Company registration number 03507011 (England and Wales)
COPPERWELD BIMETALLICS UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
COPPERWELD BIMETALLICS UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
COPPERWELD BIMETALLICS UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,331,703
1,366,126
Current assets
Stocks
1,012,366
1,016,505
Debtors
5
520,670
542,589
Cash at bank and in hand
776,896
1,034,907
2,309,932
2,594,001
Creditors: amounts falling due within one year
6
(2,024,512)
(2,627,355)
Net current assets/(liabilities)
285,420
(33,354)
Total assets less current liabilities
2,617,123
1,332,772
Creditors: amounts falling due after more than one year
7
(1,055,647)
-
0
Net assets
1,561,476
1,332,772
Capital and reserves
Called up share capital
8
2
2
Other reserves
3,142,835
3,142,835
Profit and loss reserves
(1,581,361)
(1,810,065)
Total equity
1,561,476
1,332,772

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 10 July 2025 and are signed on its behalf by:
C W York
Director
Company Registration No. 03507011
COPPERWELD BIMETALLICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Copperweld Bimetallics UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit B1, Halesfield 24, Telford, United Kingdom, TF7 4NZ.

1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 

The company has adopted the changes as disclosed in "Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024" ("the Periodic Review 2024 amendments").

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. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.

 

The company is reliant on the parent company to provide financial support and the majority of its material purchases. Management are aware that the parent company's ability to continue as a going concern is dependent on successfully refinancing their credit facilities which are due for renewal on 31 March 2026. The parent company believes that it will be able to refinance its existing credit facility on similar or more favorable terms prior to 31 March 2026; however, there is no assurance that management will be successful. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of this uncertainty.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
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.

COPPERWELD BIMETALLICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10%, 20%, 25%, 33% or 50% per annum straight line
Right of use asset
Over the period of the lease
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand.

1.7
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 measured at transaction price including transaction costs.

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 and loans from fellow group companies that are classified as debt, are initially recognised at transaction price.

 

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 at transaction price.

1.8
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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

COPPERWELD BIMETALLICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

The company has adopted the Periodic Review 2024 amendments, including the requirements for lease accounting.

 

Where a tangible asset is acquired thorugh a lease, the company recognises a right of use asset and a right of use liability at the lease commencement date.

 

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

 

The right-of-use liability is initially measured at the net present value of lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. The right-of-use liability is measured at amortised cost using the effective interest method.

 

The company does not recognise right-of-use assets and liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

 

1.12
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.

COPPERWELD BIMETALLICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Deferred tax asset

At the balance sheet date the company had a net deferred tax asset of £112,000 (2023 - £178,000) in respect of accelerated capital allowances and carried forward tax losses. This asset has not been recognised in the financial statements as, in the judgment of the directors, there is insufficient certainty over its eventual crystallisation.

Right of use asset

Management have estimated the minimum present value of lease payments using assumptions for the implicit interest rate in the leases. Management estimate this rate to be that of the company's incremental borrowing rate as at the date of the commencement of the lease. Management's estimate of the cost of borrowing is 2.39%.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful life of tangible assets

The directors' estimate of the useful life of tangible assets impacts the company's depreciation policy and overall depreciation charged in the financial statements. Each item of plant and equipment is reviewed on acquisition and a depreciation rate between 10% - 50% applied to the specific asset. No changes have been made to this policy in the current year.

Stock provision

An area of estimation uncertainty that has an effect on the amounts recognised in the financial statements is in regard to any provision for impairment of stock. Management monitor the ageing of stock, along with market trends and conditions, in determining whether a provision is required in relation to particular stock items.

 

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
25
24
COPPERWELD BIMETALLICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Tangible fixed assets
Plant and equipment
Right of use asset
Total
£
£
£
Cost
At 1 January 2024
2,234,826
-
2,234,826
Adjustment to opening equity
-
1,593,810
1,593,810
At 1 January 2024
2,234,826
1,593,810
3,828,636
Additions
5,058
-
0
5,058
Disposals
(106,976)
-
0
(106,976)
At 31 December 2024
2,132,908
1,593,810
3,726,718
Depreciation and impairment
At 1 January 2024
868,700
-
868,700
Adjustment to opening equity
-
251,803
251,803
At 1 January 2024
868,700
251,803
1,120,503
Depreciation charged in the year
233,143
148,345
381,488
Eliminated in respect of disposals
(106,976)
-
0
(106,976)
At 31 December 2024
994,867
400,148
1,395,015
Carrying amount
At 31 December 2024
1,138,041
1,193,662
2,331,703
At 31 December 2023
1,366,126
-
0
1,366,126
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
357,825
446,517
Prepayments and accrued income
162,845
96,072
520,670
542,589
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
86,589
235,877
Amounts owed to group undertakings
1,635,124
2,219,648
Taxation and social security
20,406
41,676
Other creditors
282,393
130,154
2,024,512
2,627,355
COPPERWELD BIMETALLICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Creditors: amounts falling due within one year
(Continued)
- 7 -

Amounts owed to group undertakings are disclosed as falling due within one year as the balance has no set repayment date. However, the directors have received assurances that fellow group undertakings will only demand settlement of these balances when the company's cash position allows this to take place.

 

Consequently, the directors consider that some or all of these amounts may actually be settled in greater than one year.

 

During the year, the company adopted the requirements for lease accounting under the Periodic Review 2024 amendments. The company has recognised a lease liability within Other Creditors. At the reporting date, the company had outstanding lease liability commitments of £174,227 due within one year. The lease liability is discounted at the rate of 2.39%, the incremental borrowing rate of the parent company at the date of commencement of the lease. There are no covenants attached to this lease.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,055,647
-
0

During the year, the company adopted the requirements for lease accounting under the Periodic Review 2024 amendments. The company has recognised a lease liability within Other Creditors. At the reporting date, the company had outstanding lease liability commitments due after more than one year of £1,055,647, payable over the lease term with the final payment due in March 2032. The lease liability is discounted at the rate of 2.39%, the incremental borrowing rate of the parent company at the date of commencement of the lease. There are no covenants attached to this lease.

 

 

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 2p each
100
100
2
2
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

COPPERWELD BIMETALLICS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Audit report information
(Continued)
- 8 -

Material uncertainty related to going concern

We draw attention to Note 1.2 in the financial statements, which indicates that the company is reliant on support from the parent company but the parent company is itself reliant on being able to refinance its credit facility which is due on 31 March 2026. As stated in Note 1.2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified with respect to this matter.

 

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.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Senior Statutory Auditor:
Ashley Conway
Statutory Auditor:
Azets Audit Services
10
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Related party balances
1,635,124
2,219,648

Amounts owed to related parties are unsecured, interest free and repayable on demand.

11
Parent company

The company is controlled by Copperweld Bimetallics LLC, which is incorporated in the United States of America.

 

Copperweld Bimetallics LLC is owned by Kinderhook Industries LLC, a company incorporated in the United States of America, which is the ultimate parent company.

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