Company registration number 00236394 (England and Wales)
CICOR HARTLEPOOL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CICOR HARTLEPOOL LIMITED
COMPANY INFORMATION
Directors
Mr A Hagemann
(Appointed 31 March 2024)
Mr P Inness
(Appointed 31 March 2024)
Mr P Neumann
(Appointed 31 March 2024)
Mr M Pemrick
(Appointed 5 September 2024)
Secretary
Mr D Carty
Company number
00236394
Registered office
Tofts Farm Industrial Estate East
Brenda Road
Hartlepool
TS25 2BQ
Auditor
Mercer & Hole LLP
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
CICOR HARTLEPOOL 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
Statement of comprehensive income
13
Balance sheet
14
Statement of changes in equity
15
Notes to the financial statements
16 - 32
CICOR HARTLEPOOL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Fiar Review of the Business
Cicor Hartlepool provides integrated EMS services within the high industrial, medical and automotive markets, where conformance is key, and Customers require a competitive option for UK based Manufacture.
The Company, previously known as TT Electronics IOT Solutions Ltd, was a component of the group of companies headed by TT Electronics plc until the 1st of April 2024 when it was acquired by Cicor UK Ltd, which is 100% owned by Cicor Technologies Ltd, a company 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.
Other subsidiaries within the Cicor UK group of companies include:
STS Defence, also acquired during 2024, 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.
Axis Electronics, 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.
Cicor Newport, subsidiary of Cicor Hartlepool, previously known as TT Electronics Integrated Manufacturing Services Ltd, and part of the acquisition in April 2024, strengthens Cicor UKs position, bringing enhanced capabilities and additional growth capacity within the high reliability, low to medium volume electronic manufacturing services market.
Cicor UK is now the market leader in electronic manufacturing services within the UK.
Cicor Hartlepool's objective is to provide a comprehensive service to its customers, using advanced technological capabilities, adherence to high-quality standards and service provision, whilst providing a competitive proposition for UK based Manufacture.
Located in the Northeast of England, in a 6,000 m² facility, the business is ISO-certified for quality (ISO 9001), medical devices (ISO 13485), occupational health and safety (ISO 45001), environmental management (ISO 14001), and automotive products (IATF 16949). The high standards are maintained with a dedicated workforce of 139, with an average tenure of 10 years.
Key Services and Expertise
PCB Assembly: specialisation in precision PCB assembly services for industries such as industrial and IoT. Capabilities include 3D solder paste inspection, SMD assembly, reflow soldering, through-hole (THT) assembly, 3D Automatic Optical Inspection (AOI) and CNC milling or wheel cutting for depanelization, to ensure high standards of quality and precision.
Box Building: Precision device assembly, coating, potting, advanced bonding, laser marking, pad printing, and bespoke packaging. To ensure reliability and performance, our capabilities include functional, environmental, and burn-in testing to meet the demanding requirements of our customers.
Power Supply: AC/DC and DC/DC solutions ranging from 1W to 1.2KW for medical and industrial applications, certified to EN62368-1 and EN60601-1 standards, designed for reliability, safety, and efficiency. Additionally, the business provides engineering support, custom modifications, and design cycle assistance.
CICOR HARTLEPOOL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
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 by companies in local markets for continuity of supply.
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. Cicor Hartlepool has a spread of customers in multiple markets and proactively invests in process development and optimisation to compete with offshore options, whilst maintaining high standards of quality and delivery.
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.
Financial KPIs
The profit for the year, before taxation, was £61.5m (2023: loss £15.4m). This was due to exceptional income of £64.3m arising as part of the businesses pre-sale reorganisation, that included the write down of intercompany balances.
Since the sale, the business has continued to focus on winning new business and on delivery.
The business is forecasting to see a return to operating profit, with a new Managing Director, a clear strategy, and supported by the board of Cicor UK, who have a track record of growing businesses sustainably within this market.
Non-financial KPIs
Key Non-Financial KPIs are based on our ethos and commitments to our employees and our customers.
The site celebrated 2,500 days since a ‘loss time accident’ in February 2025. This is driven by weekly gemba walks and a commitment to hazard reporting with a minimum of 25 potential hazards identified during each calendar month.
Ontime delivery (OTIF %) into customers is measured monthly and targeted to be >95%; (currently 96%) as is logging any customer complaints; (year on year reduction of 66% being demonstrated)
Scrap is targeted at <1%, (2024 = 0.88%), whilst site OEE averaged >72% in 2024.
CICOR HARTLEPOOL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Operating Environment
The business continues to attract new customers, who require UK based manufacture with a range of services including PCB assembly, box building, and power supply solutions. This diversity in service offerings reflects the complex and multifaceted nature of the industrial and medical market, where companies need to offer comprehensive solutions to meet varied customer needs.
During 2024, the business started a comprehensive review of its existing customer base, as well as ensuring it is targeting the right future customers that it can grow with. This has meant that the business has made the decision to not re-bid on certain legacy, low margin work, and have supported these customers with transition to another EMS partner. In many cases though the business has been able to demonstrate the value of its services and have agreed new pricing to ensure continuity of product and service levels.
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
Cicor Hartlepool 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, Cicor Hartlepool proactive risk assessment approach helps identify potential gaps early and take appropriate action.
Employees
The company prioritises the well-being, rights, and development of its workforce through targeted policies and programs 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, Cicor Hartlepool 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. Cicor Hartlepool actively manages risks, protects sensitive information, and maintains accurate records. By implementing rigorous standards and encouraging transparency, Cicor Hartlepool strives to build sustainable business success and uphold integrity throughout its operations and supply chain. Out Customers also hold Cicor Hartlepool 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
Cicor Hartlepool 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. Cicor Hartlepool 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, Cicor Hartlepool strives to build sustainable business success and uphold integrity throughout its operations and supply chain.
CICOR HARTLEPOOL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
High standards of business conduct
Cicor Hartlepool 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. Cicor Hartlepool 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 whistleblower system to report compliance violations, ensuring procedural fairness and maximum protection for whistleblowers. Additionally, Cicor Hartlepool 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.
Mr M Pemrick
Director
30 April 2025
CICOR HARTLEPOOL 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 activities of the company continued to be that of providing electronic manufacturing services within the high industrial and medical markets.
Results and dividends
The results for the year are set out on page 12.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
No preference dividends were paid. 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:
Mr A Hagemann
(Appointed 31 March 2024)
Mr P Inness
(Appointed 31 March 2024)
Mr P Neumann
(Appointed 31 March 2024)
Mr M Pemrick
(Appointed 5 September 2024)
Mr S Partridge
(Resigned 27 April 2024)
Professor K Morley
(Resigned 27 April 2024)
Qualifying third party indemnity provisions
The ultimate parent (Cicor Technologies Ltd) maintains Directors' and Officers' Liability insurance. The Directors of the company also benefit from a qualifying third-party indemnity provision in accordance with section 234 of the Companies Act 2006 and the Company's Articles of Association.
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
Mercer & Hole LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
CICOR HARTLEPOOL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Energy and carbon report
2024
Energy consumption
kWh
Aggregate of energy consumption in the year
- Gas combustion
588,505
- Electricity purchased
931,759
- Fuel consumed for transport
5,863
1,526,127
Kg C02e
Kg C02e
Emissions of CO2 equivalent
('000)
('000)
Scope 1 - direct emissions
- Gas combustion
-
- Fuel consumed for owned transport
-
-
Scope 2 - indirect emissions
- Electricity purchased
193.00
- Gas purchased
108.00
301.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
1.60
Total gross emissions
302
Intensity ratio
Kg CO2e per £1,000 turnover
13
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 2020 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
Cicor Hartlepool has implemented several measures to improve energy efficiency, including taking steps to ensure zero waste goes to landfill, selecting energy efficient equipment, implementation of a switch-off turn-off policy and process optimisations. These initiatives contribute to minimizing Cicor Hartlepool carbon footprint.
CICOR HARTLEPOOL 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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr M Pemrick
Director
30 April 2025
CICOR HARTLEPOOL 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:
select suitable accounting policies 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; and
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 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.
CICOR HARTLEPOOL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CICOR HARTLEPOOL LIMITED
- 9 -
Opinion
We have audited the financial statements of Cicor Hartlepool 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 101 Reduced Disclosure Framework (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 December 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.
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.
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:
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.
CICOR HARTLEPOOL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CICOR HARTLEPOOL 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:
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, 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.
Extent to which 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:
discussions with management, including considerations of known or suspected instances of non- compliance with laws and regulations and fraud;
gaining an understanding of management's controls designed to prevent and detect irregularities; and
identifying and testing journal entries.
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.
CICOR HARTLEPOOL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CICOR HARTLEPOOL 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.
The prior period's financial statements were audited by another auditor who expressed an unmodified opinion.
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.
James Wooldridge MSci 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
30 April 2025
CICOR HARTLEPOOL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£000
£000
Turnover
3
23,214
21,947
Cost of sales
(23,683)
(20,283)
Gross (loss)/profit
(469)
1,664
Distribution costs
(1,388)
(1,612)
Administrative expenses
(3,552)
(2,845)
Other operating income
141
Impairment of Intangible Fixed Assets
4
(12,604)
Exceptional items
4
64,302
Operating profit/(loss)
5
59,034
(15,397)
Interest receivable and similar income
7
2,478
Profit/(loss) before taxation
61,512
(15,397)
Tax on profit/(loss)
8
837
360
Profit/(loss) for the financial year
27
62,349
(15,037)
CICOR HARTLEPOOL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
£000
£000
Profit/(loss) for the year
62,349
(15,037)
Other comprehensive income:
Items that may be reclassified to profit or loss
Cash flow hedges:
- Hedging gain/(loss) arising in the year
142
(341)
Total comprehensive income for the year
62,491
(15,378)
CICOR HARTLEPOOL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 14 -
2024
2023
Notes
£000
£000
£000
£000
Fixed assets
Intangible assets
10
476
176
Tangible fixed assets
11
1,681
1,525
Investments
12
18,909
13,964
Deferred tax asset
18
175
21,066
15,840
Current assets
Stocks
14
7,187
7,308
Debtors
15
11,909
5,707
Cash at bank and in hand
6,473
25,569
13,015
Creditors: amounts falling due within one year
16
(12,930)
(58,530)
Net current assets/(liabilities)
12,639
(45,515)
Total assets less current liabilities
33,705
(29,675)
Provisions for liabilities
Other provisions
19
(889)
Net assets/(liabilities)
32,816
(29,675)
Capital and reserves
Called up share capital
21
1,909
1,909
Share premium account
22
4,378
4,378
Hedging reserve
23
(142)
Capital redemption reserve
24
88
88
Merger reserve
25
1,559
1,559
Capital Contribution reserve
26
1,017
1,017
Profit and loss reserves
27
23,865
(38,484)
Total equity
32,816
(29,675)
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 30 April 2025 and are signed on its behalf by:
Mr M Pemrick
Director
Company registration number 00236394 (England and Wales)
CICOR HARTLEPOOL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Share premium account
Hedging reserve
Capital redemption reserve
Merger reserve
Capital Contribution reserve
Profit and loss reserves
Total
£000
£000
£000
£000
£000
£000
£000
£000
Balance at 1 January 2023
1,909
4,378
199
88
1,559
1,017
(23,447)
(14,297)
Year ended 31 December 2023:
Loss
-
-
-
-
-
-
(15,037)
(15,037)
Other comprehensive income:
Cash flow hedges gains
-
-
(341)
-
-
-
-
(341)
Total comprehensive income
-
-
(341)
-
-
-
(15,037)
(15,378)
Balance at 31 December 2023
1,909
4,378
(142)
88
1,559
1,017
(38,484)
(29,675)
Year ended 31 December 2024:
Profit
-
-
-
-
-
-
62,349
62,349
Other comprehensive income:
Cash flow hedges losses
-
-
142
-
-
-
-
142
Total comprehensive income
-
-
142
-
-
-
62,349
62,491
Balance at 31 December 2024
1,909
4,378
88
1,559
1,017
23,865
32,816
CICOR HARTLEPOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information
Cicor Hartlepool Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tofts Farm Industrial Estate East, Brenda Road, Hartlepool, TS25 2BQ. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
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 £000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is exempt from the preparation and delivery of consolidated financial statements because it is included in the group accounts of Cicor Technologies Ltd, along with these separate financial statements. The group accounts of Cicor Technologies Ltd are available to the public and can be obtained as set out in note 26 28.
The company has applied the exemptions available under FRS 101 in respect of the following disclosures:
presentation of a statement of cash flows and related notes;
disclosure of the objectives, policies and processes for managing capital;
disclosure of key management personnel compensation;
comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment and intangible assets;
disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;
related party disclosures for transactions with the parent or wholly owned members of the group.
As the consolidated financial statements of Cicor Technologies Ltd include the equivalent disclosures, the Company has also taken exemptions under FRS 101 available in respect of the following disclosures:
The requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share based payments;
The disclosures required by IFRS 7 and IFRS 13 regarding financial instrument disclosures have not been provided apart from those which are relevant for the financial instruments which are held at fair value and are not either held as part of trading portfolio derivatives;
The requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;
The requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases; and
The requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairment of Assets
CICOR HARTLEPOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.2
Going concern
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons:true
The Company's operations and financial condition, together with factors likely to affect its future development, performance and condition are set out on pages 1 to 4 of the Strategic report and 5 of the directors' report.
The Company's financial projections contain key assumptions surrounding revenue and operating profit in 2025 and 2026, these estimates position the Company improving performance throughout the twelve months from the date of signing these financial statements.
The Company has received a letter of support from its direct parent of the Group, Cicor Technologies Ltd. They commit to providing financial and other support to Cicor Hartlepool, including not seeking repayment of amounts currently made available for a period of at least twelve months from the date of approval of their 2024 financial statements. The directors are satisfied with the financial viability of the supporting entity.
1.3
Turnover
Turnover is measured at the fair value of the right to consideration, usually the invoiced value, for the provision of goods to external customers excluding value added tax and other sales related taxes and is recognised when the customer obtains control of goods. In most cases this is at the point in time of transfer of legal title of the goods. For sales to customers where a right to return an item is grunted, revenue is recognised to the extent of the consideration to which the Group ultimately expects to be entitled (i.e. revenue is not recognised for goods expected to he returned).
1.4
Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less impairment losses.
The gain on a bargain purchase is recognised in profit or loss in the period of the acquisition.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is subsequently reversed if, and only if, the reasons for the impairment loss have ceased to apply.
1.5
Intangible 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:
Product development costs - up to 5 years, consistent with the revenue generation profile of the product
Patents, licences and other - 3 to 10 years
CICOR HARTLEPOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.6
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:
Freehold land and buildings
50 years
Plant and equipment
3-10 years
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 recognised in the profit and loss account.
Depreciation methods, useful lives and residual values are reviewed at each balance sheet date.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.8
Impairment of tangible and intangible assets
At each reporting 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.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
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.
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.
CICOR HARTLEPOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.9
Stocks
Stocks are stated at the lower of cost and net realisable value and include expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufactured stocks and work in progress, cost includes an appropriate share of overheads based on normal operating capacity.
The Company operates a standard costing policy, with costs reviewed annually and variances accounted for in the income statement under cost of sales using the FIFO method.
Management review the ageing profile and expected usage of stock items when determining the provisions held against stock.
1.10
Cash at bank and in hand
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial assets
Financial assets are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Impairment of financial assets
At each reporting date the Company assesses credit risk by considering reasonable and supportable information that may indicate increases in credit risk. Indicators that an asset carries a higher risk compared to at inception or that an asset is credit-impaired would include observable data in relation to the financial health of the debtor: significant financial difficulty of the issuer or the debtor, the debtor breaches contract; it is probable that the debtor will enter bankruptcy or financial reorganisation.
The amount of credit risk provision is the difference between the original carrying amount and the recoverable amount, being the present value of expected cash flows receivable (discounted using the original effective interest rate). The amount of the provision is recognised in the income statement within administrative expenses.
Financial assets are written off when there is evidence indicating that the debtor is in severe financial difficulty and the company has no realistic prospect of recovery.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
CICOR HARTLEPOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.12
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.13
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Hedge accounting
The Company uses derivative financial instruments such as forward foreign exchange contracts to hedge risks associated with foreign exchange fluctuations. These are designated as 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 its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Company documents whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in cash flows of the hedged item. The business reviews, on a monthly basis, hedge requirements covering existing and required hedges.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are deferred in equity. The gain or loss relating to the ineffective portion is recognised immediately in the income statement.
Amounts deferred in equity are recycled in the income statement in the periods when the hedged item is recognised in the income statement, in the same line of the income statement as the recognised hedged item.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. Any cumulative gain or loss deferred in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was deferred in equity is recognised immediately in the income statement.
1.14
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.
CICOR HARTLEPOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event and it is probable that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
CICOR HARTLEPOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
2
Critical accounting estimates and judgements
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 including the value realised at 31st March 2024. 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 estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
In the opinion of the Directors there are no critical accounting judgements or key sources of the estimated uncertainty in the financial statements.
Key sources of estimation uncertainty
Stock provisioning
The company is subject to risk of stock obsolescence, as a result it is necessary to consider the recoverability of the cost of stocks held and the associated provisioning required, When considering the stock provision, management considers the nature and condition of goods and expected customer demand.
CICOR HARTLEPOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
3
Turnover
2024
2023
£000
£000
Turnover analysed by class of business
Sales of goods
23,214
21,947
2024
2023
£000
£000
Turnover analysed by geographical market
United Kingdom
21,175
18,617
Rest of Europe
1,086
1,642
North America
855
1,414
Asia
35
195
Rest of the World
63
79
23,214
21,947
4
Exceptional items
2024
2023
£000
£000
Income
Exceptional income arising on group reorganisation
64,302
-
Expenditure
Impairment of intangible fixed assets
-
12,604
Net exceptional income/(expenditure)
64,302
(12,604)
Exceptional income arose as a result of the transfer of Cicor Hartlepool from TT Electronics plc to Cicor Technologies Ltd and includes items such as the writing off of previous intercompany balances held as at 31st March 2024, capital injection and investment amounts no longer associated with the Company.
5
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging/(crediting):
£000
£000
Exchange losses/(gains)
126
(50)
Research and development costs
41
654
Fees payable to the company's auditor for the audit of the company's financial statements
40
104
Depreciation of property, plant and equipment
320
310
Loss on disposal of tangible fixed assets
150
-
Amortisation of intangible assets (included within administrative expenses and cost of sales)
214
640
Cost of inventories recognised as an expense
16,965
20,283
CICOR HARTLEPOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production
90
94
Sales and distribution
32
35
Administration
8
10
Total
130
139
Their aggregate remuneration comprised:
2024
2023
£000
£000
Wages and salaries
5,102
4,926
Social security costs
529
468
Pension costs
247
251
5,878
5,645
7
Interest receivable and similar income
2024
2023
£000
£000
Income from fixed asset investments
Income from shares in group undertakings
2,478
CICOR HARTLEPOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
8
Taxation
2024
2023
£000
£000
Current tax
UK corporation tax on profits for the current period
(1,012)
-
Deferred tax
Origination and reversal of temporary differences
(360)
Adjustment in respect of prior periods
175
175
(360)
Total tax (credit)
(837)
(360)
The charge for the year can be reconciled to the profit/(loss) per the profit and loss account as follows:
2024
2023
£000
£000
Profit/(loss) before taxation
61,512
(15,397)
Expected tax charge/(credit) based on a corporation tax rate of 25.00% (2023: 23.52%)
15,378
(3,621)
Income not taxable
(16,690)
2,176
Change in unrecognised deferred tax assets
300
1,181
Under/(over) provided in prior years
175
(5)
Impact on deferred tax arising from change in tax rates
-
(91)
Taxation credit for the year
(837)
(360)
9
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2024
2023
£000
£000
In respect of:
Goodwill
9,744
Intangible assets
2,860
Recognised in:
Administrative expenses
-
12,604
CICOR HARTLEPOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
10
Intangible fixed assets
Goodwill
Patents & licences
Development costs
Total
£000
£000
£000
£000
Cost
At 31 December 2023
9,744
1,235
6,182
17,161
Additions - purchased
483
229
712
Disposals
(9,744)
(1,233)
(6,411)
(17,388)
At 31 December 2024
485
485
Amortisation and impairment
At 31 December 2023
9,744
1,059
6,182
16,985
Charge for the year
32
182
214
Eliminated on disposals
(9,744)
(1,082)
(6,364)
(17,190)
At 31 December 2024
9
9
Carrying amount
At 31 December 2024
476
476
At 31 December 2023
176
176
Amounts relating to Goodwill have been written off as part of the group restructuring which took place during the year.
11
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£000
£000
£000
Cost
At 1 January 2024
1,844
7,377
9,221
Additions
6
470
476
Disposals
(1)
(1)
Transfers
3
(3)
-
At 31 December 2024
1,852
7,844
9,696
Accumulated depreciation and impairment
At 1 January 2024
1,178
6,518
7,696
Charge for the year
38
282
320
Eliminated on disposal
(1)
(1)
At 31 December 2024
1,215
6,800
8,015
Carrying amount
At 31 December 2024
637
1,044
1,681
At 31 December 2023
666
859
1,525
CICOR HARTLEPOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
12
Investments
Current
Non-current
2024
2023
2024
2023
£000
£000
£000
£000
Investments in subsidiaries
-
-
18,909
13,964
Fair value of financial assets carried at amortised cost
Except as detailed below the directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.
Movements in fixed asset investments
Shares in subsidiaries
£000
Cost or valuation
At 1 January 2024
13,964
Additions
14,735
Disposals
(9,790)
At 31 December 2024
18,909
Carrying amount
At 31 December 2024
18,909
At 31 December 2023
13,964
13
Subsidiaries
As the Company is a wholly owned subsidiary of Cicor UK Ltd, the Company has taken advantage of the exemption contained within FRS 101 and has therefore not disclosed transactions or balances with wholly owned subsidiaries which form part of the group.
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Cicor Newport Ltd
1
United Kingdom
100.00
Cicor UK Properties Ltd
2
United Kingdom
100.00
Stadium Asia Ltd
3
Hong Kong
100.00
STMC Ltd
4
Hong Kong
100.00
CICOR HARTLEPOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
14
Stocks
2024
2023
£000
£000
Raw materials
3,419
2,722
Work in progress
937
610
Finished goods
2,831
3,976
7,187
7,308
15
Debtors
2024
2023
£000
£000
Trade debtors
5,181
3,653
Provision for bad and doubtful debts
(60)
(105)
5,121
3,548
Corporation tax recoverable
22
22
Amounts owed by subsidiary undertakings
4,998
1,439
Amounts owed by fellow group undertakings
31
Other debtors
443
415
Prepayments and accrued income
1,325
252
11,909
5,707
16
Creditors
2024
2023
Notes
£000
£000
Loans and overdrafts
1
Creditors
17
12,330
58,170
Taxation and social security
600
359
12,930
58,530
CICOR HARTLEPOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
17
Creditors
2024
2023
£000
£000
Trade creditors
2,603
1,156
Amount owed to parent undertaking
151
178
Amounts owed to subsidiary undertakings
8,053
4,756
Amounts owed to fellow group undertakings
33
51,272
Accruals and deferred income
1,490
580
Other creditors
-
228
12,330
58,170
18
Deferred taxation
Assets
2024
2023
£000
£000
Deferred tax balances
175
Deferred tax assets are expected to be recovered after more than one year.
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.
ACAs
Other timing differences
Total
£000
£000
£000
Balance at 1 January 2023
-
-
Deferred tax movements in prior year
Effect of change in tax rate - other comprehensive income
-
(38)
(38)
Effect of change in tax rate - equity
213
-
213
Asset at 1 January 2024
213
(38)
175
Deferred tax movements in current year
Credit/(charge) to profit or loss
(213)
38
(175)
Liability at 31 December 2024
-
-
CICOR HARTLEPOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Deferred taxation
(Continued)
- 30 -
Offsets applied
Liabilities
Assets
2024
2023
2024
2023
£000
£000
£000
£000
Balances before offset
-
(38)
-
213
Amounts offset
-
38
-
(38)
Balances after offset
175
19
Provisions for liabilities
2024
2023
£000
£000
Warranty provision
150
-
Provision for onerous contracts
739
-
889
Movements on provisions:
Warranty provision
Provision for onerous contracts
Total
£000
£000
£000
Additional provisions in the year
150
739
889
The warranty provision represents estimated claims in respect of warranties offered by the company.
The provision for onerous contracts represents expected losses on certain ongoing customer contracts.
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£000
£000
Charge to profit or loss in respect of defined contribution schemes
247
251
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
£000
£000
Issued and fully paid
Ordinary shares of 5p each
38,178,122
38,178,122
1,909
1,909
CICOR HARTLEPOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
22
Share premium account
2024
2023
£000
£000
At the beginning and end of the year
4,378
4,378
23
Hedging reserve
2024
2023
£000
£000
At the beginning of the year
(142)
199
Gains and losses on cash flow hedges
142
(341)
At the end of the year
(142)
The cash flow hedge reserve represents the cumulative portion of gains and losses on hedging instruments deemed effective in hedging variable interest rate risk of recognised financial instruments or foreign exchange risk in firm commitments or highly probable forecast transactions. Amounts accumulated in this reserve are reclassified to profit or loss in the periods in which the hedged item affects profit or loss or when the hedging relationship ends,
24
Capital redemption reserve
2024
2023
£000
£000
At the beginning and end of the year
88
88
25
Merger reserve
2024
2023
£000
£000
At the beginning and end of the year
1,559
1,559
26
Capital Contribution reserve
2024
2023
£000
£000
At the beginning and end of the year
1,017
1,017
The capital contribution reserves arose on the merger of the 1974 Pension Scheme.
CICOR HARTLEPOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
27
Profit and loss reserves
2024
2023
£000
£000
At the beginning of the year
(38,484)
(23,447)
Profit/(loss) for the year
62,349
(15,037)
At the end of the year
23,865
(38,484)
The profit and loss reserve represents the cumulative profits or losses, including unrealised profits on the remeasurement of investment properties, net of dividends paid and other adjustments
28
Controlling party
The immediate parent company is Cicor UK Ltd and its registered office is The Pinnacle, 170 Midsummer Boulevard, Milton Keynes, England, MK9 1BP.
The ultimate parent company is Cicor Technologies Ltd, a company incorporated in Switzerland.
Cicor Technologies Ltd has its registered office at:
Gebenloostrasse 15
9552 Bronschhofen
Switzerland
Copies of the annual report and financial statements for Cicor Technologies Ltd are available at www.cicor.com/en/investors/reports/
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