| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| FOR |
| CASTOLIN EUTECTIC LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| FOR |
| CASTOLIN EUTECTIC LIMITED |
| CASTOLIN EUTECTIC LIMITED (REGISTERED NUMBER: 00450581) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| CASTOLIN EUTECTIC LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants and Statutory Auditors |
| Grove House |
| Coombs Wood Court |
| Steel Park Road |
| Halesowen |
| West Midlands |
| B62 8BF |
| CASTOLIN EUTECTIC LIMITED (REGISTERED NUMBER: 00450581) |
| BALANCE SHEET |
| 31ST DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PENSION ASSET | 12 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium | 10 |
| Retained earnings | 10 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| CASTOLIN EUTECTIC LIMITED (REGISTERED NUMBER: 00450581) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Castolin Eutectic Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The company meets its day to day working capital requirements through cash generated from operations and intra group borrowings. |
| The directors believe that there is no material uncertainty in relation to going concern and that the company has adequate financial resources to continue in operational existence for at least twelve months from the date of signing the financial statements and therefore the directors believe it remains appropriate to prepare the financial statements on a going concern basis. A letter of support has also been received from the parent company. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| CASTOLIN EUTECTIC LIMITED (REGISTERED NUMBER: 00450581) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors, including, but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan. |
| The asset recognised in the Balance Sheet in respect of the defined benefit plan is the adjusted fair value of plan assets at the reporting date less the present value of the defined benefit obligation. |
| The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy. This includes the use of appropriate valuation techniques. |
| The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments (discount rate). |
| Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. |
| The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in the profit and loss as Interest on pension scheme assets/liabilities. |
| Defined contribution pension plan |
| The company also operates a defined contribution pension scheme and the pension charges represent the amount payable by the company to the fund in respect of the year. The assets of the scheme are held separately from those of the company in an independently administered fund. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Computer |
| software |
| £ |
| COST |
| At 1st January 2024 |
| and 31st December 2024 |
| AMORTISATION |
| At 1st January 2024 |
| and 31st December 2024 |
| NET BOOK VALUE |
| At 31st December 2024 |
| At 31st December 2023 |
| CASTOLIN EUTECTIC LIMITED (REGISTERED NUMBER: 00450581) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings | Totals |
| £ | £ | £ | £ |
| COST |
| At 1st January 2024 |
| Additions |
| At 31st December 2024 |
| DEPRECIATION |
| At 1st January 2024 |
| Charge for year |
| At 31st December 2024 |
| NET BOOK VALUE |
| At 31st December 2024 |
| At 31st December 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed to group undertakings |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| CASTOLIN EUTECTIC LIMITED (REGISTERED NUMBER: 00450581) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 10. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1st January 2024 | ( |
) | (3,430,704 | ) |
| Deficit for the year | ( |
) | ( |
) |
| Actuarial gain/loss | 482,879 | - | 482,879 |
| At 31st December 2024 | ( |
) | (3,441,399 | ) |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 12. | EMPLOYEE BENEFIT OBLIGATIONS |
| The company operated a defined benefit scheme. |
| The contributions are determined by a qualified actuary using the Projected Unit Credit method. The most recent valuation was as at 31st December 2024. The company is not currently paying contributions following the calculation of the pension surplus. |
| The final salary scheme is closed to new members and there are no active members. No other post-retirement benefit are provided. The scheme is a funded scheme. |
| The amounts recognised in profit or loss are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Current service cost |
| Net interest from net defined benefit asset/liability |
(35,540 |
) |
(80,142 |
) |
| Past service cost |
| Administration costs | - | 268,190 |
| (35,540 | ) | 188,048 |
| Actual return on plan assets | ( |
) |
| Changes in the present value of the defined benefit obligation are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Opening defined benefit obligation |
| Interest cost |
| Actuarial losses/(gains) | ( |
) |
| Benefits paid | ( |
) | ( |
) |
| Past service costs awarded and recognised during the year |
302,000 |
- |
| CASTOLIN EUTECTIC LIMITED (REGISTERED NUMBER: 00450581) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 12. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| Changes in the fair value of scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Opening fair value of scheme assets |
| Contributions by employer |
| Interest income / cost | 291,000 | 343,000 |
| Benefits paid | (678,000 | ) | (531,000 | ) |
| Administration costs | (212,000 | ) | (133,000 | ) |
| Return on plan assets (excluding interest income) |
(331,000 |
) |
84,200 |
| The amounts recognised in other comprehensive income are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Return on plan assets (excluding interest income) |
(331,000 |
) |
84,200 |
| Actuarial gains/(losses) | ( |
) |
| Asset ceiling | 705,879 | (501,457 | ) |
| 482,879 | (637,057 | ) |
| The major categories of scheme assets as amounts of total scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Cash & other asset investments |
| Bond/income funds |
| Equity funds |
| 6,284,000 | 7,214,000 |
| 2024 | 2023 |
| £ | £ |
| Fair value plan assets | 6,284,000 | 7,214,000 |
| Present value plan asset | (4,751,000 | ) | (5,027,000 | ) |
| Asset ceiling | (445,291 | ) | (1,103,710 | ) |
| Net pension scheme asset | 1,087,709 | 1,083,290 |
| Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
| 2024 | 2023 |
| Discount rate |
| Future pension increases |
| Expected long term inflation | 2.60% | 2.60% |
| CASTOLIN EUTECTIC LIMITED (REGISTERED NUMBER: 00450581) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 13. | RELATED PARTY DISCLOSURES |
| 2024 | 2023 |
| £ | £ |
| Amounts due to holding company | 2,325,241 | 2,289,571 |
| These transactions have not been concluded under normal market conditions. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The company is a wholly owned subsidiary of Castolin Eutectic GmBH a company registered in Germany. |
| The company's ultimate parent undertaking and controlling party is Paragon Partners GmBH, a company incorporated in Germany. Copies of the group financial statements may be obtained from its registered office: Leopoldstrasse 10, D 80802, Munich, Germany. |