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Registered number: 05882186










WILSON TOOL INTERNATIONAL [EUROPE] LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

COMPANY INFORMATION


Directors
Andrew David Blackwell (appointed 15 March 2023)
Paul Thomas Johnson (appointed 1 July 2023)




Company secretary
Paul Thomas Johnson



Registered number
05882186



Registered office
Stirling Road
South Marston Ind Estate

Swindon

SN3 4TQ




Independent auditors
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

Cumnor Hill

Oxford

Oxfordshire

OX2 9GG





 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

CONTENTS



Page
Group Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Consolidated Statement of Comprehensive Income
8
Consolidated Balance Sheet
9
Company Balance Sheet
10
Consolidated Statement of Changes in Equity
11
Company Statement of Changes in Equity
12
Consolidated Statement of Cash Flows
13 - 14
Consolidated Analysis of Net Debt
14
Notes to the Financial Statements
15 - 39


 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The results for the year, the financial position of the group, and the transfer to reserves are set out in the annexed financial statements.

Business review
 
During 2024, the group delivered improved trading performance compared to the prior year. Key drivers of this improvement included successful integration efforts following the acquisition of PASS, increased operational efficiencies from the restructuring of sales office operations, and stronger market demand across several core product lines.
Revenue growth accelerated during the year, gross margins strengthened, and early benefits from strategic initiatives began to materialize. Although some integration and restructuring costs continued to impact net profitability, the group's overall financial position improved, setting a stronger foundation for future growth.
Management remains focused on further enhancing operational performance, expanding market share, and building on the progress made during 2024. The group intends to continue developing its trade activities while consolidating its financial position in the forthcoming year.

Principal risks and uncertainties
 
As with many businesses, the group's operations are subject to a variety of financial risks and macroeconomic factors, including inflation, interest rate volatility, and currency exchange fluctuations, all of which can have a material impact on trading performance. Management actively monitors these risks and continues to develop strategies to mitigate their potential effects.

Financial key performance indicators
 
Annual growth in sales was 11.7% (2023 - 16.6%)
Gross profit percentage was 42.0% (2023 - 30.8%)
Net profit percentage was -1.0% (2023 - -5.3%)
The year-over-year changes in key performance indicators reflect both the effects of the PASS acquisition and the ongoing restructuring activities. While the group delivered improved gross profit margins during 2024, net profit margins remained under pressure due to continued integration costs and strategic investments.
Management expects these initiatives to yield further financial benefits in future periods.


This report was approved by the board and signed on its behalf.




................................................
Andrew David Blackwell
Director

Date: 22 May 2025

Page 1

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Results and dividends

The loss for the year, after taxation, amounted to £325,209 (2023 - loss £1,522,992).

Directors

The directors who served during the year were:

Andrew David Blackwell (appointed 15 March 2023)
Paul Thomas Johnson (appointed 1 July 2023)

Future developments

The group intends to further develop its trade and consolidate its financial position in the forthcoming year. 

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group's financial statements 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 2

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Auditors

The auditor, James Cowper Kreston Audit, replaced The M Group as auditor of the company during the year ended 31 December 2024.
James Cowper Kreston Audit will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Andrew David Blackwell
Director

Date: 22 May 2025

Page 3

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

Opinion


We have audited the financial statements of Wilson Tool International [Europe] Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's loss 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 Group 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 Group's or the parent 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 4

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILSON TOOL INTERNATIONAL [EUROPE] 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 2, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILSON TOOL INTERNATIONAL [EUROPE] 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 Group 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:

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.
The specific procedures for this engagement that we designed and performed to detect material misstatementsin respect of irregularities, including fraud, were as follows:
 
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of noncompliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to 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 evidence.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 6

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILSON TOOL INTERNATIONAL [EUROPE] LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





James Pitt  BA BFP FCA (Senior Statutory Auditor)
 
for and on behalf of
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor
201 Cumnor Hill
Cumnor
Oxford
OX2 9PJ

22 May 2025
Page 7

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
32,069,465
28,711,656

Cost of sales
  
(18,602,702)
(19,876,125)

Gross profit
  
13,466,763
8,835,531

Distribution costs
  
(3,301,231)
(3,165,505)

Administrative expenses
  
(10,449,344)
(7,744,530)

Other operating income
 5 
120,197
168,530

Operating loss
 6 
(163,615)
(1,905,974)

Interest receivable and similar income
 10 
38,740
15,446

Interest payable and similar expenses
 11 
(41,248)
(47,905)

Loss before taxation
  
(166,123)
(1,938,433)

Tax on loss
 12 
(159,086)
415,441

Loss for the financial year
  
(325,209)
(1,522,992)

  

Currency translation differences arising on consolidation
  
991,413
-

Other comprehensive income for the year
  
991,413
-

Total comprehensive income for the year
  
666,204
(1,522,992)

  

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 15 to 39 form part of these financial statements.

Page 8

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
REGISTERED NUMBER: 05882186

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
(as restated)
Note
£
£

Fixed assets
  

Intangible assets
 13 
9,804,300
-

Tangible assets
 14 
21,871,214
9,375,861

Investments
 15 
430
-

  
31,675,944
9,375,861

Current assets
  

Stocks
 16 
12,417,120
7,373,555

Debtors: amounts falling due within one year
 17 
7,410,341
6,777,862

Cash at bank and in hand
 18 
2,370,414
3,775,641

  
22,197,875
17,927,058

Creditors: amounts falling due within one year
 19 
(30,228,231)
(5,846,053)

Net current (liabilities)/assets
  
 
 
(8,030,356)
 
 
12,081,005

Total assets less current liabilities
  
23,645,588
21,456,866

Creditors: amounts falling due after more than one year
 20 
(322,281)
(636,533)

Deferred taxation
 23 
(752,633)
(462,419)

  
 
 
(752,633)
 
 
(462,419)

Net assets
  
22,570,674
20,357,914


Capital and reserves
  

Called up share capital 
 24 
43
43

Share premium account
 25 
2,184,318
2,184,318

Foreign exchange reserve
 25 
991,413
-

Capital contribution reserve
 25 
4,095,741
2,549,185

Profit and loss account
 25 
15,299,159
15,624,368

  
22,570,674
20,357,914


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 May 2025.

................................................
Andrew David Blackwell
Director

Page 9

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
REGISTERED NUMBER: 05882186

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
(as restated)
Note
£
£

Fixed assets
  

Tangible assets
 14 
7,177,377
6,819,345

Investments
 15 
6,496,807
6,025,385

  
13,674,184
12,844,730

Current assets
  

Stocks
 16 
4,899,772
4,655,868

Debtors: amounts falling due within one year
 17 
27,791,657
6,293,523

Cash at bank and in hand
 18 
494,785
1,019,432

  
33,186,214
11,968,823

Creditors: amounts falling due within one year
 19 
(24,438,407)
(2,715,698)

Net current assets
  
 
 
8,747,807
 
 
9,253,125

Total assets less current liabilities
  
22,421,991
22,097,855

  

Creditors: amounts falling due after more than one year
 20 
(322,281)
(636,533)

Provisions for liabilities
  

Deferred taxation
 23 
(614,158)
(462,419)

  
 
 
(614,158)
 
 
(462,419)

Net assets
  
21,485,552
20,998,903


Capital and reserves
  

Called up share capital 
 24 
43
43

Share premium account
 25 
2,184,318
2,184,318

Capital contribution reserve
 25 
4,095,741
2,549,185

Profit and loss account
  
15,205,450
16,265,357

  
21,485,552
20,998,903


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 May 2025.


................................................
Andrew David Blackwell
Director

The notes on pages 15 to 39 form part of these financial statements.

Page 10
 

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024



Called up share capital
Share premium account
Foreign currency translation reserve
Capital contribution reserve
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 January 2023
(as restated)
41
1,108,520
-
496,040
17,147,360
18,751,961





Loss for the year
-
-
-
-
(1,522,992)
(1,522,992)


Shares issued during the year
2
1,075,798
-
-
-
1,075,800


Capital contribution from parent
-
-
-
2,053,145
-
2,053,145





At 1 January 2024 
(as previously stated)
43
2,679,756
-
-
15,624,368
18,304,167


Prior year adjustment (note 27)
-
(495,438)
-
2,549,185
-
2,053,747



At 1 January 2024 (as restated)
43
2,184,318
-
2,549,185
15,624,368
20,357,914





Loss for the year
-
-
-
-
(325,209)
(325,209)


Currency translation differences arising on consolidation
-
-
991,413
-
-
991,413


Capital contribution from parent
-
-
-
1,546,556
-
1,546,556



At 31 December 2024
43
2,184,318
991,413
4,095,741
15,299,159
22,570,674



The notes on pages 15 to 39 form part of these financial statements.

Page 11
 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023 
(as restated)
41
1,108,520
496,040
22,376,090
23,980,691



Loss for the year
-
-
-
(6,110,733)
(6,110,733)

Shares issued during the year
2
1,075,798
-
-
1,075,800

Capital contribution from parent
-
-
2,053,145
-
2,053,145



At 1 January 2024
(as previously stated)
43
2,679,756
-
18,009,540
20,689,339

Prior year adjustment (note 27)
-
(495,438)
2,549,185
(1,744,183)
309,564


At 1 January 2024 (as restated)
43
2,184,318
2,549,185
16,265,357
20,998,903



Loss for the year
-
-
-
(1,059,907)
(1,059,907)

Capital contribution from parent
-
-
1,546,556
-
1,546,556


At 31 December 2024
43
2,184,318
4,095,741
15,205,450
21,485,552


The notes on pages 15 to 39 form part of these financial statements.

Page 12

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
(as restated)
£
£

Cash flows from operating activities

Loss for the financial year
(163,615)
(1,905,974)

Adjustments for:

Amortisation of intangible assets
528,020
-

Depreciation of tangible assets
1,302,808
1,151,201

Loss on disposal of tangible assets
77,383
(1,954)

Decrease in stocks
819,956
2,356,286

(Increase) in debtors
(76,492)
(413,541)

(Decrease) in creditors
(1,282,942)
(679,896)

Corporation tax received/(paid)
-
(27,168)

Foreign exchange
129,410
-

Net cash generated from operating activities

1,334,528
478,954


Cash flows from investing activities

Purchase of intangible fixed assets
(26,716)
-

Purchase of tangible fixed assets
(3,119,497)
(1,581,025)

Sale of tangible fixed assets
-
20,821

Interest received
38,741
15,446

Consideration paid to acquire subsidiary, net of cash acquired
(23,649,329)
-

Net cash from investing activities

(26,756,801)
(1,544,758)

Cash flows from financing activities

Issue of ordinary shares
-
1,075,798

Repayment of loans
(53,434)
(136,364)

Repayment of/new finance leases
(154,495)
(254,207)

New loans from group companies
22,640,999
(267,547)

Interest paid
(41,255)
(47,905)

Capital contributions
1,546,556
2,053,145

Net cash used in financing activities
23,938,371
2,422,920

Net (decrease)/increase in cash and cash equivalents
(1,483,902)
1,357,116

Cash and cash equivalents at beginning of year
3,775,641
2,418,525

Foreign exchange gains and losses
78,675
-

Cash and cash equivalents at the end of year
2,370,414
3,775,641


Cash at bank and in hand
2,370,414
3,775,641

2,370,414
3,775,641

Page 13

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024






At 1 January 2024
(as restated)
Cash flows
Acquisition and disposal of subsidiaries
Other non-cash changes
At 31 December 2024
£

£

£

£

£

Cash at bank and in hand

3,775,641

22,165,427

(23,649,329)

78,675

2,370,414

Debt due within 1 year

-

53,433

(1,764,019)

(5,876)

(1,716,462)

Finance leases

(402,857)

154,495

-

(17,577)

(265,939)

Amounts owed to parent company

(996,879)

(22,640,999)

-

3,507

(23,634,371)


2,375,905
(267,644)
(25,413,348)
58,729
(23,246,358)

The notes on pages 15 to 39 form part of these financial statements.

Page 14

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Wilson Tool International [Europe] Limited is a private limited company incorporated in England and Wales and has its registered office and principal place of business at Sterling Road, South Marston Industrial Estate, Swindon, SN3 4TQ.  

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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered the company’s current financial position, cash flow forecasts, and available financial resources for a period of at least 12 months from the date of approval of these financial statements.
As part of this assessment, the directors have taken into account the financial support available from the company’s parent undertaking. The parent company has formally confirmed its intention to continue to provide financial support to the company for a period of at least 12 months from the date of approval of these financial statements, to enable the company to meet its liabilities as they fall due.
In view of this support, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Page 15

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

Page 16

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

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

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

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

Page 17

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

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 and the Group operate and generate 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 Group 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.


 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 18

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2.5% straight line basis
Plant and machinery
-
10% and 20% straight line basis
Motor vehicles
-
20% straight line basis
Fixtures and fittings
-
25% straight line 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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, 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 Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.15

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.

 
2.16

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 19

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

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.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans 
Page 20

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)

due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 21

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The estimates and assumptions that have a significant risk of causing a material adjustment to the amounts recognised in the financial statements are addressed below.
Useful economic life of tangible and intangible fixed assets
Tangible and intangible fixed assets are depreciated and amortised over their useful economic lives taking into account residual values, where appropriate. Management regularly reviews the assets' useful economic lives taking into consideration factors such as maintenance programmes. Changes in assets' useful economic lives can have a significant impact on depreciation and amortisation for the period. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. 
Impairment of investments
Investments in subsidiaries are reviewed for impairments in value. In reviewing the value of these investments, management consider the performance of each undertaking, the purpose of the undertaking and any changes that may have an impact on that company's performance or net assets. Changes in any of the factors considered for impairments can affect the value reported in the financial statements. 
Impairment of stocks
Stocks are assessed for impairment at each reporting end date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to sellping price less costs to complete and sell, and an impairment loss is recognised immediately in the statement of comprehensive income. 
No critical accounting judgements have been made in the process of applying the group's accounting policies, other than those involbing estimations notes above, that have a material effect on the amounts recognised in the financial statements. 
Deferred tax
The recognition of deferred tax assets requires judgement in assessing the availability of future taxable profits based on forecasts approved by the directors, alongside consideration of future tax planning opportunities and potential changes in tax legislation. Where the outcome of future events is uncertain, actual results may differ from the estimates made.


4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
3,919,327
3,677,322

Rest of the world
28,150,138
25,034,334

32,069,465
28,711,656


Page 22

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Other operating income

2024
2023
£
£

Other operating income
120,197
168,530

120,197
168,530



6.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Directors remuneration (note 9)
181,933
228,348

Group contributions to employee pension schemes
295,571
349,137

Depreciation
1,302,808
1,151,201

Amortisation
528,020
-

Operating lease rentals - land and buildings
27,911
95,434

Operating lease rentals - other assets
279,765
471,611

Currency exchange fluctuations
129,410
36

(Profit) / Loss on sale of fixed assets
77,383
(1,954)


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
65,000
55,949

Fees payable to the Company's auditors for non audit services
12,000
52,757

Page 23

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
11,015,972
9,064,342

Social security costs
1,841,762
1,362,121

Cost of defined contribution scheme
295,571
349,137

13,153,305
10,775,600


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Manufacturing and engineering
145
120



Sales and administration
96
74

241
194


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
170,188
174,684

Group contributions to defined contribution pension schemes
11,745
7,689

181,933
182,373


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.


10.


Interest receivable

2024
2023
£
£


Other interest receivable
38,740
15,446

38,740
15,446

Page 24

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
5,872
1,589

Loans from group undertakings
17,799
25,076

Finance leases and hire purchase contracts
17,577
21,240

41,248
47,905


12.


Taxation


2024
2023
£
£

Corporation tax


Foreign Tax
12,112
250,329

Adjustments in respect of previous periods
(423)
-


11,689
250,329


Total current tax
11,689
250,329

Deferred tax


Origination and reversal of timing differences
210,030
97,132

Losses carried forward
(57,508)
(762,902)

Short term timing differences
(5,125)
-

Total deferred tax
147,397
(665,770)


Tax on loss
159,086
(415,441)
Page 25

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(1,172,394)
(1,938,433)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(293,099)
(1,258,080)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
404,613
574,155

Capital allowances for year in excess of depreciation
35,883
18,155

Foreign tax
11,689
250,329

Total tax charge for the year
159,086
(415,441)

Page 26

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Intangible assets

Group





Goodwill
Other intangible assets
Total

£
£
£



Cost


Additions
9,624,519
26,716
9,651,235


On acquisition of subsidiaries
-
681,085
681,085



At 31 December 2024

9,624,519
707,801
10,332,320



Amortisation


Charge for the year
401,022
126,998
528,020



At 31 December 2024

401,022
126,998
528,020



Net book value



At 31 December 2024
9,223,497
580,803
9,804,300



At 31 December 2023
-
-
-



Page 27

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
9,500,508
15,670,464
124,069
2,487,561
27,782,602


Additions
358,616
2,684,777
3,325
72,779
3,119,497


Acquisition of subsidiary
7,480,189
2,985,371
34,787
198,590
10,698,937


Disposals
-
(136,742)
(310)
(17,443)
(154,495)



At 31 December 2024

17,339,313
21,203,870
161,871
2,741,487
41,446,541



Depreciation


At 1 January 2024
3,552,806
12,456,924
120,628
2,276,383
18,406,741


Charge for the year
287,355
930,419
5,755
79,279
1,302,808


Disposals
-
(134,222)
-
-
(134,222)



At 31 December 2024

3,840,161
13,253,121
126,383
2,355,662
19,575,327



Net book value



At 31 December 2024
13,499,152
7,950,749
35,488
385,825
21,871,214



At 31 December 2023
5,947,702
3,213,540
3,441
211,178
9,375,861

Included within freehold property is £2,223,312 (2023 - £1,619,444) relating to land which is not depreciated.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
703,516
735,702

703,516
735,702

Page 28

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           14.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£

Cost or valuation


At 1 January 2024
7,298,038
12,701,926
32,862
2,362,144
22,394,970


Additions
-
963,675
-
62,528
1,026,203


Disposals
-
(134,222)
-
-
(134,222)



At 31 December 2024

7,298,038
13,531,379
32,862
2,424,672
23,286,951



Depreciation


At 1 January 2024
3,034,516
10,334,135
29,421
2,177,553
15,575,625


Charge for the year
143,532
442,006
2,993
79,640
668,171


Disposals
-
(134,222)
-
-
(134,222)



At 31 December 2024

3,178,048
10,641,919
32,414
2,257,193
16,109,574



Net book value



At 31 December 2024
4,119,990
2,889,460
448
167,479
7,177,377



At 31 December 2023
4,263,522
2,367,791
3,441
184,591
6,819,345

Included within freehold property is £1,619,444 (2023 - £1,619,444) relating to land which is not depreciated.






The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
703,516
735,702

703,516
735,702

Page 29

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Fixed asset investments

Group





Unlisted investments

£



Cost or valuation


Disposals
(78,569)


On acquisition of subsidiaries
78,999



At 31 December 2024
430




Company





Investments in subsidiary companies
(as restated)

£



Cost or valuation


At 1 January 2024
6,025,385


Additions
471,422



At 31 December 2024
6,496,807





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Holding

Wilson Tool International A/S
Naverland 2, 14. sal, 2600 Glostrup, Denmark
100%
TP Tooling SRL
Via Argini, 17 Santa Maria del Piano, Lesignano de Bagni, Parma 43037, Italy
100%
Wilson Tool Schweiz GmbH
Wengistrasse 7, 8004 Zurich, Switzerland
100%
Wilson Tool France SAS
18 rue Jean-Mermoz, Paris, 75008, France
100%
Wilson Tool Deutschland GmbH
Gottleib Daimler Str 2, Rodenberg, 31552, Germany
100%
PASS Stanztechnik AG
Am Steinkreuz 2, 95473 CreuBen, Germany
100%

Page 30

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Raw materials and consumables
1,523,336
716,882
361,574
450,200

Work in progress (goods to be sold)
6,902,361
2,208,937
2,980,897
1,776,441

Finished goods and goods for resale
3,991,423
4,447,736
1,557,301
2,429,227

12,417,120
7,373,555
4,899,772
4,655,868


At the period end, finished goods and goods for resale included an obsolete stock provision of £273,225 (2023 - £1,713,113).


17.


Debtors

Group
Group
Company
Company
2024
2023
(as restated)
2024
2023
(as restated)
£
£
£
£


Trade debtors
4,124,513
3,494,894
1,173,361
1,340,388

Other debtors
1,550,149
2,010,868
25,412,355
3,815,093

Prepayments and accrued income
657,126
256,180
127,388
122,122

Deferred taxation
1,078,553
1,015,920
1,078,553
1,015,920

7,410,341
6,777,862
27,791,657
6,293,523


Included within company other debtors is a loan to a subsidiary company totalling £23,207,940 (2023 - £Nil). This loan is repayable on demand and non-interest bearing.
ncluded within company other debtors is a loan to a subsidiary company totalling £897,647 (2023 - £1,211,888) This loan is repayable over a period of 5 years. Interest is charged at 2% per annum. 


18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,370,414
3,775,641
494,785
1,019,432

2,370,414
3,775,641
494,785
1,019,432


Page 31

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
(as restated)
2024
2023
(as restated)
£
£
£
£

Bank loans
1,716,462
-
-
-

Trade creditors
1,326,318
2,161,627
354,245
439,096

Other taxation and social security
421,481
415,604
195,254
150,278

Obligations under finance lease and hire purchase contracts
181,262
238,693
181,262
238,693

Other creditors
24,618,698
1,709,745
23,681,934
799,327

Accruals and deferred income
1,964,010
1,320,384
25,712
1,088,304

30,228,231
5,846,053
24,438,407
2,715,698


Included within trade creditors are amounts which may be the subject of retention of title clauses.
Included within other creditors are loans from the parent company totalling £242,764 (2023 - £226,976) These loans are repayable over a period of fifteen years. Interest is charged at 3% per annum. As at 31 December 2024 all of these loans are repayable within 5 years (2023 - £692,605).
Additionally, included within other creditors is a loan from the parent company totalling £23,207,940 (2023 - £Nil). This loan is repayable on demand and non-interest bearing.


20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Net obligations under finance leases and hire purchase contracts
84,677
164,164
84,677
164,164

Other creditors
237,604
472,369
237,604
472,369

322,281
636,533
322,281
636,533



The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Repayable by instalments
-
6,740
-
6,740

-
6,740
-
6,740

Included within other creditors due after more than one year is loans from the parent company totalling £237,604 (2023 - £472,369) These loans are repayable over a period of fifteen years. Interest is charged at 3% per annum. As at 31 December 2024 all of these loans are repayable within 5 years (2023 - £692,605).

Page 32

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Hire purchase and finance leases

Finance leases relate to manufacturing equipment. The company has options to purchase the equipment for a nominal amount at the conclusion of the lease agreement. The finance leases are secured on the assets to which they relate. The company's minimum lease payments under finance leases and hire purchase contracts are repayables as follows: 


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Within one year
181,262
238,693
181,262
238,693

Between 1-5 years
84,677
164,164
84,677
164,164

265,939
402,857
265,939
402,857


22.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at amortised cost
5,674,662
5,505,762
26,585,716
5,155,481

Cash and cash equivalents
2,370,414
3,775,641
494,785
1,019,432

8,045,076
9,281,403
27,080,501
6,174,913


Financial liabilities

Financial liabilities measured at amortised cost
30,129,031
6,066,982
24,565,434
3,201,953


Financial assets measured at amortised cost comprise trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, accruals, bank loans, net obligations under finance leases and hire purchase contracts and other creditors.

Page 33

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Deferred taxation


Group



2024


£






At beginning of year
553,501


Charged to profit or loss
(36,638)


Arising on business combinations
(190,943)



At end of year
325,920

Company


2024


£






At beginning of year
553,501


Charged to profit or loss
(89,106)



At end of year
464,395

The deferred tax balance is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(752,633)
(462,419)
(614,158)
(462,419)

Losses carried forward
1,078,553
1,015,920
1,078,553
1,015,920

325,920
553,501
464,395
553,501

Comprising:

Asset
1,078,553
1,015,920
1,078,553
1,015,920

Liability
(752,633)
(462,419)
(614,158)
(462,419)

325,920
553,501
464,395
553,501


Page 34

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £0.01 each
1
1
4,200 (2023 - 4,200) Ordinary A shares of £0.01 each
42
42

43

43



25.


Reserves

Share premium account

The share premium account represents amounts received for shares issued above their nominal value, net of any transaction costs. This reserve is not distributable.

Foreign exchange reserve

The foreign exchange reserve comprises exchange differences arising from the translation on consolidation of foreign operations and monetary items that form part of the company’s net investment in foreign subsidiaries. Movements in this reserve are recognised in other comprehensive income.

Capital contribution reserve 

The capital contribution reserve represents accumulated injections of equity funding by the parent to support the ongoing operations of the Company. No repayment is expected, and no equity instruments were issued in exchange for the contribution.

Profit and loss account

The profit and loss reserve represents cumulative net profits and losses retained within the company after the payment of dividends. This reserve is distributable, subject to the company’s capital maintenance requirements.

Page 35

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

26.
 

Business combinations

On 8 August 2024, a subsidiary company acquired 100% of the issued share capital of PASS Stanztechnik AG.
Details of the purchase consideration, the net assets acquired and goodwill are as follows:

Acquisition of PASS Stanztechnik AG.

Recognised amounts of identifiable assets acquired and liabilities assumed

Book value
Fair value adjustments
Fair value
£
£
£

Fixed Assets

Tangible
7,234,664
3,464,273
10,698,937

Intangible
681,085
-
681,085

7,915,749
3,464,273
11,380,022

Current Assets

Investments
78,999
-
78,999

Stocks
4,423,630
-
4,423,630

Debtors
1,354,135
-
1,354,135

Cash at bank and in hand
417,791
-
417,791

Total Assets
14,190,304
3,464,273
17,654,577

Creditors

Due within one year
(3,021,033)
-
(3,021,033)

Deferred taxation
(190,943)
-
(190,943)

Total Identifiable net assets
10,978,328
3,464,273
14,442,601


Goodwill
9,624,519

Total purchase consideration
24,067,120

Consideration

£


Cash
24,067,120

Total purchase consideration
24,067,120

Page 36

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

26.Business combinations (continued)

Cash outflow on acquisition

£


Purchase consideration settled in cash, as above
24,067,120

24,067,120

Less: Cash and cash equivalents acquired
(417,791)

Net cash outflow on acquisition
23,649,329

The results of the acquired business since acquisition are as follows:

Current period since acquisition
£

Turnover
5,438,771

(Loss) for the period since acquisition
(119,603)

Page 37

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

27.


Prior year adjustment

During the current financial year, the company conducted a review of the carrying value of its investments in subsidiaries. This review identified that an impairment adjustment should have been recognised in the prior year. As a result, the company has corrected this misstatement by restating the comparative financial statements. The carrying amount of investments in subsidiaries and retained earnings as at 31 December 2023 has been reduced by £1,744,183. This has no impact on the consolidated financial statements. 
During the current financial year, it was identified that the deferred tax asset of £1,015,920 was held within the other debtors balance. We have restated comparatives to disclose this separately. As a result of this adjustment, the value of other debtors and deferred taxation as at 31 December 2023 has decreased and increased respectively by £1,015,920.
During the current financial year, it was identified that £939,913 of accruals was held within the other creditors balance. We have restated comparatives to reclassify this. As a result of this adjustment, the value of other creditors and acrruals and deferred income as at 31 December 2024 has decreased and increased respectively by £993,913.
During the current financial year, the company conducted a review of the book value of its share premium reserve and intercompany liabilities. This review identified that capital contributions made by the parent company in previous years had not been accounted for correctly. The company has corrected this misstatement in restating the comparative financial statements. 
The adjustments made to comparative figures are as follows:
Other creditors have been reduced by £2,053,747;
Share premium have been reduced by £495,438;
A capital contribution reserve has been recognised of £2,549,185.
The comparative reserves in the statement of changes in equity have been restated to reflect these adjustments. The comparative movements in creditors and amounts introduced by members in the statement of cash flows have been restated to reflect these adjustments. 


28.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £295,571 (2023 - £349,137). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date.


29.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
470,865
444,333
75,592
58,833

Later than 1 year and not later than 5 years
860,623
733,131
85,891
102,857

1,331,488
1,177,464
161,483
161,690

Page 38

 
WILSON TOOL INTERNATIONAL [EUROPE] LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

30.Financial commitments

As at 31 December 2024, the group and company had contracted for forward exchange contracts payable and receivable of £1,658,193 (2023 - £2,173,534) and £1,593,160 (2023 - £2,201,677) respectively. 
As at 31 December 2024, the group and company had also contracted to purchase machinery totalling £534,150 (2023 - £299,367). 


31.


Related party transactions

The company has taken advantage of the exemption not to disclose transactions with other members of the group headed by Wilson Tool International [Europe] Limited on the grounds that 100% of the voting rights are controlled within the group and consolidated accounts are publicly available from their registered office at Stirling Road, South Maston Industrial Estate, Swindon, SN3 4TQ.
Amounts owed by / owed to other group undertakings excluded from the above exemptions, included within debtors (Note 17) / creditors (Note 19), were as follows:


2024
2023
(as restated)
£
£

Amounts owed by group undertakings
Wilson Tool International Inc
1,104,249
815,830
Milling Ferramentas para Puncionadeiras LTDA - Brazil
-
34,997
Exacta Tool 2010 ULC (Precision and Fab Tool) - Canada
-
(382)
Amounts owed to group undertakings
Wilson Tool International Inc
24,531,838
1,537,312





During the year ended 31 December 2024, Wilson Tool International [Europe] Limited purchased tooling from Wilson Tool International Inc. to the value of £2,708,817 (2023 - £2,777,527). The company also made sales to Wilson Tool International Inc. to the value of £485,518 (2023 - £220,827).
Included within the above amounts owed to other group undertakings are loans from Wilson Tool Enterprises Inc. of £481,403 (2023 - £699,344). During the year, loan interest of £17,799 (2023 - £25,076) was paid to WIlson Tool Enterprises Inc. on these loans. The loans are unsecured and at a fixed interest rate of 3%.
Additionally, a new loan with Wilson Tool Enterprises Inc. of £23,207,940 was provided to the company in the financial year. This loan was provided in order to finance the acqusition detailed in note 26. This loan is repayable on demand and non-interest bearing.


32.


Ultimate controlling party

The immediate and ultimate controlling party of the company is Wilson Tool Enterprises Inc., a company incorporated in the USA.
The financial statements of Wilson Tool Enterprises Inc. are available from 12912 Farnham Ave, White Bear Lake, MN 55110, USA.

Page 39