Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-31039466602023-12-31truefalse2023-01-011923true 03946660 2023-01-01 2023-12-31 03946660 2022-01-01 2022-12-31 03946660 2023-12-31 03946660 2022-12-31 03946660 1 2023-01-01 2023-12-31 03946660 d:Director1 2023-01-01 2023-12-31 03946660 c:Buildings c:LongLeaseholdAssets 2023-01-01 2023-12-31 03946660 c:Buildings c:LongLeaseholdAssets 2023-12-31 03946660 c:Buildings c:LongLeaseholdAssets 2022-12-31 03946660 c:PlantMachinery 2023-01-01 2023-12-31 03946660 c:PlantMachinery 2023-12-31 03946660 c:PlantMachinery 2022-12-31 03946660 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03946660 c:FurnitureFittings 2023-01-01 2023-12-31 03946660 c:FurnitureFittings 2023-12-31 03946660 c:FurnitureFittings 2022-12-31 03946660 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03946660 c:ComputerEquipment 2023-01-01 2023-12-31 03946660 c:ComputerEquipment 2023-12-31 03946660 c:ComputerEquipment 2022-12-31 03946660 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03946660 c:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 03946660 c:OtherPropertyPlantEquipment 2023-12-31 03946660 c:OtherPropertyPlantEquipment 2022-12-31 03946660 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03946660 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03946660 c:ComputerSoftware 2023-01-01 2023-12-31 03946660 c:ComputerSoftware 2023-12-31 03946660 c:ComputerSoftware 2022-12-31 03946660 c:CurrentFinancialInstruments 2023-12-31 03946660 c:CurrentFinancialInstruments 2022-12-31 03946660 c:Non-currentFinancialInstruments 2023-01-01 2023-12-31 03946660 c:Non-currentFinancialInstruments 2023-12-31 03946660 c:Non-currentFinancialInstruments 2022-12-31 03946660 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 03946660 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 03946660 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 03946660 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 03946660 c:ShareCapital 2023-12-31 03946660 c:ShareCapital 2022-12-31 03946660 c:SharePremium 2023-01-01 2023-12-31 03946660 c:SharePremium 2023-12-31 03946660 c:SharePremium 2022-12-31 03946660 c:RetainedEarningsAccumulatedLosses 2023-12-31 03946660 c:RetainedEarningsAccumulatedLosses 2022-12-31 03946660 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03946660 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03946660 c:TaxLossesCarry-forwardsDeferredTax 2023-12-31 03946660 c:TaxLossesCarry-forwardsDeferredTax 2022-12-31 03946660 c:OtherDeferredTax 2023-12-31 03946660 c:OtherDeferredTax 2022-12-31 03946660 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 03946660 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 03946660 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 03946660 d:OrdinaryShareClass1 2023-01-01 2023-12-31 03946660 d:OrdinaryShareClass1 2022-01-01 2022-12-31 03946660 d:OrdinaryShareClass1 2023-12-31 03946660 d:OrdinaryShareClass1 2022-12-31 03946660 d:FRS102 2023-01-01 2023-12-31 03946660 d:Audited 2023-01-01 2023-12-31 03946660 d:FullAccounts 2023-01-01 2023-12-31 03946660 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03946660 c:WithinOneYear 2023-12-31 03946660 c:WithinOneYear 2022-12-31 03946660 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03946660 2 2023-01-01 2023-12-31 03946660 4 2023-01-01 2023-12-31 03946660 6 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure



















Keronite International Limited

Registered number: 03946660
Annual Report
For the year ended 31 December 2023

 
 03946660
31 December 2023
KERONITE INTERNATIONAL LIMITED
REGISTERED NUMBER: 03946660

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 6 
371,508
537,848

Fixed asset investments
 7 
-
19,211,260

  
371,508
19,749,108

Current assets
  

Stocks
  
37,630
50,541

Debtors: amounts falling due within one year
 8 
726,218
996,026

Cash at bank and in hand
  
733,417
2,434,135

  
1,497,265
3,480,702

Creditors: amounts falling due within one year
 9 
(568,336)
(6,558,821)

Net current assets/(liabilities)
  
 
 
928,929
 
 
(3,078,119)

Total assets less current liabilities
  
1,300,437
16,670,989

Creditors: amounts falling due after more than one year
 10 
(15,606)
(25,779)

Provisions for liabilities
  

Deferred tax
 11 
(30,026)
-

Provision
 13 
-
(50,000)

  
 
 
(30,026)
 
 
(50,000)

Net assets
  
1,254,805
16,595,210


Capital and reserves
  

Called up share capital 
 14 
481,082
481,062

Share premium account
  
-
6,380,704

Profit and loss account
  
773,723
9,733,444

Total equity
  
1,254,805
16,595,210


- 1 -

 
 03946660
31 December 2023
KERONITE INTERNATIONAL LIMITED
REGISTERED NUMBER: 03946660
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


R Lopuc
Director
Date: 22 August 2024

The notes on pages 3 to 17 form part of these financial statements.

- 2 -

 
 03946660
31 December 2023
KERONITE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Keronite International Limited is a private company limited by shares and incorporated in England and Wales. The registered number of the Company is 03946660. The address of the registered office is 1 Tudor Rose Court, 53 Hollands Road, Haverhill, Suffolk, CB9 8PJ.
The principal activity of the Company is the commercialisation of the keronite process. This is a proprietary surface treatment technology which uses plasma electrolytic oxidation (PEO) to convert the surface of light alloys such as aluminium, magnesium and titanium into a hard, dense ceramic, resistant to both corrosion and wear.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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.

The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.

The following principal accounting policies have been applied:

- 3 -

 
 03946660
31 December 2023
KERONITE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.2

Going concern

The Company continues to follow its strategic direction of providing material science-based service solutions to customers from its facilities in both the UK and the US. The strength of our technology, its broad applications, and its relevance in industries demanding lightweight materials, such as aerospace, automotive, and semiconductors, remain key factors in our market appeal. This technology continues to be applicable across a variety of business sectors and geographies, as demonstrated by strong and growing customer interest.

Growth in 2023 and beyond has been driven by our continued efforts to apply material science solutions to develop robust and scalable manufacturing processes that address customer surface treatment challenges. The Company's ability to convert its order book into sustained revenue growth remains strong, and we have seen positive cash flow as a result.

Looking ahead to 2024, we anticipate continued growth in sales beyond our budgeted expectations. This projected increase is supported by the ongoing success of our strategic initiatives and the Company's ability to meet rising customer demand across our key markets.

The Board has reviewed the cash flow forecasts and the anticipated sales growth for 2024, considering the potential risks and uncertainties in the current economic environment. The ultimate parent company has once again provided assurances of financial support, ensuring that the Company can meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements. This commitment includes not demanding repayment of amounts owed to them or to companies under their control during this period.

Given the forecasted revenue growth, positive cash flow, and the parent company’s continued financial support, the Board remains confident in adopting the going concern basis of preparation for the 2023 financial statements.

The global economic environment remains challenging, with uncertainties arising from political, economic, social, technological, legal, and environmental factors. These challenges include inflation, rising interest rates, labour shortages, disrupted supply chains, and evolving work practices. The Board has assessed the potential impacts of these uncertainties on the business, including mitigation measures, and has concluded that the most significant impact is likely to come from the broader economic ripple effects.

The Company is actively working with its partners to minimize any adverse effects of these global events and to seize any opportunities that may arise, ensuring the business remains resilient and well-positioned for future growth.

- 4 -

 
 03946660
31 December 2023
KERONITE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within ‘administrative expenses’.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Keronite provide a service to customers using in house equipment or grant licences for the Keronite technology to customers along with the provision of equipment in order for them to carry out the Keronite process.
Service revenue is recognised on completion of work done. Sales of consumables relate predominantly to sales of electrolyte, used in the Keronite process.
Revenue arising on licence sales is recognised in its entirety on the inception of the agreement. Revenue arising on leases and exclusivities is amortised over the period of the agreement.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

- 5 -

 
 03946660
31 December 2023
KERONITE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest receivable and similar income

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

 
2.8

Interest payable and similar expenses

Interest payable and similar expenses are recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.9

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

- 6 -

 
 03946660
31 December 2023
KERONITE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Current and deferred taxation (continued)

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

- 7 -

 
 03946660
31 December 2023
KERONITE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Tangible fixed assets (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:

Leasehold improvements
-
10 years
Plant and equipment
-
5 to 10 years
Fixtures and fittings
-
3 years
Computer equipment
-
3 years
Equipment under construction
-
not depreciated until assets are substantially in use

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.

Depreciation is charged to 'administration expenses' in the Statement of Comprehensive Income.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

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.

- 8 -

 
 03946660
31 December 2023
KERONITE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

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.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

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 reporting 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 Statement of Financial Position.

 
2.20

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
Financial assets
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 identified, 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.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
 
- 9 -

 
 03946660
31 December 2023
KERONITE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transactions price and subsequently measured at amortised costs.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position 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. 

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.


4.


Employees

The average monthly number of employees, including directors, during the year was 19 (2022 - 23).

- 10 -

 
 03946660
31 December 2023
KERONITE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Intangible assets




Technical Know How

£





At 1 January 2023
178,026


Disposals
(178,026)



At 31 December 2023

-





At 1 January 2023
178,026


On disposals
(178,026)



At 31 December 2023

-



Net book value



At 31 December 2023
-



At 31 December 2022
-



- 11 -

 
 03946660
31 December 2023
KERONITE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer equipment
Assets under construction

£
£
£
£
£



Cost 


At 1 January 2023
506,418
1,896,795
49,571
92,897
-


Additions
-
-
-
-
9,103


Disposals
-
(329,244)
-
-
-



At 31 December 2023

506,418
1,567,551
49,571
92,897
9,103



Depreciation


At 1 January 2023
386,582
1,508,795
39,336
73,120
-


Charge for the year
23,240
76,509
4,884
11,343
-


Disposals
-
(269,777)
-
-
-



At 31 December 2023

409,822
1,315,527
44,220
84,463
-



Net book value



At 31 December 2023
96,596
252,024
5,351
8,434
9,103



At 31 December 2022
119,836
388,000
10,235
19,777
-
- 12 -

 
 03946660
31 December 2023
KERONITE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           6.Tangible fixed assets (continued)


Total

£



Cost 


At 1 January 2023
2,545,681


Additions
9,103


Disposals
(329,244)



At 31 December 2023

2,225,540



Depreciation


At 1 January 2023
2,007,833


Charge for the year
115,976


Disposals
(269,777)



At 31 December 2023

1,854,032



Net book value



At 31 December 2023
371,508



At 31 December 2022
537,848


7.


Fixed asset investments





Loans

£





At 1 January 2023
19,211,260


Disposals
(19,211,260)



At 31 December 2023
-




This relates to the promissory note due from the parent company in relation to the sale of Keronite Inc in the prior year. The above amount was settled during the year, due to quantum of interest payments.

- 13 -

 
 03946660
31 December 2023
KERONITE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Debtors: Amounts falling due in one year

2023
2022
£
£


Trade debtors
336,110
295,614

Amounts owed by group undertakings
289,923
399,869

Other debtors
100,185
95,710

Tax recoverable
-
100,871

Deferred taxation
-
103,962

726,218
996,026


Amounts owed by group undertakings are repayable on demand and interest free.


9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,119
10,000

Trade creditors
180,293
172,739

Amounts owed to group undertakings
124,168
4,043,668

Corporation tax
38,682
22,672

Other creditors
215,074
2,309,742

568,336
6,558,821


The Company has entered into a facility with its bank in 2021 that is secured by a fixed charge over the cash deposit of the Company.
Amounts owed to group undertakings are repayable on demand and interest free.


10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,606
25,779

15,606
25,779


See Note 10 for security details.

- 14 -

 
 03946660
31 December 2023
KERONITE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023


£






At 1 January 2023
103,962


Charged to profit or loss
2,920


Utilised in year
(136,908)



At end of year
(30,026)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(75,117)
(89,240)

Unutilised tax losses
43,093
193,202

Provisions
1,998
-

(30,026)
103,962


12.


Contingent liability

As of the balance sheet date, the Company has a potential obligation towards a warranty under a previous contract. The estimated financial effect is £50,000, but the outcome remains uncertain.


13.


Provision




Warranty provision

£





At 1 January 2023
50,000


Released in year
(50,000)



At 31 December 2023
-

- 15 -

 
 03946660
31 December 2023
KERONITE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



48,108,189 (2022 - 48,106,189) Ordinary shares of £0.01 each
481,082
481,062

The Company has one class of Ordinary shares; each carries one voting right per share but no right to fixed income.


On 28 December 2023, 2,000 Ordinary £0.01 shares were issued in consideration for the contribution, transfer and assignment of the business and assets of Keronite Group Limited. 


15.


Reserves

Share premium account

On 20 June 2023, the share premium account was cancelled and released to the distributable reserves of the Company.


16.


Commitments under operating leases

Lessee
At the reporting end date the Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£




355,800
461,695

355,800
461,695

Lessor
At the reporting end date the Company had contracted with tenants for the following minimum lease payments:


41,666
130,001


17.


Related party transactions

The Company is exempt from disclosing related party transactions undertaken with other wholly owned members of the group that have been concluded under normal market conditions.

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 03946660
31 December 2023
KERONITE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Post balance sheet events

There have been no significant events affecting the Company since the year end. 


19.


Ultimate parent undertaking and controlling party

The Company is under the control of Metal Improvement Company, LLC who own 100% of the issued share capital.
The ultimate controlling party of Metal Improvement Company, LLC is Curtiss-Wright Corporation, a company incorporated in USA. The address of Curtiss-Wright Corporation is: Harbour Place Drive, Suite 300 Davidson, North Carolina NC28036 USA. The smallest group for which consolidated financial statements are drawn up is Curtiss-Wright Controls Inc, incorporated in USA. The largest group for which consolidated financial statements are drawn up is Curtiss-Wright Corporation.


20.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 22 August 2024 by Lesley Fox (Senior Statutory Auditor) on behalf of Forvis Mazars LLP.

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