| REGISTERED NUMBER: |
| MONCASTER WIRE PRODUCTS LIMITED |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| REGISTERED NUMBER: |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Oxley House |
| Lincoln Way |
| Louth |
| Lincolnshire |
| LN11 0LS |
| BANKERS: |
| MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
| 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| 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 |
| 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 |
| Amounts owed by group undertakings |
| Other debtors |
| 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 |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 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: | £ | £ |
| Ordinary | £1 | 631,581 | 631,581 |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 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 |
| Outstanding | Outstanding |
| 2024 | 2023 |
| Related party | Transaction and amount | £ | £ |
Parent company | Purchases and interest of £819,010 (2023: £1,027,563) | Nil | Nil |
| Parent company | Short term creditors | 118,363 | 324,974 |
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 companies | Short term creditors | 528,049 | 564,859 |
| Fellow subsidiary companies | Debtors | 4,166 | 292 |
| 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. |