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REGISTERED NUMBER: 00338560 (England and Wales)















WORCESTERSHIRE METAL HOLDINGS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024






WORCESTERSHIRE METAL HOLDINGS LIMITED (REGISTERED NUMBER: 00338560)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 NOVEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


WORCESTERSHIRE METAL HOLDINGS LIMITED

COMPANY INFORMATION
For The Year Ended 30 NOVEMBER 2024







DIRECTORS: C W H Davies
G J Hawkins
I Chatwin
W Hawkins





REGISTERED OFFICE: Fox House
Edward Street
Redditch
Worcestershire
B97 6HA





REGISTERED NUMBER: 00338560 (England and Wales)





AUDITORS: Charles Lovell & Co Limited
Chartered Certified Accountants
and Statutory Auditors
8 Church Green East
Redditch
Worcestershire
B98 8BP

WORCESTERSHIRE METAL HOLDINGS LIMITED (REGISTERED NUMBER: 00338560)

BALANCE SHEET
30 NOVEMBER 2024

30.11.24 30.11.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 630,000 630,000
Investments 5 732,382 732,382
1,362,382 1,362,382

CURRENT ASSETS
Cash at bank 664 1,063

CREDITORS
Amounts falling due within one year 6 844,258 783,922
NET CURRENT LIABILITIES (843,594 ) (782,859 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

518,788

579,523

CREDITORS
Amounts falling due after more than one
year

7

87,047

151,467
NET ASSETS 431,741 428,056

CAPITAL AND RESERVES
Called up share capital 9 100,000 100,000
Revaluation reserve 131,611 131,611
Retained earnings 200,130 196,445
SHAREHOLDERS' FUNDS 431,741 428,056

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 June 2025 and were signed on its behalf by:





C W H Davies - Director


WORCESTERSHIRE METAL HOLDINGS LIMITED (REGISTERED NUMBER: 00338560)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 NOVEMBER 2024


1. COMPANY INFORMATION

Worcestershire Metal Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fox House, Edward Street, Redditch, Worcestershire, B97 6HA.

2. ACCOUNTING POLICIES

Accounting convention
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investments in subsidiaries
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

WORCESTERSHIRE METAL HOLDINGS LIMITED (REGISTERED NUMBER: 00338560)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 NOVEMBER 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the reporting end date.


WORCESTERSHIRE METAL HOLDINGS LIMITED (REGISTERED NUMBER: 00338560)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 NOVEMBER 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST OR VALUATION
At 1 December 2023
and 30 November 2024 630,000
NET BOOK VALUE
At 30 November 2024 630,000
At 30 November 2023 630,000

Cost or valuation at 30 November 2024 is represented by:

Freehold
property
£   
Valuation in 2013 250,029
Cost 379,971
630,000

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

30.11.24 30.11.23
£    £   
Cost 379,971 379,971

Freehold land and buildings were valued on an open market basis on 19 August 2013 by the directors .

WORCESTERSHIRE METAL HOLDINGS LIMITED (REGISTERED NUMBER: 00338560)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 NOVEMBER 2024


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 December 2023
and 30 November 2024 732,382
NET BOOK VALUE
At 30 November 2024 732,382
At 30 November 2023 732,382

The fixed asset investment is being carried at deemed cost at the date of transition to FRS102. If this were carried at cost it would amount to £70,800.

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Vernier Springs and Pressings Limited
Registered office: United Kingdom
Nature of business: Manufacturing
%
Class of shares: holding
Ordinary 100.00

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Bank loans and overdrafts (see note 8) 64,307 59,494
Amounts owed to group undertakings 778,708 723,708
Other creditors 1,243 720
844,258 783,922

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.24 30.11.23
£    £   
Bank loans (see note 8) 87,047 151,467

8. LOANS

The commercial mortgage of £151,354 (2023 - £210,961) is repayable by 30 June 2031. This loan was interest only for the first 5 years payable quarterly. The rate of interest on the loan is set at 6.80% above LIBOR from 1 January 2024 to 31 August 2024, and from 6.55% above LIBOR from 1 September 2024 to 30 November 2024.

The commercial mortgage of £151,354 is expected to be fully repaid by March 2027 due to prior and planned overpayments. The aging of the creditor in these accounts are based on that expectation.

The commercial mortgage is secured by legal charges over the land and premises at Edward Street and Britten Street.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.24 30.11.23
value: £    £   
100,000 Ordinary A £1 100,000 100,000

WORCESTERSHIRE METAL HOLDINGS LIMITED (REGISTERED NUMBER: 00338560)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 NOVEMBER 2024


10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Thomas Harris (Senior Statutory Auditor)
for and on behalf of Charles Lovell & Co Limited

11. RELATED PARTY DISCLOSURES

During the year, the company paid dividends totalling £10,000 (2023 £10,000) to the ultimate parent company company.

As at the balance sheet date £689,958 was owed by Worcestershire Metal Holdings Limited to a wholly owned subsidiary.

As at the balance sheet date £88,750 owed by Worcestershire Metal Holdings Limited to the ultimate parent company.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Vernier Metal Products Limited.