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Registered number:
FOR THE YEAR ENDED 31 MARCH 2026
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WALSALL PRESSINGS COMPANY LIMITED
CONTENTS
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WALSALL PRESSINGS COMPANY LIMITED
COMPANY INFORMATION
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WALSALL PRESSINGS COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present their strategic report on Walsall Pressings Company Limited ("Walpres" and "the company") for the year ended 31 March 2026 ("FY2026"). The principal activity of the company during the year continued to be that of the manufacture of metal pressings and welded assemblies for the automotive industry.
Walpres is part of the Ricor Global Limited group of companies ("Ricor" and "the group"). Ricor continues to evolve as an international player in the automotive industry and beyond. Ricor's expertise is in the supply of metal stampings, tube manipulation and assemblies throughout the vehicle structure, supplying to a wide range of both Original Equipment Manufacturers ("OEM") and Tier One customers. Ricor has an established international footprint which is well situated to support its customers on a worldwide basis, supplying products globally via seven facilities situated across the UK, Poland and Slovakia and an office and tooling facilities in China.
The company delivered another profitable year in FY2026, reporting operating profit of £4.01m and profit after tax of £4.17m. The company also strengthened its financial position, with net assets increasing to £29.21m and net current assets increasing to £28.86m at 31 March 2026.
The directors monitor the performance of the company by reference to key performance indicators, including turnover, gross profit and margin, earnings before interest, tax, depreciation and amortisation ("EBITDA"), and key areas influencing working capital. These are discussed in more detail below.
Turnover was £30.85m, compared with £47.33m in FY2025. The reduction principally reflected lower customer production volumes, including disruption caused by a cyber incident at a key customer. The company received compensation in connection with the incident, which has been recognised within other operating income.
Gross profit was £5.09m, compared with £10.55m in FY2025. The gross margin % decreased to 16.5% in FY2026 from 22.3% in FY2025. The change in gross margin was due to both the revenue impact of the cyber incident but also the mix of products sold. Despite the lower level of turnover, the company remained strongly profitable and continued to generate a positive contribution to the Group.
The reduction in short-term creditors contributed to an increase in net current assets from £24.41m to £28.86m. The company’s strong working-capital and net-asset positions provide resilience and support its continuing operations.
The company's working capital and longer term financing needs are met through invoice discounting. The wider group's working capital and longer-term financing needs continue to be met through a combination of invoice discounting, external term loans, an overdraft facility and shareholder debt and equity. The directors and the management team are committed to maintaining transparent and collaborative working relationships with all key stakeholders. Consequently, the group maintains ongoing dialogue with facility providers and this ensures the facilities continue to be made available.
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WALSALL PRESSINGS COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Business review and key performance indicators (continued)
Other key performance indicators Health and safety The company invests in training and is committed to maintaining a good quality and motivated workforce. The directors are committed to taking measures to continuously improve the health, safety and welfare of all their staff, which includes a training and risk assessment programme. There was one RIDDOR reportable accident in the company during 2026 (2025: one). All accidents are thoroughly investigated, and steps taken to avoid a re occurrence. Quality control The manufacturing plant holds ISO/TS 16949 accreditation, the de facto automotive quality standard. Individual site quality management systems are externally audited against this standard on an annual basis. The directors are committed to reduce energy consumption and CO2 emissions. The company holds ISO14001 accreditation, which incorporates an action plan for environmental improvement planning, a part of which is addressing energy consumption and CO2 emission reduction.
Financing risk
As noted above, the company, through its parent company, is reliant upon third party lenders. The group's directors and management team are committed to maintaining a transparent and collaborative working relationship with these lenders, ensuring that the financing requirements of the group are met, taking account of both short-term and longer-term needs. The group’s financing facilities with its key funding partners are in place until June 2028. Management considers that the associated covenants will be complied with based on board-approved forecasts, which have been shared with financing partners. The directors have considered appropriate mitigating actions to address potential variances against forecast performance and believe that these would support continued compliance with financing obligations and covenant requirements. The group continues to maintain strong relationships with its customers, suppliers and financing partners, which the directors consider an important source of ongoing support and flexibility. Raw material price movement Certain customer contracts allow for the update of raw material price movement, on a periodic basis. This provides security against commodity price movements. Other customer contracts provide for the purchase of material at a price fixed by the customer, at the start of the contract. Collectively, our contracts with customers protect the business from the impact of volatility in raw material prices. Inflation The UK and European inflation rates remain relatively high, which has increased costs within the company. In mitigation, we have discussed and agreed price increases with our customers, in line with the inflationary impact on the business. The price of steel has a major impact on the financial performance of the company but currently is remaining at lower levels than the exceptionally high prices experienced in previous years. Customer concentration The company is reliant on certain key customers who comprise a significant percentage of the group's annual revenues. The company mitigates this risk by maintaining a strong relationship with key customers and providing a high-quality product and efficient service and thus being recognised as a reliable strategic business partner.
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WALSALL PRESSINGS COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Principal risks and uncertainties (continued)
Geo-political uncertainty The ongoing war in Ukraine continues to be closely monitored by the company. The conflict has had an indirect impact on the business despite having no direct suppliers in Ukraine or Russia or the Middle East. The indirect risk of disruption to our customers' supply chains is closely monitored by the group. The secondary impact of sanctions and counter sanctions is also being monitored by the group. Our customers are adept at managing disruptions in their global supply chains and we anticipate that the long-term impact on the group will be moderate. Data and compliance risk The company is aware of the increased risk of ransomware and other IT security issues. To mitigate this risk, the company ensures it is running the latest versions of all software and maintains a strict firewall discipline. Data is regularly backed up. The directors consider compliance risk including the requirement to comply with the Data Protection Act 2018 and UK General Data Protection Regulations ("GDPR") as essential to the operations of its core activities. Ensuring sensitive data is protected under GDPR is fundamental for both compliance and reputation.
The company recognises the importance of delivering effective corporate governance in supporting the long-term success and sustainability of its business and operates under high standards of corporate governance.
The directors are required to act in the way that they consider would be most likely to promote the success of the company for the benefits of its members as a whole, with regards to the matters below, and work in collaboration with the group's senior management team in order to achieve this. The group management board continues to formally review and challenge the company's financial performance, liquidity management and business decisions. Clear authority limits and levels have been set for management. The likely consequences of any decision in the long-term The directors consider the medium and long-term impact of decisions when formulating plans and strategic direction for the company. The company's senior management team prepares three-year forecasts and promote consideration of the long-term impact of all the board's strategic decisions. The interests of the company's employees The board considers our people to be our greatest asset and the interests of our employees are always considered when decisions are made. The engagement with employees was critical during the Covid-19 pandemic and the related supply chain issues. The company has increased this engagement with the employees to further drive focus on the health, safety and welfare of its employees. The company's policy is to consult and discuss with employees matters likely to affect employees' interests, mainly with the employee representatives, through regular meetings with the Works Council. In addition, regular communication of other important matters is undertaken by the directors via email and on staff noticeboards.
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WALSALL PRESSINGS COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Statement by the directors on performance of their statutory duties in accordance with s.172 (1) Companies Act 2006 (continued)
The need to foster the company's business relationships with suppliers, funders, customers and others The Company is focused on building strong, mutually beneficial relationships with suppliers and customers. Customers are kept up to date with ongoing business activities and developments with a view to creating and nurturing long term partnerships. Supplier relationships are managed regularly with continuous engagement and sharing of information. The activities carried out in development of these partnerships are reported regularly to the management team. Funders receive monthly management accounts and reports as well as cashflow forecasts in line with requirements of the banking agreements. The impact of the company's operations on the community and environment The Company is focused on ensuring that its operations are in compliance with environmental laws and regulations. Sustainability and doing business responsibly are very important factors for the company. The business reviews and seeks to reduce wherever possible our environmental footprint. The management team recognise the need to conduct business in a way that is ethical, compliant and to a high standard. The business is governed around a framework, with appropriate training on correct business conduct where required, focussing on core values, of which integrity and transparency are key. The directors are committed to taking measures to continuously improve the health, safety and welfare of all their staff, this includes a training and risk assessment programme. The desirability of the company maintaining a reputation for high standards of business conduct The directors believe that it is crucial that the Company is trusted by all stakeholders to maintain the highest standards in everything the Company does as a business. The directors aim to always do the right thing with our customers, suppliers, employees and other stakeholders. The board seeks to minimise reputational risk by ensuring such considerations are always part of the decision-making process. The need to act fairly between members of the company Walsall Pressings Company Limited is a wholly owned subsidiary of Ricor Global Limited. The directors have regular and open dialogue with its representatives.
This report was approved by the board and signed on its behalf by:.
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WALSALL PRESSINGS COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present their report and the financial statements for the year ended 31 March 2026.
The profit for the year, after taxation, amounted to £4,172,494 (2025 - £6,476,919).
The directors who served during the year were:
On 6 May 2026, M R Evans resigned as a director, and on 11 May 2026, M R Flewitt was appointed as a director.
As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.
This report was approved by the board and signed on its behalf.
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WALSALL PRESSINGS COMPANY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
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 judgements 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.
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WALSALL PRESSINGS COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WALSALL PRESSINGS COMPANY LIMITED
FOR THE YEAR ENDED 31 MARCH 2026
We have audited the financial statements of Walsall Pressings Company Limited (the 'Company') for the year ended 31 March 2026, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the notes to the financial statements, 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 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.
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WALSALL PRESSINGS COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WALSALL PRESSINGS COMPANY LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
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.
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.
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.
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WALSALL PRESSINGS COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WALSALL PRESSINGS COMPANY LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
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:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the Company's sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation, employment legislation and health and safety legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested a sample of journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance; and
∙enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
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WALSALL PRESSINGS COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WALSALL PRESSINGS COMPANY LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Auditor's responsibilities for the audit of the financial statements (continued)
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
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WALSALL PRESSINGS COMPANY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2026
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WALSALL PRESSINGS COMPANY LIMITED
BALANCE SHEET
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 30 form part of these financial statements.
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WALSALL PRESSINGS COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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WALSALL PRESSINGS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Walsall Pressings Company Limited is a private company limited by shares and incorporated in England and Wales. The address of its registered office and principal place of business is Wednesbury Road, Walsall, West Midlands, WS1 4JW.
The financial statements are presented in Sterling (£), which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.
2.Accounting policies
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 judgement in applying the Company's accounting policies (see note 3).
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:
∙Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows);
∙Section 7 Statement of Cash Flows (inclusion of statement of cash flows);
∙Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c) (disclosures relating to financial instruments); and
∙Section 33 Related Party Disclosures paragraph 33.7 (disclosures of key management personnel compensation).
This information is included in the consolidated financial statements of Ricor Global Limited as at 31
March 2026 and these financial statements may be obtained from Companies House.
The following principal accounting policies have been applied:
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WALSALL PRESSINGS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
The Company and Group are reliant on the continuing support of their lenders. At the balance sheet date, the Group’s borrowing facilities extend to June 2028. The directors of the Group have also secured funding to enable continued investment in equipment, processes and operational improvements across key sites. This investment will support the Group in delivering existing programmes and securing future growth opportunities.
Management have prepared forecasts and cash flow projections covering a period of at least 12 months from the date of approval of these financial statements. These forecasts demonstrate that the Group is expected to comply with its financial covenants and meet its liabilities as they fall due throughout the forecast period. The forecasts are sensitive primarily to production volumes from key OEM customers and management have modelled a range of downside scenarios, including reductions in forecast volumes. Where such scenarios indicate potential pressure on liquidity, management have identified mitigating actions that could be implemented to preserve cash and maintain covenant compliance. The modelling indicates that, after taking account of these mitigating actions, the Group would continue to meet its obligations as they fall due. The directors have considered the principal risks and uncertainties facing the Group, together with the current trading environment, customer demand and the availability of funding. Based on this assessment, the directors are satisfied that the Company and Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, after making appropriate enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for a period of at least 12 months from the date these financial statements are approved. The directors therefore continue to adopt the going concern basis in preparing these financial statements.
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WALSALL PRESSINGS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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WALSALL PRESSINGS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
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.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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WALSALL PRESSINGS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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.
Ordinary shares are classified as equity.
The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument.
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.
The Company’s policies for its major classes of financial assets and financial liabilities are set out below.
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WALSALL PRESSINGS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, and amounts owed by group undertakings, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, and amounts owed to group undertakings, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Company would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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WALSALL PRESSINGS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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. Absorption of attributable production overhead costs into the value of stock The Company allocates certain production overheads to the cost of stock based on normal capacity of the production facilities. The determination of normal capacity levels is an area of management judgement. Dilapidations provisions The Company has entered into various operating leases which include dilapidations conditions. These may involve an outflow of resources at the termination of the lease. The directors have not recognised a provision for these amounts because, although their amount is uncertain, it is not anticipated to be material to understanding the financial position of the Company. Impairment of intercompany debtor balances The carrying amounts of the Company’s intercompany loans and trading balances are reviewed on a periodic basis. In determining whether there is a need for a provision, management is required to determine their best estimate of the future expected cash flows.
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WALSALL PRESSINGS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Turnover represents amounts receivable from the manufacture and sale of automotive metal stampings, welded assemblies and associated products and services.
Analysis of turnover by geographical market:
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WALSALL PRESSINGS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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WALSALL PRESSINGS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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WALSALL PRESSINGS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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WALSALL PRESSINGS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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WALSALL PRESSINGS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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WALSALL PRESSINGS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 28
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WALSALL PRESSINGS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Share premium account
Capital redemption reserve
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £80,557 (2025: £99,182).
Contributions totalling £9,366 (2025: £22,161) were payable to the fund at the balance sheet date and are included in creditors.
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WALSALL PRESSINGS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
20.Other financial commitments
The Company is party to a cross-guarantee in respect of the bank loans, overdraft facilities, and other loans of its parent company, Ricor Global Limited.
At 31 March 2026 the total amount of indebtedness covered by this guarantee was £30,963,844 (2025: £39,353,961). The bank and other lender hold as security a fixed and floating charge over the assets of the group. The company has provided a bank guarantee in the ordinary course of business. The guarantee was in place at the year end with a limit of £30,000 (2025: £30,000). No liability is expected to arise under this guarantee.
The immediate parent undertaking is
The parent undertaking of the smallest and the largest group of undertakings for which group financial statements are drawn up and of which the Company is a member is Ricor Global Limited whose registered office is In the opinion of the directors, the ultimate controlling party was
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