Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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HAM-LET CFS LTD
COMPANY INFORMATION
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HAM-LET CFS LTD
CONTENTS
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HAM-LET CFS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The principal activity of the Company continues to be the design, assembly, test and supply of gas and fluid components and systems predominantly for original equipment manufacturers in the semiconductor market. In addition to this, the Company seeks to secure large gas fluid systems projects and installation work in other markets.
As shown in the Income Statement the revenue decreased to £32.3M (2022-£34.6M), primarily due to decrease in the distribution division sales by £2.8M, the manufacturing division sales were similar to 2022 with an increase of £581,000 in 2023. The company managed to achieve similar profit as 2022 on lower sales due to the better product mix and lower sales in the distribution division which operates on lower gross margins. The average number of employees increased during the financial year ended 31 December 2023 to enable the entity to service the customer demands.
The company is part of UCT group a NASDAQ traded company. Future developments are subject to UCT’s board decisions due to the industry downturn. The Semi-Conductor market can change rapidly, both from a downturn and upturn perspective.
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HAM-LET CFS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Competition Risk
The company continues to operate in a competitive market where new and existing businesses compete for market share. Uncertainty and pressure within the supply chain has heightened the risk to continuity of supply to our customers. Our main competitors are in central Europe. UK based competition is less of a risk and only a threat to our UK based customers. Being part of UCT has reduced the overall risk. Credit Risk The company is subject to credit risk from its trade receivables. The Company has in place provision policy for unrecoverable debts and does a credit check on new and existing customers. In accordance with the usual business practice for major installation projects the Company requires partial advanced payments to mitigate its exposure to credit risk. In addition the company is insuring it’s accounts receivables above $40,000 with an Israeli insurance company as part of it’s group policy. Foreign currency risk The company has significant cash flows in US dollars and Euros. The risk is minimised as the Company uses US dollars and Euros for both purchases and sales. Further, these cash flows during the year have not resulted in substantial currency exposure for the Company. Impact of war between Ukraine and Russia The company has considered the impact of the war, we do not have customers or suppliers in the region and as such the impact is limited to increased fuel costs.
The Company’s business activities, together with the future developments, performance, financial position, and uncertainties, along with the Company’s polices and processes are set above in the Strategic report. The Directors have considered these risks and the Financial statements have been prepared on a going concern basis, which assumes the Company will continue to be able to meet its liabilities as they fall due for at least 12 months following the date of approval of these financial statements, having considered the impact of the war in Russia and Ukraine as disclosed in the Strategic and Directors Report.
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HAM-LET CFS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Directors' statement of compliance with duty to promote the success of the Company
The likely consequences of any decision in the long term The company is controlled immediately by parent Ham-Let (Israel-Canada) Ltd. All local UK decisions are reviewed by the management team of the parent to consider both the needs of the UK subsidiary and the requirements and expectations of the parent company. The interest of the company’s employees The Directors believe that the employees serve an integral part in carrying out the strategic direction of the company. Our focus is to maintain a culture that supports and encourages a healthy lifestyle and provide a high quality affordable benefits package that is truly valued by our employees. The need to foster the company’s business relations with suppliers, customers and others We believe in strong long-term partnerships working closely with suppliers and serving the needs of our buyers. The impact of the company’s operations on the community and environment Our vision is to successfully align our strategy and operations with our values as a responsible global company in a thoughtful and authentic manner. Incorporating environmental, social and governance goals into our operating framework reflects our longstanding commitment to our customers, partners, shareholders, employees and the communities in which we operate. It’s the right thing to do for our company and our stakeholders. The desirability of the company maintaining a reputation for high standards of business conduct Our Board of Directors provides guidance and oversight and ensures that we maintain our high ethical standards. Effective corporate governance requires achieving the right mix of experience, background and diversity in perspectives; this is particularly important in a complex and highly technical business like ours. The need to act fairly as between members of the company The directors of the company make decisions based on all relevant information, making the best decision for the Company.
This report was approved by the board on 7 October 2024 and signed on its behalf.
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HAM-LET CFS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
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 101 ‘Reduced Disclosure Framework’. 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 and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙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.
The profit for the year, after taxation, amounted to £2,037,855 (2022 - £2,398,434).
Dividends were declared as at 31 December 2023 amounting to £1,213,848 (2022: £nil).
The directors who served during the year were:
The details of the future developments can be found on page 1 of the Strategic Report.
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HAM-LET CFS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
There have been no significant events affecting the Company since the year end.
The auditors, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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HAM-LET CFS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAM-LET CFS LTD
We have audited the financial statements of Ham-let CFS Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of 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 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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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HAM-LET CFS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAM-LET CFS LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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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HAM-LET CFS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAM-LET CFS LTD (CONTINUED)
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 Auditors' 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:
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and review of accounting estimates for bias; - Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' report.
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HAM-LET CFS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAM-LET CFS LTD (CONTINUED)
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 Auditors' 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 and Statutory Auditors
MHA is the trading name of Maclntyre Husdon LLP, a limited liability partnership in England and Wales (registered number OC312313).
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HAM-LET CFS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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HAM-LET CFS LTD
REGISTERED NUMBER: 02129153
BALANCE SHEET
AS AT 31 DECEMBER 2023
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HAM-LET CFS LTD
REGISTERED NUMBER: 02129153
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 34 form part of these financial statements.
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HAM-LET CFS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Ham-Let CFS Ltd (the Company) is a private company, limited by shares, registered and incorporated in England and Wales. The Company's registered number and registered office address can be found on the Company Information page.
The principal activity of the Company continues to be the design, assembly, test and supply of gas fluid components and systems predominantly for original equipment manufacturers in the semiconductor market. In addition to this, the Company seeks to secure large gas fluid systems projects and installation work in other markets.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
- the requirement of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Cutsomers. - the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of paragraph 79(a)(iv) of IAS 1, and paragraph 73(e) of IAS 16 Property, Plant and Equipment. - the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements. - the requirements of IAS 7 Statement of Cash Flows. - the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures. - the requirements of IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member. - the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The company has not adapated and amended new standards for the first time for its annual reporting period commencing 1 January 2023.
These financial statements have been prepared on a going concern basis, which assumes the Company will continue to be able to meet its liabilities as they fall due for at least 12 months following the date of approval of these financial statements, having considered the impact of the war between Russia and Ukraine as disclosed in the Directors Report.
Functional and presentation currency
Transactions and balances
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the rate implicit in the lease. If this rate cannot be readily determined, the lessee uses its incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate.
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The estimated useful lives range as follows:
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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.
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Fair value through profit or loss
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Impairment of financial assets
Financial liabilities
Fair value through profit or loss
At amortised cost
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The critical estimates in applying these policies are: Assessing indicators of impairment In assessing whether there have been any indicators of impairment to assets, the Directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year. Recoverability of receivables The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the Directors consider factors such as the ageing of receivables, past experiences of recoverability, and the credit profile of groups of customers. Provision for slow moving inventories Inventories are held at the lower of cost or net realisable value. When inventories become old or obsolete, an estimate is made of their net realisable value. For individually significant amounts this estimation is performed on an individual basis. Amounts which are not individually significant, but which are old or obsolete, are assessed collectively and a provision applied according to the inventory type and the degree of ageing or obsolescence. Dilapidation provision Management apply judgement in providing for future dilapidation payments on the leased properties. This is outlined further in note 22. Determining residual values and useful economic lives of property, plant and equipment The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectation about future use, and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors including technological innovation, product life cycles and maintenance programmes. Judgement is applied by management when determining the residual value for plant, machinery and equipment. When determining the residual value, management aims to assess the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where pissible this is done with reference to external market prices. Determining residual values and useful economic lives of intangible assets The Company amortises intangible assets over their estimated useful lives. The estimation of the useful lives of intangible assets is based on historic performance as well as expectations about future use, and therefore requires estimates and assumptions ot be applied by management.
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
3.Judgments in applying accounting policies (continued)
Judgement is applied by management when determining the residual values for intangible assets. When determining the residual value, management aims to assess the amount that the Company would currently obtain for the disposal of the assrt with reference to external market prices where available. Deferred tax The recognition of the deferred tax asset is based upon whether there will be sufficient taxable profits available in the future, against which the reversal of temporary differences can be deducted. Recognition involves judgment regarding the future financial performance of the Company. Leases IFRS 16 requires management to apply judgement in determining what classifies as a lease, calculating the lease life and using an appropriate discount rate when calculating the lease liability.
Analysis of turnover by country of destination:
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10.Taxation (continued)
The rate of corporate tax increased to 25% on 1 April 2023.
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
The Company has a contingent liability of £20,000 (2022: £20,000) to its bankers under a counter indemnity in respect of value added tax.
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 £195,514 (2022: £199,602).
Contributions totalling £25,526 (2022: £21,867) were payable to the fund at the Balance Sheet date and are included in other creditors.
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
At the year end the Company was a wholly owned subsidiary of Ultra Clean Holdings Inc, and has taken advantage of the exemption from IAS 24 Related Party Transactions under Financial Reporting Standard 101 to not disclose related party transactions between entities that are wholly owned.
The immediate parent company is Ham-Let (Israel-Canada) Ltd incorporated in Israel. At the year end, the ultimate parent Company and controlling party is Ultra Clean Holdings Inc, a Company incorporated in USA and listed on the New York Stock Exchange.
The largest and smallest group in which the results are consolidated is that headed by Ultra Clean Holdings Inc. Copies of the financial statements may be obtained from UCT, 26462 Corporate Avenue, Hayward, CA 94545, USA.
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