REGISTERED NUMBER: 03113620 (England and Wales)

MAYCAST-NOKES PRECISION ENGINEERING

LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2025

Page

Company Information

1

Strategic Report

2

to

3

Report of the Directors

4

to

5

Report of the Independent Auditors

6

to

9

Statement of Comprehensive Income

10

Balance Sheet

11

to

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

to

27

DIRECTORS:

Mr S.T. Wallings

Mr D.R. Blower

Mr D.J. Redgwell

REGISTERED OFFICE:

Factory Lane West

Halstead

Essex

CO9 1EX

REGISTERED NUMBER:

03113620 (England and Wales)

BANKERS:

Barclays Bank PLC

PO Box 3692

Witham

Essex

CM8 2AT

SOLICITORS:

Knights PLC

1 Amphora Place

Sheepen Road

Colchester

Essex

CO3 3WG

The directors present their strategic report with the audited financial statements for the period ended 31 March 2025.

Principal activity

The principal activity of the company during the period continued to be the manufacture and machining of high precision ferrous and non-ferrous castings.

Review of the business

In assessing the company's performance for the period, the directors have considered the following key performance indicators:

31.03.2025

31.03.2024

£

£

'000

'000

Turnover

8,540

7,642

Shareholders' funds

7,516

6,587

Current ratio

4.23

2.78

The results for 2025 show record sales for the year (+10%). The orderbook and forecasts continue to be strong and the Directors are optimistic that this will continue to be the case for the foreseeable future.

Throughout the year the Company invested in a CNC Lathe to increase the capacity for turned parts, completed an upgrade in one of our NDT departments and also commenced a major investment programme in the Lost Wax department with the purchase of a large capacity wax press in support of a new contract.

The Company continues to develop the new ERP system which will go live mid-2025 this will improve reporting and efficiencies throughout the company.

The Company continues to promote our apprenticeship scheme and the benefits of apprenticeships to the wider community. In addition to the apprentices the Company has a range of ongoing training programmes for existing staff in order to improve skills and competencies and also to progress the Company's succession plan.

Principal risks and uncertainties

The company has identified the principal risks and uncertainties facing it and has adopted policies and procedures to manage and minimise these risks. These include:

-

Financial Instrument Risks

The company closely monitors activities through the year with the primary objective being to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk at a business level.

-

Legislative Risk

The UK's exit from the EU has been identified as creating uncertainty with regards to trading with the EU. The company has ensured adequate contingencies are in place via maintaining an in depth knowledge of the situation and closely monitoring exchange rates.

-

Exposure to Price, Credit and Cash Flow Risk

Price risk arises on financial instruments because of changes in, for example, commodity prices. The company is constantly monitoring suppliers for changes in price and the quality of good received are closely inspected before use by the company.

In addition, the Company controlled overhead costs where possible and achieved an operating profit of £1,256,458.

Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Company policies are aimed at minimising such losses via stringent assessment of prospective customers through credit control procedures. Alongside this, close monitoring of larger and higher risk customers is undertaken.

Cash flow risk is the risk of exposure to variability in cash flows. The company minimises this risk via production and inspection of monthly management information reports and regular director and manager meetings to discuss the reports and company requirements.

SIGNED BY ORDER OF THE DIRECTORS:

Mr S.T. Wallings - Director

24 November 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

DIVIDENDS

The profit for the period, after taxation, amounted to £1,019,023 (2024: £657,066). £90,000 (2024: £75,000) of dividends were voted in the period.

RESEARCH AND DEVELOPMENT

The company continues to develop and invest in lost wax and sand casting processes in order to meet the stringent requirements of customers and provide unparalleled products and services.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Mr S.T. Wallings

Mr D.R. Blower

Mr D.J. Redgwell

GOING CONCERN

On the basis of the directors' assessment of the company's financial position, there is every expectation that the company will be able to continue in existence for the foreseeable future. Thus the annual financial statements are prepared on a going concern basis.

DISCLOSURE IN THE STRATEGIC REPORT

The business review, principal risks and uncertainties and details of financial instruments are located in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr S.T. Wallings - Director

24 November 2025

Opinion

We have audited the financial statements of Maycast-Nokes Precision Engineering Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

-

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

-

We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

-

We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

-

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

-

We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls;

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

MELINDA SIMPSON (Senior Statutory Auditor)

for and on behalf of TC Group

Town Wall House

Balkerne Hill

Colchester

CO3 3AD

25 November 2025

TURNOVER

4

8,539,765

7,641,519

Cost of sales

(5,207,282

)

(4,907,673

)

GROSS PROFIT

3,332,483

2,733,846

Distribution costs

(271,568

)

(230,158

)

Administrative expenses

(1,804,457

)

(1,643,296

)

OPERATING PROFIT

1,256,458

860,392

Interest receivable and similar income

2,481

1,036

1,258,939

861,428

Interest payable and similar expenses

7

(138,564

)

(160,712

)

PROFIT BEFORE TAXATION

8

1,120,375

700,716

Tax on profit

9

(101,352

)

(43,650

)

PROFIT FOR THE FINANCIAL YEAR

1,019,023

657,066

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,019,023

657,066

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

3,011,406

3,043,325

Investments

13

20,080

20,080

3,031,486

3,063,405

CURRENT ASSETS

Stocks

14

2,424,649

1,893,897

Debtors

15

5,094,684

4,854,308

Cash at bank and in hand

200,130

70,219

7,719,463

6,818,424

CREDITORS

Amounts falling due within one year

16

(1,823,691

)

(2,454,434

)

NET CURRENT ASSETS

5,895,772

4,363,990

TOTAL ASSETS LESS CURRENT LIABILITIES

8,927,258

7,427,395

CREDITORS

Amounts falling due after more than one year

17

(1,095,563

)

(517,873

)

PROVISIONS FOR LIABILITIES

21

(316,082

)

(322,932

)

NET ASSETS

7,515,613

6,586,590

CAPITAL AND RESERVES

Called up share capital

22

20,082

20,082

Revaluation reserve

23

497,707

497,707

Retained earnings

23

6,997,824

6,068,801

SHAREHOLDERS' FUNDS

7,515,613

6,586,590

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2025 and were signed on its behalf by:

Mr D.R. Blower - Director

Mr S.T. Wallings - Director

Mr D.J. Redgwell - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

20,082

5,486,735

497,707

6,004,524

Changes in equity

Dividends

-

(75,000

)

-

(75,000

)

Total comprehensive income

-

657,066

-

657,066

Balance at 31 March 2024

20,082

6,068,801

497,707

6,586,590

Changes in equity

Dividends

-

(90,000

)

-

(90,000

)

Total comprehensive income

-

1,019,023

-

1,019,023

Balance at 31 March 2025

20,082

6,997,824

497,707

7,515,613

1.	STATUTORY INFORMATION

Maycast-Nokes Precision Engineering 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.

The presentation currency of the financial statements is the Pound Sterling (£). The financial statements are rounded to the nearest Pound.

2.	STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

Consolidation

The financial statements contain information about Maycast-Nokes Precision Engineering Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Maycast Holdings Limited, whose registered office is Factory Lane West, Halstead, Essex, CO9 1EX.

Significant judgements and estimates

Work in progress

The company makes an estimate of the degree of completion of work in progress and attributable overheads to include within work in progress. These assessments are carried out by the directors and management based on experience and historical and current information.

Turnover

Turnover shown in the income statement represents amounts receivable for goods and services provided during the year, net of VAT and trade discounts.

Income is recognised in the profit and loss account at the point that the goods are despatched from the company premises.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill - Three 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.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant & Machinery

-

12% straight line

Fixtures & Fittings

-

25% straight line

Motor Vehicles

-

25% straight line

The company took advantage of paragraph 35.10(c) of Chapter 35 of FRS 102 to restate its freehold land and buildings to fair value as deemed cost upon transition to FRS 102 on 1 January 2014. The property is held at deemed cost, being their fair value at the date of transition, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Freehold property is not depreciated on the grounds that the high residual value renders any depreciation charge immaterial.

The directors review the carrying value of the property on an annual basis and provide for any diminution in value.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on the cost of purchase on a first in, first out basis.

Work in progress

Work in progress is valued on a standard cost basis including a mark up for attributable overheads based on normal level of activity. No element of profit is included in the valuation of work in progress.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 the transaction. Exchange differences are taken into account in arriving at the operating profit.

Hire purchase and leasing commitments

Hire Purchase Agreements

Assets held under hire purchase agreements are initially measured at their transaction price and subsequently are measured at amortised cost using the effective interest rate method.

Operating Leases

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

Pension costs

Contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

3,622,036

3,524,270

Europe

4,667,319

4,001,443

Rest of the World

250,410

115,806

8,539,765

7,641,519

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,701,907

3,406,632

Social security costs

364,616

312,790

Other pension costs

265,261

257,781

4,331,784

3,977,203

The average number of employees during the year was as follows:

2025

2024

Production

86

90

Selling and distribution

6

7

Administration

17

17

109

114

6.	DIRECTORS' EMOLUMENTS

2025

2024

£

£

Directors' remuneration

261,634

242,684

Directors' pension contributions to money purchase schemes

44,190

41,330

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

87,666

82,452

Pension contributions to money purchase schemes

11,550

13,950

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

74,528

84,739

Hire purchase

32,377

36,331

Other interest

31,659

39,642

138,564

160,712

8.	PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

1,100

1,300

Depreciation - owned assets

206,552

203,248

Profit on disposal of fixed assets

(10,600

)

-

Auditors' remuneration

26,888

20,820

Foreign exchange differences

4,657

25,864

9.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

84,822

(23,380

)

Overprovision in prior year

23,380

(25,611

)

Total current tax

108,202

(48,991

)

Deferred tax

(6,850

)

92,641

Tax on profit

101,352

43,650

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

1,120,375

700,716

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

280,094

175,179

Effects of:

Expenses not deductible for tax purposes

1,634

102

Capital allowances in excess of depreciation

-

(92,641

)

Depreciation in excess of capital allowances

6,851

-

Utilisation of tax losses

(59,931

)

-

Under/(Over) provision of tax in previous years

23,380

(25,611

)

Enhanced relief on qualifying R & D expenditure

(143,826

)

(141,090

)

Marginal relief and rate differences

-

35,070

Deferred tax movement

(6,850

)

92,641

Total tax charge

101,352

43,650