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Company No: 00898362 (England and Wales)

CICOREL (LONDON) LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

CICOREL (LONDON) LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

CICOREL (LONDON) LIMITED

BALANCE SHEET

As at 30 April 2024
CICOREL (LONDON) LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,023,088 1,044,975
1,023,088 1,044,975
Current assets
Stocks 4 122,261 140,637
Debtors 5 422,380 436,741
Cash at bank and in hand 127,917 61,180
672,558 638,558
Creditors: amounts falling due within one year 6 ( 431,433) ( 590,648)
Net current assets 241,125 47,910
Total assets less current liabilities 1,264,213 1,092,885
Creditors: amounts falling due after more than one year 7 ( 22,722) ( 81,279)
Provision for liabilities 8 ( 173,233) ( 173,999)
Net assets 1,068,258 837,607
Capital and reserves
Called-up share capital 37 37
Revaluation reserve 9 132,784 143,618
Capital redemption reserve 18 18
Profit and loss account 935,419 693,934
Total shareholders' funds 1,068,258 837,607

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Cicorel (London) Limited (registered number: 00898362) were approved and authorised for issue by the Director on 28 January 2025. They were signed on its behalf by:

S R Carr
Director
CICOREL (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
CICOREL (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cicorel (London) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 3a Coldharbour Business Park, Sherborne, DT9 4JW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
15 % reducing balance
Plant and machinery 10 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Raw materials and consumables are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 27 26

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 May 2023 361,104 2,218,669 35,211 71,237 2,686,221
Additions 0 64,854 0 1,856 66,710
At 30 April 2024 361,104 2,283,523 35,211 73,093 2,752,931
Accumulated depreciation
At 01 May 2023 35,643 1,521,789 30,521 53,293 1,641,246
Charge for the financial year 13,320 71,734 704 2,839 88,597
At 30 April 2024 48,963 1,593,523 31,225 56,132 1,729,843
Net book value
At 30 April 2024 312,141 690,000 3,986 16,961 1,023,088
At 30 April 2023 325,461 696,880 4,690 17,944 1,044,975

Revaluation of tangible assets

The director has assessed the value of the freehold property and concluded that its fair value is not materially different to the carrying value in the financial statements. The property was last revalued on 30 April 2018.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £208,281 (2023 - £215,881). The depreciation on this historic cost is £124,025 (2023 - £116,425).

The deferred tax attributable to the revalued freehold property has been considered and £2,486 (2023 - £2,486) has been provided for in the financial statements.

4. Stocks

2024 2023
£ £
Raw materials 16,889 19,212
Work in progress 68,147 79,660
Finished goods 37,225 41,765
122,261 140,637

5. Debtors

2024 2023
£ £
Trade debtors 381,679 384,837
Other debtors 40,701 51,904
422,380 436,741

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 4,461 16,799
Trade creditors 131,383 199,835
Amounts owed to director 10,636 18,788
Other loans (secured) 9,684 167,726
Accruals 17,945 25,590
Taxation and social security 196,574 83,861
Obligations under finance leases and hire purchase contracts (secured) 53,840 70,398
Other creditors 6,910 7,651
431,433 590,648

Bank loans are secured by fixed and floating charges over the company's assets.

Other loans include a creditor for an invoice discounting arrangement of £9,684 (2023 - £164,654). The arrangement is secured by a fixed and floating charge over the company assets and undertaking.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 0 4,739
Obligations under finance leases and hire purchase contracts (secured) 22,722 76,540
22,722 81,279

The obligations under finance leases and hire purchase contracts are secured on the assets financed. These assets are included within plant and machinery and have a combined net book value of £217,055 (2023 - £288,970).

8. Provision for liabilities

2024 2023
£ £
Deferred tax 173,233 173,999

9. Changes in equity

Revaluation reserve
£
At 01 May 2023 143,618
Transfer of depreciation on revaluation from profit & loss ( 10,834)
Total comprehensive income ( 10,834)
At 30 April 2024 132,784
At 01 May 2022 144,589
Transfer of depreciation on revaluation from profit & loss ( 971)
Total comprehensive income ( 971)
At 30 April 2023 143,618

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 58,041 43,325
between one and five years 270,731 15,915
after five years 25,000 0
353,772 59,240

Financial commitments not included in the balance sheet relate to leases over the business premises and items of equipment.

The company entered into a new 5 year lease over the company premises on 1 October 2024, for an annual rent of £60,000, the commitment for which is disclosed in the above figures.