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REGISTERED NUMBER: 06927267 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MATERION UK LIMITED

MATERION UK LIMITED (REGISTERED NUMBER: 06927267)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MATERION UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A D Tarrant
J M Zaranec III
K N Folger





REGISTERED OFFICE: 1 Rae Road
Farnborough
Hampshire
GU14 6XE





REGISTERED NUMBER: 06927267 (England and Wales)





AUDITORS: Haines Watts
Chartered Accountants and Statutory Auditors
Advantage
87 Castle Street
Reading
Berkshire
RG1 7SN

MATERION UK LIMITED (REGISTERED NUMBER: 06927267)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 3,100 5,030
Tangible assets 5 208,974 139,600
Investments 6 788,731 788,731
1,000,805 933,361

CURRENT ASSETS
Stocks 532,709 531,223
Debtors 7 177,331 323,512
Cash at bank 73,514 68,366
783,554 923,101
CREDITORS
Amounts falling due within one year 8 6,149,862 5,184,773
NET CURRENT LIABILITIES (5,366,308 ) (4,261,672 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,365,503

)

(3,328,311

)

PENSION ASSET 13 1,167,000 1,349,000
NET LIABILITIES (3,198,503 ) (1,979,311 )

CAPITAL AND RESERVES
Called up share capital 10 39,695 39,695
Capital redemption reserve 11 781,994 781,994
Retained earnings 11 (4,020,192 ) (2,801,000 )
SHAREHOLDERS' FUNDS (3,198,503 ) (1,979,311 )

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





A D Tarrant - Director


MATERION UK LIMITED (REGISTERED NUMBER: 06927267)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Materion UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The financial statements are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specific within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Going Concern
In determining the appropriate basis of preparation of the financial statements, the board is required to consider whether the company can continue in operational existence for the foreseeable future.

The company is a member of the Materion Corporation Group and the Materion Corporation Group have undertaken to provide financial support to the company to enable it to continue to trade and satisfy its liabilities as they fall due for at least 12 months from the signing of these financial statements and for the foreseeable future.

Having considered the written undertaking given by the Materion Corporation Group, the directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the company to continue as a going concern. On the basis of their assessment of the company's financial position and of the enquiries made of the directors of Materion Corporation Group, the company's directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessment and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

MATERION UK LIMITED (REGISTERED NUMBER: 06927267)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

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.

Revenue from systems and the installation of systems are recognised upon delivery to a customer. In circumstances where a considerable vendor obligation exists, revenue recognition is delayed until the obligation has been satisfied.

Deposits are deferred until the job is completed. If a contract is cancelled, the deposit is recognised as income immediately, net of costs incurred.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

MATERION UK LIMITED (REGISTERED NUMBER: 06927267)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line basis.

Depreciation is provided on the following basis:

Leasehold- 18 years straight line
Plant and machinery- 10 years straight line
Fixtures and fittings- 3 years straight line
Motor Vehicles- 3 years straight line


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 the Statement of comprehensive income.

MATERION UK LIMITED (REGISTERED NUMBER: 06927267)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Stock and work in progress
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 weighted averagebasis. 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.

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.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are 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 Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a 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.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.


MATERION UK LIMITED (REGISTERED NUMBER: 06927267)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
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.

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.

Finance costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, 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.

Operating leases
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

Interest income
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Borrowing costs
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

MATERION UK LIMITED (REGISTERED NUMBER: 06927267)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Pensions
Defined benefit pension plan
The Company operates a closed defined benefits pension scheme and the pension charge is advised by the scheme actuary on an annual basis.

Defined contribution pension plan
The Company also 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 the Statement of comprehensive income 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.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 29 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£ £ £
COST
At 1 January 2023
and 31 December 2023 365 5,791 6,156
AMORTISATION
At 1 January 2023 - 1,126 1,126
Charge for year - 1,930 1,930
At 31 December 2023 - 3,056 3,056
NET BOOK VALUE
At 31 December 2023 365 2,735 3,100
At 31 December 2022 365 4,665 5,030

MATERION UK LIMITED (REGISTERED NUMBER: 06927267)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings Totals
£ £ £ £
COST
At 1 January 2023 21,987 183,477 15,359 220,823
Additions - 96,310 - 96,310
At 31 December 2023 21,987 279,787 15,359 317,133
DEPRECIATION
At 1 January 2023 15,163 57,109 8,951 81,223
Charge for year 4,549 18,584 3,803 26,936
At 31 December 2023 19,712 75,693 12,754 108,159
NET BOOK VALUE
At 31 December 2023 2,275 204,094 2,605 208,974
At 31 December 2022 6,824 126,368 6,408 139,600

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 January 2023
and 31 December 2023 788,731
NET BOOK VALUE
At 31 December 2023 788,731
At 31 December 2022 788,731

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 16,286 63,062
Amounts owed by group undertakings - 4,369
Tax 48,839 42,293
VAT 41,000 55,038
Prepayments and accrued income 71,206 158,750
177,331 323,512

MATERION UK LIMITED (REGISTERED NUMBER: 06927267)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 40,316 192,484
Amounts owed to group undertakings 5,785,099 4,683,161
Social security and other taxes 52,651 45,752
Other creditors 83,908 74,437
Accruals and deferred income 187,888 188,939
6,149,862 5,184,773

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 67,500 90,000
Between one and five years - 67,500
67,500 157,500

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
64,412 Ordinary $0.01 39,695 39,695

11. RESERVES

Profit & loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

Capital redemption reserve

The capital redemption reserve represents the amounts transferred following the Company's repurchase of shares issued.

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

The Report of the Auditors was unqualified.

Jacqueline Biggs FCCA ACA (Senior Statutory Auditor)
for and on behalf of Haines Watts

MATERION UK LIMITED (REGISTERED NUMBER: 06927267)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. EMPLOYEE BENEFIT OBLIGATIONS

The Company operates a defined contribution 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 funds and amounted to £170,634 (2022 - £252,310). At the balance sheet date £15,996 (2022 - £13,739) was owed to the scheme.

The Company also operates a defined benefit pension scheme, that was closed to new entrants with effect from 5 December 2005 and future accrual as of 30 April 2007. As such, there are no active members.

The Company entered into a flexible apportionment arrangement under which all the liabilities of the Materion Brush Limited Pension and Life Assurance Plan were apportioned to the Company.

In accordance with provisions of schedule 36 of the Finance Act 2004, the Pension fund became a registered pension scheme under Chapter 2 or part 4 of the Finance Act 2004 with effect from 5 April 2006.

The date of the most recent completed full actuarial valuation was at 29 November 2022. These FRS 102 valuation results use April 2022 valuation data. The actuary is not an employee of officer of the company or its subsidiary.

Contributions will be made in accordance with the Schedule of Contributions, which is mutually agreed by the Company and the scheme's trustees. The Company is required to settle administrative costs.

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2023 2022
£ £
Current service cost - -
Net interest from net defined benefit
asset/liability

61,000

4,000
Past service cost - -
61,000 4,000

Actual return on plan assets 83,000 82,000

MATERION UK LIMITED (REGISTERED NUMBER: 06927267)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2023 2022
£ £
Opening defined benefit obligation 3,060,000 4,579,000
Interest cost 144,000 86,000
Benefits paid (103,000 ) (153,000 )
Actuarial (gains)/losses from changes in
financial assumptions

65,000

(1,452,000

)
3,166,000 3,060,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2023 2022
£ £
Opening fair value of scheme assets 4,409,000 6,882,000
Scheme expenses (35,000 ) -
Contributions by scheme participants - 60,000
Expected return 83,000 82,000
Benefits paid (103,000 ) (153,000 )
Return on plan assets (excluding
interest income)

(21,000

)

(2,462,000

)
4,333,000 4,409,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2023 2022
£ £
Actuarial (gains)/losses from changes in
financial assumptions

(65,000

)

1,452,000
Return on plan assets (excluding
interest income)

(21,000

)

(2,462,000

)
(86,000 ) (1,010,000 )

MATERION UK LIMITED (REGISTERED NUMBER: 06927267)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. EMPLOYEE BENEFIT OBLIGATIONS - continued

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit
pension plans
2023 2022
£ £
Bonds 4,289,670 4,364,910
Cash and other 43,330 44,090
4,333,000 4,409,000

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2023 2022
Discount rate 4.50% 4.80%
Expected return on scheme assets 1.90% 1.90%
Pension increases in deferment - CPI 2.70% 2.70%
Pension increases in payment - RPI 3.20% 3.20%
Pensioner mortality rate decrease 1.25% 1.25%

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15. ULTIMATE CONTROLLING PARTY

The Company is a subsidiary of Materion Advanced Technologies and Services Inc., a wholly owned subsidiary of Materion Corporation Inc. incorporated in the USA. The largest and smallest group in which the results of the Company are included is that headed by Materion Corporation Inc. Consolidated financial statements are available from 6070 Parkland Boulevard, Mayfield Heights, Ohio, USA.