1.
General Information
Voestalpine Rotec Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
01339039
. The registered office is 2 Jacknell Road, Dodwells Bridge Industrial Estate, Hinckley, Leicestershire, LE10 3BS.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
Following the decision by Voestalpine AG to close the UK operations of the Rotec Group, the directors have concluded that the company will not continue as a going concern. Accordingly, the financial statements have been prepared on a break-up basis.
Under this basis, assets are stated at their estimated realisable values and liabilities are stated at the amounts expected to be settled. Provisions have been made for any known or expected costs associated with the wind-down of operations.
2.2.
Going Concern Disclosure
The directors believe that the going concern basis is not appropriate as the directors intend to cease trading in the summer of 2026.
In light of this development, the directors have reassessed the basis of preparation of the financial statements and concluded that the going concern basis is no longer appropriate. Accordingly, the financial statements have been prepared on a break-up basis, with assets and liabilities adjusted to reflect their expected realisable and settlement values.
2.3.
Significant judgements and estimations
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have an impact on the amounts recognised in the financial statements are:
Stock valuation
The company reviews the carrying value of inventory at each reporting date to assess whether it is stated at the lower of cost and net realisable value. This assessment requires management to exercise judgement in estimating:
Obsolescence - Inventory is reviewed for items that are slow-moving, discontinued, or otherwise obsolete. Provision is made based on historical usage patterns, future sales forecasts, and product lifecycle considerations.
Net Realisable Value - Management estimates the selling price of inventory items in the ordinary course of business, less estimated costs of completion and selling expenses. This involves judgement in forecasting future demand, pricing trends, and market conditions.
Damaged or Unsellable Stock - Specific provisions are made for items identified as damaged or unsellable.
These estimates are inherently uncertain and may change as a result of changes in market conditions or business strategy.
Provision for bad and doubtful debts
The company assesses the recoverability of trade receivables at each reporting date and recognises a provision for bad debts where appropriate. Key areas of judgement include:
The estimation of bad debt provisions involves significant judgement and is subject to change based on actual credit losses experienced.
Voestalpine Rotec Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.4.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets, excluding freehold property, are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
|
| Leasehold |
|
| Plant & Machinery |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
| Computer Equipment |
|
Freehold property is measured at fair value determined annually through the review of a recent independent valuation of the property. Any aggregate surplus or deficit arising from changes in fair value is recognised in Other Comprehensive Income.
In preparing the financial statements on a break-up basis, the directors have reviewed the carrying values of all assets to assess their recoverability.
Where the estimated recoverable amount of an asset is lower than its carrying value, an impairment loss has been recognised to reflect the expected realisable value.
The recoverable amount is determined based on the asset’s fair value less costs to sell, or value in use where appropriate. Impairment losses are recognised in the profit and loss account.
2.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.Under the break-up basis, net realisable value reflects the estimated selling price in the ordinary course of business, less applicable selling costs.
As part of the transition to break-up basis accounting, the directors have reviewed inventory balances and recognised impairments where the expected recoverable amount is lower than the carrying value. Any such impairments are charged to the profit and loss account.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.7.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.8.
Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Voestalpine Rotec Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.9.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.10.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. The assets of the scheme are administered by the provider in a fund independent from those of the company.
2.11.
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.
2.12.
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.
2.13.
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.
Voestalpine Rotec Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
3.
Turnover
Analysis of turnover for the year from continuing operations is as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Sale of goods | 8,937,198 | 9,873,755 | |
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.
4.
Other Operating Income
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other operating income |
|
|
|
| 12,223 | 9,390 | ||
5.
Operating Loss
The operating loss is stated after charging:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Depreciation of tangible fixed assets |
|
|
|
6.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
7.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
8.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| Sales, marketing and distribution |
|
|
|
| Manufacturing |
|
|
|
|
|
|
||
Voestalpine Rotec Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
9.
Director's remuneration
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
|
|
|
||
The number of directors to whom retirement benefits were accruing was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| Money purchase pension schemes |
|
|
|
10.
Interest Payable and Similar Charges
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other finance charges |
|
|
|
11.
Tax on Profit
|
The tax charge/(credit) on the loss for the year was as follows:
|
|||||
| Tax Rate | 2025 | 2024 | |||
|---|---|---|---|---|---|
| 2025 | 2024 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 25.0% |
|
|
|
| Deferred Tax | |||||
| Origination and reversal of timing differences |
|
( |
|||
| Total tax charge for the period |
|
( |
|||
|
The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
|
|||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Profit before tax | (714,532) | (564,724) | |||
| Tax on profit at 25% (UK standard rate) |
( |
( |
|||
| Goodwill/depreciation not allowed for tax |
|
|
|||
| Expenses not deductible for tax purposes |
|
|
|||
| Short term timing differences |
|
( |
|||
| Tax losses for which no deferred tax was recognised |
|
|
|||
| Total tax charge for the period | 686,323 | (115,262) | |||
Voestalpine Rotec Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
12.
Tangible Assets
| Land & Property | ||||
|---|---|---|---|---|
| Freehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | |
| £ | £ | £ | £ | |
| Cost or Valuation | ||||
| As at 1 April 2024 |
|
|
|
|
| Additions |
|
|
|
|
| Disposals |
|
( |
|
|
| Revaluation |
|
|
|
|
| As at 31 March 2025 |
|
|
|
|
| Depreciation | ||||
| As at 1 April 2024 |
|
|
|
|
| Provided during the period |
|
|
|
|
| Disposals |
|
( |
|
|
| On revaluations |
( |
|
|
|
| As at 31 March 2025 |
|
|
|
|
| Net Book Value | ||||
| As at 31 March 2025 |
|
|
|
|
| As at 1 April 2024 |
|
|
|
|
| Computer Equipment | Total | |
|---|---|---|
| £ | £ | |
| Cost or Valuation | ||
| As at 1 April 2024 |
|
|
| Additions |
|
|
| Disposals |
|
( |
| Revaluation |
|
|
| As at 31 March 2025 |
|
|
| Depreciation | ||
| As at 1 April 2024 |
|
|
| Provided during the period |
|
|
| Disposals |
|
( |
| On revaluations |
|
( |
| As at 31 March 2025 |
|
|
| Net Book Value | ||
| As at 31 March 2025 |
|
|
| As at 1 April 2024 |
|
|
Included within the net book value of freehold land and buildings above is £1,186,455 (2024 - £1,186,455) in respect of freehold land which is not depreciated.
Voestalpine Rotec Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
Cost or valuation as at 31 March 2025 represented by:
| Land & Property | ||||
|---|---|---|---|---|
| Freehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | |
| £ | £ | £ | £ | |
| At cost | 2,815,919 | 7,734,119 | 50,666 | 487,599 |
| At valuation | 3,184,081 | - | - | - |
| 6,000,000 | 7,734,119 | 50,666 | 487,599 | |
| Computer Equipment | Total | |
|---|---|---|
| £ | £ | |
| At cost | 278,260 | 11,366,563 |
| At valuation | - | 3,184,081 |
| 278,260 | 14,550,644 | |
Freehold property was subjected to valuation by Ward Surveyors Limited, professionally qualified independent valuers, on 8th July 2025 on an open market basis. The methods and significant assumptions used to ascertain the fair value of £6,000,000 (2024: £4,138,602) were as follows:
In accordance with RICS valuation standards, the valuation was prepared having regard to market based evidence of an exchange on the valuation date under an arm's length transaction compared to similar properties sold in the local area.
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
| Land & Property | |
|---|---|
| Freehold | |
| £ | |
| Cost | 2,815,919 |
| Accumulated depreciation and impairment | 409,403 |
| Carrying amount |
|
13.
Stocks
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Materials |
|
|
|
| Finished goods |
|
|
|
| Work in progress |
|
|
|
|
|
|
||
An impairment charge of £Nil (2024: £Nil) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.
Voestalpine Rotec Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
14.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Amounts owed by group undertakings | 22,672 | 5,752 | |
| Other debtors | 190,146 | 863,931 | |
|
|
|
||
15.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Amounts owed to group undertakings |
|
|
|
| Other creditors | 51,721 | 59,803 | |
| Taxation and social security | 257,720 | 54,064 | |
| Accruals and deferred income | 215,083 | 147,690 | |
|
|
|
||
16.
Deferred Taxation
The provision for deferred tax is made up as follows:
|
2025
|
2024
|
|
|
£
|
£
|
|
|
Accelerated capital allowances
|
(76,794)
|
32,020
|
|
Capital gains
|
(443,114)
|
-
|
|
Pension provision
|
2,177
|
2,854
|
|
Tax losses
|
517,731
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|
651,449
|
|
-
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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|
686,323
|
A deferred tax asset has been recognised to the extent to reduce the net defererd tax position to £Nil. At the year end there was an unprovided deferred tax asset of £395,564 (2024: £Nil).
18.
Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £30,447 (2024: £36,144).
At the balance sheet date contributions of £14,295 (2024: £15,170) were due to the fund and are included in creditors.
Voestalpine Rotec Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
19.
Reserves
| Revaluation Reserve | |
|---|---|
| £ | |
| As at 1 April 2024 |
|
| Surplus on revaluation |
|
| Transfer from profit and loss |
( |
| As at 31 March 2025 |
|
The revaluation of freehold property during the year has been transferred from the Profit and Loss Account to the Revaluation Reserve to clearly identify the balance of reserves available for distribution to shareholders.
20.
Post Balance Sheet Events
On 10 November 2025, voestalpine AG, the parent company of voestalpine Rotec Ltd, approved a proposal to consolidate the Rotec Group’s operations, which includes the planned closure of the UK and Canadian sites.
As a result, it is anticipated that voestalpine Rotec Ltd will cease trading in the summer of 2026. The parent company has committed to honouring all existing contracts and meeting all liabilities as they fall due.
In light of this development, the directors have reassessed the basis of preparation of the financial statements and concluded that the going concern basis is no longer appropriate. Accordingly, the financial statements have been prepared on a break-up basis, with assets and liabilities adjusted to reflect their expected realisable and settlement values.
21.
Controlling Parties
The company's immediate parent undertaking is
voestalpine Rotec GmbH (Krieglach)
, by virtue of its 100% shareholding.
The ultimate parent undertaking is
voestalpine Rotec GmbH (Krieglach)
(incorporated in Austria). Its registered office is
voestalpine AG, voestalpine Str. 1, 4020 Linz, Austria
.
These financial statements are available upon request from the largest and smallest group of undertakings for which group financial statements have been drawn up is that headed by voestalpine AG. Copies of the group financial statements can be obtained at www.voestalpine.com. The registered office of voestalpine AG is voestalpine Str. 1, 4020 Linz, Austria
The company's ultimate controlling party is
voestalpine AG
by virtue of its 100% shareholding in voestalpine Metal Forming GmbH (Krems) (incorporated in Austria), which itself has a 100% shareholding in voestalpine Rotec GmbH (Krieglach) (incorporated in Austria).