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Registered number: 02094347
FIBRON BX LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FIBRON BX LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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FIBRON BX LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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FIBRON BX LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their Strategic Report of Fibron BX Limited (the 'Company') for the year ended 31 December 2025.
For the year ended 31 December 2025, fluctuating oil prices resulted in a volatile market and uncertainty in Oil and Gas infrastructure investments. The ongoing war in Iran has increased the uncertainty of wholesale oil prices and increased prices in the supply chains. Turnover increased year-on-year by 12% (2024: decreased by 4%). Overall profit before taxation was £7,618,626 for the year ending 31 December 2025, compared to a profit before taxation of £6,833,171 for the year ended 31 December 2024. EBITDA increased due to the increase in revenue and a change in revenue mix towards more profitable projects. EBITDA increased by 8% to £8,047,442 for the year ending 31 December 2025, compared to EBITDA of £8,110,386 for the year ended 31 December 2024.
Comparing the year ended 31 December 2024 to the year ended 31 December 2025, all significant markets saw revenue growth with market share gains in Diving and ROV, but low project activity in energy markets. The Company expects to see fluctuation in crude oil prices in the coming year ending 31 December 2026.
As at 31 December 2025 the Company had net assets of £28,385,011 (2024: net assets of £22,723,418), and cash and cash equivalents on which it could draw of £855,771 (2024: £448,770). These balances at 31 December 2025 are stated after having paid a dividend of £nil during the year (2024: £nil).
Key performance indicators
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Other than as mentioned above, the Directors do not consider it necessary to provide further key performance indicators, for an understanding of the development, performance or position of the business. Furthermore, the Directors do not believe that there is any information to provide in this context relating to environmental or employee matters.
Whilst long-term oil pricing is predicted to be stable, recent events in the Ukraine, USA and Israel have led to fluctuating oil pricing and short-term uncertainty in the market. However, against this background, the Company still sees opportunities to increase revenues and profitability in the future. The Directors believe that the Company has sufficiently dedicated staff, financial strength and conservative management to lead to further profitable growth in the coming financial years. Furthermore, the Directors have not identified any material uncertainties or risks relating to events or conditions that could cast doubt about the Company's ability to continue as a going concern.
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FIBRON BX LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Principal risks and uncertainties
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The Directors continue to see the principal risks to the Company as the retention of key clients, and having a sufficiently flexible personnel base to ensure the Company is able to exploit growth opportunities in its target markets.
The Company has good relationships with its key clients, supplying quality products and making deliveries on time, both of which are key supplier attributes for the Company's customers.
In addition to the risks mentioned above, there are a number of financial risks which the Company faces which have been discussed below.
Financial risk management objectives and policies
The Company has various financial instruments, including cash, trade debtors and trade creditors, that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company's operations.
The existence of these instruments exposes the Company to a number of financial risks, which are described below, alongside the policies for managing those risks as approved by the Directors. These policies have remained unchanged during the year.
Price risk
The Directors do not consider that there is a significant price risk to the Company as the majority of its business is on a project basis, where a cost-plus model is adopted. However, the Company is exposed to macro-economic factors which may affect both its purchase and sale price levels, as may apply to all companies within the sectors in which the Company operates.
Liquidity risk
A lack of liquidity may hamper the Company's operations. The Company therefore seeks to ensure that at all times sufficient liquidity is available to meet foreseeable needs, whilst also investing cash assets safely and profitably.
Cash flow risk
The Company monitors cash flow as part of its day-to-day control procedures. The board considers cash flow projections and ensures that facilities are available to be drawn as necessary.
Impairment risk
The Company's principal assets are stock, work in progress (WIP), cash and trade debtors. The principal impairment risks therefore arise from stock, WIP and trade debtors.
Stock and WIP carry the risks of theft, obsolescence and damage, all of which could necessitate an impairment. The risk associated with stock and WIP is reduced through ongoing stock takes which are intended to highlight issues on a timely basis and enable the Company to take remedial action as necessary.
Trade debtor balances carry credit risk being the risk of default by one or more debtors. This risk is reduced through the Company having a broad customer base, and significant management focus on aged debts. The Directors set limits for customers based on their payment history together with third-party credit references and credit limits are reviewed by the credit control department on a regular basis in conjunction with debt aging, and collection history. New customers are often requested to pay in advance and are usually only granted credit once a payment history has been established.
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FIBRON BX LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Principal risks and uncertainties (continued)
Currency risk
The Company principally operates in Sterling but does also trade in Euros, US Dollars, Singapore Dollars and Norwegian Kroner. The Directors monitor the exchange risk to the Company but have not yet considered it necessary to enter into forward contracts.
This report was approved by the board and signed on its behalf by:
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FIBRON BX LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their annual report and the audited financial statements of Fibron BX Limited (the 'Company') for the year ended 31 December 2025.
The principal activity of the Company for the year of review is that of the design and manufacture of umbilicals and cables, for mainly offshore oil and gas, diving and geophysical survey markets.
The profit for the year, after taxation, amounted to £5,661,593 (2024: profit of £5,124,539).
The Directors do not recommend the payment of a dividend for the year (2024: £nil).
Statement of Directors' Responsibilities
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The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, 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 year. In preparing the financial statements, the Directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙state whether applicable United Kingdom Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;
∙make judgements and accounting estimates that are reasonable and prudent; 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 to enable them to ensure that the audited 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.
In the case of each Director in office at the date the Directors' Report is approved:
∙so far as the Directors are aware, there is no relevant audit information of which the Company's auditors are unaware; and
∙they have taken all the steps that 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 auditors are aware of that information.
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FIBRON BX LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors who served during the year and to the date of this report were:
Research and development activities
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During the year, the Company engaged in R&D activities in relation to material development in conjunction with Fibron's suppliers.
Qualifying third party indemnity provisions
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The Directors benefit from a qualifying third party indemnity provision in the form permitted by Section 234 of the Companies Act 2006 in respect of certain third party actions against directors. No claim or notice of claim in respect of these indemnities has been received in the year. The qualifying indemnity provision was in force throughout the financial year and up to the date of approval of the Directors' Report.
Matters covered in the Strategic Report
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As permitted by Paragraph 1A of Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the Directors’ Report have been omitted as they are included in the Strategic Report on pages 2 to 4. These matters relate to business review, principal risks and uncertainties and future developments.
The Company made a profit during the year and at the year end has net current assets of £24,181,937 (2024: current net assets of £19,149,156). The Company expects to see both revenue and profit growth in 2026 with a significant order book taken into 2026. It is forecasting a positive cash position throughout the year and on this basis the Directors believe it is appropriate to produce the financial statements on the going concern basis.
Economic impact of global events
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UK businesses are facing many uncertainties and challenges caused by political, economic, social, technological, legal and environmental factors. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
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FIBRON BX LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf by:
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FIBRON BX LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIBRON BX LIMITED
Opinion
We have audited the financial statements of Fibron BX Limited (the ‘Company’) for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity 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 FRS 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 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.
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FIBRON BX LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIBRON BX LIMITED
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 the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of Directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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FIBRON BX LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIBRON BX LIMITED
Responsibilities of Directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 5, 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' intend either 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 the financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation. data protection, customs laws, tariff requirements and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
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FIBRON BX LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIBRON BX LIMITED
In addition, we evaluated the Directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut-off assertion) and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the Directors' and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit 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.
Lucy Hutchinson (Senior statutory auditor)
for and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
30 Old Bailey
London
EC4M 7AU
30 April 2026
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FIBRON BX LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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Interest payable and similar expenses
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Profit for the financial year
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Other comprehensive income
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Total comprehensive income for the year
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The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
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The notes on pages 15 to 32 form part of these financial statements.
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FIBRON BX LIMITED
REGISTERED NUMBER: 02094347
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Capital redemption reserve
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 32 form part of these financial statements.
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FIBRON BX LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Capital redemption reserve
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 15 to 32 form part of these financial statements.
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FIBRON BX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Fibron BX Limited is a private company limited by shares, incorporated and registered in England and Wales. The registration number of the Company is 02094347. The address of its registered office is Fibron House, Unit C RD Park, Stephenson Close, Hoddesdon, England, EN11 0BW.
The principal activity of the Company for the year of review is that of the design and manufacture of umbilicals and cables, for mainly offshore oil and gas, diving and geophysical survey markets.
2.Accounting policies
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Basis of preparation of financial statements
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The principal accounting policies applied on the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates, and is rounded to the nearest pound.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following 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 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Hexatronic Group AB as at 31 December 2025 and these financial statements may be obtained from Sofierogatan 3A, SE-412 51 Gothenburg, Sweden.
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FIBRON BX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Exemption from preparing consolidated financial statements
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The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
The Company made a profit during the year and at the year end has net current assets of £24,181,937 (2024: current net assets of £19,149,156). The Company expects to see both revenue and profit growth in 2026 with a significant order book taken into 2026 and orders won in the first quarter of the year. It is forecasting a positive cash position throughout the year and on this basis the Directors believe it is appropriate to produce the financial statements on the going concern basis.
Turnover is measured as the fair value of the consideration received, or receivable and represents amount receivable for goods supplied and services rendered, when the goods are deemed to have transferred ownership as per the customers contract, stated amounts net of discounts and of value added tax. In addition, for larger projects over £200,000 in value, the Company accrues revenue based upon estimates of the percentage of the project completed. The net value of accrued revenue less stage payments as at the year end was £2,540,273 (2024: £4,058,183).
Deferred income is recognised in the Statement of Financial Position reflecting amounts received in respect of goods and services to be recognised as turnover in future financial years.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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Short term employee benefits
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Short term employee benefits including holiday pay are recognised as an expense in the year they are incurred. Employees may not carry over holiday allowances from year to year (calendar holiday year), and it is assumed there is an even distribution of holiday accrued and taken.
The Company contributes to a personal pension plan which is a defined contribution scheme. The pension costs charged to the Statement of Comprehensive Income represents the amount of the contributions payable to the plans in respect to the accounting year.
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FIBRON BX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Research and development costs
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Research and development costs are expensed in the year they are incurred.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentation currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'administrative expenses'.
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Interest payable and similar expenses
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Interest payable and similar expenses are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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FIBRON BX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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FIBRON BX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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Assets under construction
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Depreciation is included in "administrative expenses" in the Statement of Comprehensive Income.
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Stocks and work in progress
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Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.
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Debtors: amounts falling due within one year
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Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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FIBRON BX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are recognised when the Company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the Company will be required to settle the obligation, and the amount of the obligation can be reliably estimated. Provisions are based upon the Directors' estimates for potential liabilities they see within the business at the reporting date. The Directors have made a provision for warranty claims in the current year based upon known claims from customers. For these claims, it is anticipated that the costs of related work will be incurred within twelve months of the reporting date.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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FIBRON BX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expires, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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FIBRON BX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In applying the accounting policies, the Directors are required to make judgements, estimates and assumptions affecting the carrying values 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, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates and assumptions.
An estimate or judgement may be considered critical if it involves matters that are highly uncertain or where different estimation methods could reasonably have been used, or if changes in the estimate that would have a material impact on the Company's results are likely to occur from year to year. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
The Directors consider that the judgement of whether or not to impair the Company’s debtors is critical. This judgement depends on the key estimate of their recoverability. Please see the Strategic Report for more detail regarding the Directors' approach to this.
Similarly, the Directors consider the judgement of whether or not to impair the Company's stock is critical. This judgement depends on the key estimate of its net realisable value. Please also see the Strategic Report for more detail regarding the Directors' approach to this.
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Analysis of turnover by country of destination:
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Europe, Middle East and Africa
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Asia, Pacific, Australia and China
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All turnover is derived from the Company's principal activity.
During the year, £2,053,910 (2024: £1,340,110) has been billed and is recognised as deferred income on the Statement of Financial Position. The income will be recognised over the time during which the goods and services will be provided.
At the year end, the net value of accrued revenue after having deducted stage payments was £2,540,273 (2024: £4,058,183).
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FIBRON BX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The operating profit is stated after charging:
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Depreciation on tangible fixed assets
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Foreign exchange differences
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Rentals under operating leases - buildings
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Rentals under operating leases - other
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Expense of defined contribution pension scheme (including Directors)
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During the year, the Company obtained the following services from the Company's auditor:
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Fees payable to the Company's auditor for the audit of the Company's financial statements
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Fees payable to the Company's auditor in respect of:
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FIBRON BX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Staff costs, including Directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the Directors, during the year was as follows:
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Management and administration
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One Director is directly paid by Fibron BX Limited and details are below. The emoluments of the remaining two Directors are borne by other group companies and not recharged to the Company. These two Directors did not receive any emoluments in respect of their services to the Company (2024: £nil).
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Company contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 1 Director (2024: 1) in respect of defined contribution pension schemes.
The highest paid Director received remuneration of £290,105 (2024: £222,180).
The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £13,860 (2024: £13,692).
Directors were considered the key management personnel for the year.
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FIBRON BX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Interest payable and similar expenses
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Loans from group undertakings
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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FIBRON BX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
10.Tax on profit (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of25% (2024: 25%). The differences are explained below:
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Profit before tax multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)
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Other expenses non-deductible for tax purposes
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Adjustments to tax charge in respect of prior periods
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Total tax charge for the year
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Factors that may affect future tax charges
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There are no factors that may affect future tax charges.
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FIBRON BX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Assets under construction
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The net book value of land and buildings may be further analysed as follows:
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FIBRON BX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Raw materials and consumables
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Work in progress (goods to be sold)
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Finished goods and goods for resale
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There is no significant difference between the replacement cost of inventory and their carrying values.
Stocks are stated net of provisions for impairment of £272,295 (2024: £202,927).
At year end, the Company had goods in transit of £180 (2024: £nil).
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Amounts owed by group undertakings
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Prepayments and accrued income
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Trade debtors are stated net of provision for impairment of £35,594 (2024: £5,701).
The amounts owed by group undertakings of £13,682,845 (2024: £13,682,845) relate to an intercompany loan with a fellow group subsidiary, which is unsecured, interest-free and payable on demand.
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Cash and cash equivalents
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FIBRON BX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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(Charged)/credited to Statement of Comprehensive Income
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
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Short term timing differences - trading
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FIBRON BX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Charged to the Statement of Comprehensive Income
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Provisions relate to products supplied that were damaged upon receipt to the customer and has therefore made a provision for remedial works.
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Allotted, called up and fully paid
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960 (2024: 960) Ordinary shares of £1 each
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The Company has one class of ordinary shares. Each share carries one voting right per share but no right to fixed income.
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Share premium account
This reserve represents the amount above the nominal value received for issued share capital, less transaction costs.
Capital redemption reserve
The capital redemption reserve is a non-distributable reserve and represents paid up share capital.
Profit and loss account
This reserve represents the cumulative profits and losses of the Company. Dividends are paid from this reserve.
At the year end, the Directors do not consider the Company to have any contingent liabilities at year end (2024: £nil).
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FIBRON BX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company contributes an amount of up to 6% (2024: 6%) of gross salary into the personal pension plans of certain employees, including a Director. The schemes are separately administered and their funds are independent of those of the Company. The Company's contribution during the year was £510,215 (2024: £469,565). The total outstanding accrual for payments at the year end amounted to £37,277 (2024: £47,265 ).
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Commitments under operating leases
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At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Later than 1 year and not later than 5 years
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23.Other financial commitments
At the year end, the Company has capital expenditure commitments in relation to fixed assets and supplier deposits of £158,100 (2024: £167,962).
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Related party transactions
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The Company is exempt from disclosing related party transactions with other group companies that are wholly owned within the Group.
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Post balance sheet events
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There have been no significant events affecting the Company since the year end.
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FIBRON BX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The immediate parent undertaking of the Company is Cypress Bidco Limited, a company incorporated and registered in the United Kingdom.
The ultimate parent undertaking and ultimate controlling party of the Company is Hexatronic Group AB, a company incorporated and registered in Sweden. Hexatronic Group AB is both the smallest and largest group into which the Company's financial statements are consolidated. The address of the registered office of the Company is Sofierogatan 3A, SE-412 51 Gothenburg, Sweden where the financial statements can be obtained from.
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