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Registered number: 12286591










ASMET GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
ASMET GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
D Parker (retired 31 December 2024)
A Parker 
M Parker 
R Parker 




Registered number
12286591



Registered office
Jubilee House
61C Sheffield Road

Dronfield

Derbyshire

S18 2HU




Independent auditors
Shorts
Chartered Accountants & Statutory Auditor

Cedar House

63 Napier Street

Sheffield

South Yorkshire

S11 8HA




Bankers
NatWest





 
ASMET GROUP LIMITED
 

CONTENTS



Page
Group strategic report
 
 
1 - 3
Directors' report
 
 
4 - 5
Independent auditors' report
 
 
6 - 9
Consolidated statement of income and retained earnings
 
 
10
Consolidated balance sheet
 
 
11
Company balance sheet
 
 
12
Consolidated statement of cash flows
 
 
13
Notes to the financial statements
 
 
14 - 32


 
ASMET GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present the strategic report for the Group for the year ended 30 September 2024.

Business review
 
Despite a challenging market the Group reported another solid profitable year.

The Group reported lower turnover due to weaker commodity prices and slightly lower volumes. However, prices are still generally higher than previous lows in the commodity cycle and we see persistent geopolitical pressures adding to sustained inflationary pressures in the medium term. 

The Group continues to retain a strong UK market share by meeting customers' long-term contract requirements for key raw materials and specialised products, and providing a high level of customer service, technical support and consultancy.  Despite a slowdown in some sectors overall customer demand remained robust to produce a healthy profit for the year. 

The Group remains in a very strong financial position to fund significant strategic reserve stocks for our long-term customers.  We continue to retain and manage our cash reserves to ensure we are able to self-fund all future purchases and seize new opportunities that may arise.

Post year end, after 31 years founding Director David Parker formally retired and resigned as Director from the Company and Group.  This follows many years of succession planning to ensure the smooth operation of all aspects of the business.

We forecast slightly lower turnover for 2024 / 2025, mainly due to persistently weak industrial metals prices.

Financial key performance indicators
 
The Group's strategy was underpinned by focusing on a number of key financial performance measures that have assisted in managing the working capital position during a period of strong growth. The principal key performance indicators of the Group are turnover, gross profit, operating profit, stock and administrative expenses as disclosed in the financial statements. In addition, particular attention is paid to credit risk and debtor days, which are monitored regularly. 
Turnover 
As forecast, sales revenue decreased due to much lower commodity prices compared to the prior year.
Gross profit 
There has been a decrease in gross profit due to lower gross profit margins on lower turnover.
Operating profit 
There has been a decrease in operating profit due to the same factors that reduced gross profit.
Stock 
There has been a significant decrease in stock inventories reflecting lower cost prices.
Administrative expenses
The Group continued to reduce administrative expenses which are forecast to reduce significantly further in 2025.
 
Page 1

 
ASMET GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Debtors 
Debtor days have significantly increased compared to 2023.  This metric has been skewed by the rapidly increasing turnover towards the end of the year fuelled by higher commodity prices and does not represent any particular deterioration in payment terms.

Principal risks and uncertainties
 
The business is exposed to future commodity price and exchange rate movements which may have a detrimental impact on turnover and profitability. 

The business is also exposed to market risk as turnover and profitability are linked to demand levels, which are dependent upon iron and steel production levels and the performance of the world economy and certain key sectors such as automotive.  These risks have only increased as European industry in particular is challenged by net zero targets and record high power prices.

The ongoing geopolitical uncertainty caused by war, sanctions and tariffs in many areas of the world continue to have a significant impact on supply chains throughout the world and may impact normal business operations. 

Our long-term strategy of diversifying our producer partners minimises supply chain risk as much as possible, but we cannot rule out the indirect impact to supply chains of higher prices, reduced availability and increased shipping times.  Now, more than ever our reserve stock is a vital part of the added value we offer customers.

Financial instruments
Objectives and policies 
The Group  holds or issues financial instruments in order to achieve three main objectives, being: 
(a) to finance its operations; 
(b) to manage its exposure to credit and liquidity risks arising from its operations and from its sources of finance; and 
(c) for trading purposes. 

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the Group's operations.
Liquidity risk 
Working capital and liquidity is managed as part of day to day business routines and as such the Group has no significant concentrations of liquidity risk. 
Cash flow risk 
The Group currently has no requirement for an overdraft facility and does not foresee any material cash flow risks. 
Credit risk 
The Group continues to closely manage credit risk and enforce strict credit control and limits exposure to high risk customers. The Group has experienced one small bad debt in the financial year.
Price risk 
The management regularly review market prices and manage the purchase of stock and its selling prices accordingly and therefore with the controls in place the directors feel this risk is mitigated. 
 
Page 2

 
ASMET GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Currency risk 
The Group is exposed to foreign currency risk on its overseas transactions, however this risk is mitigated by the use of foreign currency bank accounts and where required, a mixture of short to medium term liquid investments.
Future developments 
We continue to work closely with our producer partners to consistently supply high quality, competitively priced products to our customers, explore alternative sources of material and develop new sales opportunities.
Asmet remains fully committed as a key supplier to the UK foundry industry and our post BREXIT German Company continues to service our European customers. 


This report was approved by the board on 14 February 2025 and signed on its behalf.


A Parker
Director

Page 3

 
ASMET GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Results and dividends

The profit for the year, after taxation, amounted to £1,373,648 (2023 - £2,891,393).

Directors

The directors who served during the year were:

D Parker (retired 31 December 2024)
A Parker 
M Parker 
R Parker 

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Qualifying third party indemnity provisions

The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. The indemnity does not provide cover in the event of a director being proven to have acted fraudulently or dishonestly.

Page 4

 
ASMET GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsShortswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 14 February 2025 and signed on its behalf.
 





A Parker
Director

Page 5

 
ASMET GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASMET GROUP LIMITED
 

Opinion


We have audited the financial statements of Asmet Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated statement of income and retained earnings, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 30 September 2024 and of the Group's 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 Group 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.


Conclusions relating to going concern


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 Group's or the parent 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.


Page 6

 
ASMET GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASMET GROUP LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are 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 directors determine is 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 directors are responsible for assessing the Group's and the parent 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
ASMET GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASMET GROUP LIMITED (CONTINUED)


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 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 Group 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 engagement team collectively had the appropriate competence, capabilities and skills to identify and
     recognise non-compliance with applicable laws and regulations; and
•    through discussions with the directors and other management and from our commercial knowledge, we
     identified the laws and regulations applicable to the Company.
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;
•    reviewed the general ledger entries during the year 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;
•    considering relationships with HMRC and other relevant regulators; and
•    reviewing legal and professional costs to identify any indicators of litigation.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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.

Page 8

 
ASMET GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASMET GROUP LIMITED (CONTINUED)



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 2006Our 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.





Andrew Irvine (Senior statutory auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants
Statutory Auditor
  
Cedar House
63 Napier Street
Sheffield
South Yorkshire
S11 8HA

14 February 2025
Page 9

 
ASMET GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
11,225,380
18,228,570

Cost of sales
  
(9,031,972)
(13,773,964)

Gross profit
  
2,193,408
4,454,606

Administrative expenses
  
(717,825)
(586,175)

Gain/(loss) from changes in fair value of investments
  
(20,379)
(147,923)

Operating profit
 5 
1,455,204
3,720,508

Income from fixed assets investments
  
28,264
-

Profit on disposal of investments
  
260,016
8,375

Interest receivable and similar income
 10 
44,406
16,535

Interest payable and similar expenses
 11 
(20)
(14,066)

Profit before tax
  
1,787,870
3,731,352

Tax on profit
 12 
(414,222)
(839,959)

Profit after tax
  
1,373,648
2,891,393

  

  

Retained earnings at the beginning of the year
  
6,078,925
7,682,162

Profit for the year attributable to the owners of the parent
  
1,373,648
2,891,393

Dividends declared and paid
  
(2,894,630)
(4,494,630)

Retained earnings at the end of the year
  
4,557,943
6,078,925

  

The notes on pages 14 to 32 form part of these financial statements.

Page 10

 
ASMET GROUP LIMITED
REGISTERED NUMBER: 12286591

CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
-
-

Tangible assets
 15 
464,087
505,734

Investments
 16 
3,374,109
2,866,103

  
3,838,196
3,371,837

Current assets
  

Stocks
 17 
5,373,578
6,585,642

Debtors: amounts falling due within one year
 18 
2,320,095
2,883,224

Cash at bank and in hand
  
905,993
1,135,205

  
8,599,666
10,604,071

Creditors: amounts falling due within one year
 19 
(616,419)
(632,930)

Net current assets
  
 
 
7,983,247
 
 
9,971,141

Total assets less current liabilities
  
11,821,443
13,342,978

Deferred taxation
 20 
-
(553)

Net assets
  
11,821,443
13,342,425


Capital and reserves
  

Called up share capital 
 21 
165,000
165,000

Merger reserve
 22 
7,098,500
7,098,500

Profit and loss account
 22 
4,557,943
6,078,925

Equity attributable to owners of the parent Company
  
11,821,443
13,342,425


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 February 2025.




A Parker
Director

The notes on pages 14 to 32 form part of these financial statements.

Page 11

 
ASMET GROUP LIMITED
REGISTERED NUMBER: 12286591

COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 16 
7,501,145
7,501,145

Current assets
  

Cash at bank and in hand
  
68,203
78,877

Creditors: amounts falling due within one year
 19 
(7,403,543)
(7,414,149)

Net current liabilities
  
 
 
(7,335,340)
 
 
(7,335,272)

Total assets less current liabilities
  
165,805
165,873

  

Net assets
  
165,805
165,873


Capital and reserves
  

Called up share capital 
 21 
165,000
165,000

Profit and loss account carried forward
  
805
873

  
165,805
165,873


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 February 2025.


A Parker
Director

The notes on pages 14 to 32 form part of these financial statements.

Page 12

 
ASMET GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,373,648
2,891,393

Adjustments for:

Depreciation of tangible assets
42,965
32,913

Profit on disposal of investments
(260,016)
-

Profit on disposal of tangible assets
-
(27,000)

Interest paid
20
14,066

Interest received
(72,670)
(16,535)

Taxation charge
414,222
839,959

Decrease in stocks
1,212,064
2,233,014

Decrease in debtors
565,838
2,150,267

Decrease in creditors
(77,454)
(756,398)

Net fair value losses recognised in P&L
20,379
147,923

Corporation tax paid
(356,541)
(1,767,934)

Net cash generated from operating activities

2,862,455
5,741,668


Cash flows from investing activities

Purchase of tangible fixed assets
(1,317)
(174,942)

Sale of tangible fixed assets
-
27,000

Purchase of listed investments
(4,298,094)
(2,202,339)

Sale of listed investments
4,029,724
498,927

Interest received
44,406
16,535

Income from investments
28,264
-

Net cash outflow from investing activities

(197,017)
(1,834,819)

Cash flows from financing activities

Dividends paid
(2,894,630)
(4,494,630)

Interest paid
(20)
(14,066)

Net cash used in financing activities
(2,894,650)
(4,508,696)

Net decrease in cash and cash equivalents
(229,212)
(601,847)

Cash and cash equivalents at beginning of year

1,135,205
1,737,052


Cash and cash equivalents at end of year
905,993
1,135,205


Page 13

 
ASMET GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The Company is a private company limited by shares, registered in England and Wales with registered number 12286591. The address of the registered office is Jubilee House, 61C Sheffield Road, Dronfield, Derbyshire, S18 2HU. The principal activity of the Group is that of procurement, production, logistics management and supply of metallurgical consumables and specialist products to the iron, steel and aluminium industry and provision of comprehensive technical support and consultancy for improved metallurgical process control. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases. 

Page 14

 
ASMET GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 15

 
ASMET GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 16

 
ASMET GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 17

 
ASMET GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Income and Retained Earnings over its useful economic life.
Where the consideration transferred is less than the fair value of the net identifiable assets of the subsidiary acquired, the difference is often referred to as "negative goodwill", is recognised in profit or loss in the period in which the non-monetary assets are recovered. Given the only significant non-monetary asset is stock, then the negative goodwill has been recognised over the period when the stock was sold. 
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.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
not depreciated as directors believe the residual value is equal to the cost.
Motor vehicles
-
33% straight line
Fixtures and fittings
-
25% straight line
Equipment
-
17% - 33% straight line

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.

Page 18

 
ASMET GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Investments in unlisted investments, which represent commodity investments, whose market value
can be reliably determined, are remeasured to market value at each balance sheet date. Gains and
losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the
period.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 Group's cash and cash equivalents, trade and most other debtors 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
Page 19

 
ASMET GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

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

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

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 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 instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 20

 
ASMET GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.17

Merger reserve

The merger reserve is a non-distributable reserve created by the exercise of section 612 merger relief for the amount in excess of the nominal value of the shares 165,000 ordinary shares issued in connection with the acquisition of Asmet Limited.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, the directors are 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.
Valuation of freehold property
The Group holds a freehold property. The directors believe that the residual value is equal to the cost and it is therefore not depreciated. 
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Impairment of stocks
The Group procures, produces and manages supply of metallurgical consumables and specialist products to the iron, steel and aluminium industry and is subject to changing consumer demands. As a result it is necessary to consider the recoverability of the stocks and the associated provisioning required. When calculating the stock provision, management considers the nature of the stock as well as applying assumptions around anticipated saleability of finished goods. Management have considered and concluded that no provision is required, therefore see note 17 for the net carrying amount of stocks. 
 
Impairment of debtors 
The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management consider factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Loans receivable are continued to be held as fully impaired based on the status of the borrower and the lack of uncertainty over the likelihood of recovery of the loan. This is the best estimate as at the year end date. See note 18 for the net carrying amount of debtors.

Page 21

 
ASMET GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Procurement, production, logistics management and supply of metallurgical consumables and specialist products
11,225,380
18,228,570


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
9,627,097
16,055,731

Rest of Europe
1,319,101
1,724,236

Rest of the World
279,182
448,603

11,225,380
18,228,570



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
42,965
32,913

Operating leases
4,957
5,740


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
4,000
3,500

Fees payable to the Company's auditors in respect of:

Audit of subsidiaries
18,000
17,500

Taxation compliance services
2,834
3,000

All taxation advisory services not included above
933
2,504

All non-audit services not included above
5,500
5,080

Page 22

 
ASMET GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
180,931
209,048

Social security costs
15,568
27,999

Cost of defined contribution pension scheme
60,328
118,059

256,827
355,106


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors & management
4
4



Sales
1
2



Administration
2
2

7
8

The Company has no employees, other than the directors.


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
36,384
36,384

Group contributions to defined contribution pension schemes
1,364
28,364

37,748
64,748


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

Page 23

 
ASMET GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Income from investments

2024
2023
£
£

Income from fixed asset investments
28,264
-





10.


Interest receivable and similar income

2024
2023
£
£


Other interest receivable
44,406
16,535


11.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
20
14,066


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
420,825
833,042

Adjustments in respect of previous periods
(3,341)
-

Total current tax

417,484
833,042

Deferred tax


Origination and reversal of timing differences
(3,206)
6,917

Adjustments in respect of prior periods
(56)
-

Tax on profit
 
414,222
 
839,959
Page 24

 
ASMET GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 -22%). The differences are explained below:

2024
2023
£
£


Profit before tax
1,787,870
3,731,352


Profit multiplied by standard rate of corporation tax in the UK of 25%
(2023 - 22%)
446,968
821,270

Effects of:


Expenses not deductible for tax purposes
43,805
25,082

Adjustments to tax charge in respect of prior periods
(3,397)
-

Short-term timing difference leading to a decrease in taxation
-
(6,131)

Non-taxable income
(108,502)
-

Capital gains
35,348
-

Marginal relief
-
(262)

Total tax charge for the year
414,222
839,959

Page 25

 
ASMET GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Dividends

2024
2023
£
£


Ordinary A Shares
575,085
670,614


Ordinary A1 Shares
166,125
479,724


Ordinary B Shares
378,360
591,652


Ordinary B1 Shares
362,850
558,686


Ordinary C Shares
489,149
534,455


Ordinary C1 Shares
252,061
615,883


Ordinary D Shares
650,000
956,472


Ordinary P Shares
21,000
87,144

2,894,630
4,494,630

Page 26

 
ASMET GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Intangible assets

Group





Goodwill

£



Cost


At 1 October 2023
1,212,843



At 30 September 2024

1,212,843



Amortisation


At 1 October 2023
1,212,843



At 30 September 2024

1,212,843



Net book value



At 30 September 2024
-



At 30 September 2023
-



There is no goodwill in the Company. 

Page 27

 
ASMET GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Tangible fixed assets

Group






Freehold property
Motor vehicles
Fixtures  and fittings
Equipment
Total

£
£
£
£
£



Cost


At 1 October 2023
315,000
161,899
34,071
31,653
542,623


Additions
-
-
1,242
76
1,318



At 30 September 2024

315,000
161,899
35,313
31,729
543,941



Depreciation


At 1 October 2023
-
10,970
19,439
6,480
36,889


Charge for the year on owned assets
-
35,244
7,721
-
42,965



At 30 September 2024

-
46,214
27,160
6,480
79,854



Net book value



At 30 September 2024
315,000
115,685
8,153
25,249
464,087



At 30 September 2023
315,000
150,929
14,632
25,173
505,734

The Company has no tangible fixed assets.

Page 28

 
ASMET GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Fixed asset investments

Group





Listed investments
Unlisted investments
Total

£
£
£



Valuation 


At 1 October 2023
2,397,466
468,637
2,866,103


Additions
4,298,094
-
4,298,094


Disposals
(3,769,709)
-
(3,769,709)


Revaluations
(166,110)
145,731
(20,379)



At 30 September 2024
2,759,741
614,368
3,374,109




Company





Investments in subsidiary companies

£



Cost 


At 1 October 2023
7,501,145



At 30 September 2024
7,501,145







The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Asmet Limited
England & Wales
Ordinary
100%




The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Asmet (UK) Limited
England & Wales
Ordinary
100%
Asmet (DE) GmbH
Germany
Ordinary
100%

Page 29

 
ASMET GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

17.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
5,373,578
6,585,642


The Company has no stock.


18.


Debtors

Group
Group
2024
2023
£
£


Trade debtors
2,191,065
2,596,539

Other debtors
201
18,625

Prepayments and accrued income
126,120
268,060

Deferred taxation
2,709
-

2,320,095
2,883,224


The Company has no debtors.


19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
269,746
266,172
-
-

Amounts owed to group undertakings
-
-
7,336,145
7,336,145

Corporation tax
103,294
42,351
-
-

Other taxation and social security
150,196
156,629
-
-

Other creditors
81,294
91,574
67,398
78,004

Accruals and deferred income
11,889
76,204
-
-

616,419
632,930
7,403,543
7,414,149


Page 30

 
ASMET GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

20.


Deferred taxation


Group



2024


£






At beginning of year
(553)


Charged to profit or loss
3,262



At end of year
2,709






Group
Group
2024
2023
£
£

Accelerated capital allowances
2,709
(553)


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



24,750 (2023 - 24,750) A Ordinary shares of £1.00 each
24,750
24,750
8,250 (2023 - 8,250) A1 Ordinary shares of £1.00 each
8,250
8,250
24,750 (2023 - 24,750) B Ordinary shares of £1.00 each
24,750
24,750
8,250 (2023 - 8,250) B1 Ordinary shares of £1.00 each
8,250
8,250
24,750 (2023 - 24,750) C Ordinary shares of £1.00 each
24,750
24,750
8,250 (2023 - 8,250) C1 Ordinary shares of £1.00 each
8,250
8,250
33,000 (2023 - 33,000) D Ordinary shares of £1.00 each
33,000
33,000
33,000 (2023 - 33,000) P Ordinary shares of £1.00 each
33,000
33,000

165,000

165,000


Page 31

 
ASMET GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Reserves

Merger reserve

A non-statutory reserve that has been credited instead of a share premium account in circumstances where merger relief (under section 612 of the Companies Act 2006) is obtained. 

Profit and loss account

Cumulative profit and loss net of distributions to owners. 


23.


Financial commitments, guarantees and contingent liabilities

In respect of the Company, and in respect of its subsidiary companies, Asmet Limited and Asmet(UK)Limited, the following charge is in place:
There is a fixed and floating charge in respect of National Westminster Bank plc over the undertaking and all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures, fixed plant & machinery.


24.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £60,328 (2023: £118,059). No contributions were payable to the fund at the balance sheet date (2023: £nil).


25.


Commitments under operating leases

At 30 September 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
4,957
4,957

Later than 1 year and not later than 5 years
4,544
9,087

9,501
14,044

The Company had no commitments under non-cancellable operating leases at the balance sheet date. 


26.


Controlling party

The Company is controlled by the Parker family by virtue of their shareholdings.  

Page 32