Company registration number 04533483 (England and Wales)
CIMTEK UK LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CIMTEK UK LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
CIMTEK UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 28 SEPTEMBER 2024
28 September 2024
- 1 -
28 September 2024
30 September 2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
6
-
0
6,470
Current assets
Trade and other receivables
7
49,395
85,401
Cash and cash equivalents
2,124
28,409
51,519
113,810
Current liabilities
8
(27,841)
(1,161,408)
Net current assets/(liabilities)
23,678
(1,047,598)
Net assets/(liabilities)
23,678
(1,041,128)
Equity
Called up share capital
2
2
Retained earnings
23,676
(1,041,130)
Total equity
23,678
(1,041,128)

The director of the company has elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 18 June 2025
Mr C J Scorse
Director
Company registration number 04533483 (England and Wales)
CIMTEK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Cimtek UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is The St Botolph Building, 138 Houndsditch, London, EC3A 7AR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company will be dissolved within 12 months of the expected date of sign off. The directors have resolved that the company will be wound up once the assets and liabilities disclosed have been settled.

The accounts have therefore been prepared on a basis other than that of the going concern basis. As a result of this, the directors are seeking to realise the assets and settle the liabilities of the company in an orderly fashion and consider that the value of the assets and liabilities, as disclosed within these financial statements, represent the realisable values of each.

1.3
Revenue

Revenue is recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Where work is completed under long term contracts, revenue is recognised with reference to the stage of completion of the project.

1.4
Intangible fixed assets other than goodwill

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets have been reclassified as current assets at year-end, as the financial statements are prepared on a basis other a going concern.

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:

Computer software
Over 3 years straight line
1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Property, plant and equipment have been reclassified as current assets at year-end, as the financial statements are prepared on a basis other a going concern.

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

Plant and equipment
Over 10 years straight line
Computer equipment
Over 5 years straight line
CIMTEK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

1.7
Long term contracts

Amounts recoverable on long term contracts, which are included in trade receivables, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in other payables as payments on account.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.9
Financial instruments

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

Basic financial assets

Basic financial assets, which include trade and other receivables and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.10
Equity instruments

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

1.11
Employee benefits

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

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

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

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

CIMTEK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.14
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 are included in the income statement for the period.

2
Judgements and key sources of estimation uncertainty

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

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Inventories

The directors have made key assumptions in determining the appropriate impairment provision against inventory items held at the end of the reporting period, and have concluded that inventory items should be provided for in full. At the financial reporting date, the impairment provision made against inventories was £133,473 (202 3 - £133,473).

Stage of completion of contracts

Revenue derived from contracts includes a judgment of the stage of completion at the period end. This judgment is used to determine the amount of revenue and profit to recognise in relation to each contract that is still ongoing at the end of the reporting period, as well as contract debtors and deferred income. Depending on the nature of the contract, the stage of completion is calculated based on either percentage of costs incurred as a proportion of total expected costs, or by reference to contract milestones completed on the basis of cost plus a set mark-up percentage.

As at 28 September 2024, contract debtors, which are included within trade receivables, amounted to £16,070 (2023 - £9,799), and deferred contract income, included within other payables, amounted to £12,240 (2023 - £42,563).

3
Other gains and losses
2024
2023
£
£
Amounts owed to group company written back
1,058,766
-
1,058,766
-
CIMTEK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2024
- 5 -
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (20 23 - 3).

5
Intangible fixed assets
Computer software
£
Cost
At 1 October 2023
21,206
Transfers
(21,206)
At 28 September 2024
-
0
Amortisation and impairment
At 1 October 2023
21,206
Transfers
(21,206)
At 28 September 2024
-
0
Carrying amount
At 28 September 2024
-
0
At 30 September 2023
-
0
6
Property, plant and equipment
Plant and equipment
Computer equipment
Total
£
£
£
Cost
At 1 October 2023
13,561
38,831
52,392
Transfers
(13,561)
(38,831)
(52,392)
At 28 September 2024
-
0
-
0
-
0
Depreciation and impairment
At 1 October 2023
12,887
33,035
45,922
Depreciation charged in the period
192
1,797
1,989
Transfers
(13,079)
(34,832)
(47,911)
At 28 September 2024
-
0
-
0
-
0
Carrying amount
At 28 September 2024
-
0
-
0
-
0
At 30 September 2023
674
5,796
6,470
CIMTEK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2024
- 6 -
7
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
29,341
65,847
Other receivables
20,054
19,554
49,395
85,401

Included within other receivables is £4,481 (2023: £nil) relating to fixed assets held for resale.

8
Current liabilities
2024
2023
£
£
Trade payables
5,182
7,554
Amounts owed to group undertakings
-
0
1,085,284
Taxation and social security
6,696
12,122
Other payables
15,963
56,448
27,841
1,161,408

The amounts owed to group undertakings were secured by a fixed and floating charge over the assets of the company. However, due to winding down of the Cimtek UK Limited post year-end, the ultimate parent company has confirmed that the balance outstanding at year-end has been waived.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter - financial statements prepared on a basis other than going concern

We draw attention to note 1.2 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 1.2. Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Kristina Perry FCCA
Statutory Auditor:
Sumer Audit
Date of audit report:
19 June 2025
Sumer Audit is the trading name of Sumer Auditco Limited
CIMTEK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2024
- 7 -
10
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
10,000
6,000
11
Events after the reporting date

The company will be dissolved within 12 months of the expected date of sign off. The directors have resolved that the company will be wound up once the assets and liabilities disclosed have been settled.

12
Parent company

The company's ultimate parent undertaking is Merit Capital Partners, a company incorporated in United States of America. Their registered office is:

191 N. Wacker Drive,

Suite 1100,

Chicago Illinois 60606,

USA

The company is included in the group financial statements of Cimtek Inc,, and Circuit Check Holdings Inc., which are the smallest and largest set of group accounts, respectively, for which the company is consolidated in. Copies of the consolidated financial statements are available from its registered office.

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