Company registration number 02983376 (England and Wales)
AXIS ELECTRONICS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
AXIS ELECTRONICS LIMITED
COMPANY INFORMATION
Directors
S Clough
D Carty
(Appointed 20 March 2024)
C Standish
(Appointed 12 November 2024)
J Symonds
(Appointed 12 November 2024)
M Williams
(Appointed 12 November 2024)
Secretary
D Carty
Company number
02983376
Registered office
c/o Mercer & Hole LLP
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
MK9 1BP
Auditor
Mercer & Hole LLP
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
AXIS ELECTRONICS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 11
Profit and loss account
12
Balance sheet
14
Statement of changes in equity
15
Notes to the financial statements
16 - 29
AXIS ELECTRONICS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

 

Fair Review of the Business

Axis Electronics Limited ("Axis") operates as a leading specialist supplier of high reliability solutions in low to medium volume electronic manufacturing services to customers who are market leaders in their field.

 

The company is solely owned by Cicor UK, whose parent Cicor Technologies Ltd is listed on the SIX Swiss Exchange (CICN). The strategy of Cicor UK is to be the preferred Contract Development and Manufacturing Organisation (CDMO) in the Aerospace, Defence, Medical, and Industrial UK markets, ensuring 100% quality and delivery compliance.

 

During 2024, the portfolio of companies within Cicor UK has expanded, with the acquisition of Cicor Hartlepool, Cicor Newport and STS Defence, in addition to Axis Electronics that was acquired in 2021.

 

Cicor Hartlepool is concentrated on the high reliability industrial and medical market, where conformance is key, and customers require a competitive option for UK based manufacture.

 

Axis Electronics and Cicor Newport are leading specialist suppliers of high reliability solutions in low to medium volume electronic manufacturing services. 

 

Cicor Newport was acquired to strengthen Cicor UKs position in the market, enhance capabilities and provide for additional growth capacity.

 

STS Defence is a technology and engineering company, specialising in the sustainment and modernisation of capability through-life, and designing and manufacturing mission critical equipment and systems.

 

Cicor UK is now the market leader in electronic manufacturing services within the UK.

 

Axis's objective is to maintain its best-in-class position within the UK EMS market whilst growing its share of our customers’ most valuable programmes.

 

This is achieved through reliable service levels that meet the demanding standards of our customers and the latest revision of AS9100, an accreditation that Axis maintains as part of a long-term strategic business plan.

 

Two key non-financial measures that ultimately affect the performance of the company due to the importance our customers place on them are quality and on-time-delivery. The directors ensure continuous improvement activities maintain and where possible improve these two measures with a culture of zero defect and one hundred percent on time.

 

Principal Risks and Uncertainties

Material Market

The material market overall remained stable in 2024 although geo-political tensions continue to impact the supply chain and this is expected to be more evident in 2025 and beyond, be that from restrictions in supply of base metals, changeable tariff policies and increased spending in defence by European NATO countries. These factors, along with others, all impact on lead times and pricing.

 

Our mitigation to current and future material supply volatility is to secure material ahead, and we encourage our customers to place orders as early as possible to allow for longer lead-times. We remain in active dialogue with our supply chain to ensure that we support them with firm orders and visibility of future demand. Our supply chain continues to be part of our and our customers’ success and we collaborate closely for the benefit of all.

 

Competitive risks

The level of demand from customers for the company’s services remains an area of uncertainty or risk. This demand depends in turn on the level of sales our customers achieve and the level of service and technical efficiency the company gives to customers. Axis has a spread of customers who are operating on several long-term programmes and platforms. The business supports many of its customers by offering a full suite of services and pays particular attention to technical and process development and innovation as well as providing excellent customer service.

 

AXIS ELECTRONICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

Liquidity risks, cash flow and foreign exchange risks

The company actively monitors and manages its liquidity and cash flow position to ensure it has sufficient cash to fund its activities.

 

Inflation

Inflation in the UK economy has continued to ease during 2024, which is a welcome relief from both the cost of providing our services and forecasting future costs on longer-term projects to ensure sustainable profitable growth. We monitor our cost base regularly to ensure value for money.

 

Key performance indicators

Non-financial KPIs

In the year 31 December 2024 the business continued to exceed target levels of OTD and quality. These targets are set by customers and industry expectations, and our achievements continue to enhance our reputation amongst our customers as a high quality and trusted partner whose services bring certainty and confidence in performance. Attainment of targets in non-financial KPIs is essential in enabling the company to meet its financial KPIs.

 

Financial KPIs

Revenue for the 12 months to December 2024 was £39.9m, this was a reduction from the previous year of £1.7m. Operating Profit though increased by £1.0m. The falling revenues reflect the normalisation of material only sales, which reduced, and fluctuate yearly based on customer programme timelines and material availability. Output from production increased in the year as new programmes came online, increasing profits.

 

The directors are confident that their business plan, which focusses on highly technical and complex value adding services delivered for market leading customers on key programmes, particularly in the market areas of space, aerospace and defence, and high-performance automotive will continue to deliver profitable growth. Order intake exceeded sales in the year despite a number of government backed projects being delayed pending elections and potential changes of direction for the new governments on defence spending.

 

It is now clear that Europe is committed to spending more on defence and we are well positioned with our customer base to respond to increased calls for capacity.

 

Axis employs several strategies to protect its cash reserves to fund capital investment, growth, and continuous improvement activities. One of these is to seek funding support from customers when there is a need to procure material ahead to protect our customers' programmes from unforeseen supply chain issues, life of programme cost creep, material obsolescence and supply chain allocation issues. This strategy strengthens our customers’ position to meet their obligations and programme delivery timescales in the medium to long term and allows Axis to support its customers in these commitments.

 

The directors expect Axis to continue to grow in the mid to long term by developing its specialist processes and niche services, a key differentiator in the high reliability EMS market, to customers profitably which requires capital expenditure. The company had total capital expenditure of £0.7m during the year, to improve core infrastructure and develop additional space to future-proof our operations. Further investment in capex is expected throughout 2025, with additional space, equipment and infrastructure.

 

Operating Environment

We have a strong and committed workforce, and they are the backbone of our continued success.

 

This success is built on trusted relationships, delivering on our promises, and building on the value our customers place in us. The reward for Axis is repeat orders, providing additional services over the life of programme but also orders to support our customers most prized new programmes, and this year our order book has grown further which is testament to this.

 

We operate within a competitive labour market, due primarily to the shortage of technical skills. The best mitigation we have found over the last 30 years is to provide training and opportunities to our staff to grow within their chosen field by supporting with education and opportunities, be that within their current field, other departments or teams, or within the wider Cicor group where they can gain new insights and experience, this remains a key focus and area of investment for the business.

 

AXIS ELECTRONICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

 

The current macro environment is having and is likely to continue to have a direct impact on both the demand and supply of electronic components within the markets we operate. Most recently the heightened tensions between nations related to trade with export limitations of rare earths and import tariffs having a far-reaching impact on both lead times and pricing. Supply chain issues are not new, and Axis will continue to offer solutions to our customers, either through pre-funding arrangements to secure material ahead of production and operational solutions to be more reactive to changes in the supply chain.

 

Axis long-term established position in this market gives customers the re-assurance that we can meet the evolving programme requirements and are able to support future programmes where sovereign manufacturing capability continues to be of high importance whether in current markets or new verticals.

 

SECTION 172(1) STATEMENT

The directors are committed to conducting business responsibly, promoting the success of the company for the benefit of its members as a whole. This commitment is central to operations and strategic decision-making, guiding us in creating long-term value while maintaining high ethical standards and ensuring compliance with the law.

 

Long term decision making

Axis ensures that long-term decisions are well-informed and aligned with its overall goals and objectives by maintaining financial stability, engaging in strategic planning, and continuously improving processes. Regular meetings are held to share knowledge with other Cicor sites and promote operational excellence. Additionally, Axis proactive risk assessment approach helps identify potential gaps early and take appropriate action. By maintaining a strong financial position and engaging in strategic planning, Axis ensures that its long-term decisions are right.

 

Employees

The company is dedicated to being a responsible employer by fostering a just culture, which is fundamental to the company's success, by focussing on understanding the root-cause of problems and the promotion of an environment where employees feel safe to report mistakes and near-misses. The company prioritises the well-being, rights, and development of its workforce through targeted policies and programmes that address social standards and workforce-related risks. Our commitment to diversity and inclusion is reflected in fair hiring practices, equal opportunities, and promotion of employee development. The company also emphasises health and safety, offering comprehensive training and preventive care initiatives. By creating a supportive, innovative, and resilient workplace, Axis enhances employee satisfaction, loyalty, and overall performance, contributing to long-term value creation for the organisation.

 

Business Relationships

The company demonstrates its commitment to responsibility by ensuring full compliance with applicable laws and regulations, fostering ethical business practices, and promoting human rights. The company expects its suppliers to adhere to a comprehensive Code of Conduct, which includes anti-bribery and corruption measures, fair employment practices, and environmental management. Axis actively manages risks, protects sensitive information, and maintains accurate records. By implementing rigorous standards and encouraging transparency, Axis strives to build sustainable business success and uphold integrity throughout its operations and supply chain. Our customers also hold Axis to these high standards and we support them as they enhance their ESG and sustainability requirements, which we believe are of benefit to the whole of society.

 

Environmental

Axis demonstrates its commitment to responsibility through a comprehensive approach that encompasses environmental sustainability, social responsibility, and governance. The company actively works to reduce its greenhouse gas emissions and improve energy efficiency, aligning its goals with the Paris Agreement. Axis fosters a culture of equality, fairness, and respect, promoting personal growth and ensuring compliance with ethical standards across its value chain. By implementing rigorous standards, engaging in transparent reporting, and maintaining ISO certifications, Axis strives to build sustainable business success and uphold integrity throughout its operations and supply chain.

AXIS ELECTRONICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

High standards of business conduct

Axis demonstrates its commitment to responsibility by adhering to stringent regulatory and quality standards across its services. The company has established processes and policies to ensure compliance with relevant regulations and industry standards, including dual-use legislation and export control regulations. Axis maintains a zero-tolerance policy for corruption and bribery, and its proactive risk assessment approach helps identify and address potential gaps early. The company also operates a whistle-blower system to report compliance violations, ensuring procedural fairness and maximum protection for whistle-blowers.

 

Additionally, Axis internal processes and regulations aim to identify sanctions, export bans, and licensing obligations early, ensuring compliance with all relevant export control laws and regulations.

 

Stakeholder Engagement

The directors of the company have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the company's success for the benefit of its members, and to have regard to the long-term effect of their decisions on the company and its stakeholders. This statement addresses the ways in which we as a board fulfil this responsibility.

On behalf of the board

D Carty
Director
1 April 2025
AXIS ELECTRONICS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

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

Principal activities

The principal activity of the company continued to be that of a leading specialist supplier in low-medium volume electronic manufacturing services.

Results and dividends

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £7,300,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P Chaplin
(Resigned 20 March 2024)
A Hagemann
(Resigned 20 March 2024)
S Clough
D Carty
(Appointed 20 March 2024)
C Standish
(Appointed 12 November 2024)
J Symonds
(Appointed 12 November 2024)
M Williams
(Appointed 12 November 2024)
Research and development

During the year the company continued to undertake the programme of research and development. The company expects to continue to expend resources on developing its products and processes to reduce technical uncertainty, improve efficiency and save waste in 2025 and beyond.

Auditor

In accordance with the company's articles, a resolution proposing that Mercer & Hole LLP be reappointed as auditor of the company will be put at a General Meeting.

AXIS ELECTRONICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

Energy and carbon report

Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Fuel consumed for transport
17,201
- Electricity purchased
487,725
504,926
Emissions of CO2 equivalent
Kg C02e ('000)
Kg C02e ('000)
Scope 1 - direct emissions
- Gas combustion
-
- Fuel consumed for owned transport
2.90
2.90
Scope 2 - indirect emissions
- Electricity purchased
101.00
Scope 3 - other indirect emissions
- Fuel consumed for business travel in employee owned vehicles
1.60
Total gross emissions
105.50
Intensity ratio
Kg C02e per £1,000 turnover
2.6
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2024 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in kg CO2e per £1,000 turnover, the recommended ratio for the sector.

Measures taken to improve energy efficiency

Axis has implemented several measures to improve energy efficiency, including transitioning to renewable energy sources and selecting energy efficient equipment and process optimisations. These initiatives contribute to minimizing Axis carbon footprint.

 

AXIS ELECTRONICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
D Carty
Director
1 April 2025
AXIS ELECTRONICS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

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 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.

AXIS ELECTRONICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF AXIS ELECTRONICS LIMITED
- 9 -
Opinion

We have audited the financial statements of Axis Electronics Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 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:

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 UK, including the FRC’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.

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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

AXIS ELECTRONICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF AXIS ELECTRONICS LIMITED (CONTINUED)
- 10 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.

 

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

 

Audit procedures performed by the engagement team included:

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

AXIS ELECTRONICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF AXIS ELECTRONICS LIMITED (CONTINUED)
- 11 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Andrew Lawes MA MSc FCA (Senior Statutory Auditor)
For and on behalf of Mercer & Hole LLP, Statutory Auditor
Chartered Accountants
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
1 April 2025
AXIS ELECTRONICS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
Turnover
3
39,923,349
41,665,091
Cost of sales
(24,921,450)
(27,470,764)
Gross profit
15,001,899
14,194,327
Administrative expenses
(6,695,757)
(6,865,942)
Other operating income
180,000
133,745
Operating profit
4
8,486,142
7,462,130
Interest receivable and similar income
8
15,819
29,900
Interest payable and similar expenses
9
(1,819)
(9,204)
Profit before taxation
8,500,142
7,482,826
Tax on profit
10
(2,170,619)
(1,792,395)
Profit for the financial year
6,329,523
5,690,431

The profit and loss account has been prepared on the basis that all operations are continuing operations.

AXIS ELECTRONICS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
£
£
Profit for the year
6,329,523
5,690,431
Other comprehensive income
Cash flow hedges gain/(loss) arising in the year
55,231
(96,819)
Total comprehensive income for the year
6,384,754
5,593,612
AXIS ELECTRONICS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
218,776
221,702
Tangible assets
13
1,188,668
1,145,094
1,407,444
1,366,796
Current assets
Stocks
15
9,188,791
11,470,533
Debtors
16
18,192,076
16,754,479
Cash at bank and in hand
4,246,680
3,878,825
31,627,547
32,103,837
Creditors: amounts falling due within one year
17
(18,368,497)
(17,899,867)
Net current assets
13,259,050
14,203,970
Total assets less current liabilities
14,666,494
15,570,766
Provisions for liabilities
Deferred tax liability
19
157,593
146,619
(157,593)
(146,619)
Net assets
14,508,901
15,424,147
Capital and reserves
Called up share capital
21
1
3,355,260
Hedging reserve
55,231
-
0
Profit and loss reserves
14,453,669
12,068,887
Total equity
14,508,901
15,424,147
The financial statements were approved by the board of directors and authorised for issue on 1 April 2025 and are signed on its behalf by:
D Carty
Director
Company registration number 02983376 (England and Wales)
AXIS ELECTRONICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Hedging reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
10,000
(49,334)
20,471,616
20,432,282
Year ended 31 December 2023
Profit
-
-
5,690,431
5,690,431
Other comprehensive income:
Cash flow hedges gains / (losses)
-
(96,819)
-
(96,819)
Total comprehensive income
-
(96,819)
5,690,431
5,593,612
Issue of share capital
21
3,345,260
-
-
3,345,260
Dividends
11
-
-
(13,947,007)
(13,947,007)
Other movements
-
146,153
(146,153)
-
Balance at 31 December 2023
3,355,260
-
0
12,068,887
15,424,147
Year ended 31 December 2024:
Profit
-
-
6,329,523
6,329,523
Other comprehensive income:
Cash flow hedges gains / (losses)
-
55,231
-
55,231
Total comprehensive income
-
55,231
6,329,523
6,384,754
Dividends
11
-
-
(7,300,000)
(7,300,000)
Reduction of share capital
21
(3,355,259)
-
3,355,259
-
0
Balance at 31 December 2024
1
55,231
14,453,669
14,508,901
AXIS ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information

Axis Electronics Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Mercer & Hole LLP, The Pinnacle, 170 Midsummer Boulevard, Milton Keynes, MK9 1BP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Cicor Technologies Limited. These consolidated financial statements are available from its registered office at Cicor Management AG, Gebenloostrasse 15, 9552 Bronschhofen, Switzerland.

1.2
Going concern

The directors have considered the going concern status of the company. The company’s management have produced forecasts, considering the current order book, projected order intake and company commitments. true

 

The analysis provides a reasonable expectation that the company will remain profitable and cash generative for the foreseeable future, and as a result the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

AXIS ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
Over 3-10 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% straight line
Office furniture and fittings
20-25% straight line

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

AXIS ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash at bank and in hand 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.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

AXIS ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Hedge accounting

The company designates certain hedging instruments, including derivatives, embedded derivatives and non-derivatives, as either fair value hedges or cash flow hedges. At the inception of the hedge relationship, the company documents the relationship between the hedging instrument and the hedged item along with risk management objectives and strategy for undertaking various hedge transactions. At the inception of the hedge and on an ongoing basis, the company documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item.

AXIS ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -

For derivatives that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of the hedge is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss.

 

Any gain or loss previously recognised in other comprehensive income is reclassified to profit or loss when the hedge relationship ends. This occurs when the hedging instrument expires or no longer meets the hedging criteria, the forecast transaction is no longer highly probable, the hedged debt instrument is derecognised, or the hedging instrument is terminated.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences in the company's taxable profits and its results as stated in the financial statements.

 

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the underlying timing differences can be deducted.

 

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

The company operates a defined contribution scheme for eligible employees. Contributions payable to this scheme are charged to the profit & loss account in the period to which they relate. These contributions are invested separately from the company's assets. The assets of the scheme are held in an independently administered fund.

AXIS ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.17
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All gains or losses on exchange are taken to profit and loss account.
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
Stock provision

The company recognises stock provisions against raw materials and finished goods based on the age of the stock and the anticipated demand at the balance sheet date.

Absorption of production overheads

The company absorbs labour and production overheads into closing work in progress based on the estimated stage of completion and a percentage of certain costs that are apportioned to the production process.

Provision for doubtful debts

Management estimation is required in some events to determine the recoverability of trade debtors, where there is uncertainty a bad debt provision is made using the most reliable evidence available at the date the provisions were made.

AXIS ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sale of goods and services
39,923,349
41,665,091
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
39,208,837
39,614,540
Rest of the world
714,512
2,050,551
39,923,349
41,665,091
2024
2023
£
£
Other revenue
Interest income
15,819
29,900
Grants received
5,000
5,000
Research and development expenditure credit
175,000
111,036
Other income
-
0
17,709
195,819
163,645
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
172,683
100,156
Depreciation of owned tangible fixed assets
532,631
505,330
Depreciation of tangible fixed assets held under finance leases
53,533
142,754
(Profit)/loss on disposal of tangible fixed assets
-
1,087
Amortisation of intangible assets
45,770
51,495
Operating lease charges
798,844
818,705
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
55,000
60,000
AXIS ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Direct employees
121
117
Directors and administration
61
65
Total
182
182

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
6,435,969
6,246,885
Social security costs
655,113
602,152
Pension costs
726,164
634,811
7,817,246
7,483,848
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
390,592
281,166
Company pension contributions to defined contribution schemes
103,043
90,911
493,635
372,077

The number of directors for the year ended 31 December 2024 for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2023 - 4)

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
154,057
165,826
Company pension contributions to defined contribution schemes
63,035
59,843

Pension contributions above also include amounts relating to salary sacrifice.

AXIS ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
-
0
29,900
Interest receivable from group companies
15,819
-
0
Total income
15,819
29,900
9
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
1,819
9,204
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current year
2,139,021
1,826,723
Adjustments in respect of prior years
20,624
63,675
Total current tax
2,159,645
1,890,398
Deferred tax
Origination and reversal of timing differences
(9,090)
(98,003)
Adjustment in respect of prior years
20,064
-
0
Total deferred tax
10,974
(98,003)
Total tax charge
2,170,619
1,792,395
AXIS ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
8,500,142
7,482,826
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
2,125,036
1,759,961
Tax effect of expenses that are not deductible in determining taxable profit
4,678
9,142
Adjustments in respect of prior years
20,624
63,675
Deferred tax adjustments in respect of prior years
20,064
-
0
Other tax adjustments
217
(34,584)
Effect of change in local deferred tax rate
-
0
(5,799)
Taxation charge for the year
2,170,619
1,792,395
11
Dividends
2024
2023
£
£
Interim paid
7,300,000
13,947,007

After the year end, a further interim dividend of £2,000,000 was paid in February 2025.

12
Intangible fixed assets
Software
£
Cost
At 1 January 2024
442,920
Additions
42,844
At 31 December 2024
485,764
Amortisation and impairment
At 1 January 2024
221,218
Amortisation charged for the year
45,770
At 31 December 2024
266,988
Carrying amount
At 31 December 2024
218,776
At 31 December 2023
221,702
AXIS ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
13
Tangible fixed assets
Plant and machinery
Office furniture and fittings
Total
£
£
£
Cost
At 1 January 2024
5,374,806
1,971,006
7,345,812
Additions
147,891
481,847
629,738
Disposals
(138,932)
(2,000)
(140,932)
At 31 December 2024
5,383,765
2,450,853
7,834,618
Depreciation and impairment
At 1 January 2024
4,478,578
1,722,140
6,200,718
Depreciation charged in the year
378,302
207,862
586,164
Eliminated in respect of disposals
(138,932)
(2,000)
(140,932)
At 31 December 2024
4,717,948
1,928,002
6,645,950
Carrying amount
At 31 December 2024
665,817
522,851
1,188,668
At 31 December 2023
896,228
248,866
1,145,094

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and machinery
-
0
356,406
14
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
55,231
-
Hedging arrangements

Derivative instruments with a value of £2,394,147 (2023: £nil) have been designated as hedging instruments in the year to 31 December 2024. The derivative instruments consisted of foreign currency swaps connected with the company's future purchases of stock.

AXIS ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
15
Stocks
2024
2023
£
£
Raw materials and consumables
8,111,186
10,316,463
Work in progress
1,077,605
1,154,070
9,188,791
11,470,533

In addition to the above stock, the company held customer owned stock with a value of £24,960,555 (2023: £19,169,089) at the year end which is not recorded in the balance sheet. Customers also made prepayments related to stock which are included in deferred income.

16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,882,736
7,242,368
Corporation tax recoverable
134,065
-
0
Amounts owed by group undertakings
7,469,370
8,168,527
Derivative financial instruments
55,231
-
Other debtors
513,094
1,171,458
Prepayments and accrued income
137,580
172,126
18,192,076
16,754,479
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
18
-
0
122,229
Trade creditors
7,374,595
3,424,198
Amounts owed to group undertakings
63,392
155,553
Corporation tax
-
0
677,211
Other taxation and social security
706,414
1,011,626
Other creditors
88,993
87,377
Accruals and deferred income
10,135,103
12,421,673
18,368,497
17,899,867
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
-
0
124,048
Less: future finance charges
-
0
(1,819)
-
0
122,229
AXIS ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
157,593
161,417
Short term timing differences
-
(14,798)
157,593
146,619
2024
Movements in the year:
£
Liability at 1 January 2024
146,619
Charge to profit or loss
10,974
Liability at 31 December 2024
157,593

The deferred tax liability set out above is not expected to reverse within 12 months and relates to accelerated capital allowances.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
726,164
634,811

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
3,355,260
1
3,355,260

During the year, the company reduced its share capital from 3,355,260 ordinary £1 shares to 1 ordinary £1 share.

AXIS ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
303,728
309,033
Between two and five years
205,453
527,800
509,181
836,833
23
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
24,712
-
24
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption available in accordance with FRS 102, not to disclose transactions entered into between two or more members of the group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

25
Ultimate controlling party

At the year end, the company’s immediate parent company was Cicor UK Ltd, by virtue of its 100% shareholding.

 

The largest group of undertakings for which group accounts are drawn up and of which the company is a member is the group headed by Cicor Technologies Limited. Copies of Cicor Technologies Limited's consolidated financial statements can be obtained from the company's registered office at Cicor Management AG, Gebenloostrasse 15, 9552 Bronschhofen, Switzerland.

 

The ultimate holding company is Cicor Technologies Limited.

There is no single ultimate controlling party.

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