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Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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ASMET (UK) LIMITED
COMPANY INFORMATION
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ASMET (UK) LIMITED
CONTENTS
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ASMET (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The directors present the strategic report for the year ended 30 September 2024.
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.
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.
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.
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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 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 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.
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.
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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.
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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.
The profit for the year, after taxation, amounted to £1,265,051 (2023 - £2,950,073).
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
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ASMET (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The auditors, Shorts, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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ASMET (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASMET (UK) LIMITED
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 policies. The 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).
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.
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.
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ASMET (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASMET (UK) LIMITED (CONTINUED)
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 Report. Our 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.
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.
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.
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ASMET (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASMET (UK) LIMITED (CONTINUED)
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.
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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.
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 2006. Our 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Cedar House
63 Napier Street
South Yorkshire
S11 8HA
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ASMET (UK) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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ASMET (UK) LIMITED
REGISTERED NUMBER: 02849713
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 24 form part of these financial statements.
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ASMET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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
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:
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.
Functional and presentation currency
Transactions and balances
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ASMET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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ASMET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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ASMET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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:
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.
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ASMET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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.
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.
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ASMET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
Analysis of turnover by country of destination:
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ASMET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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ASMET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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ASMET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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ASMET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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ASMET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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ASMET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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ASMET (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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)
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.
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.
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