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Registered number: 01414150 HELLER MACHINE TOOLS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
HELLER MACHINE TOOLS LIMITED CONTENTS
| Page
Strategic Report | 1 - 4
Directors' Report | 5 - 7
Independent Auditor's Report | 8 - 11
Income Statement | 12
Balance Sheet | 13
Statement of Changes in Equity | 14
Statement of Cash Flows | 15 - 16
Analysis of Net Debt | 17
Notes to the Financial Statements | 18 - 35
HELLER MACHINE TOOLS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The company is the UK subsidiary of Heller Group and continues to be engaged in the assembly, sale and maintenance of CNC machine tools along with the supply of spare parts. The company also designs and supplies fixtures together with technical expertise and know how to provide solutions to its customers’ engineering requirements. The philosophy of Heller Group is to remain one of the world’s premier manufacturers of high quality machine tools. The strategy for all its subsidiaries, including Heller Machine Tools Limited, is for each of them to be an efficient and profitable supplier of high quality machine tools.
Business review
The company generated a pre-tax profit of £265,000 (2023: pre-tax profit £660,000). The market continues to remain competitive for the supply of high-quality products and advanced technical solutions such as those supplied by the company. With the new generation range and the continued development of its products, the company is confident that the demand for its products and services will continued. Expansion into new markets continues and supports the company's future prospects for the sale of its products. In January 2026, Heller Group, including Heller Machine Tools Limited, Redditch was purchased by DN Solutions who are a leader within the machine tool industry. Also,in 2025 a decision was taken to close the production facility of the UK operation in March 2026. The business will continue to support and service the customers within the UK marketplace with the supply of high-quality products and advanced technical solutions, with a major focus on new industries. Page 1
HELLER MACHINE TOOLS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Principal risks and uncertainties
The directors have reviewed the risk management objectives and policies of the company, and these are continually monitored. Challenges remain for the company with the continuing uncertain global and political landscape. Fluctuating prices and supply chain delays continue and remain a key focus, along with overhead cost control. Continuous improvement in our in-house processes is showing benefits and attention will continue to be given to this area enabling the business to capture and benefit from such improvements moving forward. The purchase of the company by DNS in January 2026 and the ongoing group support allied to the existing UK banking facilities and financial resources have helped bring the directors to the conclusion that the company is a going concern. As a consequence of this, the directors of Heller Machine Tools Limited, believe that the company is well placed to manage current business risks and uncertainties. The company is exposed to a foreign currency risk as most of its turnover is derived from Euro denominated exports. It continues to manage this risk by operating Euro bank accounts and making a significant amount of purchases from European suppliers in Euros. This natural hedge precludes the need for using forward currency contracts. The company does not enter into any derivatives or speculative financial instruments. Within the machine tool business there is an inherent risk of product liability and warranty claims. The directors are also aware of a tendency in the automotive industry, one of the largest markets for machine tools, of customers to include unlimited guarantee clauses. The directors mitigate against the risk from indemnity clauses by ensuring that contracts are carefully drafted so that any potential loss to the Heller Group is limited. Systems are in place to ensure the efficiency of company’s employees in satisfying its customers’ needs and, in the monitoring, and reduction of potential contract risks from work undertaken. The business remains focused on making continuous improvements and ensuring the company maintains the highest standards of quality and compliance, having acquired accreditations in ISO 9001 and AEO (with AEO accreditation successfully renewed in 2024). Page 2
HELLER MACHINE TOOLS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Financial key performance indicators
The company’s key financial performance indicators encompass turnover, profitability and the strength of its balance sheet. The income statement on page 12 of the financial statements shows a turnover of £61m (2023: £61m), with a profit before tax of £265,000 (2023: profit after tax of £660,000). The balance sheet on page 13 shows that the net asset position of the company remains strong. At the balance sheet date the current ratio was 2.00:1 (2023: 1.79:1) and the quick ratio was standing at 0.90:1 (2023: 0.68:1). The statement of cash flows on pages 15 to 16 shows that the cash flows from operating activities were an inflow of £3,974,000 (2023: £1,549,000). O ther key performance indicators Non-financial information Human rights We are committed to respecting and upholding human rights within our business and within our supply chain. We recognise our responsibility to identify and address potential or actual human rights infringements linked to the products and services we provide. We encourage our suppliers to uphold the same standards as we apply to ourselves. • Modern slavery statement – https://uk.heller.biz /modern-slavery-statement/ GDPR regulations are regularly reviewed and the directors are satisfied that the company meets the requirements. The company has Information security and Electronic communications policies, which are designed to ensure that all IT and other communication equipment and resources, are used properly and kept secure. The company has various monitoring, firewalls and anti-virus software with structured file access in place to protect against the risk of IT security breaches.The company is focused on attaining the Cyber Essentials Plus certification in 2025 to ensure a secure and resilient environment for its data. Environment As a business we recognise the importance of reducing our environmental impact and have over the last few years, introduced various energy saving initiatives. The company invested in roof mounted solar panels to further reduce its environmental impact. The project has been a success in 2024 with the company consuming 82% and exporting 18% of what it has produced. In order to protect local wildlife, the company has reviewed its external site maintenance to exclude areas where wildlife is present. The company has re-aligned its fleet policy with 92% of its vehicles being hybrid or electric types. . Heller continues to review alternative means and strategies for saving energy. Page 3
HELLER MACHINE TOOLS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Employees The company aims to provide a safe working environment, which encourages personal development. Respect and responsibility are highly valued in the organisation and the company seeks to operate within a framework of fairness, openness, integrity and accountability. The company provides safe and healthy conditions of all work, plant, equipment and systems by identifying and reducing to an acceptable level all workplace hazards and risks. The company monitors its “days lost” KPI (injury /incidents at work, resulting in lost time) year on year and in 2024 it was 0.17% (2023: 0.00%). Employee turnover during the year was 17% (2023: 6.36%). The company recognises the value of retaining and developing its highly skilled staff and encourages employees to participate in training and development. Absence rates were 1.8% (2023: 2.1%). Anti-corruption and anti-briber y The company is committed to conducting its operations in a socially responsible manner and will not tolerate any form of bribery or corruption from its employees, suppliers or any other parties. The company conducts its business with honesty and integrity and expects all of the employees to maintain high standards. Both the anti bribery and Whistle Blowing policies are available upon request.
Directors' statement of compliance with duty to promote the success of the Company
In the performance of their duties, the directors have acted in good faith in the promotion of the company for its success with the ultimate benefit being for the members. When taking long-term decisions, the directors consider the impact of these on the operations and the wider community and any stakeholders ensuring that any likely outcomes are taken into account. Development of Continuous Improvements methods have seen waste reductions and cost savings supporting continued focus on environmental impacts. Cross pollination of skill sets across our employees has been deployed this year to broaden their capabilities ensuring continued success. Additional personnel were trained in mental health first aid to support employees welfare and wellbeing which the directors considers to be vitally important. Close partnerships with supplies continue to be fostered to support our key supply chain. Further details on employee involvement and environmental matters can be found in the non-financial information section of this report. The company remains committed to giving back to the community, with a number of individuals supporting school children by mentoring them within their school environment. This report was approved by the board on 1 April 2026 and signed on its behalf.
Mrs J.A. Dyer Director
Page 4
HELLER MACHINE TOOLS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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 to 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.
Results and dividends
The profit for the year, after taxation, amounted to £133,495 (2023 - £397,595). No dividends have been paid during the year and no final dividend is proposed.
Directors
The directors who served during the year and subsequently were:
Mr M.C. Meyer (resigned 30 August 2024)
Mr M.P. Rosenberger (resigned 1 February 2024)
Mrs J.A. Dyer (appointed 1 February 2024)
Mr A. Muessigmann (appointed 2 October 2024)
Mr E.J. Rouse (appointed 1 January 2025)
Engagement with employees
Refer to the strategic report.
Engagement with suppliers, customers and others
Refer to the strategic report. Page 5
HELLER MACHINE TOOLS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Greenhouse gas emissions, energy consumption and energy efficiency action
The company’s greenhouse gas emissions and energy consumption during the year ended 31 December 2024, as required under the Streamlined Energy & Carbon Reporting (SECR) framework provisions, are as follows:
| 2024 | 2023
| KWh | CO2e (t) | KWh | CO2e (t)
Electricity |  |  | 648,669 | 134 | 939,038 | 194
Gas |  |  | 705,869 | 127 | 888,556 | 160
Transport *** |  |  | 187,888 | 46 | 331,590 | 81
Total |  |  | 1,542,426 | 307 | 2,159,184 | 435
*** Includes fuel used by company cars on business use. The company uses third party hauliers which are not included in these figures, (therefore, these are scope 2 emissions). The metric of CO2 equivalent (kg) relative to turnover (£M) has been considered the most appropriate way to track energy efficiency. For the year ended 31 December 2024. This equates to 5.0 (2023: 7.1) tonnes of carbon dioxide equivalent per £1 million of turnover. Greenhouse gas (GHG) emissions are calculated in line with the UK Government Guidance on Streamlined Energy and Carbon Reporting and the GHG reporting protocol. Conversion factors are taken from the UK Governments conversation factors. We have used the "Greenhouse gas reporting: conversion factors 2024" from the UK Government website to calculate the amount of carbon dioxide. Solar panels installed on the roof of the factory became fully operational in 2024 and Heller has already seen substantial benefits from this investment, helping to reduce the company's greenhouse gas emissions. Heller has been exporting surplus energy back to the grid every month so is less reliant on energy from the grid. Additionally, Heller has changed its electricity contract to be on 100% renewable electricity for the next three years. This has been an important move for Heller to remain focused on self-sufficiency and sustainability while reducing the company's greenhouse gas emissions.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information. Page 6
HELLER MACHINE TOOLS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Post balance sheet events
In October 2025, the company entered into an agreement to guarantee certain specific borrowings of fellow group undertakings within the Heller Group. The guarantee is secured by a fixed charge over the company’s freehold property and a floating charge over all of the company’s assets. In October 2025, the Group announced a restructuring plan to consolidate assembly operations at its main plant in Germany, resulting in the planned closure of the UK assembly operations by 31 March 2026. The Group’s UK sales and service operations will continue.The associated restructuring costs are currently estimated to be in the region of £2.5 million. As the plan was announced after the reporting date, no provision has been recognised in these financial statements. In February 2026, the company entered into an unsecured £1.1 million loan agreement with Heller Group, repayable after one year with automatic renewal if not fully repaid and bearing interest at 5.5% per annum. On 28 January 2026, Heller Group was acquired by DN Solutions.
Auditor
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP. MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 1 April 2026 and signed on its behalf.
Mrs J.A. Dyer Director
Page 7
HELLER MACHINE TOOLS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HELLER MACHINE TOOLS LIMITED
Opinion
We have audited the financial statements of Heller Machine Tools Limited (the 'Company') for the year ended 31 December 2024, which comprise the Income Statement, the Analysis of Net Debt, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including 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 December 2024 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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. Page 8
HELLER MACHINE TOOLS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HELLER MACHINE TOOLS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report 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 Directors' Report. We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 5, 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 is 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. Page 9
HELLER MACHINE TOOLS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HELLER MACHINE TOOLS LIMITED (CONTINUED)
Auditor's 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 an Auditor's Report 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. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: enquiry of management around actual and potential litigation and claim; Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditor's Report. Page 10
HELLER MACHINE TOOLS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HELLER MACHINE TOOLS LIMITED (CONTINUED)
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 an Auditor's Report 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. Christopher Barlow BFP FCA FCCA (Senior Statutory Auditor) for and on behalf of MHA, Statutory Auditor Birmingham, United Kingdom 1 April 2026 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542) Page 11
HELLER MACHINE TOOLS LIMITED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 60,843,504 | 60,644,228
Other operating income | 5 | 108,024 | 154,807
Raw materials and consumables |  | (49,393,792) | (48,091,316)
Other external charges |  | (4,088,929) | (4,498,230)
Staff costs |  | (6,438,593) | (6,797,409)
Depreciation and amortisation |  | (422,403) | (297,271)
Operating profit | 6 | 607,811 | 1,114,809
Interest receivable and similar income | 10 | 16,265 | 383
Interest payable and similar expenses | 11 | (359,115) | (455,627)
Profit before tax |  | 264,961 | 659,565
Tax on profit | 12 | (131,466) | (261,970)
Profit for the financial year |  | 133,495 | 397,595
There are no items of other comprehensive income for 2024 or 2023 other than the profit for the year. As a result, no separate Statement of Comprehensive Income has been presented.
The notes on pages 18 to 35 form part of these financial statements.
Page 12
HELLER MACHINE TOOLS LIMITED REGISTERED NUMBER: 01414150 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 4,308,275 |  | 4,651,707
Current assets |  |  |  |  |
Stocks | 14 | 7,472,182 |  | 14,763,478 |
Debtors: amounts falling due within one year | 15 | 6,156,004 |  | 9,064,312 |
Cash at bank and in hand | 16 | 4,850 |  | 2,647 |
|  | 13,633,036 |  | 23,830,437 |
Creditors: amounts falling due within one year | 17 | (6,817,771) |  | (13,325,167) |
Net current assets |  |  | 6,815,265 |  | 10,505,270
Total assets less current liabilities |  |  | 11,123,540 |  | 15,156,977
Creditors: amounts falling due after more than one year | 18 |  | (883,203) |  | (5,029,135)
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 |  | (229,000) |  | (250,000)
Net assets |  |  | 10,011,337 |  | 9,877,842
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 4,500,000 |  | 4,500,000
Profit and loss account | 21 |  | 5,511,337 |  | 5,377,842
|  |  | 10,011,337 |  | 9,877,842
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 April 2026.
Mrs J.A. Dyer
Director
The notes on pages 18 to 35 form part of these financial statements. Page 13
HELLER MACHINE TOOLS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 4,500,000 | 4,980,247 | 9,480,247
Comprehensive income for the year |  |  |
Profit for the year | - | 397,595 | 397,595
Total comprehensive income for the year | - | 397,595 | 397,595
At 1 January 2024 | 4,500,000 | 5,377,842 | 9,877,842
Comprehensive income for the year |  |  |
Profit for the year | - | 133,495 | 133,495
Total comprehensive income for the year | - | 133,495 | 133,495
At 31 December 2024 | 4,500,000 | 5,511,337 | 10,011,337
| The notes on pages 18 to 35 form part of these financial statements.
Page 14
HELLER MACHINE TOOLS LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  | 2024 | 2023
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 133,495 | 397,595
Adjustments for: |  |
Depreciation of tangible assets | 422,218 | 434,416
Loss on disposal of tangible assets | 185 | (137,145)
Government grants | (20,932) | (20,932)
Interest paid | 359,115 | 455,627
Interest received | (16,265) | (383)
Taxation charge | 131,466 | 261,970
Decrease/(increase) in stocks | 7,291,296 | (989,663)
Decrease/(increase) in debtors | 1,436,889 | (3,076,765)
Decrease/(increase) in amounts owed by groups undertakings | 1,471,419 | (4,315,520)
(Decrease)/increase in creditors | (6,996,791) | 6,305,093
(Decrease)/increase in amounts owed to group undertakings | (238,288) | 2,259,934
Corporation tax received/(paid) | - | (24,968)
Net cash generated from operating activities | 3,973,807 | 1,549,259
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (78,971) | (488,815)
Sale of tangible fixed assets | - | 284,591
Government grants received | 20,932 | 20,932
Interest received | 16,265 | 383
Net cash from investing activities | (41,774) | (182,909)
Cash flows from financing activities |  |
Repayment of bank loans | - | (5,646,502)
New loan from group undertakings | - | 4,125,000
Loans from group undertakings repaid | (3,550,000) | -
Interest paid | (359,115) | (455,627)
Net cash used in financing activities | (3,909,115) | (1,977,129)
Net increase/(decrease) in cash and cash equivalents | 22,918 | (610,779)
Cash and cash equivalents at beginning of year | (518,089) | 92,690
Cash and cash equivalents at the end of year | (495,171) | (518,089)
Cash and cash equivalents at the end of year comprise: |  |
Page 15
HELLER MACHINE TOOLS LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
|  | 2024 | 2023
|  | £ | £
Cash at bank and in hand | 4,850 | 2,647
Bank overdrafts | (500,021) | (520,736)
| (495,171) | (518,089)
The notes on pages 18 to 35 form part of these financial statements.
Page 16
HELLER MACHINE TOOLS LIMITED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2024
| At 1 January 2024 | Cash flows | Other non-cash changes | At 31 December 2024
| £ | £ | £ | £
Cash at bank and in hand | 2,647 | 2,203 | - | 4,850
Bank overdrafts | (520,736) | 20,715 | - | (500,021)
Debt due after 1 year | (4,125,000) | 3,550,000 | 575,000 | -
Debt due within 1 year | - | - | (575,000) | (575,000)
| (4,643,089) | 3,572,918 | - | (1,070,171)
The notes on pages 18 to 35 form part of these financial statements.
Page 17
HELLER MACHINE TOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Heller Machine Tools Limited is a private company limited by shares, incorporated and domiciled in England. The address of the registered office and the principal place of business is Acanthus Road, Ravensbank Business Park, Redditch, Worcestershire, B98 9EX. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied: Page 18
HELLER MACHINE TOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis. The Directors have considered the relevant information, including the annual budget, forecast future sales, the impact of subsequent events and the continued support of the group in making their assessment. Demand for machines is strong, however, the global supply chain remains under enormous pressure and obtaining the raw materials and other goods to meet customer expectations is challenging. In response to the global supply chain issue the Directors have performed a thorough analysis of forecast future sales taking into account the potential impact on the business of possible future scenarios arising from the impact of ongoing issues in the supply chain and received assurances from group management that the company will receive ongoing support both operationally and financially as necessary. This analysis also considers the effectiveness of available measures to assist in mitigating the impact. In January 2026, Heller Group, including Heller Machine Tools Limited, Redditch was purchased by DN Solutions who are a leader within the machine tool industry. Also,in 2025 a decision was taken to close the production facility of the UK operation in March 2026. The business will continue to support and service the customers within the UK marketplace with the supply of high-quality products and advanced technical solutions, with a major focus on new industries. In October 2025, the company entered into an agreement to guarantee certain specific borrowings of fellow group undertakings within the Heller Group. The guarantee is secured by a fixed charge over the company’s freehold property and a floating charge over all of the company’s assets. In October 2025, the Group announced a restructuring plan to consolidate assembly operations at its main plant in Germany, resulting in the planned closure of the UK assembly operations by 31 March 2026. The Group’s UK sales and service operations will continue.The associated restructuring costs are currently estimated to be in the region of £2.5 million. As the plan was announced after the reporting date, no provision has been recognised in these financial statements. In February 2026, the company entered into an unsecured £1.1 million loan agreement with Heller Group,repayable after one year with automatic renewal if not fully repaid and bearing interest at 5.5% per annum. The company is reliant upon the financial and operational support of its German parent which has been confirmed to the UK directors by virtue of a letter of support. Based on these assessments and having regards to the resources available to the company, including confirmation the ongoing operational and financial support of the group and the cash flow headroom available to it under various scenarios, the Directors have concluded that there is no material uncertainty and that they can continue to trade and adopt the going concern basis in preparing the financial statements. Page 19
HELLER MACHINE TOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional currency is GBP. The presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | Operating leases: the Company as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 20
HELLER MACHINE TOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.7 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 21
HELLER MACHINE TOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 22
HELLER MACHINE TOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.12 | Tangible fixed assets (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 25 years
|  |  |  | Plant and machinery | - | between 5 and 25 years
|  |  |  | Motor vehicles | - | 3 years
|  |  |  | Fixtures,fittings & equipment | - | between 3 and 10 years
|  |  |  | Tools | - | 3 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a moving average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is 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.
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 23
HELLER MACHINE TOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.17 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted Page 24
HELLER MACHINE TOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 25
HELLER MACHINE TOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements in conformity with generally accepted accounting principles requires the directors to make estimates and assumptions that the affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Some of these estimates and judgments are inherently uncertain and subject to change. The impact of any change in accounting estimates is reflected in period in which the estimate is revised, if the revision only affects that period, or in the period of the revision and future periods if the revision effects both current and future periods. In this respect, the directors believe that the critical accounting policies where judgments or estimations are necessarily applied are as follows: Tangible fixed assets Depreciation is provided on fixed assets based on the estimated useful economic life of those assets. This is based on management's knowledge of the business and assets. Revenue recognition Sometimes the company undertakes projects, for example installation of machines on-site with automation. These are in effect contracts under section 23 of FRS102 and are accounted for in accordance with the provisions of that section. This requires estimates to be made for the contract revenue and costs, which may be affected by a variety of uncertainties that depend on the outcome of future events. Stock The company holds a significant level of stock, both for production and as spares. Provision is made for slow-moving and potentially obsolete stock. This, by its very nature, requires management to make judgments. These are based on historical experience and on other factors that are believed to be relevant in the circumstances.
4. | Turnover
The whole of the turnover is attributable to the company's principal activity of CNC machine manufacture, sale and servicing. Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Europe | 59,920,640 | 60,014,715
| Rest of the world | 922,864 | 629,513
|  | 60,843,504 | 60,644,228
Page 26
HELLER MACHINE TOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Other operating income
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Rental income | 87,092 | 2,250
| Government grants receivable | 20,932 | 20,932
| RDEC tax credits receivable | - | 131,625
|  | 108,024 | 154,807
6. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 422,218 | 434,416
| Exchange differences | 79,656 | (107,062)
| Other operating lease rentals | 201,967 | 163,534
7. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 48,621 | 48,405
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
Page 27
HELLER MACHINE TOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 5,509,910 | 5,887,796
| Social security costs | 598,058 | 626,717
| Cost of defined contribution scheme | 339,866 | 288,038
|  | 6,447,834 | 6,802,551
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Directors | 2 | 2
|  | Production, sales and administration | 145 | 154
|  |  | 147 | 156
9. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 180,882 | 168,575
| Company contributions to defined contribution pension schemes | 43,219 | 14,183
| Compensation for loss of office | 326,631 | -
|  | 550,732 | 182,758
| During the year retirement benefits were accruing to 2 directors (2023 - 1) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £398,890 (2023 - £166,020).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £36,354 (2023 - £14,183).
Page 28
HELLER MACHINE TOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other interest receivable | 16,265 | 383
11. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest payable | 40,970 | 376,168
| On loans from group undertakings | 318,145 | 79,459
|  | 359,115 | 455,627
12. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 152,466 | -
| Adjustments in respect of previous periods | - | 24,970
|  | 152,466 | 24,970
| Total current tax | 152,466 | 24,970
| Deferred tax |  |
| Origination and reversal of timing differences | (21,000) | 237,000
| Total deferred tax | (21,000) | 237,000
| Tax on profit | 131,466 | 261,970
Page 29
HELLER MACHINE TOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The standard rate of corporation tax in the UK until 31 March 2023 was 19%, from that date the rate has been 25%, the effective rate for the year ended 31 December 2023 was therefore 23.5%. The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 264,961 | 659,565
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%) | 66,240 | 154,998
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 4,645 | 4,194
| Capital allowances for year in excess of depreciation | 60,112 | 54,078
| R&D expenditure credits | - | (30,961)
| Other differences leading to an increase in the tax charge | 469 | 79,661
| Total tax charge for the year | 131,466 | 261,970
Page 30
HELLER MACHINE TOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 January 2024 | 8,453,113 | 3,218,355 | 8,000 | 1,792,433 | 13,471,901
| Additions | - | 51,598 | - | 27,373 | 78,971
| Disposals | - | (17,428) | - | (79,243) | (96,671)
| At 31 December 2024 | 8,453,113 | 3,252,525 | 8,000 | 1,740,563 | 13,454,201
| Depreciation |  |  |  |  |
| At 1 January 2024 | 4,378,456 | 2,841,504 | 500 | 1,599,734 | 8,820,194
| Charge for the year on owned assets | 255,269 | 56,552 | 2,000 | 108,397 | 422,218
| Disposals | - | (17,428) | - | (79,058) | (96,486)
| At 31 December 2024 | 4,633,725 | 2,880,628 | 2,500 | 1,629,073 | 9,145,926
| Net book value |  |  |  |  |
| At 31 December 2024 | 3,819,388 | 371,897 | 5,500 | 111,490 | 4,308,275
| At 31 December 2023 | 4,074,657 | 376,851 | 7,500 | 192,699 | 4,651,707
14. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Raw materials and consumables | 4,146,001 | 6,134,200
| Work in progress (goods to be sold) | 3,326,181 | 8,629,278
|  | 7,472,182 | 14,763,478
| Impairment (gains)/losses totalling £(175,035) (2023 - £134,865) were recognised in profit and loss.
Page 31
HELLER MACHINE TOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 2,417,313 | 2,941,539
| Amounts owed by group undertakings | 3,233,517 | 4,704,936
| Other debtors | 278,846 | 774,599
| Prepayments and accrued income | 226,328 | 643,238
|  | 6,156,004 | 9,064,312
16. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 4,850 | 2,647
| Less: bank overdrafts | (500,021) | (520,736)
|  | (495,171) | (518,089)
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | 500,021 | 520,736
| Payments received on account | 661,933 | 6,455,265
| Trade creditors | 1,009,998 | 1,994,188
| Amounts owed to group undertakings | 2,816,478 | 2,479,766
| Corporation tax | 167,220 | 14,754
| Other taxation and social security | 237,770 | 782,813
| Accruals and deferred income | 1,424,351 | 1,077,645
|  | 6,817,771 | 13,325,167
| Bank loans and overdrafts are secured by fixed and floating charges over the company's freehold premises and certain plant and machinery, and fixtures and equipment. Included in amounts owed to group undertakings is a loan of £575,000 that is repayable within one year, interest is charged on this loan at 9% per annum.
Page 32
HELLER MACHINE TOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed to group undertakings | - | 4,125,000
| Accruals and deferred income | 883,203 | 904,135
|  | 883,203 | 5,029,135
| The amounts owed to group undertakings is a loan that is repayable within one to two years, interest is charged on this loan at 9% per annum.
19. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | (250,000)
| Charged to profit or loss | 21,000
| At end of year | (229,000)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | (243,000) | (269,500)
| Tax losses carried forward | - | 5,500
| Other short-term differences | 14,000 | 14,000
|  | (229,000) | (250,000)
20. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 4,500,000 (2022: 4,500,000) Ordinary shares of £1.00 each | 4,500,000 | 4,500,000
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HELLER MACHINE TOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
21. | Reserves
Profit and loss account The profit and loss account includes all current and prior period profits and losses.
22. | Pension commitments
The company operates defined contribution pension schemes. The charge for the year of £339,866 (2023: £288,083) represents contributions falling due and payable in the year. Contributions totalling £65,704 (2023: £22,432) are included in creditors.
23. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 257,364 | 229,620
| Later than 1 year and not later than 5 years | 562,271 | 507,707
|  | 819,635 | 737,327
24. | Related party transactions
| The company's financial statements are consolidated into those of its immediate and ultimate parent undertaking, Heller Holding SE & Co KGaA whose financial statements are publicly available. The company has taken advantage of paragraph 33.1A of FRS 102 and has not disclosed transactions with other wholly owned entities of Heller Holding SE & Co KGaA. Amounts due from and to related parties at the balance sheet date are shown on notes 15 and 16 to the financial statements. Compensation of £1,069,021 (2023: £694,786) was paid to key personnel, including directors, during the year.
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HELLER MACHINE TOOLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
25. | Post balance sheet events
In October 2025, the company entered into an agreement to guarantee certain specific borrowings of fellow group undertakings within the Heller Group. The guarantee is secured by a fixed charge over the company’s freehold property and a floating charge over all of the company’s assets. In October 2025, the Group announced a restructuring plan to consolidate assembly operations at its main plant in Germany, resulting in the planned closure of the UK assembly operations by 31 March 2026. The Group’s UK sales and service operations will continue.The associated restructuring costs are currently estimated to be in the region of £2.5 million. As the plan was announced after the reporting date, no provision has been recognised in these financial statements. In February 2026, the company entered into an unsecured £1.1 million loan agreement with Heller Group, repayable after one year with automatic renewal if not fully repaid and bearing interest at 5.5% per annum. On 28 January 2026, Heller Group was acquired by DN Solutions.
26. | Controlling party
The company's immediate parent undertaking is Heller Machine Tools Holdings Limited and Heller Holding SE & Co KGaA of Neurtingen, Germany was the ultimate parent undertaking at 31 December 2024.Subsequent to the year end, on 28 January 2026, Heller Group was acquired by DN Solutions.
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