Company registration number 00656079 (England and Wales)
MESSER GRIESHEIM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MESSER GRIESHEIM LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 10
MESSER GRIESHEIM LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
30,634
22,111
Current assets
Stocks
5
220,630
303,738
Debtors
6
2,624,145
2,546,393
Cash at bank and in hand
26,430
22,428
2,871,205
2,872,559
Creditors: amounts falling due within one year
7
(437,525)
(377,541)
Net current assets
2,433,680
2,495,018
Total assets less current liabilities
2,464,314
2,517,129
Provisions for liabilities
(20,748)
(20,748)
Net assets excluding pension liability
2,443,566
2,496,381
Defined benefit pension liability
8
(702,400)
(401,400)
Net assets
1,741,166
2,094,981
Capital and reserves
Called up share capital
400,000
400,000
Profit and loss reserves
1,341,166
1,694,981
Total equity
1,741,166
2,094,981

The directors of the company have elected not to include a copy of the income statement 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 17 September 2025 and are signed on its behalf by:
J Mosser
Director
Company Registration No. 00656079
MESSER GRIESHEIM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Messer Griesheim Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4c, Northumberland Business Park West, Dudley, Cramlington, Northumberland, NE23 7RH.

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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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

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

The company meets its day to day working capital requirements through cash generated from operations and loan repayments received from a loan to its parent company.

The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operation existence for that period, taking into account possible changes in trading performance.

At the year end the company has net assets of £1,741,166. The company has sufficient cash on hand to fulfil its obligations to the pension scheme for a period of 12 months from the date of approval of these financial statements. Should the company not be able to meet its obligation, there is a guarantee in place for up to £1m between the Messer Griesheim Limited Retirement and Death Benefits plan and MEC Holding GmbH.

The directors believe that the company has adequate financial resources to continue in operational existence for at least twelve months from the date of signing the financial statements and therefore the directors believe it remains appropriate to prepare the financial statements on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

MESSER GRIESHEIM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets

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

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

Leasehold Land and Buildings
Over life of lease
Plant and machinery
20% straight line
Office equipment
25% straight line

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

1.5
Impairment of fixed assets

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

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

MESSER GRIESHEIM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.8
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

1.9
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.

1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

MESSER GRIESHEIM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits

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

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
16,000
14,750
3
Employees

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

2024
2023
Number
Number
Total
14
13
MESSER GRIESHEIM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Tangible fixed assets
Leasehold Land and Buildings
Plant and machinery
Office equipment
Total
£
£
£
£
Cost
At 1 January 2024
20,000
103,897
211,874
335,771
Additions
-
0
-
0
18,536
18,536
At 31 December 2024
20,000
103,897
230,410
354,307
Depreciation and impairment
At 1 January 2024
20,000
85,732
207,928
313,660
Depreciation charged in the year
-
0
4,228
5,785
10,013
At 31 December 2024
20,000
89,960
213,713
323,673
Carrying amount
At 31 December 2024
-
0
13,937
16,697
30,634
At 31 December 2023
-
0
18,165
3,946
22,111
5
Stocks
2024
2023
£
£
Stocks
220,630
303,738

Included within stocks above is an amount of £78,134 (202 3 - £55,768) relating to stocks held at customer sites on a consignment basis.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
389,673
145,410
Amounts owed by group undertakings
1,929,808
2,381,470
Other debtors
304,664
19,513
2,624,145
2,546,393
MESSER GRIESHEIM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
114,774
80,753
Taxation and social security
36,541
37,145
Deferred income
116,643
88,355
Accruals and deferred income
169,567
171,288
437,525
377,541
8
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
39,431
34,814

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Included in the statement of financial position are unpaid pension contributions of £nil (202 3 - £nil).

Defined benefit schemes

The company operated a funded defined benefit pension scheme, the Messer Griesheim Retirement and Death Benefits Plan until the scheme's closure to future accrual in April 2002. Contributions continue to be made in relation to the scheme's existing deficit, as agreed following each triennial valuation.

The company has contributed £15,350 per month into the scheme since January 2009, which was based on the triennial valuation at 31 December 2008. In January 2013 the company further increased its monthly contributions to £18,333 (£220,000 per annum) following the preliminary results of the actuarial valuation of the plan at 31 December 2011. This remained unchanged after the latest actuarial valuation on 31 December 2020.

Valuation

The FRS 102 disclosures have been based on the results of a formal actuarial valuation of the Plan at 31 December 2022 which have been updated by an independent actuary.

The scheme is subject to risks in relation to changes in inflations and to changes in the value of investments and the returns derived from such investments. An investment strategy is in place which has been developed by the pension trustee in order to manage investments and mitigate such risks.

2024
2023
Key assumptions
%
%
Discount rate
5.30
4.50
Expected rate of increase of pensions in payment
3.80
3.80
Inflation - RPI
3.55
3.35
Inflation - CPI
3.05
2.80
MESSER GRIESHEIM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Retirement benefit schemes
(Continued)
- 8 -
Mortality assumptions
2024
2023

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
21.00
20.80
- Females
23.70
23.50
Retiring in 20 years
- Males
22.40
22.20
- Females
25.20
25.00
2024
2023

Amounts recognised in the income statement

£
£
Net interest on net defined benefit liability/(asset)
14,000
9,100
2024
2023

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
181,000
(180,400)
Less: calculated interest element
320,000
341,900
Return on scheme assets excluding interest income
501,000
161,500
Actuarial changes related to obligations
(10,000)
166,800
Total costs
491,000
328,300

The amounts included in the statement of financial position arising from the company's obligations in respect of defined benefit plans are as follows:

2024
2023
£
£
Present value of defined benefit obligations
7,446,400
7,701,100
Fair value of plan assets
(6,744,000)
(7,299,700)
Deficit in scheme
702,400
401,400
2024

Movements in the present value of defined benefit obligations

£
Liabilities at 1 January 2024
7,701,100
Benefits paid
(578,700)
Actuarial gains and losses
(10,000)
Interest cost
334,000
At 31 December 2024
7,446,400
MESSER GRIESHEIM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Retirement benefit schemes
(Continued)
- 9 -
2024

The defined benefit obligations arise from plans funded as follows:

£
Wholly unfunded obligations
702,000
Wholly or partly funded obligations
6,744,000
7,446,400
2024

Movements in the fair value of plan assets

£
Fair value of assets at 1 January 2024
7,299,700
Interest income
320,000
Return on plan assets (excluding amounts included in net interest)
(501,000)
Benefits paid
(578,700)
Contributions by the employer
280,000
Other
(76,000)
At 31 December 2024
6,744,000

The actual return on plan assets was £181,000 (2023 - £180,400).

2024
2023

Fair value of plan assets at the reporting period end

£
£
Cash and all other investments
92,000
1,157,000
Bonds
4,064,000
819,000
Equities
1,742,000
4,592,700
Money Market Funds
846,000
731,000
6,744,000
7,299,700
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.

Senior Statutory Auditor:
Simon Brown BA ACA DChA
Statutory Auditor:
Azets Audit Services
10
Financial commitments, guarantees and contingent liabilities

The amount amount of guarantees not included in the statement of financial position is £60,000 (2023 - £60,000). Class guarantee facility dated 24 November 1992 in favour of HM Revenue & Customs.

MESSER GRIESHEIM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
551,241
52,267
12
Related party transactions

The company undertook related party transactions with wholly owned members of the MIG Holding GmbH group during the year and has taken the exemption from disclosure of these transactions available under FRS 102 Section 33 Paragraph 33.1A.

13
Parent company

The company's immediate parent is Messer Cutting Systems GmbH, incorporated in Germany. The registered office is Otto-Hahn-Strabe 2-4, 64823 Grob-Umstadt, Germany.

The ultimate parent is MIG Holding GmbH, incorporated in Germany.

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