Company registration number 00896672 (England and Wales)
CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
COMPANY INFORMATION
Directors
P J Inness
A Hagemann
A W R Tubbs
R J Davies
(Appointed 12 May 2025)
Company number
00896672
Registered office
Tregwilym Industrial Estate
Rogerstone
Newport
Gwent
NP10 9YA
Auditor
Mercer & Hole LLP
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12 - 13
Statement of changes in equity
14
Notes to the financial statements
15 - 28
CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of manufacture and sale of high complexity, electronic integrated manufactured systems and printed circuit board assemblies.

Review of the business

The key financial and other performance indicators during the year were as follows:

Financial | 2025 £000 | 2024 £000 | Change £000
Turnover | 33,644 | 31,964 | 1,680
Operating profit | 4,262 | 3,778 | 484

The growth in revenue reflects that the company has positioned itself to serve customers in key growth markets and that by continuing to provide high quality services has also been able to win additional programmes from those customers. The improvement in operating profit reflects the on going efforts to become more efficient and more fully utilise the resources of the company together with reduced group costs following the change in ownership.

Order intake during 2025 was at record levels and the strong order book reflects the success of the key strategic objectives of serving customers in high growth markets and providing the highest level of service to those customers.

Up to 1 April 2024 the company was a component of the group of companies headed by TT Electronics plc.

On 1 April 2024 TT Electronics PLC sold certain of its subsidiary companies to the group headed by Cicor Technologies Ltd. As a result, on 1 April 2024 the company became a component of the group of companies headed by Cicor Technologies Ltd ('Cicor Group').

On 29 July 2025 as part of Cicor group restructuring, Cicor UK Ltd became the company's immediate parent company.

Principal risks and uncertainties

Financial instruments

The Company uses financial instruments, comprising borrowings, cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company's operations. The main risks arising from the Company's financial instruments are interest rate risk, liquidity risk and foreign currency risk. The Directors review and agree policies for managing each of these risks and they are summarised below. The policies have remained unchanged from previous periods.

CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

Interest rate risk

The Company finances its operations through a mixture of retained profits, inter-Company accounts and bank borrowings. The Company's exposure to interest rate fluctuations on its borrowings is managed on a group basis by the use of both fixed and floating facilities.

Liquidity risk

The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Primarily this is achieved through inter-Company accounts and bank overdraft facilities.

Currency risk

The Company is exposed to transaction and translation foreign exchange risk. This risk largely relates to the purchase of raw materials and the company is able to pass on any material currency impacts to its customers.

Other risks

The management of the business and the nature of the Company's strategy are subject to a number of risks.

These risks include:

- Competition from other manufacturers

- Component Costs

- Inflation

The company continues to ensure that it is the supplier of choice to its customers by continuing to provide the highest levels of quality, delivery and support whilst remaining price competitive. This level of service combined with the strategic decision to operate in market sectors where the level of competition is limited ensures that the company can maintain its competitive position

The company has a strong and experienced purchasing organisation that is successful in achieving the lowest possible costs for components for its customers products to maintain competitiveness. The company is able to pass on any significant material cost increases from the component market through commercial agreements with its customers.

The company continues to face general inflationary pressures on all of its costs and attempts to mitigate those where possible through efficiency measures and cost out activities. In addition the company operates commercial processes that ensure that the costs that it is unable to absorb can be fairly passed onto customers.

The Directors are of the opinion that a thorough risk management process is maintained which involves the formal review of all identified risks. Where possible, processes are in place to monitor and mitigate such risks.

CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Other information and explanations

People

The Company is committed to employment policies that provide and promote equal employment opportunities for all our employees and applicants and to maintaining a workplace that ensures tolerance, respect and dignity for all staff.

The Company continues to engage with its employees through regular company wide briefings and more formal dialogue with the employee representatives. In 2025 the company participated in a group wide employee satisfaction survey and scored highly in all areas.

Future developments

The Directors expect the company to see improvements in sales and profitability in 2026 and beyond as it continues to grow with its current customer base and attract additional business.

S172 Statement

Under Section 172 of the Companies Act 2006, Directors are required to promote the success of the Company for the benefit of its shareholders and, in doing so, to have regard to the interests of all our other stakeholders.

The board of Directors of Cicor Newport Ltd consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Companies Act 2006) in the decisions taken during the year ended 31 December 2025.

a. The likely consequences of any decision in the long term

To promote the success of the Company the board of Directors have continued to implement key initiatives and improve its financial position to drive stable, profitable, long-term growth. This coupled with strengthening relationships with customers and building a stronger and engaged workforce set the basis for continuing success.

b. The interests of the company’s employees

The company strives to ensure that it has a committed and engaged workforce by offering fair pay, development opportunities, a safe working environment and a range of measures to promote employee involvement in business decisions and activities.

c. The need to foster the company’s business relationships with suppliers, customers and others

The board of directors have identified the key stakeholders that are impacted by the Company’s activities and have identified the activities through which the board can either directly or indirectly (through senior management or the wider group’s engagement) engage with these stakeholders. The board also confirms that decisions affecting the Company made by the board of directors have been made in consideration of the Company’s stakeholders and the information they have provided to the wider group of companies facilitates in decision-making at a divisional or group level with regard to the Group’s stakeholders.

The key stakeholders identified are: customers, suppliers, employees, and the local community

d. The impact of the company’s operations on the community and the environment

The board consider the impact on the environment when selecting and maintaining supply chain stakeholders. The onward impact to the environment of the company’s activities is also considered through energy and waste management initiatives that are delivered onsite.

The company takes an active role in fostering good relationships with the surrounding communities, through sponsorship of local groups and environmental improvement activities.

CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

e. The desirability of the company maintaining a reputation for high standards of business conduct

The Directors seek to enhance the reputation of the Company for competency, reliability, quality and honesty in all its dealings with stakeholders. The Directors have issued a quality policy statement to all employees setting out the guiding principles of conduct expected of members of the Company in order to achieve a reputation for good service and customer satisfaction. The Directors have communicated their ethical standards and zero-tolerance approach to modern slavery, fraud, corruption and bribery to all employees, and to all suppliers and partners at the outset of business relationships. The Directors do investigate any suspicious activities or irregularities in its supply chain.

f. The need to act fairly as between member of the company

After weighing-up all relevant factors, the Directors consider which course of action best enables delivery of the company’s strategy through the long-term, taking into consideration the impact on stakeholders. In doing so, the Directors seek to act fairly between but are not required to balance the company’s interest with those of other stakeholders, and this can sometimes mean that certain stakeholder interests may not be fully aligned.

On behalf of the board

R J Davies
Director
10 March 2026
CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £2,250,000. The directors do not recommend payment of final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P J Inness
A Hagemann
A W R Tubbs
R J Davies
(Appointed 12 May 2025)
Qualifying third party indemnity provisions

The ultimate parent (Cicor Technologies Ltd) maintains Directors' and Officers' Liability insurance. The Directors of the Company also benefit from a qualifying third-party indemnity provision in accordance with section 234 of the Companies Act 2006 and the Company's Articles of Association.

Future developments

Details of future developments can be found in the Strategic Report on page 2 and form part of this report by cross-reference.

Auditor

The auditor, Mercer & Hole LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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
R J Davies
Director
10 March 2026
CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
- 7 -
Opinion

We have audited the financial statements of Cicor Newport Ltd (formerly TT Electronics Integrated Manufacturing Services Limited) (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, 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 101 Reduced Disclosure Framework (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 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor'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.

Other information

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' r eport 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.

CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED) (CONTINUED)
- 8 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

- discussions with management, including considerations of known or suspected instances of non- compliance with laws and regulations and fraud;

- gaining an understanding of management's controls designed to prevent and detect irregularities; and

- identifying and testing journal entries.

CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED) (CONTINUED)
- 9 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Use of our report

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

James Wooldridge MSci FCA (Senior Statutory Auditor)
For and on behalf of Mercer & Hole LLP, Statutory Auditor
Chartered Accountants
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
10 March 2026
CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
Notes
£000
£000
Turnover
3
33,644
31,964
Cost of sales
(24,956)
(23,897)
Gross profit
8,688
8,067
Distribution costs
(1,415)
(806)
Administrative expenses
(3,011)
(3,483)
Operating profit
4
4,262
3,778
Interest payable and similar expenses
8
(119)
-
0
Profit before taxation
4,143
3,778
Tax on profit
9
(1,263)
(819)
Profit for the year
2,880
2,959
CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
£000
£000
Profit for the year
2,880
2,959
Other comprehensive income:
Items that may be reclassified to profit or loss
Cash flow hedges:
- Hedging gain arising in the year
-
0
271
Total comprehensive income for the year
2,880
3,230
CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 12 -
2025
2024
Notes
£000
£000
£000
£000
Fixed assets
Intangible assets
11
10
20
Tangible fixed assets
12
5,933
1,598
Deferred tax asset
17
382
530
6,325
2,148
Current assets
Stocks
13
6,609
6,327
Debtors
14
3,067
4,311
Cash at bank and in hand
4,086
6,110
13,762
16,748
Creditors: amounts falling due within one year
Creditors
15
7,322
10,727
Current tax liabilities
67
556
Other taxation and social security
561
294
Lease liabilities
16
209
-
0
8,159
11,577
Net current assets
5,603
5,171
Total assets less current liabilities
11,928
7,319
Creditors: amounts falling due after more than one year
Lease liabilities
16
2,079
-
0
(2,079)
-
Provisions for liabilities
Other provisions
18
(1,900)
-
0
Net assets
7,949
7,319
Capital and reserves
Called up share capital
20
1,000
1,000
Share premium account
21
-
0
10,047
Capital contribution reserve
22
-
9,500
Profit and loss reserves
6,949
(13,228)
Total equity
7,949
7,319
CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 13 -
The financial statements were approved by the board of directors and authorised for issue on 10 March 2026 and are signed on its behalf by:
R J Davies
Director
Company registration number 00896672 (England and Wales)
CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
Share capital
Share premium account
Hedging reserve
Capital contribution reserve
Profit and loss reserves
Total
Notes
£000
£000
£000
£000
£000
£000
Balance at 1 January 2024
1,000
10,047
(271)
9,500
(16,187)
4,089
Year ended 31 December 2024:
Profit
-
-
-
-
2,959
2,959
Other comprehensive income:
Cash flow hedges gains
-
-
271
-
-
271
Total comprehensive income
-
-
271
-
2,959
3,230
Balance at 31 December 2024
1,000
10,047
-
0
9,500
(13,228)
7,319
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
-
2,880
2,880
Transactions with owners:
Dividends
10
-
-
-
-
(2,250)
(2,250)
Capital reduction
-
(10,047)
-
(9,500)
19,547
-
Balance at 31 December 2025
1,000
-
0
-
0
-
6,949
7,949
CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
1
Accounting policies
Company information

Cicor Newport Ltd (formerly TT Electronics Integrated Manufacturing Services Limited) is a private company limited by shares incorporated in England and Wales. The registered office is Tregwilym Industrial Estate, Rogerstone, Newport, Gwent, NP10 9YA. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Basis of preparation

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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 £000.

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

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

- presentation of a statement of cash flows and related notes;

- comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment, intangible assets;

- disclosures in respect of transactions with wholly owned subsidiaries;

- disclosures in respect of capital management; and

- the effect of new but not yet effective IFRSs.

As the consolidated financial statements of Cicor Technologies Ltd include the equivalent disclosures, the Company have also taken the exemptions under FRS 101 available in respect of the following:

- The requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share based payments;

- The disclosures required by IFRS 7 and IFRS 13 regarding financial instrument disclosures have not been provided apart from those which are relevant for the financial instruments which are held at fair value and are not either held as part of trading portfolio or derivatives;

- The requirements of the second sentence of paragraph 110 and paragraphs 13(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;

- The requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases; and

- The requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairment of Assets.

CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.2
Going concern

The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons:true

The company’s operations and financial condition, together with factors likely to affect its future development, performance and condition are set out in the strategic report and the directors’ report.

The company’s financial projections contain key assumptions surrounding revenue and operating profit stability in 2026, these estimates position the company broadly in line with 2025 performance throughout the twelve months from the date of signing these financial statements. Under the company’s base case financial projections, the company retains significant liquidity.

The company’s financial projections have been tested for “business as usual” risks (such as profit growth and working capital variances), and the impact of the following principal risks: general revenue reductions, contractual risks, people and capability, supplier resilience and health and safety (occurring both individually and in unison). In the opinion of the directors, no accounting estimates or judgements are made in the application of these accounting policies that have a material impact on the financial statements within the going concern period or their financial effect was covered within the overall downside economic risks implicit within the stress testing.

Details regarding the company’s financial risk management policies and processes, including its exposure to interest rate risk, credit risk and liquidity risk, are given in the strategic report.

Based on this analysis, and the director’s regular monitoring and review of risk management and internal control systems, they do not believe there are any reasonably foreseeable events that could not be mitigated through the company’s ability to flex its capital expenditure plans and cost base, which would result in the company not being able to meet its liabilities as they fall due. The nature of the business’ other principal risks is such that, while they could affect the company’s ability to achieve its objectives, they are unlikely to prevent the company from meeting its liabilities as they fall due.

1.3
Turnover

Revenue is measured at the fair value of the right to consideration, usually the invoiced value, for the provision of goods to external customers excluding value added tax and other sales related taxes and is recognised when the customer obtains control of the goods. In most cases this is at the point in time of transfer of legal title of the goods. For sales to customers where a right to return an item is granted, revenue is recognised to the extent of consideration to which the Company ultimately expects to be entitled (i.e. revenue is not recognised for goods expected to be returned).

1.4
Intangible 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.

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:

- Software 3 to 5 years

CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
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:

Freehold land and buildings
8 years straight line basis
Right of use asset
8 years straight line basis
Plant and equipment
3-15 years straight line basis

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 recognised in the profit and loss account.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell and include expenditure incurred in acquiring the Stocks, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufactures stocks and work in progress, cost includes an appropriate share of overheads based on normal operating capacity.

The company operates a standard costing policy, with costs reviewed annually and variances accounted for in the income statement under cost of sales.

Management have identified stock obsolescence as an area of estimation uncertainty. Management review the ageing profile and expected usage of stock items when determining the provisions held against stock.

1.7
Cash at bank and in hand

Cash and cash equivalents 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.

1.8
Financial assets

Financial assets are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.9
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

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

Hedge accounting

The c ompany uses derivative financial instruments such as forward foreign exchange contracts to hedge risks associated with foreign exchange fluctuations. These are designated as cash flow hedges. At the inception of the hedge relationship, the c ompany documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the c ompany documents whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in cash flows of the hedged item. The business reviews, on a monthly basis, hedge requirements covering existing and required hedges.

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are deferred in equity. The gain or loss relating to the ineffective portion is recognised immediately in the income statement.

Amounts deferred in equity are recycled in the income statement in the periods when the hedged item is recognised in the income statement, in the same line of the income statement as the recognised hedged item.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. Any cumulative gain or loss deferred in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was deferred in equity is recognised immediately in the income statement. The hedging relationship ended during 2024.

1.11
Taxation

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

Current tax

Current tax is the expected tax payable, or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for; the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.

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.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event and it is probable that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

1.13
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 inventories 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.

1.14
Retirement benefits

The Company pays fixed contributions into a separate entity for a defined contribution plan. The Company will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised in the income statement in the period during which services are rendered by employees.

CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
1.15
Leases
As lessee

The company applies IFRS 16, recognising right-of-use assets and lease liabilities for most leases (unless the lease term is 12 month or less or the underlying assets has a low value).

The company recognises a lease liability at the lease commencement date (or on initial application), measured as the present value of the future lease payments, discounted at the incremental borrowing rate. A corresponding right-of-use asset is recognised separately on the face of the statement of financial position, net of accumulated depreciation and impairment losses.

2
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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

Key sources of estimation uncertainty
Dilapidations

The dilapidation provision within the accounts represent the future, uncertain costs to restore the leased property. The provision represents managements best estimate of the present value of costs to settle the obligation at the reporting date. Management will continue to review the estimate and underlying assumptions on an ongoing basis.

3
Turnover
2025
2024
£000
£000
Turnover analysed by class of business
Sales of goods
33,644
31,964
2025
2024
£000
£000
Turnover analysed by geographical market
United Kingdom
33,098
31,716
Rest of Europe
435
149
North America
111
99
33,644
31,964
CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£000
£000
Exchange losses
66
407
Depreciation of property, plant and equipment
766
374
Amortisation of intangible assets (included within administrative expenses)
10
15
Cost of inventories recognised as an expense
14,913
15,336
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£000
£000
For audit services
Audit of the financial statements of the company
48
45
6
Employees

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

2025
2024
Number
Number
Production
174
156
Sales and distribution
15
11
Administration
13
9
Total
202
176

Their aggregate remuneration comprised:

2025
2024
£000
£000
Wages and salaries
7,771
6,490
Social security costs
833
568
Pension costs
431
345
9,035
7,403
CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
7
Directors' remuneration
2025
2024
£000
£000
Remuneration for qualifying services
354
292
Company pension contributions to defined contribution schemes
17
13
371
305

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£000
£000
Remuneration for qualifying services
218
247
Company pension contributions to defined contribution schemes
11
10

The directors above are also deemed to be Key Management Personnel and therefore no additional disclosure is required.

8
Interest payable and similar expenses
2025
2024
£000
£000
Interest on lease liabilities
119
-
0
CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
9
Taxation
2025
2024
£000
£000
Current tax
UK corporation tax on profits for the current period
983
556
Adjustments in respect of prior periods
132
-
Total UK current tax
1,115
556
Deferred tax
Origination and reversal of temporary differences
60
183
Adjustment in respect of prior periods
88
80
148
263
Total tax charge
1,263
819

The charge for the year can be reconciled to the profit per the profit and loss account as follows:

2025
2024
£000
£000
Profit before taxation
4,143
3,778
Expected tax charge based on a corporation tax rate of 25.00% (2024: 25.00%)
1,036
945
Effect of expenses not deductible in determining taxable profit
7
4
Utilisation of tax losses not previously recognised
-
0
(213)
Adjustment in respect of prior years
132
-
0
Depreciation on assets not qualifying for tax allowances
-
0
3
Deferred tax adjustments in respect of prior years
88
80
Taxation charge for the year
1,263
819
10
Dividends
2025
2024
Amounts recognised as distributions:
Total
Total
£000
£000
Ordinary shares
Interim dividend paid
2,250
-
CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
11
Intangible fixed assets
Software
£000
Cost
At 31 December 2024
524
At 31 December 2025
524
Amortisation and impairment
At 31 December 2024
504
Charge for the year
10
At 31 December 2025
514
Carrying amount
At 31 December 2025
10
At 31 December 2024
20
12
Tangible fixed assets
Freehold land and buildings
Right of use asset
Assets under construction
Plant and equipment
Total
£000
£000
£000
£000
£000
Cost
At 1 January 2025
1,050
-
0
-
0
10,297
11,347
Additions
280
4,272
151
398
5,101
At 31 December 2025
1,330
4,272
151
10,695
16,448
Accumulated depreciation and impairment
At 1 January 2025
873
-
0
-
0
8,876
9,749
Charge for the year
40
342
-
0
384
766
At 31 December 2025
913
342
-
0
9,260
10,515
Carrying amount
At 31 December 2025
417
3,930
151
1,435
5,933
At 31 December 2024
177
-
0
-
0
1,421
1,598
Right of use asset relates to a lease transferred over from a group company which falls into scope for IFRS 16.
CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
13
Stocks
2025
2024
£000
£000
Raw materials
4,197
4,139
Work in progress
2,288
1,860
Finished goods
124
328
6,609
6,327
14
Debtors
2025
2024
£000
£000
Trade debtors
2,816
4,036
Amounts owed by fellow group undertakings
15
-
0
Other debtors
-
176
Prepayments and accrued income
236
99
3,067
4,311

The amount s owed by fellow group undertakings are unsecured, interest free, ha ve no fixed date of repayment and are repayable on demand.

15
Creditors
2025
2024
£000
£000
Trade creditors
2,980
3,225
Amounts owed to fellow group undertakings
679
2,024
Accruals and deferred income
3,663
5,478
7,322
10,727

The amount s owed to fellow group undertakings are unsecured, interest free, ha ve no fixed date of repayment and are repayable on demand.

16
Lease liabilities
2025
2024
Net amounts due
£000
£000
Within one year
209
-
0
After more than one year
2,079
-
0
2,288
-
CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
16
Lease liabilities
(Continued)
- 26 -
2025
2024
Maturity analysis of future lease payments
£000
£000
Within one year
375
-
In two to five years
1,583
-
In over five years
1,067
-
Total undiscounted liabilities
3,025
-
Future finance charges and other adjustments
(737)
-
Lease liabilities in the financial statements
2,288
-

The lease, which was taken over from another group company, is for the properties on Tregwilym Road, Rogerstone. The original term of the lease is for 10 years up to September 2033. The lease liabilities have been measured at the present value of future lease payments and discounted appropriately.

17
Deferred taxation
Assets
2025
2024
£000
£000
Deferred tax balances
382
530
Deferred tax assets are expected to be recovered after more than one year.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Fixed assets
£000
Asset at 1 January 2024
793
Deferred tax movements in prior year
Credit/(charge) to profit or loss
(263)
Asset at 1 January 2025
530
Deferred tax movements in current year
Credit/(charge) to profit or loss
(148)
Asset at 31 December 2025
382
CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
17
Deferred taxation
(Continued)
- 27 -

Temporary differences in relation to capital allowances on tangible fixed assets have given rise to the deferred tax asset.

Deferred tax assets are expected to be recovered over the lifetime of the assets to which they relate.

18
Provisions for liabilities
2025
2024
£000
£000
Dilapidations
1,900
-
Movements on provisions:
Dilapidations
£000
Additional provisions in the year
1,900

The dilapidations provision relates to a lease that has been taken over from a group company in the year. The lease was entered in 2023 for the properties on Tregwilym Road, Rogerstone. Dilapidations provisions for the costs to restore leased properties to their original condition, as required by the terms of the lease, are recognised when the obligation is incurred, at the directors' best estimate of the expenditure that would be required to restore the properties. Estimates are regularly reviewed and adjusted as appropriate for new circumstances.

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£000
£000
Charge to profit or loss in respect of defined contribution schemes
431
345

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.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
Ordinary shares of £1 each
1,000,001
1,000,001
1,000
1,000
CICOR NEWPORT LTD (FORMERLY TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
21
Share premium account
2025
2024
£000
£000
At the beginning of the year
10,047
10,047
Capital reduction
(10,047)
-
At the end of the year
-
0
10,047

The capital reduction in the year was done by a solvency statement procedure on 14th April 2025. The purpose of the capital restructure was to increase the level of distributable reserves.

22
Capital contribution reserve
2025
2024
£000
£000
At the beginning of the year
9,500
9,500
Capital reduction
(9,500)
-
At the end of the year
-
9,500

The capital reduction in the year was done by a solvency statement procedure on 14th April 2025. The purpose of the capital restructure was to increase the level of distributable reserves.

23
Events after the reporting date

As at the date of this report the directors are not aware of any significant events after the balance sheet date.

24
Controlling party

The immediate parent is Cicor UK Ltd.

The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Cicor Technologies Ltd. Copies of Cicor Technologies Ltd consolidated financial statements can be obtained from the company's registered office at Cicor Management AG, Gebenloostrasse 15, 9552 Bronschhofen, Switzerland.

Cicor Technologies Ltd is the ultimate controlling party.

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