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Registered number: 02849713










ASMET (UK) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
ASMET (UK) LIMITED
 
 
COMPANY INFORMATION


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




Company secretary
D Parker



Registered number
02849713



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 (UK) LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Statement of Income and Retained Earnings
 
10
Balance Sheet
 
11
Notes to the Financial Statements
 
12 - 24


 
ASMET (UK) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

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

The Company 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 Company 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 Company 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.  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.

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 key performance indicators
 
The Company'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 Company 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. 


 
Page 1

 
ASMET (UK) LIMITED
 

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

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 profi

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 Company continued to reduce general administrative expenses which are forecast to reduce significantly further in 2025.

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.

Financial Instruments
 
Objectives and policies 
 
The Company 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 Company's operations.
 
Liquidity risk 
 
Working capital and liquidity is managed as part of day to day business routines and as such the Company has no significant concentrations of liquidity risk. 
 
Cash flow risk 
 
The Company currently has no requirement for an overdraft facility and does not foresee any material cash flow risks. 

Credit risk 

The Company continues to closely manage credit risk and enforce strict credit control and limits exposure to high-risk customers.  The Company has experienced one small bad debt in the financial year.

 
Page 2

 
ASMET (UK) LIMITED
 

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

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. 

Currency risk 

The Company 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. Asmetremains 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 (UK) 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 £1,265,051 (2023 - £2,950,073).

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 Strategic Report, 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 4

 
ASMET (UK) 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 5

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

Opinion


We have audited the financial statements of Asmet (UK) 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 6

 
ASMET (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASMET (UK) 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 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 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 7

 
ASMET (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASMET (UK) 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.

Page 8

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



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.


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 (UK) LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
10,669,175
17,005,064

Cost of sales
  
(8,493,158)
(12,621,917)

Gross profit
  
2,176,017
4,383,147

Administrative expenses
  
(728,232)
(569,317)

Gain/(loss) from changes in fair value of investments
  
145,731
(31,363)

Operating profit
 5 
1,593,516
3,782,467

Interest receivable and similar income
 9 
43,128
15,846

Interest payable and similar expenses
 10 
-
(14,066)

Profit before tax
  
1,636,644
3,784,247

Tax on profit
 11 
(371,593)
(834,174)

Profit after tax
  
1,265,051
2,950,073

  

  

Retained earnings at the beginning of the year
  
14,486,986
16,032,543

Profit for the year
  
1,265,051
2,950,073

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

Retained earnings at the end of the year
  
12,857,407
14,486,986
The notes on pages 12 to 24 form part of these financial statements.

Page 10

 
ASMET (UK) LIMITED
REGISTERED NUMBER: 02849713

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
149,087
190,734

Investments
 14 
636,832
491,101

  
785,919
681,835

Current assets
  

Stocks
 15 
4,992,558
6,274,278

Debtors: amounts falling due within one year
 16 
7,496,775
7,908,079

Cash at bank and in hand
  
764,923
963,641

  
13,254,256
15,145,998

Creditors: amounts falling due within one year
 17 
(852,768)
(1,010,294)

Net current assets
  
 
 
12,401,488
 
 
14,135,704

Total assets less current liabilities
  
13,187,407
14,817,539

Provisions for liabilities
  

Deferred tax
 18 
-
(553)

Net assets
  
13,187,407
14,816,986


Capital and reserves
  

Called up share capital 
 19 
330,000
330,000

Profit and loss account
  
12,857,407
14,486,986

  
13,187,407
14,816,986


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 12 to 24 form part of these financial statements.

Page 11

 
ASMET (UK) 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 02849713. The address of the registered office is Jubilee House, Sheffield Road, Dronfield, Derbyshire, S18 2HU. The principal activity of the Company continued to be 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 management to exercise judgement in applying the Company's accounting policies (see note 3).

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is pounds sterling.

Transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by apply the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.


Page 12

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company 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

Revenue 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 revenue can be measured reliably;
it is probable that the Company 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

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

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

 
2.7

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 13

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

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.9

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 operates and generates 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 Company 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 14

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

2.Accounting policies (continued)

 
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, as follows.

Depreciation is provided on the following basis:

Plant and machinery
-
25% - 33% straight line
Motor vehicles
-
33% straight line
Fixtures and fittings
-
25% straight line
Office equipment
-
17% - 33% straight line
Computer equipment
-
20% - 100% 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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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.

Page 15

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

2.Accounting policies (continued)

 
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

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.16

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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.17

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 16

 
ASMET (UK) 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. 
Impairment of stock
The Company procures, produces and manages supply of metallurgical consumables and specialists 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 stock 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 included an appropriate level of provision at the year end.
Impairment of debtors
The Company makes an estimate of the recoverable value and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.


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
10,669,175
17,005,064


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
9,070,892
14,832,226

Rest of Europe
1,319,101
1,724,235

Rest of the World
279,182
448,603

10,669,175
17,005,064


Page 17

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

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
14,000
14,000


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,500
15,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

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


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

Page 18

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

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
36,384
36,384

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

37,748
64,748



9.


Interest receivable and similar income

2024
2023
£
£


Other interest receivable
43,128
15,846


10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
-
14,066

Page 19

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

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
378,196
827,257

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

Total current tax
374,855
827,257

Deferred tax


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

Adjustment in respect of prior periods
(56)
-

Total deferred tax
(3,262)
6,917


Tax on profit
371,593
834,174

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
1,636,644
3,784,247


Profit multiplied by standard rate of corporation tax in the UK of 25%
(2023 - 22%)
409,161
832,913

Effects of:


Expenses not deductible for tax purposes
2,262
1,342

Remeasurement of deferred tax for changes in tax rates
-
(81)

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

Income not taxable for tax purposes
(36,433)
-

Total tax charge for the year
371,593
834,174

Page 20

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

12.


Dividends

2024
2023
£
£


Ordinary C shares
1,447,315
2,247,815


Ordinary P shares
1,447,315
2,247,815

2,894,630
4,495,630


13.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost


At 1 October 2023
270,288
385,622
172,278
828,188


Additions
-
1,242
76
1,318



At 30 September 2024

270,288
386,864
172,354
829,506



Depreciation


At 1 October 2023
119,359
363,650
154,445
637,454


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



At 30 September 2024

154,603
371,371
154,445
680,419



Net book value



At 30 September 2024
115,685
15,493
17,909
149,087



At 30 September 2023
150,929
21,972
17,833
190,734

Page 21

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

14.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 October 2023
22,464
468,637
491,101


Revaluations
-
145,731
145,731



At 30 September 2024
22,464
614,368
636,832





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Asmet (DE) GmbH
Germany
Ordinary
100%

Asmet (DE) GmbH has its registered office at Eichendorffstr. 46, D-47800 Krefeld, Germany.


15.


Stocks

2024
2023
£
£

Finished goods and goods for resale
4,992,558
6,274,278



16.


Debtors

2024
2023
£
£


Trade debtors
2,136,198
2,419,697

Amounts owed by group undertakings
5,231,547
5,220,122

Other debtors
201
200

Prepayments
126,120
268,060

Deferred taxation
2,709
-

7,496,775
7,908,079


Page 22

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

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
269,746
263,640

Amounts owed to group undertakings
349,645
519,645

Corporation tax
60,664
36,566

Other taxation and social security
148,576
156,229

Other creditors
13,897
11,909

Accruals and deferred income
10,240
22,305

852,768
1,010,294



18.


Deferred taxation




2024


£






At beginning of year
(553)


Charged to profit or loss
2,156


Utilised in year
1,106



At end of year
2,709

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
2,709
(553)

Page 23

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

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



165,000 (2023 - 165,000) Ordinary C shares of £1 each  -
165,000
165,000
165,000 (2023 - 165,000) Ordinary P shares of £1 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.



20.


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 amount to £60,328 (2023: £118,059).
No contributions were payable to the fund at the reporting date (2023: £nil)


21.


Commitments under operating leases

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

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


22.Financial commitments, guarantees and contingent liabilities

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


23.


Controlling party

The ultimate parent company is Asmet Group Limited, with a registered office of Jubilee House, SheffieldRoad, Dronfield, Derbyshire, S18 2HU. Consolidated accounts are prepared for Asmet Group Limited which can be obtained from Companies House.

 
Page 24