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REGISTERED NUMBER: SC209057 (Scotland)











COILCRAFT EUROPE LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Strategic Report 2 to 3

Report of the Directors 4 to 6

Report of the Independent Auditors 7 to 10

Income Statement 11

Other Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 17 to 25


COILCRAFT EUROPE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Thomas C Liebman
Richard J Roberts



REGISTERED OFFICE: 21 Napier Place
Wardpark North
Cumbernauld
G68 0LL



REGISTERED NUMBER: SC209057 (Scotland)



AUDITORS: Azets Audit Services
Chartered Accountants
Statutory Auditor
Titanium 1
King's Inch Place
Renfrew
PA4 8WF



BANKERS: Royal Bank of Scotland
116 Cowgate
Kirkintilloch
G66 1JX



SOLICITORS: Pinsent Masons LLP
Third Floor
Quay 2
139 Fountainbridge
Edinburgh
EH3 9QG

COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

REVIEW OF BUSINESS
The key financial highlights are as follows:

2024 2023 2022
$ $ $

Turnover 64,870,772 75,682,712 78,594,033
Turnover growth / (fall) (14.3% (3.7% ) 6.2%
Exchange gains / (losses) within administration expenses 153,413 5,963 (64,145 )
Profit before tax 2,508,955 3,079,209 3,196,446

The net assets of the Company have increased from $19,508,074 at 31 December 2023 to $21,384,465 at 31 December 2024.

PRINCIPAL RISKS AND UNCERTAINTIES
Our customers continue to be vulnerable to disruptions caused by ongoing conflicts and political instabilities.

SECTION 172(1) STATEMENT
As a privately owned business with a global presence the long term success of the Company is always at the heart of our operations.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
Coilcraft are a preferred supplier in our marketplace because of our reputation for quality, reliable delivery, engineering support and the superior performance of our products.

In support of our customers we offer, in addition to a large selection of standard products, a custom design and build service, the most comprehensive website in the magnetics industry and a liberal free sample policy to support their technical innovations.

We are supplied by our own group manufacturing companies, thereby spreading the risk of production. All plants are ISO/TS 16949 and ISO 9001 certified.

We work hard to reduce costs and eliminate waste from our operations wherever possible and are mindful of the impact our operations may have on the environment.

FINANCIAL INSTRUMENTS
The Company's principal financial instruments comprise bank balances, trade creditors and group balances. The main purpose of these instruments is to finance the Company's operations.

Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the monitoring of amounts outstanding.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Credit risk on liquid funds is limited due to the counterparties being banks with credit ratings assigned by international credit-rating agencies.

ENVIRONMENT
The Company recognises the importance of its environmental responsibilities, and has policies in place to manage its impact on the environment. In addition the Company is ISO14001 accredited.

FUTURE DEVELOPMENTS
The directors aim to maintain the management policies adopted during the year to 31 December 2024 and consider the Company well placed to take advantage of opportunities which may arise in the current year.


COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

EMPLOYEES
The Company recognises that a successful business requires a stable, healthy and motivated workforce. Staff recruitment, retention and training are given high priority in the business. The Company benefits from a high level of long serving staff.

GOING CONCERN
Based on current trading levels and projected future results, the directors have assessed the Company to be a going concern.

ON BEHALF OF THE BOARD:





Richard J Roberts - Director


28 May 2025

COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the Company in the year under review was that of the distribution and promotion of Coilcraft Inc products worldwide. The directors are not aware, at the date of this report, of any likely major changes in the company's activities in the year.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2024 was £nil (2023: £nil)

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Thomas C Liebman
Richard J Roberts

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS
As a privately owned business with a global presence the long term success of the Company is always at the heart of our operations.

STREAMLINED ENERGY AND CARBON REPORTING
This statement reports on the Company's energy and carbon emissions consumption in compliance with Streamlined Energy and Carbon Reporting (SECR) legislation introduced by the UK Government. It covers our UK energy use and associated greenhouse gas emissions, reports our intensity ratios and describes the measures taken to improve energy efficiency throughout the year.

Consumption is split into three categories, or 'scopes' as defined in the greenhouse gas protocol standard:

Scope 1 (direct) emissions are greenhouse gas emissions released on an organisation's site or from its vehicles. More accurately they are CO2e emissions that come from sources owned or controlled by an organisation. Typically, these are emissions generated by gas boilers and owned or leased cars, vans & lorries.

Scope 2 (indirect) emissions are greenhouse gases released into the atmosphere as a result of the consumption of purchased electricity, steam, heat and cooling. Although these CO2e emissions result from an organisation's activities, they occur at sources it doesn't own or control. As a result, they are referred to as indirect emissions.

Scope 3 (other indirect) emissions are a consequence of an organisation's actions, which occur at sources which it does not own or control and which are not classed as scope 2 emissions. Examples of scope 3 emissions are business travel by means not owned or controlled by an organisation, waste disposal which is not owned or controlled, or purchased materials or fuels.

Methodology Used
The energy consumption (mWh) in the table below is taken from the Company's ISO14001 monitoring system and is collected by means of metered data, data collectors or supplier invoices. The emissions reported below are in metric tonnes of carbon dioxide (CO2e) calculated using the Government conversion factors for company reporting of greenhouse gas emissions 2023.

Intensity Ratio
An intensity ratio is a way of defining emissions data in relation to an appropriate business metric. This allows comparison of energy efficiency performance over time and with other similar types of organisations. The Company has chosen to calculate its ratio by dividing its emissions by its business premises square meterage.








COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024



Emission Source


Scope
2024
Consumption
(mWh)

2024 Emissions
(tCO2e)
2023
Consumption
(mWh)

2023 Emissions
(tCO2e)
Combustion of Gas 1 231.90 42.41 231.00 42.26
Purchase of Electricity 2 92.47 19.15 94.20 19.51
Combustion of Transport
Fuel

1

9.73

2.33

7.93

2.00
Business travel in rental
cars or employee-owned
vehicles where company
is responsible for
purchasing the fuel




3




11.74




2.60




24.66




5.88
Total Gross 345.84 66.49 357.79 69.64
mWh/m2 tCO2E/m2 mWh/m2 tCO2E/m2
Intensity Ratio 0.1434 0.0276 0.1484 0.0289

Energy Efficiency Actions
The business's electrical energy consumption has stabilised as hybrid working patterns have become the new norm. We continued to upgrade fluorescent lighting with energy efficient LED lighting to reduce electricity consumption.

Environment Strategy
The Company has been ISO14001 certified since 1999 and actively seeks new ways to reduce its impact on the environment by focusing on energy, waste, water and understanding the impact of global climate change on its activities. These focus areas have been identified based on an overall evaluation of environmental aspects and impacts and in particular those which it can positively influence.

Renewable Energy
Since December 2016, the Company has been sourcing 100% renewable electricity, and since October 2017, it has been using 100% Green Gas.

Carbon Offsetting
The Company participates in the EcoPoints program offered by its fuel card provider All Star, contributing to tree planting efforts to offset its carbon footprint. Over the next 100 years, these trees will offer numerous societal benefits, including carbon dioxide capture, habitat for biodiversity, flood mitigation, cleaner rivers and air, recreational spaces, and job creation.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Azets Audit Services, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Richard J Roberts - Director


28 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COILCRAFT EUROPE LIMITED

Opinion
We have audited the financial statements of Coilcraft Europe Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COILCRAFT EUROPE LIMITED


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 Report of the Directors.

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 five, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COILCRAFT EUROPE LIMITED


Auditors' 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 a Report of the Auditors 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COILCRAFT EUROPE LIMITED


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 a Report of the Auditors 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.




Kirsty Mackie BAcc CA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
Chartered Accountants
Statutory Auditor
Titanium 1
King's Inch Place
Renfrew
PA4 8WF

28 May 2025

COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes $    $   

TURNOVER 3 64,870,772 75,682,712

Cost of sales (56,636,279 ) (67,815,078 )
GROSS PROFIT 8,234,493 7,867,634

Sales and marketing cost (3,834,684 ) (3,256,751 )
Administrative expenses (1,925,612 ) (1,578,112 )
OPERATING PROFIT 2,474,197 3,032,771

Interest receivable and similar income 34,758 46,438
PROFIT BEFORE TAXATION 5 2,508,955 3,079,209

Tax on profit 6 (632,564 ) (727,932 )
PROFIT FOR THE FINANCIAL YEAR 1,876,391 2,351,277

COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes $    $   

PROFIT FOR THE YEAR 1,876,391 2,351,277


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,876,391

2,351,277

COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes $    $    $   
FIXED ASSETS
Tangible assets 7 542,977 526,862

CURRENT ASSETS
Stocks 8 12,880,911 13,374,345
Debtors 9 9,306,473 10,687,063
Cash at bank and in hand 4,529,351 6,155,496
26,716,735 30,216,904
CREDITORS
Amounts falling due within one year 10 5,875,247 11,235,692
NET CURRENT ASSETS 20,841,488 18,981,212
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,384,465

19,508,074

CAPITAL AND RESERVES
Called up share capital 14 150,500 150,500
Retained earnings 15 21,233,965 19,357,574
SHAREHOLDERS' FUNDS 21,384,465 19,508,074

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by:





Richard J Roberts - Director


COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)

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

Called up
share Retained Total
capital earnings equity
$    $    $   
Balance at 1 January 2023 150,500 17,006,297 17,156,797

Changes in equity
Total comprehensive income - 2,351,277 2,351,277
Balance at 31 December 2023 150,500 19,357,574 19,508,074

Changes in equity
Total comprehensive income - 1,876,391 1,876,391
Balance at 31 December 2024 150,500 21,233,965 21,384,465

COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes $    $   
Cash flows from operating activities
Cash generated from operations 1 (1,013,678 ) 1,327,933
Tax paid (504,226 ) (772,648 )
Net cash from operating activities (1,517,904 ) 555,285

Cash flows from investing activities
Purchase of tangible fixed assets (158,890 ) (211,242 )
Sale of tangible fixed assets 15,891 37,306
Interest received 34,758 46,438
Net cash from investing activities (108,241 ) (127,498 )

(Decrease)/increase in cash and cash equivalents (1,626,145 ) 427,787
Cash and cash equivalents at beginning of
year

2

6,155,496

5,727,709

Cash and cash equivalents at end of year 2 4,529,351 6,155,496

COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
$    $   
Profit before taxation 2,508,955 3,079,209
Depreciation charges 142,776 117,029
Profit on disposal of fixed assets (15,891 ) (32,645 )
Finance income (34,758 ) (46,438 )
2,601,082 3,117,155
Decrease in stocks 493,434 387,166
Decrease in trade and other debtors 1,291,012 1,167,615
Decrease in trade and other creditors (5,399,206 ) (3,344,003 )
Cash generated from operations (1,013,678 ) 1,327,933

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31/12/24 1/1/24
$    $   
Cash and cash equivalents 4,529,351 6,155,496
Year ended 31 December 2023
31/12/23 1/1/23
$    $   
Cash and cash equivalents 6,155,496 5,727,709


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24 Cash flow At 31/12/24
$    $    $   
Net cash
Cash at bank and in hand 6,155,496 (1,626,145 ) 4,529,351
6,155,496 (1,626,145 ) 4,529,351
Total 6,155,496 (1,626,145 ) 4,529,351

COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)

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

1. STATUTORY INFORMATION

Coilcraft Europe Limited is a private company, limited by shares, registered in Scotland. The Company's registered number is SC209057 and registered office address is 21 Napier Place, Wardpark North, Cumbernauld G68 0LL.

The nature of the Company's operations and its principal activities for the year under review was that of the distribution and promotion of Coilcraft Inc. products worldwide.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in US Dollars, which is deemed to be the functional currency of the Company as this is the currency of the primary ecomonic environment in which the Company operates. Monetary amounts in these financial statements are rounded to the nearest $. In previous years, the presentation currency had been Sterling.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have not made any critical accounting judgements or utilised any key sources of estimation uncertainty.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consideration is given to the point at which the company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due;
- the costs incurred can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.


Freehold property - 2.5% straight line
Computer equipment- 20% - 50% straight line
Plant and machinery- 20% - 50% straight line
Fixtures and fittings - 20% - 25% straight line
Motor vehicles - 25% straight line

COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value. Cost and net realisable value are calculated for bought-in finished goods from other members of the group, cost is the internal transfer price.

Net realisable value is based on estimated selling price less further costs to completion and disposal.

Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.


COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Foreign currencies
Functional currency and presentation currency
The financial statements of the company are presented in the currency of the primary economic environment in which it operates (its functional currency). As such, the results and financial position are presented in Dollars ($).

Translations and balances
Assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US Dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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

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

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
$    $   
From principal activity 64,870,772 75,682,712
64,870,772 75,682,712

An analysis of turnover by geographical market is given below:

20242023
%%
United Kingdom1213
Overseas8887
100100

COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
$    $   
Wages and salaries 3,717,639 3,337,072
Social security costs 403,874 349,744
Other pension costs 111,473 106,983
4,232,986 3,793,799

The average number of employees during the year was as follows:
2024 2023

Warehouse and facilities 12 13
Management and administration 36 35
48 48

2024 2023
$    $   
Directors' remuneration - -

5. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2024 2023
$    $   
Depreciation - owned assets 142,775 117,030
Profit on disposal of fixed assets (15,891 ) (32,645 )
Auditors' remuneration 44,033 42,057
Taxation compliance services 2,800 2,760
Foreign exchange differences 153,413 5,963
Operating lease charges 28,131 30,449

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
$    $   
Current tax:
Corporation tax charge 644,108 714,632

Deferred tax:
Originating and reversal of
timing differences (11,544 ) 10,665
Effect of changes in tax rates - 2,635
Total deferred tax (11,544 ) 13,300
Tax on profit 632,564 727,932

UK corporation tax has been charged at 25% (2023 - 23.52%).

COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
$    $   
Profit before tax 2,508,955 3,079,209
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.520%)

627,239

724,230

Effects of:
Disallowable expenses and non-taxable income 5,325 4,244
Deferred tax rate changes / increases - (13,781 )
Movement in unprovided deferred tax - 14,653
Adjustment in respect of prior periods - deferred tax - (1,414 )
Total tax charge 632,564 727,932

7. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
$    $    $   
COST
At 1 January 2024 683,517 91,975 349,193
Additions - 2,263 7,762
Disposals - (2,381 ) (10,242 )
At 31 December 2024 683,517 91,857 346,713
DEPRECIATION
At 1 January 2024 450,298 84,206 324,230
Charge for year 17,088 3,775 10,787
Eliminated on disposal - (2,381 ) (10,242 )
At 31 December 2024 467,386 85,600 324,775
NET BOOK VALUE
At 31 December 2024 216,131 6,257 21,938
At 31 December 2023 233,219 7,769 24,963

COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

7. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
$    $    $   
COST
At 1 January 2024 250,319 391,775 1,766,779
Additions 131,749 17,116 158,890
Disposals (80,853 ) (17,915 ) (111,391 )
At 31 December 2024 301,215 390,976 1,814,278
DEPRECIATION
At 1 January 2024 122,511 258,672 1,239,917
Charge for year 60,945 50,180 142,775
Eliminated on disposal (80,853 ) (17,915 ) (111,391 )
At 31 December 2024 102,603 290,937 1,271,301
NET BOOK VALUE
At 31 December 2024 198,612 100,039 542,977
At 31 December 2023 127,808 133,103 526,862

8. STOCKS
2024 2023
$    $   
Finished goods 12,880,911 13,374,345

In the opinion of the directors, the difference between the purchase price of stocks and their replacement cost is not material.

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
$    $   
Trade debtors 8,861,928 10,090,963
Corporation tax recoverable - 101,122
Deferred tax asset 41,358 29,814
Prepayments and accrued income 403,187 465,164
9,306,473 10,687,063

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
$    $   
Trade creditors 237,488 254,145
Amounts due to group
undertakings 4,329,754 9,809,689
Corporation tax 38,760 -
Social security and other taxes 337,204 380,433
Sundry creditors 492,692 396,539
Accruals and deferred income 439,349 394,886
5,875,247 11,235,692

COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
$    $   
Within one year 14,179 3,487
Between one and five years 8,435 40,294
22,614 43,781

12. FINANCIAL INSTRUMENTS

The carrying amount for each category of financial instrument is as follows:

2024 2023
$ $
Financial assets
Financial assets that are debt instruments measured at amortised cost 8,861,928 10,090,963
Cash and cash equivalents 4,529,351 6,155,496
13,391,279 16,246,459

Financial liabilities
Financial liabilities measured at amortised cost 5,499,283 10,855,026


13. DEFERRED TAX
$   
Balance at 1 January 2024 (29,814 )
Originating and reversal of
timing differences (11,544 )
Balance at 31 December 2024 (41,358 )

Provision has been made for all deferred tax assets in respect of accelerated capital allowances, short term timing differences arising from transactions and events recognised in the financial statements of the current year and previous years.

Deferred taxation provided for at 25% (2023: 25%) in the financial statements is set out below:

20242023
$$

Accelerated capital allowances(24,483)(15,574)
Other timing differences(16,875)(14,240)

(41,358)(29,814)

COILCRAFT EUROPE LIMITED (REGISTERED NUMBER: SC209057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: $    $   
100,000 Ordinary $1.50 5 150,500 150,500

15. RESERVES
Retained
earnings
$   

At 1 January 2024 19,357,574
Profit for the year 1,876,391
At 31 December 2024 21,233,965

Profit and loss account

Includes all current and prior year retained profits and losses less dividends.

16. ULTIMATE PARENT COMPANY

The company's immediate and ultimate parent company is Coilcraft Inc. which is registered in the United States of America.

17. RELATED PARTY DISCLOSURES

During the year the company sold goods in the normal course of business to Coilcraft Inc., the parent undertaking and other related parties, at a price of $31,585 (2023: $27,413).

During the year the company purchased goods in the normal course of business from Coilcraft Inc. and other related entities, at a cost of $52,085,290 (2023 :$54,995,714).

Amounts owed to Coilcraft Inc. and other related entities at 31 December 2024 totalled $4,329,754 (2023: $9,809,689).

Key management personnel compensation in the year under review was $412,151 (2023: $408,722).

18. GUARANTEE

Cash and time deposits includes a bond guarantee of $250,400 (2023: $254,760) which is the subject of a letter of pledge guaranteed by Coilcraft Inc. to the Royal Bank of Scotland Plc in respect of the various duty and monetary facilities.

19. PENSION COMMITMENTS

Included within year end sundry creditors is pension contributions of $32,782 (2023: $31,125). Total pension contributions under the defined contribution scheme for the year were $111,405 (2023: $106,885).