Moncaster Wire Products Limited - Accounts to registrar (filleted) - small 18.2
Moncaster Wire Products Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| MONCASTER WIRE PRODUCTS LIMITED |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2021 |
| MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2021 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 | to | 9 |
| MONCASTER WIRE PRODUCTS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| 15 Chequergate |
| Louth |
| Lincolnshire |
| LN11 0LJ |
| BANKERS: |
| Mcintosh House |
| Foxbridge Way |
| Normanton |
| West Yorkshire |
| WF6 1TN |
| MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 | ( |
) |
| PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
| MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2021 |
| 1. | STATUTORY INFORMATION |
| Moncaster Wire Products Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents amounts charged to customers for goods and services provided during the year, excluding value added tax and trade discounts. Sales are recognised upon delivery to the customer, or upon collection by the customer. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
| Freehold property | - Straight line over 25 years |
| Land | - Not depreciated |
| Property improvements | - Straight line over 10 years |
| Plant and machinery etc | - at varying rates on cost |
| Freehold buildings are depreciated to write down the cost less estimated residual value over their remaining useful life by equal annual instalments. Where buildings are maintained to such a standard that their residual value is not less than their cost or valuation, no depreciation is charged. |
| Stocks |
| Cost is calculated using the first in first out basis. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Invoice discounting |
| The company holds an invoice discounting agreement with a minimum notice period of 6 months to a loan value of 90% of approved receivables. The invoice discounting bank account is recognised in full in these financial statements with the amounts received through the invoice discounting arrangement disclosed under other creditors, where applicable. |
| Government grants |
| Government grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery |
| £ | £ | £ |
| COST |
| At 1 January 2021 |
| Additions |
| Disposals | ( |
) |
| At 31 December 2021 |
| DEPRECIATION |
| At 1 January 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2021 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2021 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2021 |
| DEPRECIATION |
| At 1 January 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| Included in freehold property is a building at a cost of £1,047,633 (2020: £1,047,633) and land at £150,000 (2020: £150,000). No depreciation has been charged during the year in accordance with the company's accounting policies on page 9. |
| The net book value of tangible fixed assets includes £Nil (2020: £8,608) in respect of assets held under hire purchase agreements. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 8) |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans |
| MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2021 |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2021 | 2020 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Non-cancellable operating | leases |
| 2021 | 2020 |
| £ | £ |
| Within one year |
| Between one and five years |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | - | 750 |
| The bank debts are secured by a debenture and legal charge from Moncaster Wire Products Ltd over the freehold property at Cavatorta House, Tattershall Way, Fairfield Industrial Estate, Louth. Hire purchase loans are secured on the assets for which the loans were advanced, and the invoice discounting facility is primarily secured on the company's prevailing debtor book. |
| 10. | PROVISIONS FOR LIABILITIES |
| 2021 | 2020 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | 49,747 | 45,064 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2021 |
| Movement in the year | 4,683 |
| Balance at 31 December 2021 |
| Deferred tax liability has arisen as a result of accelerated capital allowances and other tax adjustments. |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary | £1 | 631,581 | 631,581 |
| MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2021 |
| 11. | CALLED UP SHARE CAPITAL - continued |
| During the year ended 31 December 2018 there was an allotment of shares totalling 1,580. This was in addition to the 630,001 existing shares. However the accounts only reflected an allotment of 1,579 shares and showed an incorrect amount of shares. |
| During the year ended 31 December 2021 an adjustment has been made to increase the share nominal value to the correct amount of £631,581 and as a result the retained earnings figure has decreased by the same amount. The overall capital and reserves figure remains the same. |
| 12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 13. | OTHER FINANCIAL COMMITMENTS |
| Although the company is based in the UK, it has a significant foreign currency exposure through the purchase and sale of goods in currencies other than Sterling. The company mitigates its exposure to currency fluctuations via hedging and forward contracts wherever appropriate and cost effective. |
| At 31 December 2021 the company had no commitments in place (2020: £Nil) relating to a forward exchange contract. |
| MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2021 |
| 14. | RELATED PARTY DISCLOSURES |
| The following balances and transactions relate to Metallurgica Abruzzese SpA and other companies within the group. |
| Outstanding | Outstanding |
| 2021 | 2020 |
| Related party | Relationship | Transaction and amount | £ | £ |
Metallurgica Abruzzese SpA | Parent company | Purchases and interest of £957,511 (2020: £793,205) | Nil | Nil |
| Metallurgica Abruzzese SpA | Parent company | Short term creditors | 21,351 | Nil |
Metallurgica Abruzzese SpA | Parent company | Long term creditors (including loan) | Nil | Nil |
| Metallurgica Abruzzese SpA | Parent company | Debtors | Nil | 1,612 |
Metallurgica Abruzzese SpA | Parent company | Commissions receivable of £6,049 (2020: £3,808) | Nil | Nil |
| SC Metallurgica Cavatorta SRL | Fellow subsidiary company | Purchases of £Nil (2020: £Nil) | Nil | Nil |
| SC Metallurgica Cavatorta SRL | Fellow subsidiary company | Creditors within one year | Nil | Nil |
Cavatorta France SAS | Fellow subsidiary company | Purchases and interest of £3,605,164 (2020: £2,418,604) | Nil | Nil |
Cavatorta France SAS | Fellow subsidiary company | Short term creditors | 138,348 | 403,948 |
Cavatorta France SAS | Fellow subsidiary company | Debtors | Nil | 1,268 |
Cavatorta France SAS | Fellow subsidiary company | Sales and commissions receivable of £Nil (2020: £2,460) | Nil | Nil |
TZ Cavatorta SpA | Fellow subsidiary company | Debtors | 726 | 2,989 |
TZ Cavatorta SpA | Fellow subsidiary company | Sales and commissions receivable £9,071 (2020: £36,106) | Nil | Nil |
TZ Cavatorta SpA | Fellow subsidiary company | Purchases of £586,776 (2020: £765,959) | Nil | Nil |
TZ Cavatorta SpA | Fellow subsidiary company | Short term creditors | Nil | 47,405 |
Aluwire Val Vibrata SRL | Fellow subsidiary company | Purchases of £Nil (2020:£70,754) | Nil | Nil |
Aluwire Val Vibrata SRL | Fellow subsidiary company | Short term creditors | Nil | Nil |
| MONCASTER WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02177443) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2021 |
| 15. | ULTIMATE CONTROLLING PARTY |
| The holding of the group is the company I.FI.CO.M S.r.l. with registered office in Montesilvano (PE) - 75 Via Danubio as it holds 78.73% of the share capital of Metallurgica Abruzzese Spa, which in turn controls or is directly connected to all the other companies of the group. In fact, Metallurgica Abruzzese Spa can therefore be considered a sub-holding. |
| The capital of the company I.FI.CO.M. srl is made up as follows: |
| Gianluca Cavatorta 40.01% |
| Giovanni Cavatorta 20.00% |
| Nicoletta cavatorta 19.99% |
| Clama srl. 10.00% |
| Fintrading srl. 10.00% |
| Metallurgica Abruzzese Spa based in Contrada Marina - Mosciano Sant'Angelo (TE) ITALY - holds 100% of the share capital of Moncaster Wire Products Ltd. based in Louth in the UK. The share capital of Metallurgica Abruzzese Spa is made up as follows: |
| I.FI.CO.M. Srl 78.73% |
| Gianluca Cavatorta 5.04% |
| Giovanni Cavatorta 5.40% |
| Nicoletta Cavatorta 5.39% |
| Clama srl 5.44% |