REGISTERED NUMBER: 00596653 (England and Wales)

VERNIER SPRINGS AND PRESSINGS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C W H Davies

G J Hawkins

I Chatwin

K R Stanley

W Hawkins

REGISTERED OFFICE:

Fox House

Edward Street

Redditch

Worcestershire

B97 6HA

REGISTERED NUMBER:

00596653 (England and Wales)

AUDITORS:

Charles Lovell & Co Limited

Chartered Certified Accountants

and Statutory Auditors

8 Church Green East

Redditch

Worcestershire

B98 8BP

FIXED ASSETS

Intangible assets

4

91,852

130,000

Tangible assets

5

1,013,513

966,273

1,105,365

1,096,273

CURRENT ASSETS

Stocks

6

866,510

907,203

Debtors

7

3,037,772

3,017,511

Cash at bank and in hand

62,567

104,864

3,966,849

4,029,578

CREDITORS

Amounts falling due within one year

8

1,763,429

2,079,390

NET CURRENT ASSETS

2,203,420

1,950,188

TOTAL ASSETS LESS CURRENT LIABILITIES

3,308,785

3,046,461

CREDITORS

Amounts falling due after more than one year

9

(390,515

)

(332,602

)

PROVISIONS FOR LIABILITIES

13

(244,171

)

(219,858

)

NET ASSETS

2,674,099

2,494,001

CAPITAL AND RESERVES

Called up share capital

14

8,150

8,150

Retained earnings

2,665,949

2,485,851

SHAREHOLDERS' FUNDS

2,674,099

2,494,001

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2026 and were signed on its behalf by:

C W H Davies - Director

1.	COMPANY INFORMATION

Vernier Springs and Pressings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fox House, Edward Street, Redditch, Worcestershire, B97 6HA.

2.	ACCOUNTING POLICIES

Accounting convention

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is th present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Intangible assets other than goodwill

Development costs 20 year useful life.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings

50 Years Straight Line

Plant and equipment

3,5 or 10 Years Straight Line

Fixtures and fittings

5 Years Straight Line

Computers

2 Years Straight Line

Motor vehicles

2 or 4 Years Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined on a first-in, first-out (FIFO) basis and comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Invoice discounting

Trade debtor balances subject to invoice discounting are included in the balance sheet within assets until they are collected. The corresponding liability would be shown within current assets, Related charges and other costs are recognised as they accrue and are included in the profit and loss account.

Hedge accounting

The company has entered into variable to fixed rate interest swaps to manage its exposure to interest rate cash flow risk on its variable rate debt. These derivatives are measured at fair value at each reporting date. To the extent the hedge is effective, movements in fair value are recognised in the profit or loss for the period.

Grants

Grants are recognised when there is reasonable assurance that the conditions will be met and the grant will be received.

Grants relating to the purchase of tangible fixed assets are recognised as deferred income and released to the profit and loss account over the useful lives of the related assets.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 56 (2024 - 56 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2024

130,000

Disposals

(15,185

)

At 30 November 2025

114,815

AMORTISATION

Amortisation for year

22,963

At 30 November 2025

22,963

NET BOOK VALUE

At 30 November 2025

91,852

At 30 November 2024

130,000

5.	TANGIBLE FIXED ASSETS

Leasehold

Fixtures

land and

Plant and

and

buildings

equipment

fittings

£

£

£

COST

At 1 December 2024

108,533

4,470,962

30,013

Additions

-

267,461

-

Disposals

-

(37,111

)

-

At 30 November 2025

108,533

4,701,312

30,013

DEPRECIATION

At 1 December 2024

108,533

3,519,655

30,013

Charge for year

-

227,036

-

Eliminated on disposal

-

(34,920

)

-

At 30 November 2025

108,533

3,711,771

30,013

NET BOOK VALUE

At 30 November 2025

-

989,541

-

At 30 November 2024

-

951,307

-

Motor

vehicles

Computers

Totals

£

£

£

COST

At 1 December 2024

45,984

47,860

4,703,352

Additions

17,850

10,687

295,998

Disposals

-

-

(37,111

)

At 30 November 2025

63,834

58,547

4,962,239

DEPRECIATION

At 1 December 2024

36,067

42,811

3,737,079

Charge for year

12,963

6,568

246,567

Eliminated on disposal

-

-

(34,920

)

At 30 November 2025

49,030

49,379

3,948,726

NET BOOK VALUE

At 30 November 2025

14,804

9,168

1,013,513

At 30 November 2024

9,917

5,049

966,273

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

equipment

£

COST

At 1 December 2024

929,087

Additions

170,315

At 30 November 2025

1,099,402

DEPRECIATION

At 1 December 2024

238,476

Charge for year

79,847

At 30 November 2025

318,323

NET BOOK VALUE

At 30 November 2025

781,079

At 30 November 2024

690,611

6.

STOCKS

30.11.25

30.11.24

£

£

Raw materials and consumables

177,686

139,118

Work in progress

103,994

105,597

Finished goods and goods for resale

584,830

662,488

866,510

907,203

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.25

30.11.24

£

£

Trade debtors

890,263

1,058,008

Amounts owed by group undertakings

1,883,811

1,834,561

Other debtors

197,074

32,709

Prepayments and accrued income

66,624

92,233

3,037,772

3,017,511

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.25

30.11.24

£

£

Bank loans and overdrafts (see note 10)

18,939

45,455

Other loans (see note 10)

75,000

-

Hire purchase contracts (see note 11)

165,573

149,001

Trade creditors

754,958

925,845

Tax

68,659

55,288

Social security and other taxes

54,516

47,721

VAT

3,996

-

Proposed dividends

2,394

2,312

Other creditors

191,647

177,743

Accruals and deferred income

215,707

192,860

Invoice Discounting Advance

212,040

483,165

1,763,429

2,079,390

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.25

30.11.24

£

£

Bank loans (see note 10)

-

18,939

Other loans (see note 10)

100,000

-

Hire purchase contracts (see note 11)

256,492

266,143

Other creditors

34,023

47,520

390,515

332,602

10.

LOANS

An analysis of the maturity of loans is given below:

30.11.25

30.11.24

£

£

Amounts falling due within one year or on demand:

Bank loans

18,939

45,455

Other loans

75,000

-

93,939

45,455

Amounts falling due between one and two years:

Bank loans - 1-2 years

-

18,939

Other loans - 1-2 years

75,000

-

75,000

18,939

Amounts falling due between two and five years:

Other loans - 2-5 years

25,000

-

11.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

30.11.25

30.11.24

£

£

Net obligations repayable:

Within one year

165,573

149,001

Between one and five years

256,492

266,143

422,065

415,144

Non-cancellable

operating leases

30.11.25

30.11.24

£

£

Within one year

46,195

42,656

Between one and five years

50,262

78,509

96,457

121,165

12.	SECURED DEBTS

The bank loans are secured by fixed and floating charges over the companies assets.

Creditors under one year contains invoice discounting advances which are secured by fixed and floating charges over the companies assets.

13.	PROVISIONS FOR LIABILITIES

30.11.25

30.11.24

£

£

Deferred tax

244,171

219,858

Deferred

tax

£

Balance at 1 December 2024

219,858

Provided during year

24,313

Balance at 30 November 2025

244,171

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.25

30.11.24

value:

£

£

6,600

Ordinary

£1

6,600

6,600

1,550

Preference

£1

1,550

1,550

8,150

8,150

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

The Report of the Auditors was unqualified.

John Thomas Harris (Senior Statutory Auditor)

for and on behalf of Charles Lovell & Co Limited

16.	RELATED PARTY DISCLOSURES

During the year, the company paid dividends totalling £30,000 (2024 £30,000) to the parent company.

As at the balance sheet date £735,658 was owed to Vernier Springs and Pressing Limited from the parent company.

As at the balance sheet date £1,148,153 was owed to Vernier Springs and Pressing Limited from the ultimate parent company.

17.	ULTIMATE CONTROLLING PARTY

The controlling party is Worcester Metal Holdings Limited.

The ultimate controlling party is Vernier Metal Products Limited.