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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Castings Technology International Limited is a private company limited by shares incorporated in England and Wales. The registered office is Advanced Manufacturing Park, Brunel Way, Catcliffe, Rotherham, England, S60 5WG.

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 amounts in these financial statements are rounded to the nearest £.

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

The Directors have performed an assessment of the company’s ability to continue as a going concern. We have considered the company’s expected solvency and liquidity together with the operating conditions most likely to exist over a period of 15 months from the date of approving these financial statements. We consider this period most relevant to the nature and circumstances of the company, which are described below.

At the balance sheet date, the company had just completed a record year in terms of sales, profit, and cash generation and this resulted in unprecedented levels of cash at bank, net assets, and reserves. On 24th of June 2025, the company completed a refinancing exercise and has successfully secured a funding facility of £15m, which is available to be drawn down as demands require. The company also secures a significant forward order book, with several orders backed by refundable deposits. In this regard the directors consider that the Company has robust solvency and liquidity position underpinned by a strong forward order book.

The directors are however dealing with a significant operational challenge in that the current lease expires on 18th of January 2026. We have secured a new site which is in the process of being fitted out and commissioned, but it will not be ready and in use until April 2026 and therefore we are exploring interim solutions to address the gap between the old and new leases. We have explored the possibility of using alternative facilities in the UK, but our key focus has been and remains on gaining a lease extension for the current premises. We continue to be involved in detailed discussions with our current landlord and remain confident of being able to reach mutually acceptable terms. However, at the date of approving these financial statements, no formal agreement has been reached.

In the event we cannot reach agreement, this could adversely impact the Company’s ability to fulfil some of its current orders which would negatively impact cashflow and could lead to some customers looking for an alternative provider. For this reason, we consider a material uncertainty exists.

We continue to adopt the going concern basis of accounting in preparing the financial statements, and no adjustments or provisions have been made to reflect the challenges should we not be able secure a lease extension.

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 delivery of the goods when shipment can be evidenced).

Revenue from sales of services are recognised in the accounting period in which the services are rendered. The company uses the percentage of completion method based on the actual service performed as a percentage of the total services provided.

Technology and royalty income is recognised on an accruals basis in accordance with the substance of the relevant agreement.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

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:

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.

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).

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Material costs are determined on the first in first out (FIFO) method. Work in progress is only valued when required to fulfil a valid customer order, and the valuation consists of incurred material, direct labour and other direct costs.

At each reporting date, an assessment is made for impairment. If any material stock has not been used for a period of 12 months, the identified stock is written down to nil value.

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

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.

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 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, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

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.

The tax expense represents the sum of the tax currently payable and deferred 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.

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.

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

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.

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.

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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Management has exercised significant judgment in making its assessment of the company’s ability to continue as a going concern. Such an assessment requires an evaluation of a range of future cashflows and operating conditions. Actual cash flows and operating conditions can vary from those forecast, which could impact the business favourably and unfavourably, and could change our assessment.

The most significant element of our going concern assessment relates to our ability to either secure a lease extension on our existing premises or find a suitable temporary specialist facility to cover the period up to the opening of our new premises in April 2026. This gives rise to a material uncertainty which is explained more fully in note 1.2 on page 9.

The average monthly number of persons (including directors) employed by the company during the year was:

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 is unqualified and includes the following:

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.

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

During the period the company purchased £nil (2023: £2,250) of consultancy services from Campbell Technology Ltd, a company owned by Prof J Campbell, a director of the company. The company also purchased £7,987 (2023: £10,130) of consultancy services from Sarach Steel Technologies Ltd, a company owned by Dr G A Honeyman, a director of the company. The company purchased £55,738 (2023: £24,527) of consultancy services from JRH Business Services Ltd, a company owned by James Hill, a director of CTI Holdings.

There was a balance of £nil (2023: £488) owed to Sarach Steel Technologies Ltd outstanding at 31 December 2024 and £nil (2023: £5,760) owed to JRH Business Services Ltd in relation to these related party transactions.

The immediate parent company of Castings Technology International Limited is Castings Technology Holdings Limited. The ultimate controlling party at the balance sheet date was R S Cook by virtue of a majority shareholding in Castings Technology Holdings Limited. Since the year end a change of shareholders means that as at the date these accounts were approved, no single party is deemed to have control.