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Registration number: 14468489

CimCorp UK Ltd

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

CimCorp UK Ltd

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13 to 19

 

CimCorp UK Ltd

Company Information

Directors

T O Kumlander

J J Hakkarainen

Company secretary

Goodwille Limited

Registered office

1 Chapel Street
Warwick
Warwickshire
CV34 4HL

Auditors

Bourner Bullock Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

 

CimCorp UK Ltd

Strategic Report for the Year Ended 31 December 2024

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

Principal activity

The principal activity of the Company is Business and domestic software development

Fair review of the business

CimCorp UK Limited provide technology service activities.

Principal risks and uncertainties

The management confirms that it has carried out a robust assessment of the principal risks facing the Group, including emerging risks, and those that would threaten its business model, future performance, solvency or liquidity.
• New competitors are entering the market and there is increased activity from existing competitors.
- Through our continued investment in our proposition, our offering is unique in the market and allows us to stand out from our competitors and continue to grow our market share.

Impact of Brexit related risks

Changes to regulation or legislation could impact the company.
- Any changes to regulation or legislation are closely monitored to ensure we are taking appropriate and timely action to mitigate any adverse impact.
- The exit of the UK from the European Union is a potential risk. However any regulatory changes to date have had minimal impact on the business and we expect this risk to continue to decrease.

• The company is dependent on technology in order to operate in the market.
- With continued investment in our people and our technology platform, we are dependent on all resources operating effectively to give candidates and employers an enhanced user experience.

Approved and authorised by the Board on 2 April 2025 and signed on its behalf by:
 

.........................................
T O Kumlander
Director

 

CimCorp UK Ltd

Directors' Report for the Year Ended 31 December 2024

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

Directors of the Company

The directors who held office during the year were as follows:

T O Kumlander

J J Hakkarainen (appointed 1 January 2024)

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The directors confirm that there is no relevant information (as defined by section 418(3) of the Companies Act 2006) that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 2 April 2025 and signed on its behalf by:
 

.........................................
T O Kumlander
Director

 

CimCorp UK Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom 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.

The directors confirm that so far as they are aware, there is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the company’s auditors are unaware. They have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

 

CimCorp UK Ltd

Independent Auditor's Report to the Members of CimCorp UK Ltd

Opinion

We have audited the financial statements of CimCorp UK Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of 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:

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.

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 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 director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

CimCorp UK Ltd

Independent Auditor's Report to the Members of CimCorp UK Ltd

Opinion on other matter prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities [set out on page 4], 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 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:

 

CimCorp UK Ltd

Independent Auditor's Report to the Members of CimCorp UK Ltd

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting regulations, Company Law, Tax and Pensions legislation, and distributable profits legislation.

• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include General Data Protection Regulations, health and safety and licensing.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

CimCorp UK Ltd

Independent Auditor's Report to the Members of CimCorp UK Ltd

Use of our report

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
David Wheeler (Senior Statutory Auditor)
For and on behalf of Bourner Bullock, Statutory Auditor

Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

2 April 2025

 

CimCorp UK Ltd

Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

4

28,002,367

15,681,629

Cost of sales

 

(24,733,872)

(14,985,043)

Gross profit

 

3,268,495

696,586

Administrative expenses

 

(1,228,458)

(84,089)

Other operating income

5

45,815

-

Operating profit

2,085,852

612,497

Other interest receivable and similar income

6

316,781

31,634

Interest payable and similar expenses

7

(1,719,002)

(40,934)

   

(1,402,221)

(9,300)

Profit before tax

 

683,631

603,197

Tax on profit

11

(170,917)

(138,361)

Profit for the financial year

 

512,714

464,836

The above results were derived from continuing operations.

The Company has no recognised gains or losses for the year other than the results above.

 

CimCorp UK Ltd

Statement of Comprehensive Income for the Year Ended 31 December 2024

2024
£

2023
£

Profit for the year

512,714

464,836

Total comprehensive income for the year

512,714

464,836

 

CimCorp UK Ltd

(Registration number: 14468489)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Current assets

 

Stocks

12

6,307,814

13,093,343

Debtors

13

4,831,118

322,433

Cash at bank and in hand

 

2,755,168

1,643,946

 

13,894,100

15,059,722

Creditors: Amounts falling due within one year

15

(12,916,549)

(14,594,885)

Net assets

 

977,551

464,837

Capital and reserves

 

Called up share capital

1

1

Retained earnings

977,550

464,836

Shareholders' funds

 

977,551

464,837

Approved and authorised by the Board on 2 April 2025 and signed on its behalf by:
 

.........................................
T O Kumlander
Director

 

CimCorp UK Ltd

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Retained earnings
£

Total
£

At 1 January 2024

1

464,836

464,837

Profit for the year

-

512,714

512,714

At 31 December 2024

1

977,550

977,551

Share capital
£

Retained earnings
£

Total
£

Profit for the year

-

464,836

464,836

New share capital subscribed

1

-

1

At 31 December 2023

1

464,836

464,837

 

CimCorp UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The Company is a private company limited by share capital, incorporated in United Kingdom .

The address of its registered office is:
1 Chapel Street
Warwick
Warwickshire
CV34 4HL
United Kingdom

Principal activity

The principal activity of the Company is Business and domestic software development

These financial statements were authorised for issue by the Board on 2 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the requirements of the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

 

CimCorp UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Basic financial assets, including trade and other debtors, are intially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Stocks

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

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

CimCorp UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to/from related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

3

Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4

Turnover

The analysis of the Company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

28,002,367

15,681,629

The analysis of the Company's Turnover for the year by market is as follows:

2024
£

2023
£

UK

28,002,367

15,681,629

 

CimCorp UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

5

Other operating income

The analysis of the Company's other operating income for the year is as follows:

2024
£

2023
£

Miscellaneous other operating income

45,815

-

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

-

20

Other finance income

316,781

31,614

316,781

31,634

7

Interest payable and similar expenses

2024
£

2023
£

Interest expense on other finance liabilities

4,885

-

Foreign exchange gains

1,714,117

40,934

1,719,002

40,934

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

501,382

-

Social security costs

21,036

-

Other short-term employee benefits

5,410

-

Pension costs, defined contribution scheme

11,193

-

Other employee expense

28,499

1,197

567,520

1,197

The average number of persons employed by the Company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

7

-

7

-

 

CimCorp UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

157,244

-

10

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

6,435

5,850

Other fees to auditors

All other non-audit services

2,365

2,150


 

11

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

170,917

138,361

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 22.94%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

683,631

603,197

Corporation tax at standard rate

170,908

138,361

Effect of expense not deductible in determining taxable profit (tax loss)

9

-

Total tax charge

170,917

138,361

 

CimCorp UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

12

Stocks

2024
£

2023
£

Work in progress

6,307,814

13,093,343

13

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

3,866,241

-

Other debtors

 

767,849

322,433

Prepayments

 

5,393

-

Income tax asset

11

191,635

-

   

4,831,118

322,433

14

Cash and cash equivalents

2024
£

2023
£

Cash at bank

2,755,168

1,643,946

15

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

854,217

2,830

Amounts due to related parties

10,770,378

14,347,744

Social security and other taxes

 

238,855

-

Other payables

 

3,112

6,367

Accruals

 

48,513

147,240

Gross amount due to customers for contract work

 

1,001,474

90,704

 

12,916,549

14,594,885

During the year, it was identified as at the 31 December 2023 amounts due to related parties of £14,307,748 had been included within gross amount due to customers for contract work and £39,996 had been included within trade creditors.

A prior period reclassification of £14,347,744 from the aforementioned accounts has been made to amounts due to relate parties.

 

CimCorp UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

16

Pension and other schemes

Defined contribution pension scheme

The Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme and amounted to £11,193 (2023 - £Nil).

17

Relationship between entity and parents

The parent of the largest group in which these financial statements are consolidated is Murata Machinery Ltd, incorporated in Japan.

The address of Murata Machinery Ltd is:
136 Takeda-Mukaishiro-cho Fushimi-ku, Kyoto 612-8418 JAPAN

The parent of the smallest group in which these financial statements are consolidated is Cimpcorp OY, incorporated in Finland.

The address of Cimpcorp OY is:
Satakunnantie 5, FI-28400, ULVILA, FINLAND

18

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1