improvements- Straight line over 10 years
Plant and machinery etc- at varying rates on cost


Freehold buildings are depreciated to write down the cost less estimated residual value over their remaining useful life by equal annual instalments. Where buildings are maintained to such a standard that their residual value is not less than their cost or valuation, no depreciation is charged.

Stocks
Stocks 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 an average cost basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443)

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 statement of financial position 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 statement of financial position 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 the income statement 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 31 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2024 1,197,633 859,582 2,057,215
Disposals - (7,500 ) (7,500 )
At 31 December 2024 1,197,633 852,082 2,049,715
DEPRECIATION
At 1 January 2024 - 685,713 685,713
Charge for year - 37,087 37,087
Eliminated on disposal - (7,501 ) (7,501 )
At 31 December 2024 - 715,299 715,299
NET BOOK VALUE
At 31 December 2024 1,197,633 136,783 1,334,416
At 31 December 2023 1,197,633 173,869 1,371,502

Included in freehold property is a building at a cost of £1,047,633 (2023: £1,047,633) and land at £150,000 (2023: £150,000).


MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 935,913 1,004,602
Amounts owed by group undertakings 4,166 292
Other debtors 44,859 54,950
984,938 1,059,844

Amounts owed by group undertakings are non secured and are repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 117,293 36,598
Amounts owed to group undertakings 646,412 889,833
Taxation and social security 307,413 199,043
Other creditors 56,311 73,824
1,127,429 1,199,298

Amounts owed to group undertakings are non secured and are repayable on demand.

7. LEASING AGREEMENTS
At at 31 December 2024 the company had a total liability of £74,471 (2023: £53,810) in respect of the rental due on the remaining periods of its equipment rental.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
631,581 Ordinary £1 631,581 631,581

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Tara Bellamy FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

10. PENSION COMMITMENTS

The company operates a defined contribution 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 £96,827 (2023: £137,297).

At the year end contributions totalling £1,888 (2023: £7,508) was outstanding.

11. OTHER FINANCIAL COMMITMENTS

Although the company is based in the UK, it has a significant foreign currency exposure through the purchase and sale of goods in currencies other than Sterling. The company mitigates its exposure to currency fluctuations via hedging and forward contracts wherever appropriate and cost effective.


At 31 December 2024 the company had a commitment in place under a forward exchange contract for £Nil (2023: £Nil).

MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

12. RELATED PARTY DISCLOSURES

OutstandingOutstanding
20242023
Related partyTransaction and amount£   £   

Parent company
Purchases and interest of
£819,010 (2023: £1,027,563)

Nil

Nil
Parent companyShort term creditors118,363324,974

Parent company
Commissions receivable of £Nil
(2023: £1,971)

Nil

Nil


Fellow subsidiary companies
Purchases of £2,622,093
(2023: £3,175,651)

Nil

Nil

Fellow subsidiary companies
Commissions receivable of
£11,641 (2023: £1,021)

Nil

Nil
Fellow subsidiary companiesShort term creditors528,049564,859
Fellow subsidiary companiesDebtors4,166292

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is I.FI.CO.M S.r.l.

14. COMPANIES HOUSE CHARGES

There are two outstanding charges on Companies House, one of which is pledged as security for a mortgage relating to Cavatorta House which has a net book value of £1,197,633 (2023: £1,197,633). The other charge is a floating charge against a debenture which covers the value of all assets within the company.