Registration number: 02045485

KME Yorkshire Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 9

KME Yorkshire Limited

Company Information

Directors

John James Dodd Marco Miniati Christopher John Meese

Company secretary

John James Dodd

Registered office

Rabone Park Rabone Lane Smethwick West Midlands B66 2NN

Auditors

Williamson & Croft Audit Ltd Statutory AuditorYork House 20 York Street Manchester M2 3BB

KME Yorkshire Limited

(Registration number: 02045485)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	7	788	8,120
Investments	8	109	109
		897	8,229
Current assets
Debtors	9	25,610	189,379
Cash at bank and in hand		866,809	695,843
		892,419	885,222
Creditors: Amounts falling due within one year	10	(95,140)	(115,578)
Net current assets		797,279	769,644
Net assets		798,176	777,873
Capital and reserves
Called up share capital	11	10,014,603	10,014,603
Share premium reserve		114,286	114,286
Capital redemption reserve		30,022,000	30,022,000
Retained earnings		(39,352,713)	(39,373,016)
Shareholders' funds		798,176	777,873

 

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 29 August 2025 and signed on its behalf by:
 

......................................... John James Dodd Company secretary and director

KME Yorkshire Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Rabone Park
Rabone Lane
Smethwick
West Midlands
B66 2NN
United Kingdom

These financial statements were authorised for issue by the Board on 29 August 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

KME Yorkshire Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 29 August 2025 was Tor Stringfellow FCA, who signed for and on behalf of Williamson & Croft Audit Ltd.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery, etc	10 - 25% on cost

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

KME Yorkshire Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The Yorkshire Copper Tube Pension Scheme is administered by a separate board of trustees, which is legally separate from the company. KME Yorkshire Limited is a participating employer of the defined benefit pension scheme for which KME SE (note 13) is the principal employer. Contributions made by KME Yorkshire Limited are therefore accounted for as if they were made under a defined contribution scheme and are recognised as an expense in the profit and loss.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 7).

KME Yorkshire Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4	Auditors' remuneration

	2024 £	2023 £
Audit of the financial statements	10,750	8,900
Other fees to auditors
All other non-audit services	-	3,425

 

5	Profit/loss before tax

Arrived at after charging/(crediting)

	2024 £	2023 £
Depreciation expense	2,253	3,483

6	Exceptional items

Included within interest receivable and similar income is an amount of £8,326,559 (2023: £9,595,443) which relates to the group loan with the parent company, KME SE, which has this year been waived in full. KME SE has agreed to waive the full repayment of the loan in full and will no longer pursue this amount in order to assist and support the financial stability of the company. The loan arose principally as a result of the pension contributions of the Yorkshire Copper Tube Pension Scheme as stated below.

Included within administrative expenses are pension contributions of the Yorkshire Copper Tube Pension Scheme of £7,500,000 (2023: £9,000,000) and professional fees in relation thereto of £268,839 (2023: £329,766).

The above amounts relate to payments of deficit contributions in relation to the scheme. The last funding valuation of the pension scheme was carried out by a qualified actuary and as at 31 March 2023 and showed a deficit of £19.8M. The company is paying deficit contributions which, along with investment returns from return-seeking assets, are expected to make good this shortfall by 31 December 2028. The company has also agreed to pay additional contingent contributions into the scheme which are linked to the financial performance of the parent company, KME SE. The next funding valuation is due no later than as at 31 March 2026, at which progress towards full-funding will be reviewed.

A contribution of £3,500,000 is expected to be paid by the company during the year ending on 31 December 2025.

KME Yorkshire Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7	Tangible assets

	Plant & Machinery etc. £
Cost or valuation
At 1 January 2024	29,055
Disposals	(27,191)
At 31 December 2024	1,864
Depreciation
At 1 January 2024	20,935
Charge for the year	2,253
Eliminated on disposal	(22,112)
At 31 December 2024	1,076
Carrying amount
At 31 December 2024	788
At 31 December 2023	8,120

8	Investments

	2024 £	2023 £
Investments in subsidiaries	109	109