REGISTERED NUMBER: 04259473 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MINERAL INSULATED CABLE COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

K D Dooley

M Liddell

N M Morton

SECRETARY:

M Liddell

REGISTERED OFFICE:

Unit 21

Sedling Road

Wear Industrial Estate

Washington

Tyne and Wear

NE38 9BZ

REGISTERED NUMBER:

04259473 (England and Wales)

SENIOR STATUTORY AUDITOR:

David Holloway BA FCA DChA

AUDITORS:

Sumer Auditco Limited

Finchale House

Belmont Business Park

Durham

DH1 1TW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

386,716

420,128

Investments

6

8,788

8,788

395,504

428,916

CURRENT ASSETS

Stocks

7

2,362,690

2,424,085

Debtors

8

1,847,962

1,660,673

Cash at bank and in hand

5,599

32,539

4,216,251

4,117,297

CREDITORS

Amounts falling due within one year

9

3,364,037

2,991,438

NET CURRENT ASSETS

852,214

1,125,859

TOTAL ASSETS LESS CURRENT LIABILITIES

1,247,718

1,554,775

CREDITORS

Amounts falling due after more than one year

10

(105,890

)

(184,556

)

PROVISIONS FOR LIABILITIES

(96,679

)

(103,213

)

NET ASSETS

1,045,149

1,267,006

CAPITAL AND RESERVES

Called up share capital

13

1,783

1,783

Share premium

248,479

248,479

Capital redemption reserve

200

200

Retained earnings

794,687

1,016,544

SHAREHOLDERS' FUNDS

1,045,149

1,267,006

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2025 and were signed on its behalf by:

M Liddell - Director

1.	STATUTORY INFORMATION

Mineral Insulated Cable Company Limited 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.

Turnover

Turnover derives from the principal activity of the company which is that of the manufacture of mineral insulated cable. Income from that activity is recognised on despatch of the goods.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses in 2015 and 2016, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant & machinery

-

at varying rates on cost

Fixtures and fittings

-

10% on cost

Tools

-

10% on cost

Equipment

-

at varying rates on cost

Stocks

Stocks comprise raw materials and items at different stages of the production process. Raw materials are valued at the lower of average cost basis and net realisable value after making allowance for obsolete and slow moving items. Manufactured goods are valued at raw materials cost plus direct labour costs and a proportion of fixed overheads. Provision is made for obsolete and slow moving items.

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 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 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 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, other loans, 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 payments 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. 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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

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

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts and finance leases are depreciated over their estimated useful life.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

The accounts have been prepared on the going concern basis. The directors have prepared financial forecasts which provide a reasonable expectation that the company will achieve profits in the coming periods and have sufficient financing facilities to meet its working capital funding requirements.

The directors have reviewed the company's forecasts and projections and whilst the global economy remains uncertain, the directors are confident that the company will be able to meet its targets.

Therefore, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future.

The company therefore continues to adopt the going concern basis in preparing its financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 71 (2023 - 72 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

6,005

AMORTISATION

At 1 January 2024

and 31 December 2024

6,005

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

1,109,611

Additions

45,117

At 31 December 2024

1,154,728

DEPRECIATION

At 1 January 2024

689,483

Charge for year

78,529

At 31 December 2024

768,012

NET BOOK VALUE

At 31 December 2024

386,716

At 31 December 2023

420,128

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2024

and 31 December 2024

8,788

NET BOOK VALUE

At 31 December 2024

8,788

At 31 December 2023

8,788

7.

STOCKS

2024

2023

£

£

Raw materials

834,739

993,578

Work-in-progress

615,815

620,271

Finished goods

912,136

810,236

2,362,690

2,424,085

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,647,164

1,444,922

Other debtors

200,798

215,751

1,847,962

1,660,673

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

241,828

78,667

Trade creditors

1,436,441

1,403,416

Amounts owed to group undertakings

694,470

510,122

Taxation and social security

40,770

87,498

Other creditors

950,528

911,735

3,364,037

2,991,438

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

105,890

184,556

11.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

148,628

148,628

Between one and five years

33,954

142,854

182,582

291,482

12.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

184,557

263,223

Invoice discounting creditor

504,000

577,260

688,557

840,483

The invoice discounting creditor is secured by way of a fixed and floating charge over all of the assets of the company.

One of the bank loans was gained under the government backed (CBILS) scheme. Therefore HM Government provide 80% security for the loan with the remaining 20% secured by way of a debenture over all assets of the company.

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1,780

Ordinary

£1

1,780

1,780

1

A Ordinary

£1

1

1

1

B Ordinary

£1

1

1

1

C Ordinary

£1

1

1

1,783

1,783

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

The Report of the Auditors was unqualified.

David Holloway BA FCA DChA (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

15.	RELATED PARTY DISCLOSURES

Mineral Insulated Cable Company Limited is a subsidiary of Trans-choice Limited. Trans-choice Limited and its subsidiary companies qualify as a small group and therefore do not prepare consolidated financial statements. Trans-choice Limited's registered office is Ground Floor, Finchale House, Belmont Business Park, Durham, DH1 1TW.

Included within other creditors is a loan from Trans-choice Limited of £57,000 (2023: £57,000). This loan is interest free and repayable on demand.

During the year interest free loans to the company were maintained by the directors. The balances on these loans as at 31 December 2024 were £86,702 (2023: £86,702).

During the year the company entered into transactions with associated and group companies. These transactions were deemed to be on market terms and therefore not disclosed separately.