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Registration number: 11834677

Sherex Fastening Solutions UK Ltd
Filleted Financial Statements
for the Year Ended 31 December 2024

Sherex Fastening Solutions UK Ltd

Contents

Company Information | 1
Profit and Loss Account | 2
Balance Sheet | 3
Statement of Changes in Equity | 4
Notes to the Financial Statements | 5 to 11

Sherex Fastening Solutions UK Ltd

Company Information

Directors | Mr A McBride Mr M Rossi Mrs M A Fleming Mr A Pratt Mr M J Klotzbach

Registered office | Unit 14, Empire Business Park Enterprise Way Burnley Lancs BB12 6LT

Auditors | Kneeshaws Fourth Floor St James House St James's Row Burnley Lancashire BB11 1DR

Sherex Fastening Solutions UK Ltd

Profit and Loss Account for the Year Ended 31 December 2024

| Note | 2024 £ | 2023 £
Turnover |  | 807,527 | 903,900
Cost of sales |  | (455,702) | (469,925)
Gross profit |  | 351,825 | 433,975
Administrative expenses |  | (315,553) | (316,237)
Operating profit |  | 36,272 | 117,738
Other interest receivable and similar income |  | 188 | 93
Interest payable and similar expenses |  | (3,998) | (9,436)
|  | (3,810) | (9,343)
Profit before tax |  | 32,462 | 108,395
Tax on profit |  | (19,952) | -
Profit for the financial year |  | 12,510 | 108,395

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Sherex Fastening Solutions UK Ltd

(Registration number: 11834677)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 4 | 11,024 | 8,908
Current assets |  |  |
Stocks | 5 | 317,904 | 289,067
Debtors | 6 | 205,083 | 69,940
Cash at bank and in hand |  | 246,656 | 139,237
|  | 769,643 | 498,244
Creditors: Amounts falling due within one year | 7 | (707,884) | (417,700)
Net current assets |  | 61,759 | 80,544
Total assets less current liabilities |  | 72,783 | 89,452
Creditors: Amounts falling due after more than one year | 7 | - | (29,179)
Net assets |  | 72,783 | 60,273
Capital and reserves |  |  |
Called up share capital | 8 | 100 | 100
Retained earnings |  | 72,683 | 60,173
Shareholders' funds |  | 72,783 | 60,273

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 March 2026 and signed on its behalf by:

......................................... Mr M J Klotzbach Director

Sherex Fastening Solutions UK Ltd

Statement of Changes in Equity for the Year Ended 31 December 2024

| Share capital £ | Retained earnings £ | Total £
At 1 January 2024 | 100 | 60,173 | 60,273
Profit for the year | - | 12,510 | 12,510
At 31 December 2024 | 100 | 72,683 | 72,783

| Share capital £ | Retained earnings £ | Total £
At 1 January 2023 | 100 | (48,222) | (48,122)
Profit for the year | - | 108,395 | 108,395
At 31 December 2023 | 100 | 60,173 | 60,273

Sherex Fastening Solutions UK Ltd

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.

The address of its registered office is:
Unit 14, Empire Business Park
Enterprise Way
Burnley
Lancs
BB12 6LT

These financial statements were authorised for issue by the Board on 9 March 2026.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Sherex Fastening Solutions UK Ltd

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

Audit report

The Independent Auditor's Report was qualified. With respect to inventory having a carrying amount of £317,904 the audit evidence available to us was limited because we did not observe the counting of the physical inventory as at 31st December 2024, since that date was prior to our appointment as auditor of the company. Owing to the nature of the company’s records, we are unable to obtain sufficient appropriate audit evidence regarding the inventories quantities by using other audit procedures..

The name of the Senior Statutory Auditor who signed the audit report on 9 March 2026 was , who signed for and on behalf of Kneeshaws.

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

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptiosn that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Sherex Fastening Solutions UK Ltd

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

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 | 10% straight-line
Fixtures and fittings | 20% straight-line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Sherex Fastening Solutions UK Ltd

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

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

Sherex Fastening Solutions UK Ltd

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

4 | Tangible assets

| Furniture, fittings and equipment £ | Other tangible assets £ | Total £
Cost or valuation
At 1 January 2024 | 2,907 | 7,258 | 10,165
Additions | 4,119 | - | 4,119
At 31 December 2024 | 7,026 | 7,258 | 14,284
Depreciation
At 1 January 2024 | 592 | 665 | 1,257
Charge for the year | 1,277 | 726 | 2,003
At 31 December 2024 | 1,869 | 1,391 | 3,260
Carrying amount
At 31 December 2024 | 5,157 | 5,867 | 11,024
At 31 December 2023 | 2,315 | 6,593 | 8,908

5 | Stocks

| 2024 £ | 2023 £
Stock | 317,904 | 289,067

6 | Debtors

Current | Note | 2024 £ | 2023 £
Trade debtors |  | 155,880 | 23,304
Amounts owed by related parties | 11 | 48,264 | 2,116
Prepayments |  | 939 | 44,520
|  | 205,083 | 69,940

Sherex Fastening Solutions UK Ltd

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

7 | Creditors

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Trade creditors |  | 291,977 | 41,165
Amounts owed to group undertakings and undertakings in which the company has a participating interest | 11 | 374,349 | -
Taxation and social security |  | 35,592 | 12,010
Accruals and deferred income |  | 5,021 | 3,993
Other creditors |  | 945 | 360,532
|  | 707,884 | 417,700

Creditors: amounts falling due after more than one year

| Note | 2024 £ | 2023 £
Due after one year |  |  |
Loans and borrowings | 9 | - | 29,179

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £Nil (2023 - £29,179).

8 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £1 each | 100 | 100 | 100 | 100

9 | Loans and borrowings

Non-current loans and borrowings

| 2024 £ | 2023 £
Bank borrowings | - | 29,179

10 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £15,225 (2023 - £Nil).

Sherex Fastening Solutions UK Ltd

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

11 | Related party transactions

The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions
with wholly owned group companies on the grounds that consolidated financial statements are prepared by the
parent company.

Directors' remuneration

The directors' remuneration for the year was as follows:

| 2024 £ | 2023 £
Remuneration | 113,300 | -
Contributions paid to money purchase schemes | 1,321 | -
| 114,621 | -

12 | Parent and ultimate parent undertaking

The company's immediate parent is Penn Enineering Fastening Technologies (Europe) Ltd, incorporated in Ireland.
The ultimate parent is PEM Holding Co, incorporated in America.
The most senior parent entity producing publicly available financial statements is PEM Holding Co. These financial statements are available upon request from PEM Holding Co