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REGISTERED NUMBER: 01910661 (England and Wales)



















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Fabrikat (Nottingham) Limited

Fabrikat (Nottingham) Limited (Registered number: 01910661)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Profit and Loss Account 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Fabrikat (Nottingham) Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: P Allen
M Batty
M Scott
M Caetano
B Mota
AP Antunes
T Vieira


REGISTERED OFFICE: Hamilton Road
Sutton in Ashfield
Nottingham
NG17 5LN


REGISTERED NUMBER: 01910661 (England and Wales)


AUDITORS: Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ


SOLICITORS: Nelsons
Sterne House
Lodge Lane
Derby
DE1 3WD

Fabrikat (Nottingham) Limited (Registered number: 01910661)

Strategic Report
for the Year Ended 31 December 2024

Financial Overview
Profit on ordinary activities before taxation was £1,636,871 (2023: £3,186,901). The directors are pleased with the result for the period in what continued to be a difficult trading market and are confident for the coming year.

Financial Performance
Year to Year to
31 Dec 2024 31 Dec 2023 Change Change


£'000

£'000

£'000

%

Turnover 20,014 21,181 (1,167 ) (5.5 )
Gross Profit 3,936 5,225 (1,289 ) (24.7 )
Profit on ordinary activities before
taxation

1,637

3,187

(1,541

)

(48.4

)

Strategy
Further progress was made during the period to ensuring that the company continues to achieve a balance between its product ranges and continues to strive to improve market share, particularly in the bespoke section of the market.

Turnover
Overall sales have shown a decrease due to falling steel prices, tonnage produced was inline with 2023.

Gross Margin
This decreased year on year as the market for bespoke products was slow during an election year. Competition in the conventional product market has and will continue to put pressures on margins in this sector.

Operating Costs
Operating costs increased with market standards; higher staff levels were maintained to continue output levels.

Research and Development
The company continues to invest in the quality and design of its products believing that continued investment in research and development is fundamental to the growth of the business.

Capital Expenditure
The directors feel that investment in our material handling capability is necessary and have continued to invest.

Summary of Key Performance Indicators
2024 2023
Actual Target Actual Target

Sales £'000 20,014 22,520 21,181 18,750
Sales growth % compared to prior year (6 ) 6 10 39
Gross Profit Margin % 20 25 25 24
Net Profit Before Tax Margin % 8 15 15 14

Future Developments for the Business/Future Outlook
The company believes that continuing to place emphasis on quality, design and delivery will enable the business to improve both its already strong reputation and market position as the market improves.

Principal Risks and Uncertainties
The management of the business and the nature of the company's strategy are subject to a number of risks.

The directors feel that the principal risk is that of not achieving turnover and the company closely monitors this. There is also the risk of gross profit reduction and cost increases against anticipated performance. This again is closely monitored by the directors with any necessary action undertaken.

Fabrikat (Nottingham) Limited (Registered number: 01910661)

Strategic Report
for the Year Ended 31 December 2024

Financial risk management objectives and policies
The company uses basic financial instruments, comprising bank borrowings and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to maintain finance for the company's operations. The main risks arising from the company's financial instruments are interest rate risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below:

Interest rate risk
The company finances its operations through a mixture of retained profits, intercompany accounts and bank borrowings. The company's exposure to interest rate fluctuations on its overdraft is managed on a group basis.

Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Primarily this was achieved through bank borrowings. The company policy throughout the period has been to ensure continuity of funding and short term flexibility was achieved by overdraft facilities.

ON BEHALF OF THE BOARD:





AP Antunes - Director


29 April 2025

Fabrikat (Nottingham) Limited (Registered number: 01910661)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture of street lighting columns, traffic management and telecommunication structures, pedestrian guard rails, parapets, fencing and street furniture.

DIVIDENDS
Interim dividends per share were paid as follows:
0.9023 - 31 December 2024

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £902,307.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

P Allen
M Batty
M Scott

Other changes in directors holding office are as follows:

M Caetano - appointed 6 March 2024
B Mota - appointed 6 March 2024
AP Antunes - appointed 6 March 2024
T Vieira - appointed 6 March 2024

DISCLOSURE IN THE STRATEGIC REPORT
The matters required to be disclosed under SI (2008) 410 Sch 7 are contained within the Strategic Report as is applicable in accordance with s414C(11) of the Companies Act 2006, this being future developments, research and development activities of the group, financial risk management and the financial instruments used.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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 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.

Fabrikat (Nottingham) Limited (Registered number: 01910661)

Report of the Directors
for the Year Ended 31 December 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





AP Antunes - Director


29 April 2025

Report of the Independent Auditors to the Members of
Fabrikat (Nottingham) Limited

Opinion
We have audited the financial statements of Fabrikat (Nottingham) Limited (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 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 UK, including the FRC'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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Fabrikat (Nottingham) Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 four, 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 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.

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 a Report of the Auditors 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.

Based on our understanding of the group and industry in which it operates, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. Audit procedures performed by the engagement team included:

- Enquiry of management around actual and potential litigation and claims;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Fabrikat (Nottingham) Limited


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 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 a Report of the Auditors 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.




Wayne Thomas FCA (Senior Statutory Auditor)
for and on behalf of Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

27 May 2025

Fabrikat (Nottingham) Limited (Registered number: 01910661)

Profit and Loss Account
for the Year Ended 31 December 2024

2024 2023
Notes £    £    £   

TURNOVER 20,013,805 21,180,807

Cost of sales 16,077,565 15,955,594
GROSS PROFIT 3,936,240 5,225,213

Distribution costs 1,184,089 957,293
Administrative expenses 1,109,627 1,057,536
2,293,716 2,014,829
OPERATING PROFIT 5 1,642,524 3,210,384


Interest payable and similar expenses 6 5,653 23,483
PROFIT BEFORE TAXATION 1,636,871 3,186,901

Tax on profit 7 38,000 445,970
PROFIT FOR THE FINANCIAL YEAR 1,598,871 2,740,931

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,598,871

2,740,931

Fabrikat (Nottingham) Limited (Registered number: 01910661)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 1,293,516 1,087,661

CURRENT ASSETS
Stocks 10 2,438,301 1,901,566
Debtors 11 4,565,077 5,662,546
Cash at bank 1,540,888 664,873
8,544,266 8,228,985
CREDITORS
Amounts falling due within one year 12 3,611,699 3,861,335
NET CURRENT ASSETS 4,932,567 4,367,650
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,226,083

5,455,311

CREDITORS
Amounts falling due after more than one
year

13

(36,208

)

-

PROVISIONS FOR LIABILITIES 15 (134,000 ) (96,000 )
NET ASSETS 6,055,875 5,359,311

CAPITAL AND RESERVES
Called up share capital 16 10,000 10,000
Revaluation reserve 17 64,969 66,892
Retained earnings 17 5,980,906 5,282,419
SHAREHOLDERS' FUNDS 6,055,875 5,359,311

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by:





AP Antunes - Director


Fabrikat (Nottingham) Limited (Registered number: 01910661)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2023 10,000 5,208,712 68,815 5,287,527

Changes in equity
Dividends - (2,669,147 ) - (2,669,147 )
Total comprehensive income - 2,742,854 (1,923 ) 2,740,931
Balance at 31 December 2023 10,000 5,282,419 66,892 5,359,311

Changes in equity
Dividends - (902,307 ) - (902,307 )
Total comprehensive income - 1,600,794 (1,923 ) 1,598,871
Balance at 31 December 2024 10,000 5,980,906 64,969 6,055,875

Fabrikat (Nottingham) Limited (Registered number: 01910661)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Fabrikat (Nottingham) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102" The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover from the sales of goods is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company will receive the previously agreed amounts upon payment. These criteria are considered to be met when the goods are delivered to the buyer.

Tangible fixed assets and depreciation
Tangible fixed assets are stated at historical cost or deemed cost less accumulated depreciation. 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 provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property- Straight line over 33 years
Plant and machinery- 20% on cost
Motor vehicles- 25% on cost
Office equipment- 20% on cost

Freehold land is not depreciated.

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 within 'other operating income' in the profit and loss account.

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items, cost is determined on a first in first out basis.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.


Fabrikat (Nottingham) Limited (Registered number: 01910661)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the profit and loss account.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account as incurred.

Hire purchase
Those held under hire purchase contracts are depreciated over their estimated useful lives. The
interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Pensions
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 when they fall due. Amounts not paid are shown in accruals on the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Fabrikat (Nottingham) Limited (Registered number: 01910661)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Bank financing arrangements
The company has a factoring arrangement without recourse to manage its working capital and liquidity needs. Under such arrangements, trade receivables are sold or assigned to a third-party factor in exchange for immediate cash. Factored receivables are derecognised from the balance sheet when the company has transferred substantially all the risks and rewards of ownership to the factor. The proceeds from factoring are recognised as cash received. The interest element and other facility provider's charges are recognised within the profit and loss account as they accrue.

Revaluation reserve
The revaluation reserve consists of gains on revaluations to land and buildings prior to FRS 102 adoption. Deferred tax on these gains is assessed on an annual basis.

Judgements in applying accounting policies and key sources of estimation uncertainty
Tangible fixed assets are depreciated over their useful economic lives taking in to account their residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken in to account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values.

The recoverability of debtors is assessed on the likelihood and circumstances of the particular cost.

The cost of certain stock is estimated based on weight.

The valuation of work in progress and finished goods is based on direct and indirect costs to date, indirect costs are estimated based on a multiple of labour costs which is reassessed each year.

Stock that has not been replenished for 12 months is considered to be obsolete and is written off to the Profit and Loss Account.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,996,090 3,488,249
Social security costs 467,728 376,185
Other pension costs 81,623 68,262
4,545,441 3,932,696

Fabrikat (Nottingham) Limited (Registered number: 01910661)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Production staff 95 87
Administrative staff 7 6
102 93

4. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 300,000 276,000

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 100,000 92,000

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 172,530 202,102
Loss on disposal of fixed assets - 5,344
Auditors' remuneration 17,500 17,500
Hire of plant and machinery 41,827 47,935
Auditors' remuneration for non-audit work 3,250 4,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other bank financing interest 4,042 23,064
Hire purchase 1,611 419
5,653 23,483

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 437,970

Deferred tax 38,000 8,000
Tax on profit 38,000 445,970

UK corporation tax has been charged at 25% .

Fabrikat (Nottingham) Limited (Registered number: 01910661)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,636,871 3,186,901
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

409,218

796,725

Effects of:
Expenses not deductible for tax purposes - 1,336
Other timing differences 4,303 15,590
Research and development enhanced relief (100,167 ) (146,439 )
Group relief (275,354 ) (206,239 )
Change in tax rate - (15,003 )
Total tax charge 38,000 445,970

Deferred tax provision20242023
££

Accelerated capital allowances134,00096,000
134,00096,000

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £0.01 each
Interim 902,307 2,669,147

9. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Office
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 900,000 2,082,159 119,488 411,789 3,513,436
Additions - 275,950 84,921 17,514 378,385
At 31 December 2024 900,000 2,358,109 204,409 429,303 3,891,821
DEPRECIATION
At 1 January 2024 203,348 1,786,119 79,698 356,610 2,425,775
Charge for year 20,004 110,709 22,761 19,056 172,530
At 31 December 2024 223,352 1,896,828 102,459 375,666 2,598,305
NET BOOK VALUE
At 31 December 2024 676,648 461,281 101,950 53,637 1,293,516
At 31 December 2023 696,652 296,040 39,790 55,179 1,087,661

Fabrikat (Nottingham) Limited (Registered number: 01910661)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. TANGIBLE FIXED ASSETS - continued

Included in cost of land and buildings is freehold land of £ 241,071 (2023 - £ 241,071 ) which is not depreciated.

Land and buildings were valued on an open market basis on 1 November 2013 by an independent valuer and this was the deemed cost at the date of transition to FRS 102 which was 1 January 2015.

If land and buildings had not been revalued they would have been included at a carrying amount of £122,783 (2023: £140,860).

10. STOCKS
2024 2023
£    £   
Raw materials 1,556,595 1,322,245
Work-in-progress 248,265 299,769
Finished goods 633,441 279,552
2,438,301 1,901,566

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,769,926 3,299,262
Amounts owed by group undertakings 2,310,677 2,044,313
Other debtors - 20,399
Tax 152,881 -
Prepayments and accrued income 331,593 298,572
4,565,077 5,662,546

Trade debtors are stated after deducting amounts totalling £1,144,620 (2023: Nil) under factoring arrangements without recourse.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 15,592 -
Trade creditors 2,363,684 2,307,210
Amounts owed to group undertakings 272,500 320,062
Tax - 280,726
Social security and other taxes 444,099 528,389
Accrued expenses 515,824 424,948
3,611,699 3,861,335

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 36,208 -

Fabrikat (Nottingham) Limited (Registered number: 01910661)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 15,592 -
Between one and five years 36,208 -
51,800 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 106,206 98,800
Between one and five years 383,596 395,200
In more than five years - 98,800
489,802 592,800

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 134,000 96,000

Deferred
tax
£   
Balance at 1 January 2024 96,000
Provided during year 38,000
Balance at 31 December 2024 134,000

16. CALLED UP SHARE CAPITAL

2024 2023
£ £
Allotted, called up and fully paid

1,000,000 Ordinary shares of £0.01 each 10,000 10,000
10,000 10,000

Fabrikat (Nottingham) Limited (Registered number: 01910661)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

17. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2024 5,282,419 66,892 5,349,311
Profit for the year 1,598,871 - 1,598,871
Dividends (902,307 ) - (902,307 )
Transfer 1,923 (1,923 ) -
At 31 December 2024 5,980,906 64,969 6,045,875

18. PENSION COMMITMENTS

The principal employee benefit, as operated by the company, is that of a defined contribution scheme. The assets of the scheme are administered by trustees in a fund independent from those of the company.

The pension cost charge for the period was £81,623 (2023: £70,411).

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
P Allen and M Batty
Balance outstanding at start of year 20,000 -
Amounts advanced - 20,000
Amounts repaid (20,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 20,000

20. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The directors are considered to be the key management personnel.

Vigent Group SGPS S.A. is regarded by the directors as being the company's ultimate parent company at the balance sheet date.

The 100% share capital of the group was acquired by Metalogalva - Irmaos Silvas, S. A. on 6 March 2024.

All companies within the group share the registered office as detailed on page 1. The group accounts can be obtained from Companies House.