Registration number:
Cirteq Limited
for the Year Ended 31 December 2025
Cirteq Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Balance Sheet |
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Notes to the Financial Statements |
Cirteq Limited
Company Information
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Directors |
Dietrich Leifert James Hart |
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Registered office |
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Auditors |
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Cirteq Limited
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the company is the manufacture and distribution of circlips, retaining rings and spring pressings.
Fair review of the business
The directors report the continuing global uncertainty in raw material and energy prices was still impacting the business. Comparable turnover fallen by 10.2% (2024 - 4.2%). The rate of gross profit to turnover was 5.5% in the year under review, compared with 10.1% in the previous period. Operating loss was £147,889 in the 12 months under review, compared with a loss of £552,219 in the previous 12 months.
The company continues to experience comfortable levels of headroom in its borrowing facilities.
The directors continue to monitor the company’s performance with care, with particular emphasis on mitigation of adverse exchange rate movements.
Principal risks and uncertainties
The company invoices a significant amount of its turnover in EUR and USD, and therefore there is a risk that prices when converted to GBP are subject to fluctuation.
The directors consider that the company enjoys a satisfactory credit rating with the major credit reference agencies and the company operates a strict policy of always paying its suppliers within agreed credit terms.
At 31 December 2025 the company’s gearing (external borrowings less cash at bank and in hand versus shareholders’ funds) was 6.6% (2024 - 9.9%).
The company has an invoice discounting facility with HSBC, advancing funds (if required) within 24 hours of shipment and invoicing. At the date of this report, the headroom (unutilised borrowing capability) on this facility was in excess of £2.4 million.
The global rise in raw material and energy prices continues to affect the business, posing ongoing challenges for Cirteq. This impact has been further compounded by the downturn in the German automotive industry, a key market for the company. In response, the management team remains committed to mitigating these pressures by strategically passing a portion of the cost increases onto customers while implementing energy-saving initiatives to enhance operational efficiency. Despite these challenges, Cirteq is focused on maintaining competitiveness and ensuring long-term sustainability in a rapidly evolving economic landscape.
Approved and authorised by the
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Cirteq Limited
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors of the company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Employment of disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. In the event of members of staff becoming diabled every effort is made to ensure that their employment with the company continues and that appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Engagement with employees
The company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the company. All employees receive regular training to enable them to do their job in a safe and proper manner. The company also invests in the personal development of its employees by targeting continuing development. As a responsible employer the company also takes steps to safeguard the health and productivity of their employees.
Disclosure of information to the auditors
Each director of the company who held office at the date of the approval of this Annual Report, as set out above, confirms that:
• so far as they are aware, there is no relevant audit information (information needed by the company's auditors in connection with preparing their report) of which the company's auditors are unaware, and
• they have taken all the steps they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Reappointment of auditors
The auditors Hawsons Chartered Accountants are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
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Cirteq Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Cirteq Limited
Independent Auditor's Report to the Members of Cirteq Limited
Opinion
We have audited the financial statements of Cirteq Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss 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 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.
Cirteq Limited
Independent Auditor's Report to the Members of Cirteq Limited (continued)
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 Statement of Directors' Responsibilities set out on page 4, 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 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:
Cirteq Limited
Independent Auditor's Report to the Members of Cirteq Limited (continued)
The company is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the company and the environment it operates within, we determined that the laws and regulations which were most significant included FRS 102, Companies Act 2006, Health and Safety regulations, Employment laws and Data Protection regulations.
We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements, including how fraud might occur. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries to improve the company’s result for the period, and management bias in key accounting estimates such as stock provisions.
Audit procedures performed by the engagement team included:
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Discussions with management and those responsible for legal compliance procedures within the company to obtain an understanding of the legal and regulatory framework applicable to the company and how the company complies with that framework, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; |
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Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations; |
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Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to stock provisions; |
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Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management. |
There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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.
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For and on behalf of
Pegasus House
463a Glossop Road
South Yorkshire
S10 2QD
Cirteq Limited
Statement of Income and Retained Earnings for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating loss |
( |
( |
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Interest payable and similar charges |
( |
( |
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Loss before tax |
( |
( |
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Taxation |
( |
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Loss for the financial year |
( |
( |
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Retained earnings brought forward |
6,044,202 |
6,495,065 |
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Retained earnings carried forward |
5,693,035 |
6,044,202 |
Cirteq Limited
(Registration number: 03062174)
Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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Approved and authorised by the
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Cirteq Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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Accounting policies |
Statutory information
Cirteq Limited is a private company, limited by shares, domiciled in England and Wales, company number 03062174. The registered office is at Hayfield Colne Road, Glusburn, Keighley, BD20 8QP.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
Summary of disclosure exemptions
The company has taken advantage of the following reduced disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": the requirements of section 4 Statement of Financial Position; the requirements of section 7 Statement of Cash Flows; the requirements of section 11 Financial Instruments; the requirements of section 12 Other Financial Instruments paragraphs; and the requirements of section 33 Related Party Disclosures.
Name of parent of group
These financial statements are consolidated in the financial statements of Titgemeyer Holding GmbH & Co.
The financial statements of Titgemeyer Holding GmbH & Co may be obtained from Hannoversche Strasse 97, 49084 Osnabrück, DE.
Going concern
After due consideration of all relevant factors, including the support provided by the Titgemeyer Holding GmbH & Co. group of companies, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
Exemption from preparing group accounts
The financial statements contain information about Cirteq Limited as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Titgemeyer Holding GmbH & Co., a company incorporated in Germany.
Cirteq Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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Accounting policies (continued) |
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
The company makes an estimate of the recoverability of the cost of stock. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. |
The company has an obligation to pay pension benefits to certain employees and ex-employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends. |
Revenue recognition
Turnover represents the amounts chargeable, net of value added tax, in respect of sale of goods and services to customers.
Revenue from the sale of goods is recognised when significant risks and benefits of ownership of the product have transferred to the buyer, which may be upon shipment, completion of the product or the product being ready for delivery, based on specific contract terms.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Cirteq Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
10% to 25% straight line / reducing balance basis |
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Fixtures and fittings |
33.33% straight line basis |
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Motor vehicles |
25% straight line basis |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Cirteq Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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Accounting policies (continued) |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Defined benefit pension obligation
Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability recognised in the Balance Sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise. As both schemes are in excess at the current and previous period and no gain or loss has been recognised due to the asset not being recognised.
Cirteq Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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1 |
Accounting policies (continued) |
Financial instruments
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Turnover |
The analysis of the company's turnover for the year by market is as follows:
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2025 |
2024 |
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UK |
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Europe |
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Rest of world |
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Turnover is wholly attributable to the company's principal activity.
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
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2025 |
2024 |
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Other operating income |
814,150 |
- |
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Miscellaneous other operating income |
37,274 |
29,195 |
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Other operating income of £814,150 represents income from the sale of the company's customer book to group companies. The company will continue to operate in the same markets with its future sales being made to the related parties which have acquired the respective customer book.
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Operating loss |
Arrived at after charging/(crediting):
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2025 |
2024 |
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Depreciation expense - owned assets |
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Depreciation expense - leased assets |
8,284 |
8,284 |
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Foreign exchange (gains)/losses |
( |
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Auditors remuneration |
25,000 |
27,000 |
Cirteq Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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Interest payable and similar expenses |
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2025 |
2024 |
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Interest on bank overdrafts and borrowings |
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Interest expense on other finance liabilities |
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- |
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2025 |
2024 |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2025 |
2024 |
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Production |
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Sales, marketing and distribution |
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Directors' remuneration |
The directors' remuneration for the year was as follows:
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2025 |
2024 |
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Remuneration |
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Contributions paid to money purchase schemes |
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228,658 |
219,343 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
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2025 |
2024 |
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Accruing benefits under money purchase pension scheme |
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Cirteq Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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Taxation |
Tax charged/(credited) in the profit and loss account:
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2025 |
2024 |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
|
( |
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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2025 |
2024 |
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Loss before tax |
( |
( |
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Corporation tax at standard rate |
( |
( |
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Effect of expense not deductible in determining taxable profit (tax loss) |
- |
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Increase from tax losses for which no deferred tax asset was recognised |
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Tax increase/(decrease) arising from group relief |
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( |
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Total tax charge/(credit) |
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( |
Deferred tax
Deferred tax assets and liabilities
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2025 |
Asset |
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Short term timing differences |
( |
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Accumulated losses recognised |
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2024 |
Asset |
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Short term timing differences |
( |
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Accumulated losses recognised |
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The company has £3,113,208 of unutilised trading losses carried forward.
£3,113,208 of these unrelieved losses have been allocated to the calculation of a recognised deferred tax asset.
Cirteq Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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Tangible assets |
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Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2025 |
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At 31 December 2025 |
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Depreciation |
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At 1 January 2025 |
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Charge for the year |
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At 31 December 2025 |
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Carrying amount |
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At 31 December 2025 |
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At 31 December 2024 |
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Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
Motor vehicles |
2,469 |
8,394 |
|
Fixtures and fittings |
6,094 |
8,453 |
|
8,563 |
16,847 |
Cirteq Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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Investments |
|
2025 |
2024 |
|
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Investments in subsidiaries |
- |
- |
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
Hayfield
|
|
|
|
|
|
Hayfield
|
|
|
|
Both subsidiary undertakings were dormant in the current and preceding year.
|
Stocks |
|
2025 |
2024 |
|
|
Raw materials and consumables |
|
|
|
Work in progress |
|
|
|
Finished goods and goods for resale |
|
|
|
|
|
Impairment of stocks
The movement in the impairment profit/( loss) included in profit and loss is £139,361 (2024: £14,980).
Cirteq Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Debtors |
|
Note |
2025 |
2024 |
|
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments and accrued income |
|
|
|
|
Deferred tax assets |
|
|
|
|
|
|
||
|
Less non-current portion |
( |
( |
|
|
|
|
Details of non-current trade and other debtors
£563,000 (2024 - £812,288) of deferred tax is classified as due after more than one year.
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Invoice discounting facilities |
578,248 |
993,950 |
|
|
HP and finance lease liabilities |
5,062 |
13,053 |
|
|
Other borrowings |
140,604 |
145,648 |
|
|
Trade creditors |
|
|
|
|
Amounts due to group undertakings |
- |
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
- |
|
|
|
Other creditors |
|
|
|
|
Accruals and deferred income |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
HP and finance lease liabilities |
- |
|
Invoice discounting facilities are secured against the trade debtors of the company.
HP and finance lease liabilities are secured against the assets to which they relate.
Other borrowings are unsecured.
Cirteq Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £Nil (2024 - £
Defined benefit pension schemes
The company operates two defined benefit schemes for the benefit of past and present employees. The assets of the schemes are administered by trustees in funds independent of the assets of the company. Both these schemes are paid up.
The date of the most recent comprehensive actuarial valuation was
Reconciliation of scheme assets and liabilities to assets and liabilities recognised
The amounts recognised in the balance sheet are as follows:
|
2025 |
2024 |
|
|
Fair value of scheme assets |
3,680,000 |
3,364,000 |
|
Present value of defined benefit obligation |
(2,035,000) |
(2,046,000) |
|
1,645,000 |
1,318,000 |
|
|
Effect of the asset ceiling |
(1,645,000) |
(1,318,000) |
|
Defined benefit pension scheme surplus/(deficit) |
- |
- |
The surplus of the fair value of scheme assets over the present value of defined benefit obligation cannot be recovered through reduced contributions in future or through refunds and has therefore not been recognised in the financial statements in the current period.
Cirteq Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
14 |
Pension and other schemes (continued) |
Defined benefit obligation
Changes in the defined benefit obligation are as follows:
|
2025 |
|
|
Present value at start of year |
|
|
Interest cost |
|
|
Actuarial gains and losses |
|
|
Benefits paid |
( |
|
Present value at end of year |
|
Fair value of scheme assets
Changes in the fair value of scheme assets are as follows:
|
2025 |
|
|
Fair value at start of year |
|
|
Interest income |
|
|
Return on plan assets, excluding amounts included in interest income/(expense) |
|
|
Benefits paid |
( |
|
Fair value at end of year |
|
Analysis of assets
The major categories of scheme assets are as follows:
|
2025 |
2024 |
|
|
Cash and cash equivalents |
53 |
4 |
|
Equity instruments |
- |
64 |
|
Corporate bonds |
30 |
32 |
|
Gilts |
17 |
- |
|
100 |
100 |
Return on scheme assets
|
2025 |
2024 |
|
|
Return on scheme assets |
|
|
The Scheme has not invested in any of the company's own financial instruments or in properties or other assets used by the company.
Cirteq Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
14 |
Pension and other schemes (continued) |
Principal actuarial assumptions
The principal actuarial assumptions used to update the valuation at the balance sheet date are as follows:
CPI assumption used for increases to pensions in payment which are due to increase in line with CPI
|
2025 |
2024 |
|
|
Discount rate |
|
|
|
Retail price inflation |
|
|
|
Inflation |
|
|
Post retirement mortality assumptions
|
2025 |
2024 |
|
|
Current UK pensioners at retirement age - male |
21.40 |
20.80 |
|
Current UK pensioners at retirement age - female |
24.10 |
23.90 |
|
Future UK pensioners at retirement age - male |
23.00 |
22.10 |
|
Future UK pensioners at retirement age - female |
25.50 |
25.30 |
Cirteq Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
14 |
Pension and other schemes (continued) |
The most recent formal funding valuation performed by an independent actuary for the trustees of the schemes was carried out on 1 April 2024. FRS 102 allows those results to be approximately updated to estimate the Scheme liabilities, therefore the valuation has been updated to 31 December 2025 to produce the following disclosure.
Reconciliation of scheme assets and liabilities to assets and liabilities recognised
The amounts recognised in the balance sheet are as follows:
|
2025 |
2024 |
|
|
Fair value of scheme assets |
6,129,000 |
5,533,000 |
|
Present value of defined benefit obligation |
(3,246,000) |
(3,257,000) |
|
2,883,000 |
2,276,000 |
|
|
Effect of the asset ceiling |
(2,883,000) |
(2,276,000) |
|
Defined benefit pension scheme surplus/(deficit) |
- |
- |
Defined benefit obligation
Changes in the defined benefit obligation are as follows:
|
2025 |
|
|
Present value at start of year |
|
|
Interest cost |
|
|
Actuarial gains and losses |
( |
|
Benefits paid |
( |
|
Present value at end of year |
|
Fair value of scheme assets
Changes in the fair value of scheme assets are as follows:
|
2025 |
|
|
Fair value at start of year |
5,533,000 |
|
Interest income |
306,000 |
|
Return on plan assets, excluding amounts included in interest income/(expense) |
433,000 |
|
Benefits paid |
(143,000) |
|
Fair value at end of year |
6,129,000 |
Cirteq Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
14 |
Pension and other schemes (continued) |
Analysis of assets
The major categories of scheme assets are as follows:
|
2025 |
2024 |
|
|
Cash and cash equivalents |
|
|
|
Equity instruments |
- |
|
|
Corporate bonds |
|
|
|
Property |
- |
|
|
Gilts |
23 |
- |
|
|
|
Return on scheme assets
|
2025 |
2024 |
|
|
Return on scheme assets |
|
|
The Scheme has not invested in any of the company's own financial instruments or in properties or other assets used by the company.
Principal actuarial assumptions
The principal actuarial assumptions at the balance sheet date are as follows:
|
2025 |
2024 |
|
|
Retail price inflation |
|
|
|
Discount rate |
|
|
|
Inflation |
|
|
CPI assumption was used for increases to pensions in payment which are due to increase in line with CPI.
Cirteq Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
14 |
Pension and other schemes (continued) |
Post retirement mortality assumptions
|
2025 |
2024 |
|
|
Current UK pensioners at retirement age - male |
20.10 |
19.50 |
|
Current UK pensioners at retirement age - female |
23.50 |
23.30 |
|
Future UK pensioners at retirement age - male |
21.60 |
20.70 |
|
Future UK pensioners at retirement age - female |
24.90 |
24.70 |
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1,907,079 |
|
1,907,079 |
Ordinary shares rank pari passu in respect to income, capital and voting rights.
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
- |
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
- |
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Cirteq Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Related party transactions |
Summary of transactions with other related parties
|
Parent and ultimate parent undertaking |
The company's immediate parent is Glusburn Holdings Limited, incorporated in England and Wales.
The most senior parent entity producing publicly available financial statements is Titgemeyer Holding GmbH & Co.KG. These financial statements are available upon request from Hannoversche Strasse 97, 49084 Osnabrück, DE.
The ultimate controlling parties are Gerd-Christian Titgemeyer & Manfred Titgemeyer.