Company registration number 00734214 (England and Wales)
WEST MIDLANDS FOUNDRY CO. LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
WEST MIDLANDS FOUNDRY CO. LIMITED
COMPANY INFORMATION
Director
R Dudrah
(Appointed 8 April 2024)
Company number
00734214
Registered office
Blakemore Road
West Bromwich
West Midlands
B70 8JF
Accountants
T&W Accounts Ltd
19-21 Hatchett Street
Birmingham
West Midlands
United Kingdom
B19 3NX
WEST MIDLANDS FOUNDRY CO. LIMITED
CONTENTS
Page
Director's report
1
Accountants' report
2
Statement of financial position
3 - 4
Notes to the financial statements
5 - 10
WEST MIDLANDS FOUNDRY CO. LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 MAY 2024
- 1 -
The director presents his annual report and financial statements for the Period ended 31 May 2024.
Principal activities
The principal activity of the company continued to be that of manufacturing fabricated metal products.
Director
The director who held office during the Period and up to the date of signature of the financial statements was as follows:
R Dudrah
(Appointed 8 April 2024)
M Backhouse
(Resigned 8 April 2024)
P Backhouse
(Resigned 8 April 2024)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
R Dudrah
Director
30 May 2025
WEST MIDLANDS FOUNDRY CO. LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF WEST MIDLANDS FOUNDRY CO. LIMITED
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of West Midlands Foundry Co. Limited for the Period ended 31 May 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of West Midlands Foundry Co. Limited, as a body, in accordance with the terms of our engagement letter dated 8 April 2024. Our work has been undertaken solely to prepare for your approval the financial statements of West Midlands Foundry Co. Limited and state those matters that we have agreed to state to the board of directors of West Midlands Foundry Co. Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than West Midlands Foundry Co. Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that West Midlands Foundry Co. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of West Midlands Foundry Co. Limited. You consider that West Midlands Foundry Co. Limited is exempt from the statutory audit requirement for the Period.
We have not been instructed to carry out an audit or a review of the financial statements of West Midlands Foundry Co. Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
T&W Accounts Ltd
Chartered Accountants
19-21 Hatchett Street
Birmingham
West Midlands
B19 3NX
United Kingdom
30 May 2025
WEST MIDLANDS FOUNDRY CO. LIMITED
STATEMENT OF FINANCIAL POSITION
- 3 -
31 May 2024
31 March 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
621,042
630,097
Investments
5
62,075
62,075
683,117
692,172
Current assets
Stocks
20,000
88,775
Debtors
6
761,529
845,833
Cash at bank and in hand
63,693
168,583
845,222
1,103,191
Creditors: amounts falling due within one year
7
(517,815)
(741,024)
Net current assets
327,407
362,167
Total assets less current liabilities
1,010,524
1,054,339
Creditors: amounts falling due after more than one year
8
(6,728)
(10,398)
Net assets
1,003,796
1,043,941
Capital and reserves
Called up share capital
78,750
78,750
Revaluation reserve
9
233,830
240,785
Profit and loss reserves
691,216
724,406
Total equity
1,003,796
1,043,941
WEST MIDLANDS FOUNDRY CO. LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
- 4 -
For the financial Period ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
R Dudrah
Director
Company registration number 00734214 (England and Wales)
WEST MIDLANDS FOUNDRY CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
- 5 -
1
Accounting policies
Company information
West Midlands Foundry Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is Blakemore Road, West Bromwich, West Midlands, B70 8JF.
1.1
Reporting period
The current financial statements are presented for a longer period than the comparative figures. The current period shows the trading performance (including the related notes) for a 14 month period, whilst the comparative figures show the trading performance (including the related notes) for a 12 month period. The company's year end was extended to bring the reporting period in line with other related party companies.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
WEST MIDLANDS FOUNDRY CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2.7% on cost
Plant and equipment
15% on reducing balance basis
Fixtures and fittings
25% on reducing balance basis
Dies
20% on cost
Motor vehicles
25% on reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
WEST MIDLANDS FOUNDRY CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 7 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
WEST MIDLANDS FOUNDRY CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 8 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
As lessor
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
WEST MIDLANDS FOUNDRY CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 9 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
2023
Number
Number
Total
10
10
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
650,000
1,687,686
2,337,686
Additions
26,920
26,920
At 31 May 2024
650,000
1,714,606
2,364,606
Depreciation and impairment
At 1 April 2023
120,607
1,586,982
1,707,589
Depreciation charged in the Period
16,554
19,421
35,975
At 31 May 2024
137,161
1,606,403
1,743,564
Carrying amount
At 31 May 2024
512,839
108,203
621,042
At 31 March 2023
529,393
100,704
630,097
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
62,075
62,075
WEST MIDLANDS FOUNDRY CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 10 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
210,219
580,291
Corporation tax recoverable
36,867
30,577
Amounts owed by group undertakings
460,228
Other debtors
54,215
234,965
761,529
845,833
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
159,935
183,952
Amounts owed to group undertakings
228,768
228,768
Taxation and social security
15,595
14,133
Other creditors
113,517
314,171
517,815
741,024
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
6,728
10,398
9
Revaluation reserve
2024
2023
£
£
At the beginning of the Period
240,785
246,746
Other movements
(6,955)
(5,961)
At the end of the Period
233,830
240,785
10
Parent company
The company is a wholly owned subsidiary of Bsc Diecasting & Finishing Limited.
The company is controlled by Ranjit Singh Dudrah and Jagir Singh Dudrah courtesy of their shareholding in BSC Diecasting & Finishing Limited.
2024-05-312023-04-01falsefalsefalse30 May 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityR DudrahM BackhouseP Backhouse007342142023-04-012024-05-3100734214bus:Director12023-04-012024-05-3100734214bus:Director22023-04-012024-05-3100734214bus:Director32023-04-012024-05-3100734214bus:RegisteredOffice2023-04-012024-05-31007342142024-05-31007342142023-03-3100734214core:LandBuildings2024-05-3100734214core:OtherPropertyPlantEquipment2024-05-3100734214core:LandBuildings2023-03-3100734214core:OtherPropertyPlantEquipment2023-03-3100734214core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3100734214core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3100734214core:ShareCapital2024-05-3100734214core:ShareCapital2023-03-3100734214core:RevaluationReserve2024-05-3100734214core:RevaluationReserve2023-03-3100734214core:RetainedEarningsAccumulatedLosses2024-05-3100734214core:RetainedEarningsAccumulatedLosses2023-03-3100734214core:RevaluationReserve2023-03-3100734214core:RevaluationReserve2022-03-3100734214core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-05-3100734214core:PlantMachinery2023-04-012024-05-3100734214core:FurnitureFittings2023-04-012024-05-3100734214core:ComputerEquipment2023-04-012024-05-3100734214core:MotorVehicles2023-04-012024-05-31007342142022-04-012023-03-3100734214core:LandBuildings2023-03-3100734214core:OtherPropertyPlantEquipment2023-03-31007342142023-03-3100734214core:LandBuildings2023-04-012024-05-3100734214core:OtherPropertyPlantEquipment2023-04-012024-05-3100734214core:CurrentFinancialInstruments2024-05-3100734214core:CurrentFinancialInstruments2023-03-3100734214core:WithinOneYear2024-05-3100734214core:WithinOneYear2023-03-3100734214core:Non-currentFinancialInstruments2024-05-3100734214core:Non-currentFinancialInstruments2023-03-3100734214bus:PrivateLimitedCompanyLtd2023-04-012024-05-3100734214bus:SmallCompaniesRegimeForAccounts2023-04-012024-05-3100734214bus:FRS1022023-04-012024-05-3100734214bus:AuditExemptWithAccountantsReport2023-04-012024-05-3100734214bus:FullAccounts2023-04-012024-05-31xbrli:purexbrli:sharesiso4217:GBP