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REGISTERED NUMBER: 01953121 (England and Wales)
























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

METAL WORK PNEUMATIC UK LTD

METAL WORK PNEUMATIC UK LTD (REGISTERED NUMBER: 01953121)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


METAL WORK PNEUMATIC UK LTD

COMPANY INFORMATION
For The Year Ended 31 December 2024







DIRECTORS: Mr D Marconi
V Pellenghi
A Smith





REGISTERED OFFICE: Featherstone House
Featherstone Road
Wolverton Mill South
Milton Keynes
Buckinghamshire
MK12 5TH





REGISTERED NUMBER: 01953121 (England and Wales)





AUDITORS: TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

METAL WORK PNEUMATIC UK LTD (REGISTERED NUMBER: 01953121)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 4,486,370 4,417,215

CURRENT ASSETS
Stocks 5 1,135,836 1,286,776
Debtors 6 1,712,272 1,242,772
Cash at bank 64,903 247,138
2,913,011 2,776,686
CREDITORS
Amounts falling due within one year 7 2,909,110 2,764,431
NET CURRENT ASSETS 3,901 12,255
TOTAL ASSETS LESS CURRENT LIABILITIES 4,490,271 4,429,470

PROVISIONS FOR LIABILITIES 10 145,381 9,883
NET ASSETS 4,344,890 4,419,587

CAPITAL AND RESERVES
Called up share capital 11 60,000 60,000
Capital redemption reserve 12 30,631 30,631
Other reserves 12 2,300,000 2,300,000
Retained earnings 12 1,954,259 2,028,956
SHAREHOLDERS' FUNDS 4,344,890 4,419,587

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 29 April 2025 and were signed on its behalf by:





A Smith - Director


METAL WORK PNEUMATIC UK LTD (REGISTERED NUMBER: 01953121)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2024


1. STATUTORY INFORMATION

Metal Work Pneumatic UK Ltd 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention

The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest pound.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold buildings2% on cost
Plant and machinery15% on cost

Tangible fixed assets held 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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion, and other costs incurred in bringing stock to its present location and condition. Cost is calculated on an average cost basis. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


METAL WORK PNEUMATIC UK LTD (REGISTERED NUMBER: 01953121)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2024


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 23 ) .

METAL WORK PNEUMATIC UK LTD (REGISTERED NUMBER: 01953121)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2024


4. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 January 2024 4,340,904 205,903 4,546,807
Additions 153,566 29,875 183,441
Disposals - (28,400 ) (28,400 )
At 31 December 2024 4,494,470 207,378 4,701,848
DEPRECIATION
At 1 January 2024 6,905 122,687 129,592
Charge for year 83,834 30,268 114,102
Eliminated on disposal - (28,216 ) (28,216 )
At 31 December 2024 90,739 124,739 215,478
NET BOOK VALUE
At 31 December 2024 4,403,731 82,639 4,486,370
At 31 December 2023 4,333,999 83,216 4,417,215

Included in land and buildings is land at a cost of £318,482 (2023: £318,482) which is not depreciated.

5. STOCKS
2024 2023
£    £   
Finished goods 1,135,836 1,286,776

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,672,695 1,152,371
Other debtors 39,577 32,077
Tax - 58,324
1,712,272 1,242,772

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Invoice discounting 1,129,247 641,623
Trade creditors 43,911 242,382
Amounts owed to group undertakings 1,359,996 1,421,146
Social security and other taxes 312,431 385,235
Other creditors 63,525 65,295
Directors' current accounts - 8,750
2,909,110 2,764,431

METAL WORK PNEUMATIC UK LTD (REGISTERED NUMBER: 01953121)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2024


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 77,313 58,274
Between one and five years 101,769 63,655
179,082 121,929

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Invoice discounting facility 1,129,247 641,623

At the balance sheet date, the company operated an invoice discounting facility with RBS Invoice Finance Limited. The facility provides funding against eligible receivables, and the outstanding balance under this arrangement as at 31 December 2024 was £1,129,247 (2023: £641,623).

The charge relating to this facility is registered at Companies House under Part 25 of the Companies Act 2006.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 145,381 9,883

Deferred
tax
£   
Balance at 1 January 2024 9,883
Provided during year 135,498
Balance at 31 December 2024 145,381

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
60,000 Ordinary 1 60,000 60,000

METAL WORK PNEUMATIC UK LTD (REGISTERED NUMBER: 01953121)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2024


12. RESERVES
Capital
Retained redemption Other
earnings reserve reserves Totals
£    £    £    £   

At 1 January 2024 2,028,956 30,631 2,300,000 4,359,587
Deficit for the year (74,697 ) (74,697 )
At 31 December 2024 1,954,259 30,631 2,300,000 4,284,890

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

The Report of the Auditors was unqualified.

Antonia Aldridge-Brown FCCA (Senior Statutory Auditor)
for and on behalf of TC Group

14. PENSION COMMITMENTS

The company makes contributions to defined contribution pension schemes for all employees. Liability is limited to the premiums paid which are charged against profits in the year of payment. Funds are held separately from the company. Contributions paid for the year ending 31 December 2024 were £46,770 (2023: £46,611). There were no outstanding contributions at the year end (2023: £nil) that had not been paid over to the scheme.

15. RELATED PARTY DISCLOSURES

During the year, the company made sales amounting to £2,325 (2023: £2,847) to Metal Work Danmark A/S and purchases amounting to £2,041 (2023: £57). At 31 December 2024 the outstanding balance owed to Metal Work Danmark A/S was £21 (2023: £nil).

During the year, the company made sales amounting to £5,360 (2023: £8,815) to Metal Work SPA and purchases amounting to £3,798,597 (2023: £3,339,690). At 31 December 2024 the outstanding balance owed to Metal Work SPA was £1,343,017 (2023: £1,143,017).

During the year, the company made sales amounting to £nil (2023: £nil) to Metal Work Service S.R.L. and purchases amounting to £23,296 (2023: £19,678). At 31 December 2024 the outstanding balance owed to Metal Work Service S.R.L. was £nil (2023: £nil).

During the year, the company made sales amounting to £69 (2023: £329) to Metal Work Sverige AB and purchases amounting to £234 (2023: £157). At 31 December 2024 the outstanding balance owed to Metal Work Sverige AB was £234 (2023: £329).

During the year, the company made sales amounting to £nil (2023: £nil) to Alfa Meccanica S.r.l and purchases amounting to £1,210 (2023: £1,180). At 31 December 2024 the outstanding balance owed to Alfa Meccanica S.r.l was £nil (2023: £nil).

During the year, the company made sales amounting to £nil (2023: £nil) to Eurofit S.r.l and purchases amounting to £4,627 (2023: £4,063). At 31 December 2024 the outstanding balance owed to Eurofit S.r.l. was £623 (2023: £nil).

During the year, the company made sales amounting to £750 (2023: £1,820) to Metal Work Pneumatic USA, Inc. and purchases amounting to £nil (2023: £nil). At 31 December 2024 the outstanding balance owed by Metalwork Pneumatic USA, Inc. was £750 (2023: £nil).

During the year, the company made sales amounting to £209 (2023: nil) to Metal Work Deutschland GMBH. and purchases amounting to £nil (2023: £nil). At 31 December 2024 the outstanding balance owed by Metal Work Deutschland GMBH was £nil (2023: £nil).

METAL WORK PNEUMATIC UK LTD (REGISTERED NUMBER: 01953121)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2024


16. ULTIMATE CONTROLLING PARTY

Metal Work Pneumatic UK Limited is included in the consolidated financial statements of its parent company, Metal Work SpA, whose address is: Via Segni 5/7/9 25062 Concesio (BS), Italy.