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Registered number: 12624700












RICOR NORTH EAST LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 

RICOR NORTH EAST LIMITED

CONTENTS



Page
Company information
 
1
Strategic report
 
2 - 5
Directors' report
 
6 - 7
Directors' responsibilities statement
 
8
Independent auditor's report
 
9 - 12
Profit and loss account
 
13
Balance sheet
 
14
Statement of changes in equity
 
15
Notes to the financial statements
 
16 - 33


 

RICOR NORTH EAST LIMITED
 
COMPANY INFORMATION


Directors
D R Johanson 
B Haigney 




Registered number
12624700



Registered office
Arrow Works
Birmingham Road

Studley

England

B80 7AS




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

RICOR NORTH EAST LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present their strategic report on the company for the year ended 31 March 2024 ("FY2024"). The principal activity of the company during the year continued to be that of the manufacture of metal pressings and welded assemblies for the automotive industry.
Ricor North East Limited (“Ricor”) continues to evolve as an international player in the automotive industry and beyond. Supplying to a wide range of both Original Equipment Manufacturers (“OEM”) and Tier One customers, Ricor’s expertise is in the supply of metal stampings, tube manipulation, painting and assemblies throughout the vehicle structure. Ricor has an established international footprint which is well situated to support its customers on a worldwide basis. 

Business review and key performance indicators
 
The company’s results for the year ended 31 March 2024 and the balance sheet position at that date reflect the continued growth in the company since incorporation in 2020. The results have improved following a recovery in customer demand after the adverse effects of the Covid-19 pandemic, Brexit, Russia's invasion of Ukraine and microchip shortages.  The company continued to be impacted by raw material price rises, inflation, trapped labour, supply chain issues, customer plant stoppages and customer insourcing. Customer production schedules continued to fluctuate as the industry as a whole wrestled with similar challenges along with changeable consumer demand.
The directors monitor the performance of the company by reference to key performance indicators, including turnover, gross profit and margin, earnings before interest, tax, depreciation and amortisation (“EBITDA”), and key areas influencing working capital. These are discussed in more detail below.    
The company recorded turnover of £19.6m in FY2024, an increase of 26.2% when compared with turnover in FY2023 of £15.5m. The increase in revenue reflected the continuation of the company’s growth from incorporation and recovery of OEM build volumes.
The gross profit for FY2024 was £4.3m, an increase of £2.0m compared with the gross profit for FY2023 of £2.3m.  The gross profit margin increased to 22.1% in FY2024 from 15.0% in FY2023. These increases reflect the impact of an ongoing operational improvement programme and the benefit of economies of scale from increased production volumes.
The operating profit was £1.8m in FY2024 (FY2023: £305k) reflecting the flow through of gross profit, partially offset by an increase in administration staff costs.
The financial position of the company continues to be strong; with net assets of £2.0m at 31 March 2024 (2023: £446k) and net current assets of £1.1m compared to net current liabilities of £495k at the prior year end. The increase in both measures is a result of the improved performance in the year. 
Stock remained fairly stable, decreasing from £1.1m at 31 March 2023 to £976k at 31 March 2024. 
Debtors predominantly consisted of amounts due from group undertakings of £1.7m (2023: £1.1m) and trade debtors. Trade debtors decreased from £3.2m at 31 March 2023 to £2.2m at 31 March 2024 due to comparatively lower sales in the final month of the year and improved credit control.  
Trade creditors remained relatively stable, decreasing from £1.2m at 31 March 2023 to £1.1m at 31 March 2024. Overall creditors falling due within one year decreased from £6.1m at 31 March 2023 to £4.8m at 31 March 2024, predominantly due to a reduction in the amounts owed to group undertakings.
The company’s working capital and longer-term financing needs are met through invoice discounting and group debt. The wider group’s working capital and longer-term financing needs continue to be met through a combination of external term loans, an overdraft facility and shareholder debt and equity.  The directors and the management team are dedicated to maintaining transparent and collaborative working relationships with all key stakeholders.  Consequently, the group maintains ongoing dialogue with facility providers and this ensures the facilities continue to be made available.
 
Page 2

 

RICOR NORTH EAST LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Business review and key performance indicators
Post balance sheet date, the group has undertaken a recapitalisation which saw the second lien lender exchange part of its debt for a majority equity stake in the group, while certain other unsecured creditors exchanged their debt for minority equity stakes.  As part of this recapitalisation, the group renegotiated the terms of the loans and facilities provided by its key financing partners, extending the repayment of the loans that were previously due in June 2025 to June 2028. In addition, the deferral of some capital repayments was agreed and the interest rate applied to some of the facilities was reduced.  Management considers that the covenants which have been agreed as part of this refinancing process will be complied with, based upon the board-approved forecasts that have been shared with the financing partners.

Principal risks and uncertainties
 
Financing risk
As noted above, the company, through its parent company, is reliant upon third party lenders. The group’s directors and management team are dedicated to maintaining a transparent and collaborative working relationship with these lenders, ensuring that the financing requirements of the group are met, taking account of both short-term and longer-term needs.   
After the balance sheet date and before the date of approval of these financial statements, the group has renegotiated the terms of the loans and facilities provided by its key financing partners, extending the repayment of the loans due in June 2025 to June 2028. In addition, management considers that the covenants which have been agreed as part of this refinancing will be complied with based upon the board approved forecasts which have been shared with financing partners. The forecasts have been prepared based on available data surrounding assumed pricing, volumes and liquidity including information received from customers on expected order volumes. The group directors have considered relevant actions to mitigate any negative variances against the forecast and believe such actions, if necessary, will allow the group to continue to meet the loan covenants. The group, as a key supplier, continues to enjoy strong customer relationships. The nature of these strategic relationships coupled with similarly strong supplier relationships is considered by the directors to be pivotal, should the need arise, to discuss financial arrangements.
Raw material price movement 
Certain customer contracts allow for the update of raw material price movement, on a periodic basis. This provides security against commodity price movements. Other customer contracts provide for the purchase of material at a price fixed by the customer, at the start of the contract. Collectively, our contracts with customers protect the business from the impact of volatility in raw material prices.
I
nflation
The UK and European inflation rates remain relatively high, although easing in recent months. This has increased costs within the company. In mitigation, we have discussed and agreed price increases with our customers, in line with the inflationary impact on the business. The price of steel has a major impact on the financial performance of the company, but currently is remaining at lower levels than the exceptionally high prices experienced during previous financial years.
Semiconductor (micro) chips 
Our customers have seen an easing of the difficulties procuring the quantity of microchips required to meet their scheduled production requirements as result of production disruption caused by Covid-19. This had caused operational difficulties through the entire automotive supply chain and the company was impacted with short-term and longer-term production disruption, caused by these issues. While the situation appears to have stabilised, we continue to closely monitor and remain ready to react quickly to any short-term and longer-term demand fluctuations.  Mitigations include maintaining a flexible workforce, in addition to limiting the financial impact of any disruptions by seeking potential recovery of cost from our customers.
 
Page 3

 

RICOR NORTH EAST LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Principal risks and uncertainties (continued)
Customer concentration
The company is reliant of certain key customers who comprise a significant percentage of the company’s annual revenues. The company mitigates this risk by maintaining a strong relationship with key customers and providing a high-quality product and efficient service and thus being recognised as a reliable strategic business partner.
Geo-political uncertainty
The ongoing war in Ukraine continues to be closely monitored by the company. The conflict has had an indirect impact to the business despite having no direct suppliers in Ukraine or Russia. The indirect risk of disruption in our customer supply chains is closely monitored by the company as Ukraine is a prime location for the production and assembly of wiring looms for many vehicle OEM's. The secondary impact of sanctions and counter sanctions is also being monitored by the company. Our customers are adept at managing disruptions in their global supply chains and we anticipate that the long-term impact on the company will be moderate. 
Data and compliance risk
The company is aware of the increased risk of ransomware and other IT security issues. To mitigate this risk, the company ensures it is running the latest versions of all software and maintains a strict firewall discipline. Data is regularly backed up.
The directors consider compliance risk including the requirement to comply with the Data Protection Act 2018 and UK General Data Protection Regulations ("GDPR") as essential to the operations of its core activities. Ensuring sensitive data is protected under GDPR is fundamental for both compliance and reputation.
Other key performance indicators
Health and safety 
The group invests in training and is committed to maintaining a good quality and motivated workforce. The company holds ISO 45001 accreditation and the directors are committed to taking measures to continuously improve the health, safety and welfare of all their staff, this includes a training and risk assessment programme. There were no RIDDOR reportable accidents in the company during 2024 (2023: nil). All accidents are thoroughly investigated, and steps taken to avoid a re-occurrence. 
Quality control  
The manufacturing plant holds ISO/TS 16949 accreditation, the de facto automotive quality standard. Individual site quality management systems are externally audited against this standard on an annual basis. The directors are committed to reduce energy consumption and CO2 emissions. The company holds ISO14001 accreditation, which incorporates an action plan for environmental improvement planning, a part of which is addressing energy consumption and CO2 emission reduction.






 
Page 4

 

RICOR NORTH EAST LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Post balance sheet activity and future plans
Subsequent to the year end, as a result of a corporate restructuring in February 2025, D R Johanson ceased to be the ultimate controlling party and the ultimate controlling party of the group became Tosca Debt Capital GP II LLP ("TDC"). There has been no change in the business of the group, strategy or the executive management team.
 
As part of the on-going restructuring, certain debts have been cancelled or waived, including capitalised interest and redemption premium of the debt-like preferred shares, loans from shareholders and deferred consideration. The second lien lender, Tosca Debt Capital (Luxembourg) SARL, has confirmed that they will write down existing debt to a residual balance of £9.5m by swapping capitalised interest on other loans and the redemption premium fee for new and existing equity. In addition, TDC will make additional funding available in the form of a new £6.1m facility.
 
Both of the group’s lenders have credit committee approval to an extension of the existing finance facilities by 36 months to June 2028.  In addition, the senior lender has agreed to a deferral of capital repayments until January 2027.


This report was approved by the board and signed on its behalf.





D R Johanson
Director

Date: 26 March 2025

Page 5

 

RICOR NORTH EAST LIMITED

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Results and dividends

The profit for the year, after taxation, amounted to £1,511,977 (2023 - £329,371).

The directors do not recommend a dividend.

Directors

The directors who served during the year were:

D R Johanson 
B Haigney 

Matters covered in the Strategic report

As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Post balance sheet events

Subsequent to the year end, as a result of a corporate restructuring in February 2025, D R Johanson ceased to be the ultimate controlling party and the ultimate controlling party of the group became Tosca Debt Capital GP II LLP ("TDC"). There has been no change in the business of the group, strategy or the executive management team.
 
As part of the on-going restructuring, certain debts have been cancelled or waived, including capitalised interest and redemption premium of the debt-like preferred shares, loans from shareholders and deferred consideration. The second lien lender, Tosca Debt Capital (Luxembourg) SARL, has confirmed that they will write down existing debt to a residual balance of £9.5m by swapping capitalised interest on other loans and the redemption premium fee for new and existing equity. In addition, TDC will make additional funding available in the form of a new £6.1m facility.
 
Both of the group’s lenders have credit committee approval to an extension of the existing finance facilities by 36 months to June 2028.  In addition, the senior lender has agreed to a deferral of capital repayments until January 2027.

Page 6

 

RICOR NORTH EAST LIMITED

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

This report was approved by the board and signed on its behalf.
 





D R Johanson
Director

Date: 26 March 2025

Page 7

 

RICOR NORTH EAST LIMITED
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 2006They 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.

Page 8

 

RICOR NORTH EAST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RICOR NORTH EAST LIMITED
 FOR THE YEAR ENDED 31 MARCH 2024

Opinion


We have audited the financial statements of Ricor North East Limited (the 'company') for the year ended 31 March 2024, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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 Auditor's 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.


Conclusions relating to going concern


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.


Page 9

 

RICOR NORTH EAST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RICOR NORTH EAST LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Other information


The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual reportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 8, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 10

 

RICOR NORTH EAST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RICOR NORTH EAST LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Auditor's responsibilities for the audit of the financial statements
 

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 auditor's 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:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment legislation and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested a sample of journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims;

 
Page 11

 

RICOR NORTH EAST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RICOR NORTH EAST LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Auditor's responsibilities for the audit of the financial statements (continued)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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 auditor's report.


Use of our report
 

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 2006Our 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 auditor's 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.





Mark Hart (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH
 

26 March 2025
Page 12

 

RICOR NORTH EAST LIMITED
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
19,582,132
15,520,765

Cost of sales
  
(15,262,733)
(13,193,578)

Gross profit
  
4,319,399
2,327,187

Administrative expenses
  
(2,520,965)
(2,022,327)

Operating profit
 5 
1,798,434
304,860

Interest payable and similar expenses
 7 
(158,166)
(82,944)

Profit before taxation
  
1,640,268
221,916

Tax on profit
 8 
(128,291)
107,455

Profit for the financial year
  
1,511,977
329,371

There are no items of other comprehensive income for the year or the prior year other than the profit for the year. Accordingly, no statement of other comprehensive income has been presented. 

Page 13


 
REGISTERED NUMBER:12624700
RICOR NORTH EAST LIMITED

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 9 
(377,130)
(435,731)

Tangible assets
 10 
1,592,553
1,593,538

  
1,215,423
1,157,807

Current assets
  

Stocks
 11 
976,182
1,066,100

Debtors: amounts falling due after more than one year
 12 
10,000
20,000

Debtors: amounts falling due within one year
 12 
4,185,516
4,447,013

Cash at bank and in hand
 13 
765,230
78,144

  
5,936,928
5,611,257

Creditors: amounts falling due within one year
 14 
(4,849,102)
(6,106,083)

Net current assets/(liabilities)
  
 
 
1,087,826
 
 
(494,826)

Total assets less current liabilities
  
2,303,249
662,981

Provisions for liabilities
  

Deferred tax
 15 
(345,168)
(216,877)

Net assets
  
1,958,081
446,104


Capital and reserves
  

Called up share capital 
 16 
50,000
50,000

Profit and loss account
 17 
1,908,081
396,104

Total equity
  
1,958,081
446,104


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




D R Johanson
Director

Date: 26 March 2025

The notes on pages 16 to 33 form part of these financial statements.

Page 14

 

RICOR NORTH EAST LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2023
50,000
66,733
116,733


Comprehensive income for the year

Profit for the financial year
-
329,371
329,371
Total comprehensive income for the year
-
329,371
329,371



At 31 March 2023 and 1 April 2023
50,000
396,104
446,104


Comprehensive income for the year

Profit for the financial year
-
1,511,977
1,511,977
Total comprehensive income for the year
-
1,511,977
1,511,977


At 31 March 2024
50,000
1,908,081
1,958,081


Page 15

 

RICOR NORTH EAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Ricor North East Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is Arrow Works, Birmingham Road, Studley, England, B80 7AS. The address of its principal place of business is Gurney Way, Aycliffe Industrial Park, Newton Aycliffe, County Durham, DL5 6UJ.
The financial statements are presented in Sterling (£) which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:

Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows);
Section 7 Statement of Cash Flows (inclusion of statement of cash flows); and
Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii),11.48(a)(iv), 11.48(b) and 11.48(c) (disclosures relating to financial instruments).

The following principal accounting policies have been applied:

Page 16

 

RICOR NORTH EAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.2

Going concern

The company is part of the Ricor Global Limited group which is reliant on the continuing support of its lenders.  At the date that these financial statements are approved, the group is in the process of restructuring the balance sheet, with £7.8m of debt written off and a further proposed debt waiver as well as securing additional funding.  As part of this process, on 6 February 2025 the group came under the control of Tosca Debt Capital GP II LLP.  The level of expected debt write off is illustrated in the strategic report of the Ricor Global Limited financial statements.
                       
The directors of the group have also renegotiated the terms of the loans and facilities provided by its key financing partners; this includes an extension of the repayment date of its bank loans from June 2025 to June 2028. This restructure has been undertaken to unlock a significant investment in the group and its facilities and will enable the group to deliver existing and new work packages.
 
At the date of signing the financial statements management have agreed specific details to extend facilities with both major lenders. This has been undertaken as part of the wider restructure. The positions of the major lenders have been credit and investment committee approved and agreed by the Board of Directors of the group and is subject to the finalisation of legal documents.
The Directors have formed a view that there is a reasonable expectation that these agreements will be signed as agreed, once legal documents are finalised. As of the date the financial statements are approved, the current terms apply.
 
Management have prepared a forecast which incorporates the proposed restructure of the balance sheet, extended funding terms, additional finance availability and major investment in new production facilities. This forecast shows that the group will be able to comply with covenants and meet its liabilities as they fall due for the term of the new facilities for 36 months from the date these financial statements were approved. The forecasts are sensitive primarily to the level of volumes from key OEMs and management have modelled a volume drop sensitivity. Should the volumes drop significantly against forecast, management have in place plans that can be executed to mitigate any cash shortfall, supported by financial models. Under these scenarios the forecast shows that with mitigating actions the group can still meet its liabilities as they fall due for at least 18 months from the date of approval of these financial statements.
 
Therefore, after making enquiries, the directors have a reasonable expectation that the company and group has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least 12 months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. 

Page 17

 

RICOR NORTH EAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

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 except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'interest receivable and similar income' or 'interest payable and similar expenses'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

Page 18

 

RICOR NORTH EAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

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 profit or loss 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.

 
2.6

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.

 
2.7

Finance costs

Finance costs are charged to profit or loss 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.

 
2.8

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 19

 

RICOR NORTH EAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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:

Plant and machinery
-
10-25%
Office equipment
-
25%
Other fixed assets
-
10-100%

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.

 
2.12

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 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.

Page 20

 

RICOR NORTH EAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

  
2.14

Share capital

Ordinary shares are classified as equity.


2.15

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes 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. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, and amounts owed by group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, and amounts owed to group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 21

 

RICOR NORTH EAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)





Financial instruments (continued)

Impairment of financial assets
Financial assets 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 profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

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

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
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.

Page 22

 

RICOR NORTH EAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The following are critical judgements and estimations that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Absorption of attributable production overhead costs into the value of stock
The company allocates certain production overheads to the cost of stock based on normal capacity of the production facilities. The determination of normal capacity levels is an area of management judgement.
Dilapidations provisions
The company has entered into various operating leases which include dilapidations conditions. These may involve an outflow of resources at the termination of the lease. The directors have not recognised a provision for these amounts because, although their amount is uncertain, it is not anticipated to be material to understanding the financial position of the company.
Impairment of intercompany debtor balances
The carrying amounts of the company’s intercompany loans and trading balances of £1,741,990 (2023: £1,144,635) are reviewed on a periodic basis. In determining whether there is a need for a provision, management is required to determine their best estimate of the future expected cash flows.

Page 23

 

RICOR NORTH EAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of pressings and welded assemblies
18,386,595
14,464,222

Sale of pressing tools
122,282
247,671

Sale of scrap metal
1,073,255
808,872

19,582,132
15,520,765


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
17,765,827
14,517,549

Rest of Europe
1,816,305
1,003,216

19,582,132
15,520,765



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Audit fees payable to the company's auditor
57,850
27,850

Non-audit fees payable to the company's auditor
13,524
7,350

Depreciation of tangible fixed assets
302,433
240,593

Amortisation of intangible fixed assets
(58,601)
(31,488)

Exchange differences
(4,075)
6,453

Operating lease charges
317,677
325,000

Page 24

 

RICOR NORTH EAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
2,892,087
2,016,623

Social security costs
250,797
180,448

Cost of defined contribution scheme
62,264
47,199

3,205,148
2,244,270


Directors' remuneration is borne by another group entity.

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production staff
56
46



Administrative staff
29
22



Directors
2
3

87
71


7.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
157,867
82,944

Other interest payable
299
-

158,166
82,944

Page 25

 

RICOR NORTH EAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
128,291
(107,455)

Total deferred tax
128,291
(107,455)


Tax on profit
128,291
(107,455)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,640,268
221,916


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
410,067
42,164

Effects of:


Fixed asset differences
(14,650)
(20,084)

Expenses not deductible for tax purposes
171
82

Adjustments to tax charge in respect of previous periods - deferred tax
-
(136,615)

Remeasurement of deferred tax for changes in tax rates
-
6,998

Group relief
(267,297)
-

Total tax charge for the year
128,291
(107,455)

Page 26

 

RICOR NORTH EAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Intangible assets




Negative goodwill

£





At 1 April 2023
(634,419)



At 31 March 2024

(634,419)





At 1 April 2023
(198,688)


Charge for the year
(58,601)



At 31 March 2024

(257,289)



Net book value



At 31 March 2024
(377,130)



At 31 March 2023
(435,731)

The negative goodwill has a remaining amortisation period of 6 years.



Page 27

 

RICOR NORTH EAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Tangible fixed assets





Plant and machinery
Office equipment
Other fixed assets
Total

£
£
£
£



Cost


At 1 April 2023
1,220,288
29,119
852,883
2,102,290


Additions
54,073
23,885
223,490
301,448



At 31 March 2024

1,274,361
53,004
1,076,373
2,403,738



Depreciation


At 1 April 2023
316,955
5,423
186,374
508,752


Charge for the year
126,583
10,424
165,426
302,433



At 31 March 2024

443,538
15,847
351,800
811,185



Net book value



At 31 March 2024
830,823
37,157
724,573
1,592,553



At 31 March 2023
903,333
23,696
666,509
1,593,538


11.


Stocks

2024
2023
£
£

Raw materials and consumables
222,253
329,571

Work in progress
261,607
244,908

Finished goods and goods for resale
429,647
491,621

Tooling stock
62,675
-

976,182
1,066,100


There is no significant difference between the replacement cost of the stock and its carrying amount.

Page 28

 

RICOR NORTH EAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Debtors

2024
2023
£
£

Due after more than one year

Prepayments and accrued income
10,000
20,000


2024
2023
£
£

Due within one year

Trade debtors
2,172,024
3,162,233

Amounts owed by group undertakings
1,741,990
1,144,635

Prepayments and accrued income
271,502
140,145

4,185,516
4,447,013


Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.


13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
765,230
78,144


Page 29

 

RICOR NORTH EAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank loans
1,798,004
1,773,884

Trade creditors
1,149,114
1,155,308

Amounts owed to group undertakings
234,804
966,155

Other taxation and social security
176,185
259,931

Other creditors
247,032
277,035

Accruals and deferred income
1,243,963
1,673,770

4,849,102
6,106,083


Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.
Secured creditors
Bank loans are secured on the trade debtors of the company, incur interest at 2.5% over the base rate and have no fixed repayment date.

Page 30

 

RICOR NORTH EAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Deferred taxation




2024


£






At beginning of year
216,877


Charged to profit or loss
(128,291)



At end of year
345,168

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
350,402
339,945

Tax losses carried forward
(5,234)
(1,198)

Losses carried forward
-
(121,870)

345,168
216,877


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50,000 (2023 - 50,000) Ordinary shares of £1 each
50,000
50,000



17.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


18.


Pension commitments

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 £62,264 (2023: £47,199).
Contributions totalling £12,928 (2023: £11,715) were payable to the fund at the balance sheet date and are included in creditors.

Page 31

 

RICOR NORTH EAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Commitments under operating leases

At 31 March 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
325,000
325,000

Later than 1 year and not later than 5 years
1,001,712
1,300,000

Later than 5 years
-
26,712

1,326,712
1,651,712


20.Other financial commitments

The company is party to a cross-guarantee in respect of a bank loan and overdraft facilities of itself and other group companies.
At 31 March 2024 the total amount of indebtedness covered by this guarantee was £17,552,386 (2023: £18,191,191). The bank hold as security a fixed and floating charge over the assets of the group.


21.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


22.


Key management personnel

The remuneration of key management personnel was £253,016.


23.


Post balance sheet events

Subsequent to the year end, as a result of a corporate restructuring in February 2025, D R Johanson ceased to be the ultimate controlling party and the ultimate controlling party of the group became Tosca Debt Capital GP II LLP ("TDC"). There has been no change in the business of the group, strategy or the executive management team.
 
As part of the on-going restructuring, certain debts have been cancelled or waived, including capitalised interest and redemption premium of the debt-like preferred shares, loans from shareholders and deferred consideration. The second lien lender, Tosca Debt Capital (Luxembourg) SARL, has confirmed that they will write down existing debt to a residual balance of £9.5m by swapping capitalised interest on other loans and the redemption premium fee for new and existing equity. In addition, TDC will make additional funding available in the form of a new £6.1m facility.
 
Both of the group’s lenders have credit committee approval to an extension of the existing finance facilities by 36 months to June 2028.  In addition, the senior lender has agreed to a deferral of capital repayments until January 2027.

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RICOR NORTH EAST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Controlling party

The immediate parent undertaking is Ricor Global Limited.
The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is Ricor Global Limited whose registered office is Arrow Works, Birmingham Road, Studley, England, B80 7AS. Copies of these group financial statements are available to the public from Companies House.
In the opinion of the directors the ultimate controlling party was D R Johanson during the year. Subsequent to the year end, the controlling party changed to Tosca Debt Capital Gp II LLP.

 
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