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Registered number: 07016443










ASMET LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
ASMET LIMITED
 
 
COMPANY INFORMATION


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




Registered number
07016443



Registered office
Jubilee House
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 LIMITED
 

CONTENTS



Page
Directors' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Income and Retained Earnings
 
7
Balance Sheet
 
8
Notes to the Financial Statements
 
9 - 15


 
ASMET 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 £3,003,294 (2023 - £4,409,137).

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 Directors' Report and the 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 of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company'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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1

 
ASMET 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'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'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 2

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

Opinion


We have audited the financial statements of Asmet Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet 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 Company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 3

 
ASMET LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASMET 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 1, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
ASMET LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASMET 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 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 5

 
ASMET LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASMET 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 6

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

2024
2023
Note
£
£

  

Turnover
  
31,390
31,680

Gross profit
  
31,390
31,680

Administrative expenses
  
(3,524)
(4,893)

Loss from changes in fair value of listed investments
  
(166,110)
(116,559)

Operating loss
  
(138,244)
(89,772)

Income from shares in group undertakings
  
2,894,630
4,495,630

Income from fixed assets investments
  
28,264
-

Profit on disposal of listed investments
  
260,016
8,375

Interest receivable and similar income
 6 
1,278
689

Interest payable and similar expenses
  
(20)
-

Profit before tax
  
3,045,924
4,414,922

Tax on profit
 7 
(42,630)
(5,785)

Profit after tax
  
3,003,294
4,409,137

  

  

Retained earnings at the beginning of the year
  
5,781,412
5,867,905

Profit for the year
  
3,003,294
4,409,137

Dividends declared and paid
  
(2,894,630)
(4,495,630)

Retained earnings at the end of the year
  
5,890,076
5,781,412
The notes on pages 9 to 15 form part of these financial statements.

Page 7

 
ASMET LIMITED
REGISTERED NUMBER: 07016443

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Fixed assets
  

Tangible assets
 9 
315,000
315,000

Investments
 10 
3,089,741
2,727,466

  
3,404,741
3,042,466

Current assets
  

Debtors: amounts falling due within one year
 11 
2,849,646
3,022,242

Cash at bank and in hand
  
11,590
54,540

  
2,861,236
3,076,782

Creditors: amounts falling due within one year
 12 
(45,901)
(7,836)

Net current assets
  
 
 
2,815,335
 
 
3,068,946

Total assets less current liabilities
  
6,220,076
6,111,412

Net assets
  
6,220,076
6,111,412


Capital and reserves
  

Called up share capital 
 13 
330,000
330,000

Profit and loss account
  
5,890,076
5,781,412

  
6,220,076
6,111,412


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 9 to 15 form part of these financial statements.

Page 8

 
ASMET 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 07016443. The address of the registered office is Jubilee House, 61c Sheffield Road, Dronfield, Derbyshire, S18 2HU. The principal activity of the Company continued to be that of an investment holding company.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Asmet Group Limited as at 30 September 2024 and these financial statements may be obtained from Companies House.

 
2.3

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

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

Page 9

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

2.Accounting policies (continued)

 
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.

 
2.7

Taxation

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 operates and generates income.


 
2.8

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 of the property is equal to its cost.

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.

 
2.9

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.

 
2.10

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.

Page 10

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

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:

at fair value with changes recognised in the Statement of income and retained earnings if the
shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.


 
2.13

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 11

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company'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 Company holds a freehold property. The directors believe that the residual value is equal to the cost and it is therefore not depreciated.


4.


Employees



The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


5.


Income from investments

2024
2023
£
£

Income from fixed asset investments
28,264
-





6.


Interest receivable and similar income

2024
2023
£
£


Other interest receivable
1,278
689

Page 12

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

7.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
42,630
5,785



Taxation on profit
42,630
5,785

Factors affecting tax charge for the year

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

2024
2023
£
£


Profit before tax
3,045,924
4,414,922


Profit multiplied by standard rate of corporation tax in the UK of 25%
(2023 - 22%)
761,481
971,724

Effects of:


Expenses not deductible for tax purposes
41,528
23,811

Non-taxable income
(795,727)
(989,488)

Capital gains
35,348
-

Marginal relief
-
(262)

Total tax charge for the year
42,630
5,785


8.


Dividends

2024
2023
£
£


Ordinary C Shares (£2.42 per share)
1,447,315
2,247,815


Ordinary P Shares (£2.42 per share)
1,447,315
2,247,815

2,894,630
4,495,630

Page 13

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

9.


Tangible fixed assets





Freehold property

£



Cost


At 1 October 2023
315,000



At 30 September 2024

315,000






Net book value



At 30 September 2024
315,000



At 30 September 2023
315,000


10.


Fixed asset investments





Investments in subsidiary companies
Listed investments
Total

£
£
£



Cost or valuation


At 1 October 2023
330,000
2,397,466
2,727,466


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


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


Revaluations
-
(166,110)
(166,110)



At 30 September 2024
330,000
2,759,741
3,089,741





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Asmet (UK) Limited
England & Wales
Ordinary
100%

Asmet (UK) Limited has the same registered office address as Asmet Limited.
Page 14

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

11.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
2,849,646
3,019,646

Other debtors
-
2,596

2,849,646
3,022,242



12.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
42,630
5,785

Other taxation and social security
1,621
401

Accruals and deferred income
1,650
1,650

45,901
7,836



13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



165,000 (2023 - 165,000) Ordinary C Shares shares of £1.00 each
165,000
165,000
165,000 (2023 - 165,000) Ordinary P Shares shares of £1.00 each
165,000
165,000

330,000

330,000


The Ordinary C and P shares constitute 100% of the voting rights of the Company, with the shares
carrying equal voting rights.


14.


Financial commitments, guarantees and contingent liabilities

There is an unlimited cross guarantee in place between Asmet Limited and Asmet (UK) Limited.


15.


Controlling party

The controlling party is Asmet Group Limited, with registered office of Jubilee House, 61c Sheffield Road, Dronfield, Derbyshire, S18 2HU. Consolidated accounts are prepared for Asmet Group Limited which can be obtained from Companies House.

 
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