Company registration number 04781785 (England and Wales)
UMICORE UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
UMICORE UK LIMITED
COMPANY INFORMATION
Directors
S Roles
N Bortels
Company number
04781785
Registered office
Collier House
Mead Lane
Hertford
Hertfordshire
United Kingdom
SG13 7AX
Auditor
Azets Audit Services
5 Yeomans Court
Ware Road
Hertford
Hertfordshire
United Kingdom
SG13 7HJ
UMICORE UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
UMICORE UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Strategy
The company's strategy is to grow the UK business in line with the policies of Umicore S.A. group and its business units and to develop closer links with our customers by providing high quality service.
Review of the business
The profit after tax for the year was £747,565 (2023: £428,411). The net assets at 31 December 2024 were £1,626,010 (2023: £1,300,245).
Our turnover in 2024 was higher which is mainly attributable to increased metal prices and very good results acieved in our Ceramic business.
The Umicore Group will revise their strategic plan which will be announced in 2025 and Umicore UK will embrace these values as well as looking for efficiencies for growth to provide sustainable and innovative service to all our stakeholders.
Principal risks and uncertainties
The company's principal activity is the provision of goods and services in precious metals, non-ferrous metals and ceramics, primarily for jewellery, catalyst, and precision engineering applications operating in the UK and Ireland. The uncertainty in geopolitics has resulted in reduced availability of certain products which has impacted our suppliers. We continue to work with our suppliers and customers to ensure that our products are reliably sourced and supplied in a sustainable manner and in compliance with Umicore Group and UK guidelines.
The principal risks and uncertainties facing the company relate primarily to financial issues namely credit risk for uninsured customers not covered within our credit insurance policy and metal price risk for purchases of metal. No hedging for metal prices is undertaken. The company keeps a close contact with our suppliers to obtain best possible terms to enable us to offer competitive prices and services in the UK market.
Foreign exchange risk - the company is exposed to currency exchange rate risk due to a significant proportion of its receivables and its operating expenditure being denominated in non-sterling currencies. The net exposure is monitored and risk is mitigated by fixing the exchange rate for transactions during the year.
Liquidity risk - the objective of the company in managing liquidity risks is to ensure that the company can meet its financial obligations as and when they fall due. The company expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations the company has credit facilities available with group companies.
Key performance indicators
The key financial and other performance indicators during the year were as follows:
2024 2023 Change
£000 £000 %
Turnover 57,738 46,338 +25%
Gross profit 2,700 2,295 +18%
Profit before tax 983 560 +76%
Net assets 1,626 1,300 +25%
Gross profit margin 4.68% 4.95% -0.27%
UMICORE UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
S Roles
Director
21 July 2025
UMICORE UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of the provision of goods and services in precious metals, non-ferrous metals and ceramics, primarily for jewellery, catalyst and precision engineering applications.
Results and dividends
The results for the year are set out on page 8.
The directors propose a final dividend for the year ended 31 December 2024 of £1.87 per share (2023: £2.28 per share) that is a total of £345,950 (2023: £421,800) and if approved will be paid in 2025. This dividend has not been accounted for within the current year financial statements as it has not yet been approved.
The proposed dividend of £421,800 for the year ended 31 December 2023 was approved and fully paid during the year ended 31 December 2024.
Directors
The Directors who held office during the year and up to the date of signature of the financial statements were as follows:
S Roles
N Bortels
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Disclosure in the strategic report
The directors have chosen to set out in the strategic report information required to be stated in the directors' report including a review of business and principal risks and uncertainties.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
S Roles
Director
21 July 2025
UMICORE UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
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.
UMICORE UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UMICORE UK LIMITED
- 5 -
Opinion
We have audited the financial statements of Umicore UK Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
UMICORE UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UMICORE UK LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
UMICORE UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UMICORE UK LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
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.
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.
Alison Nayler Bsc FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
21 July 2025
Chartered Accountants
Statutory Auditor
5 Yeomans Court
Ware Road
Hertford
Hertfordshire
United Kingdom
SG13 7HJ
UMICORE UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
57,738,310
46,337,773
Cost of sales
(55,038,800)
(44,042,945)
Gross profit
2,699,510
2,294,828
Administrative expenses
(1,485,736)
(1,416,747)
Other operating income
39,000
39,000
Operating profit
5
1,252,774
917,081
Interest receivable and similar income
7
11,031
15,271
Interest payable and similar expenses
8
(280,860)
(372,265)
Profit before taxation
982,945
560,087
Tax on profit
9
(235,380)
(131,676)
Profit for the financial year
747,565
428,411
UMICORE UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
7,411
23,600
Tangible assets
12
8,931
18,591
16,342
42,191
Current assets
Stocks
13
463,972
736,238
Debtors
14
1,224,910
1,384,728
Cash at bank and in hand
2,218,308
1,739,639
3,907,190
3,860,605
Creditors: amounts falling due within one year
15
(797,522)
(2,602,551)
Net current assets
3,109,668
1,258,054
Total assets less current liabilities
3,126,010
1,300,245
Creditors: amounts falling due after more than one year
16
(1,500,000)
Net assets
1,626,010
1,300,245
Capital and reserves
Called up share capital
19
185,000
185,000
Share premium account
20
572,000
572,000
Profit and loss reserves
21
869,010
543,245
Total equity
1,626,010
1,300,245
The financial statements were approved by the board of directors and authorised for issue on 21 July 2025 and are signed on its behalf by:
S Roles
Director
Company Registration No. 04781785
UMICORE UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
185,000
572,000
534,784
1,291,784
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
428,411
428,411
Dividends
10
-
-
(419,950)
(419,950)
Balance at 31 December 2023
185,000
572,000
543,245
1,300,245
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
747,565
747,565
Dividends
10
-
-
(421,800)
(421,800)
Balance at 31 December 2024
185,000
572,000
869,010
1,626,010
UMICORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information
Umicore UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Collier House, Mead Lane, Hertford, Hertfordshire, United Kingdom, SG13 7AX.
The principal activity of the company is the provision of goods and services in precious metals, non-ferrous metals and ceramics, primarily for jewellery, catalyst, brazing and refrigeration applications in the UK.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Going concern
Atruet 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.
However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.
UMICORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
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:
SAP licence
10 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
3-5 years
Computers
4 years
Motor vehicles
3 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed 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 (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
UMICORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a moving average basis.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
Trade and other receivables
Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest . Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.
Trade and other payables
Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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.
UMICORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Dividends payable are accounted for in that they are approved and deducted directly from reserves.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
UMICORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.12
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 fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. 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.
The Directors do not consider there to be any key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.
UMICORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
3
Turnover and other revenue
The turnover and profit before taxation are attributable to the one principal activity of the company.
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
57,738,310
46,337,773
2024
2023
£
£
Other revenue
Interest income
11,031
15,271
Rental income
39,000
39,000
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Selling and distribution
10
10
Administration
4
4
Total
14
14
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
632,344
636,500
Social security costs
70,893
83,646
Pension costs
66,214
65,175
769,451
785,321
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
6,957
(716)
Fees payable to the company's auditor for the audit of the company's financial statements
20,500
18,900
Depreciation of owned tangible fixed assets
9,660
9,591
Amortisation of intangible assets
16,189
16,190
Operating lease charges
61,072
63,074
UMICORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
97,511
99,104
Company pension contributions to defined contribution schemes
15,282
17,195
112,793
116,299
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
11,031
15,271
8
Interest payable and similar expenses
2024
2023
£
£
Interest payable to group undertakings
280,449
372,265
Other interest
411
280,860
372,265
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
238,700
132,676
Deferred tax
Origination and reversal of timing differences
(3,320)
(1,000)
Total tax charge
235,380
131,676
UMICORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 18 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
982,945
560,087
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2023: 25.00%)
245,736
140,022
Effect of change in corporation tax rate
(8,416)
Other permanent differences
(10,356)
70
Taxation charge for the year
235,380
131,676
10
Dividends
2024
2023
£
£
Final paid
421,800
419,950
11
Intangible fixed assets
SAP licence
£
Cost
At 1 January 2024 and 31 December 2024
161,899
Amortisation and impairment
At 1 January 2024
138,299
Amortisation charged for the year
16,189
At 31 December 2024
154,488
Carrying amount
At 31 December 2024
7,411
At 31 December 2023
23,600
UMICORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
12
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024 and 31 December 2024
163,470
41,466
13,489
218,425
Depreciation and impairment
At 1 January 2024
159,452
33,163
7,219
199,834
Depreciation charged in the year
1,494
3,670
4,496
9,660
At 31 December 2024
160,946
36,833
11,715
209,494
Carrying amount
At 31 December 2024
2,524
4,633
1,774
8,931
At 31 December 2023
4,018
8,303
6,270
18,591
13
Stocks
2024
2023
£
£
Finished goods and goods for resale
463,972
736,238
A general provision for obsolete and slow moving stock is included of £20,000 (2023: £20,000).
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
911,383
1,188,230
Other debtors
114,765
Prepayments and accrued income
181,164
182,220
1,207,312
1,370,450
Deferred tax asset (note 17)
17,598
14,278
1,224,910
1,384,728
A general provision against bad and doubtful debts has been included of £42,500 (2023: £42,500).
UMICORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Loans owed to group undertaking
1,500,000
Trade creditors
101,228
197,682
Amounts owed to group undertakings
218,894
213,607
Corporation tax
4,909
9,617
Other taxation and social security
16,561
67,676
Other creditors
154,165
217,230
Accruals and deferred income
301,765
396,739
797,522
2,602,551
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
1,500,000
Included within loans owed to group undertakings is an unsecured loan of £1,500,000 repayable on 1 May 2026. Interest of 5.3370% is payable on this loan.
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
473
(1,347)
Short term timing difference
17,125
15,625
17,598
14,278
2024
Movements in the year:
£
Liability at 1 January 2024
14,278
Charge to profit or loss
3,320
Liability at 31 December 2024
17,598
UMICORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
66,214
65,175
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
185,000
185,000
185,000
185,000
Called up share capital - represents the nominal value of shares that have been issued.
Each share is entitled to one vote. Each share is entitled to income and capital distributions.
20
Share premium account
2024
2023
£
£
At the beginning and end of the year
572,000
572,000
Share premium includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
21
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
543,245
534,784
Profit for the year
747,565
428,411
Dividends declared and paid in the year
(421,800)
(419,950)
At the end of the year
869,010
543,245
Retained earnings includes all current and prior period retained profits and losses.
UMICORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
56,354
56,354
Between two and five years
143,870
175,224
In over five years
15,000
200,224
246,578
23
Related party transactions
Transactions with related parties
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Other information
The directors are considered to be the only key management personnel, directors' remuneration is disclosed in Note 6.
24
Ultimate controlling party
The company's immediate parent undertaking is Umicore International organised and existing under the laws of Luxembourg. The ultimate parent company and controlling entity is Umicore S.A., a company incorporated in Belgium. The parent undertaking of the smallest and largest group which includes the company and for which the group financial statements are prepared is Umicore S.A. Copies of the group financial statements are available from Umicore S.A, Rue du Marais 31, B-1000 Bruxelles, Belgium.
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