Company registration number 03319466 (England and Wales)
SICAME UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
SICAME UK LIMITED
COMPANY INFORMATION
Directors
Mr N Brahimi
Mr D P Marshman
Mr V C Roy
Mr S C James
(Appointed 17 November 2025)
Company number
03319466
Registered office
Unit 4a
London Medway Commercial Park
James Swallow Way
Rochester
Kent
United Kingdom
ME3 9GX
Auditor
Azets Audit Services
Globe House
Eclipse Park
Sittingbourne Road
Maidstone
Kent
United Kingdom
ME14 3EN
SICAME UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Income statement
9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 33
SICAME UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

The results for the year are shown in the profit and loss account and the related notes. Ordinary dividends in millions ("m") of £3.5m (2024: £2.5m) were declared during the year in respect of year ended 31st December 2024.

The financial year 2025 was a successful year for Sicame UK Ltd, as the company achieved stability and growth in profitability. This is testament to the company's success in delivering its strategic objectives and drive towards continual improvement and lean manufacturing, as well as defending our core sales base. These actions have enabled the company to better meet the needs of our customers, maintained our agile stance amid changing market conditions, and successfully continued to control costs.

As a consequence the company's operating profit for the year was £6.4m (2024: £6.1m) which represents an increase of 4.7% compared to the previous year.

We are pleased to report that we have achieved a consistent return on capital employed, with a slight decrease from 44.6% in 2024 to 42.6% in the current year. This reflects our continued efforts to modernise the plant, whilst still increasing profitability. Both debtor days and creditor days have decreased (from 59.6 to 45.7 and 30.0 to 22.6 respectively) showcasing our strong customer and supplier relationships. This also highlights our financial stability via credit control and liability management.

In conclusion, Sicame UK Ltd remains committed to maintaining this positive momentum and continuing to deliver value to our customers and stakeholders. The company's financial statements for the year ending December 31, 2025, demonstrate the company's strong financial position and performance, and its ability to navigate and succeed in a challenging market environment. The directors are satisfied with the company's financial position and performance and believe that the company is well positioned to capitalise on opportunities in the market.

Principal risks and uncertainties

The most signiﬁcant risks to the company's profitability are:

- UK economic factors and its impact on infrastructure spend (house building; netw o rk upgrades)

- Containment of escalating operating costs (energy; inﬂation)

- Availability of skills and resource within a local market

- Our ability to limit the exposure to supply chain disruptions

- Currency and raw material ﬂuctuations

The directors have strategies to manage and mitigate the above risks and remain confident of the continued success of the company.

Key performance indicators

The directors measure the ﬁnancial performance of the company using detailed monthly accounts and budgets, with the principal indicators being:

| 2025 |  | 2024
Sales - £‘000 | 38,285 |  | 37,914
Operating proﬁt - £'000 | 6,424 |  | 6,135
Return on capital employed % | 42.6% |  | 44.6%
Stock turnover (gross) | 3.2 |  | 3.3
Debtor days | 45.7 |  | 59.6
Creditor days | 22.6 |  | 30
Year-end employees | 106 |  | 99

SICAME UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Future Developments

As a leading manufacturer of electrical accessories for UK and export utility companies, the management team continues to support the business efforts to continually grow.

Through continuous improvement we aim to create a world-class environment and achieve service and operational excellence. This will aid us to grow our core sales and attain additional growth through product extension and market penetration.

On behalf of the board

Mr D P Marshman
Director
2 June 2026
SICAME UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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

Principal activities

The principal activity of the company in the year under review was that of the design, manufacture and sale of electrical connection accessories used in the distribution of electricity. Further information on the activities of the company is included as part of the strategic report on pages 1 to 2.

Results and dividends

The total distribution of dividends in the year ended 31 December 2025 were £3.5m (2024: £2.5m).

The directors recommend payment of a final dividend amounting to £3.5m.

Directors

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

Mr N Brahimi
Mr D P Marshman
Mr V C Roy
Mr S C James
(Appointed 17 November 2025)
Directors' insurance

Directors' and ofﬁcers' insurance cover has been established for all Directors to provide appropriate cover for their reasonable actions on behalf of the Company. A deed was executed in 1997 indemnifying each of the Directors of the Company and/or its subsidiaries as a supplement to the direct or s' and ofﬁcers’ insurance cover. The indemnities, which constitute a qualifying third-party indemnity provision as defined by section 234 of the Companies Act 2006, were in force during the 202 5 ﬁnancial year and remain in force for all current and past Directors of the Company.

Research and development

A small amount of research and development activity occurred in the UK in 202 5. In round thousands ("k"), t he company spent £17k on research and development (202 4: £15k).

Statement of disclosure to auditor

So far as the directors are aware, there is no relevant audit information (as deﬁned by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant. audit information and to establish that the company's auditors are aware of that information.

SICAME UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Going Concern

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

The Company has access to overdraft facilities of £500k which have remained undrawn throughout 202 5 and to the date of approval of these ﬁnancial statements.

The directors have performed a going concern assessment covering a period for at least twelve months from the date of approval of these ﬁnancial statements in order to assess going concern. In doing so, they have considered cashﬂow forecasts prepared for the period up to 31 December 202 7.

The directors have prepared a base case forecast, which is based on board approved budgets, allowing for revenue growth relating to specific projects and cost reductions in line with company wide strategic initiatives. The directors have also considered the sustainability of the order book, supply chains and ability to maintain despatch levels and have implemented reviews of suppliers to identify alternatives in closer territories in order to reduce lead times, and or customer credit terms to ensure that they are still relevant in the current climate. The directors' assessment has also considered a severe but plausible downside scenario, which models a reduction in revenue and an increase in administration costs above those budgeted in the base case.

Under both the base case and the severe but plausible scenario, the forecasts indicate that the Company will have sufficient liquidity for the period forecast to 31 December 2027 to continue to settle its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements.

Consequently, the directors believe it is appropriate to continue to prepare these financial statements on a going concern basis.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr D P Marshman
Director
2 June 2026
SICAME UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

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

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

SICAME UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF SICAME UK LIMITED
- 6 -
Opinion

We have audited the financial statements of Sicame UK Limited (the 'company') for the year ended 31 December 2025 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

SICAME UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF SICAME UK LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SICAME UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF SICAME UK LIMITED (CONTINUED)
- 8 -

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Daniel Graves BA(Hons) FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Globe House
Eclipse Park
Sittingbourne Road
Maidstone
Kent
ME14 3EN
2 June 2026
SICAME UK LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£'000
£'000
Revenue
3
38,285
37,914
Cost of sales
(27,243)
(27,510)
Gross profit
11,042
10,404
Distribution costs
(2,213)
(2,149)
Administrative expenses
(2,405)
(2,206)
Other operating income
-
0
86
Operating profit
4
6,424
6,135
Investment income
8
253
322
Finance costs
9
106
26
Profit before taxation
6,783
6,483
Tax on profit
10
(1,681)
(1,719)
Profit for the financial year
5,102
4,764

The income statement has been prepared on the basis that all operations are continuing operations.

SICAME UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
£'000
£'000
Profit for the year
5,102
4,764
Other comprehensive income
Actuarial loss on defined benefit pension schemes
(734)
(928)
Tax relating to other comprehensive income
184
232
Total other comprehensive income for the year
(550)
(696)
Total comprehensive income for the year
4,552
4,068
SICAME UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 11 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Non-current assets
Intangible assets
12
1
2
Property, plant and equipment
13
2,998
2,806
Investments
14
-
0
-
0
2,999
2,808
Current assets
Inventories
15
5,786
5,827
Trade and other receivables
16
7,185
5,812
Cash and cash equivalents
3,936
4,867
16,907
16,506
Current liabilities
17
(4,814)
(5,562)
Net current assets
12,093
10,944
Total assets less current liabilities
15,092
13,752
Provisions for liabilities
Provisions
18
144
122
Deferred tax liability
19
606
622
(750)
(744)
Net assets excluding pension (liability)/surplus
14,342
13,008
Defined benefit pension (liability)/surplus
20
-
0
282
Net assets
14,342
13,290
Equity
Called up share capital
21
2,250
2,250
Retained earnings
12,092
11,040
Total equity
14,342
13,290

The notes on pages 13 to 33 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 2 June 2026 and are signed on its behalf by:
Mr D P Marshman
Director
Company Registration No. 03319466
SICAME UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Retained earnings
Total
Notes
£'000
£'000
£'000
Balance at 1 January 2024
2,250
9,472
11,722
Year ended 31 December 2024:
Profit for the year
-
4,764
4,764
Other comprehensive income:
Actuarial gains on defined benefit plans
20
-
(928)
(928)
Tax relating to other comprehensive income
10
-
232
232
Total comprehensive income for the year
-
4,068
4,068
Dividends
11
-
(2,500)
(2,500)
Balance at 31 December 2024
2,250
11,040
13,290
Year ended 31 December 2025:
Profit for the year
-
5,102
5,102
Other comprehensive income:
Actuarial losses on defined benefit plans
20
-
(734)
(734)
Tax relating to other comprehensive income
10
-
184
184
Total comprehensive income for the year
-
4,552
4,552
Dividends
11
-
(3,500)
(3,500)
Balance at 31 December 2025
2,250
12,092
14,342
SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
1
Accounting policies
Company information

Sicame UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4a, London Medway Commercial Park, James Swallow Way, Rochester, Kent, United Kingdom, ME3 9GX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest thousand pounds ("£'000").

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues': Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of it's parent, Sicame SAS. These consolidated financial statements are available from its registered office, 1 Avenue Basile Lachaud, Arnac, Pompadour, France.

Preparation of Consolidated Financial Statements

The financial statements contain information about Sicame UK 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 requirements to prepare consolidated ﬁnancial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated ﬁnancial statements of its parent, Sicame SAS, 1 Avenue Basile Lachaud, Arnac, Pompadour, France.

SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.2
Going concern

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

The Company has access to overdraft facilities of £500k which have remained undrawn throughout 202 5 and to the date of approval of these ﬁnancial statements.

The directors have performed a going concern assessment covering a period for at least twelve months from the date of approval of these ﬁnancial statements in order to assess going concern. In doing so, they have considered cashﬂow forecasts prepared for the period up to 31 December 202 7.

The directors have prepared a base case forecast, which is based on board approved budgets, allowing for revenue growth relating to specific projects and cost reductions in line with company wide strategic initiatives. The directors have also considered the sustainability of the order book, supply chains and ability to maintain despatch levels and have implemented reviews of suppliers to identify alternatives in closer territories in order to reduce lead times, and or customer credit terms to ensure that they are still relevant in the current climate. The director's assessment has also considered a severe but plausible downside scenario, which models a reduction in revenue and an increase in administration costs above those budgeted in the base case.

Under both the base case and the severe but plausible scenario, the forecasts indicate that the Company will have sufficient liquidity for the period forecast to 31 December 202 7 to continue to settle its liabilities as they f all due for a period of at least 12 months from the date of approval of the ﬁnancial statements.

Consequently, the directors believe it is appropriate to continue to prepare these financial statements on a going concern basis.

1.3
Revenue

Revenue is recognised to the extent that it is probable that the economic benefit will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of Goods:

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;

- the company remains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of Services:

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.4
Research and development expenditure

In the research phase of an internal project, it is not possible to demonstrate that the project will generate future economic beneﬁts and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain speciﬁc criteria are met in order to demonstrate the asset will generate probable future economic beneﬁts and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

1.5
Intangible fixed assets - goodwill

On acquisition, the company determines a reliable estimate of the useful life of goodwill and intangible assets based upon factors such as the expected use of the acquired business, forecasts of expected future results and cash flows, and any legal, regulatory or contractual provisions that can limit useful life. At each subsequent reporting date the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the useful life of goodwill and intangible assets.

1.6
Intangible fixed assets

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
10 years
Goodwill
10 years
1.7
Property, plant and equipment

Tangible fixed assets under the cost model are stated at historic 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 ase sse s whe t her 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.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits of the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of the assets less their residual val u e over the estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:

Leasehold land and buildings
over the remaining lease term
Plant and equipment
between 2 and 10 years
SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is any indication of a signicificant change since the last reporting date.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.8
Impairment of non-current assets

These assets are stated at their cost less provision for depreciation and impairment. For material assets, the company determines at acquisition reliable estimates for the useful life of the asset, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used.

Where there are indicators that the carrying value of tangible assets may be impaired, the company undertakes tests to determine the recoverable amount of assets. The tests require estimates of the fair value of assets less cost to sell and of their value in use. Wherever possible the estimate of the fair value of assets is based upon market prices less incremental cost for disposing of the asset. The value in use calculation is based upon a discounted cash flow model, based upon the company's forecasts for the forseeable future which do not include any restructuring activities that the company is not yet committed to or significant future investments that will enhance the asset's performance. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as expected future cash flows and the growth rate used for extrapolation purposes.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.9
Inventories

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 weighted average basis. Work in progress and finished goods include labour and an appropriate share of overheads based on normal operating capacity.

At each balance sheet 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 profit and loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's 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 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

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

1.13
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Provisions

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

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

The company operates a deﬁned contribution plan for i ts employees. A deﬁned contribution plan is a pension plan under which the company pays ﬁxed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the income statement when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.18
Foreign exchange

The company's functional and presentational currency is pounds sterling.

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 period 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-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 'other operating income'.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Key sources of estimation uncertainty

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

Defined Benefit Pension Scheme

T he company operates a deﬁned benefit pension scheme for the beneﬁt of employees. The cost of operating the scheme is determined using actuarial valuations undertaken by the scheme actuary. Their valuation i nvolves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long-term nature of the scheme, such estimates are subject to signiﬁcant uncertainty.

Stock provisioning

The company's products are subject to changing consumer demands. As a result, it is necessary to consider the recoverability of the cost of stocks and the associated provisioning required. When calculating the stock provision, management consider the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing proﬁle of debtors and historical experience.

Tangible fixed assets

Tangible fixed assets are stated at their cost less provision for depreciation and impairment. For material assets, the company determines at acquisition reliable estimates for the useful life of the asset, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used.

Where there are indicators that the carrying value of tangible assets may be impaired the company undertakes tests to determine the recoverable amount of assets. The s e tests require estimates of the fair value of assets less cost to sell and of their value in use. Wherever possible the estimate of the fair value of assets is based upon observable market prices less incremental cost for disposing of the asset. The value in use calculation is based upon a discounted cash ﬂow model, based upon the company's forecasts for the foreseeable future which do not include any restructuring activities that the company is not yet committed to or significant future investments that will enhance the asset's performance. The recoverable amount is most sensitive to the discount rate used for the discounted cash ﬂow model as well expected future cash flows and the growth rate used for extrapolation purposes.

Goodwill and intangible assets

On acquisition the c o mpany determines a reliable estimate of the useful life of goodwill and intangible assets based upon factors such as the expected use of the acquired business, forecasts of expected future results and cash ﬂows, and any legal, regulatory or contractual provisions that can limit useful life. At each subsequent reporting date the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the useful life of goodwill and intangible assets.

SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
3
Revenue
2025
2024
£'000
£'000
Revenue analysed by geographical market
Home
33,158
31,166
Europe
1,018
999
Rest of the World
4,109
5,749
38,285
37,914
2025
2024
£'000
£'000
Other revenue
Interest income
253
322
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£'000
£'000
Exchange losses
50
52
Depreciation of owned property, plant and equipment
678
614
(Profit)/loss on disposal of property, plant and equipment
-
10
Amortisation of intangible assets
1
4
Operating lease charges
797
793
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
63
59
For other services
All other non-audit services
11
14
6
Employees

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

2025
2024
Number
Number
Production
70
64
Sales & Distribution
23
22
Admin
12
13
Total
105
99
SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

2025
2024
£'000
£'000
Wages and salaries
4,642
3,837
Social security costs
501
371
Pension costs
196
162
5,339
4,370
7
Directors' remuneration
2025
2024
£'000
£'000
Remuneration for qualifying services
210
132
Company pension contributions to defined contribution schemes
13
12
223
144

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£'000
£'000
Remuneration for qualifying services
187
132
Company pension contributions to defined contribution schemes
12
12
8
Investment income
2025
2024
£'000
£'000
Interest income
Interest on bank deposits
87
98
Interest receivable from group companies
144
214
Other interest income
22
10
Total income
253
322
9
Finance costs
2025
2024
£'000
£'000
Other interest on financial liabilities
(106)
(26)
SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
10
Taxation
2025
2024
£'000
£'000
Current tax
UK corporation tax on profits for the current period
1,497
1,169
Adjustments in respect of prior periods
17
(13)
Total current tax
1,514
1,156
Deferred tax
Origination and reversal of timing differences
167
563
Total tax charge
1,681
1,719
2025
2024
£'000
£'000
Profit before taxation
6,783
6,483
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,696
1,621
Tax effect of expenses that are not deductible in determining taxable profit
(173)
(343)
Adjustments in respect of prior years
12
(13)
Depreciation for the year in excess of capital allowances
(21)
(109)
Other differences leading to an increase in the tax charge
167
563
Taxation charge for the year
1,681
1,719

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£'000
£'000
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
(184)
(232)
11
Dividends
2025
2024
£'000
£'000
Final paid
3,500
2,500
SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Dividends
(Continued)
- 25 -

The proposed final dividend for the year ended 31 December 2025 is:

2025
2024
Per share
Total
Total
£
£'000
£'000
Ordinary
1.56
3,500
3,500

The proposed final dividend is subject to approval by shareholders and has not been included as a liability in these financial statements.

12
Intangible fixed assets
Goodwill
Development costs
Total
£'000
£'000
£'000
Cost
At 1 January 2025 and 31 December 2025
1,819
4
1,823
Amortisation and impairment
At 1 January 2025
1,819
2
1,821
Amortisation charged for the year
-
0
1
1
At 31 December 2025
1,819
3
1,822
Carrying amount
At 31 December 2025
-
0
1
1
At 31 December 2024
-
0
2
2

Capitalised development costs are not treated as a realised loss for the purpose of determining the company's distributable profits as the costs meet the conditions requiring them to be treated as an asset in accordance with FRS 102 Section 18.

SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
13
Property, plant and equipment
Leasehold land and buildings
Assets under construction
Plant and equipment
Total
£'000
£'000
£'000
£'000
Cost
At 1 January 2025
1,545
581
8,040
10,166
Additions
-
0
868
2
870
Disposals
-
0
-
0
(61)
(61)
Transfers
27
(504)
477
-
0
At 31 December 2025
1,572
945
8,458
10,975
Depreciation and impairment
At 1 January 2025
941
-
0
6,419
7,360
Depreciation charged in the year
156
-
0
522
678
Eliminated in respect of disposals
-
0
-
0
(61)
(61)
At 31 December 2025
1,097
-
0
6,880
7,977
Carrying amount
At 31 December 2025
475
945
1,578
2,998
At 31 December 2024
604
581
1,621
2,806
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
W T Henley Limited
1
Dormant
Ordinary
100.00
Sicame Electrical Developments Limited
1
Dormant
Orindary
100.00
Sicame Electrical Distribution Limited
1
Dormant
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Unit 4a London Medway Commercial Park, James Swallow Way, Hoo, Rochester, Kent, United Kingdom, ME3 9GX
15
Inventories
2025
2024
£'000
£'000
Raw materials and consumables
3,025
2,680
Work in progress
76
36
Finished goods and goods for resale
2,685
3,111
5,786
5,827
SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
16
Trade and other receivables
2025
2024
Amounts falling due within one year:
£'000
£'000
Trade receivables
1,116
1,732
Corporation tax recoverable
643
205
Amounts owed by group undertakings
5,038
3,428
Other receivables
47
71
Prepayments and accrued income
341
376
7,185
5,812

Debtors includes an amount receivable from Group companies which are unsecured and receivable as per agreed payment terms.

17
Current liabilities
2025
2024
£'000
£'000
Trade payables
923
1,105
Amounts owed to group undertakings
1,300
2,163
Taxation and social security
600
505
Other payables
1,043
914
Accruals and deferred income
948
875
4,814
5,562

Creditors includes an amount payable to Group companies which are unsecured and payable as per agreed payment terms.

18
Provisions for liabilities
2025
2024
£'000
£'000
Dilapidations
138
122
Warranty Provision
6
-
144
122
Movements on provisions:
Dilapidations
Warranty Provision
Total
£'000
£'000
£'000
At 1 January 2025
122
-
122
Additional provisions in the year
16
6
22
At 31 December 2025
138
6
144
SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
18
Provisions for liabilities
(Continued)
- 28 -

The c ompany is required to restore certain leased premises to their original condition at the end of the respective lease terms. A dilapidations provision has been recognised for the estimated expenditure required to restore these premises to an acceptable condition.

The warranty provision is a general provision in warranties on goods sold.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£'000
£'000
Accelerated capital allowances
424
588
Timing differences on pension provision
183
70
Short term differences
(1)
(36)
606
622
2025
Movements in the year:
£'000
Liability at 1 January 2025
622
Charge to profit or loss
167
Credit to other comprehensive income
(183)
Liability at 31 December 2025
606
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
196
162

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
20
Retirement benefit schemes
(Continued)
- 29 -
Defined benefit schemes

The Company operates a UK registered trust based pension scheme, the Sicame Electrical Developments Limited Pension Scheme, that provides defined benefits. Pension benefits are linked to the members’ final pensionable salaries and service at their retirement (or date of leaving if earlier). The Trustees are responsible for running the Scheme in accordance with the Scheme’s Trust Deed and Rules, which sets out their powers. The Trustees of the Scheme are required to act in the best interests of the beneficiaries of the Scheme. There is a requirement that at least one-third of the Trustees are nominated by the members of the Scheme.

There are three categories of pension scheme members:

• Closure members: members still employed by the Company who have retained the salary link to their benefits.

• Deferred members: former employees of the Company not yet in receipt of pension

• Pensioner members: in receipt of pension.

Valuation

The defined benefit obligation is valued by projecting the best estimate of future benefit outgo (allowing for future salary increases for closure members, revaluation to retirement for deferred members and annual pension increases for all members) and then discounting to the balance sheet date. The majority of benefits receive increases linked to inflation (subject to a cap of no more than 5% p.a.)

The valuation method used is known as the Projected Unit Method.

The approximate overall duration of the Scheme’s defined benefit obligation as at 31 December 202 5 was around 11 years.

Funding policy

The Trustees are required to carry out an actuarial valuation every 3 years. This valuation is used to determine the contributions that are required to be paid by the Company. The Trustees are required to allow for a level of prudence when setting the assumptions used for the valuation. This means that the liabilities calculated are higher than those reported under IAS 19 and FRS 102.

The last actuarial valuation of the Scheme was performed by the Scheme Actuary for the Trustees as at 5 April 202 4. This valuation revealed a funding shortfall of £968,000 at the valuation date.

In respect of the deficit in the Scheme as at 5 April 2024, the Company has agreed to pay £15,000 per month for the period from 6 July 2025 to 5 July 2028.

In addition, the Company pay £20,000 per month to cover expenses associated with the Scheme.

The Company also agreed to pay £10,000 per month in 2026 only in addition to the amounts above. The Company therefore expects to pay £540,000 to the Scheme during the accounting year beginning 1 January 2026.

The results of the most recent formal valuation as at 5 April 2024 have been updated to 31 December 2025 by a qualified independent actuary.The principal key assumptions used for both the IAS 19 and FRS 102 disclosures were as follows:

2025
2024
Key assumptions
%
%
Discount rate
5.6
5.5
RPI inflation
2.9
3.2
CPI inflation
2.3
2.7
SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
20
Retirement benefit schemes
(Continued)
- 30 -
Mortality assumptions
2025
2024

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
20.7
20.5
- Females
22.9
22.9
Retiring in 20 years
- Males
22.4
22.1
- Females
24.3
24.3
Amounts recognised in the income statement
2025
2024
Costs/(income):
£'000
£'000
Net interest on net defined benefit liability/(asset)
(106)
(26)
Other costs and income
266
169
Total costs
160
143
Amounts recognised in other comprehensive income
2025
2024
Costs/(income):
£'000
£'000
Actual return on scheme assets
(774)
121
Less: calculated interest element
548
432
Return on scheme assets excluding interest income
(226)
553
Actuarial changes related to obligations
(41)
(1,002)
Effect of changes in the amount of surplus that is not recoverable
1,001
1,377
Total costs
734
928

The amounts included in the statement of financial position arising from the company's obligations in respect of defined benefit plans are as follows:

2025
2024
Liabilities/(assets):
£'000
£'000
Present value of defined benefit obligations
8,111
8,268
Fair value of plan assets
(10,489)
(9,927)
Surplus in scheme
(2,378)
(1,659)
Restriction on scheme assets
2,378
1,377
Total liability/(asset) recognised
-
(282)
SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
20
Retirement benefit schemes
(Continued)
- 31 -
2025
Movements in the present value of defined benefit obligations
£'000
Liabilities at 1 January 2025
8,268
Benefits paid
(558)
Actuarial gains and losses
(41)
Interest cost
442
At 31 December 2025
8,111

The defined benefit obligations arise from plans which are wholly or partly funded.

2025
Movements in the fair value of plan assets
£'000
Fair value of assets at 1 January 2025
9,927
Interest income
548
Return on plan assets (excluding amounts included in net interest)
226
Benefits paid
(558)
Contributions by the employer
612
Other
(266)
At 31 December 2025
10,489

The actual return on plan assets was £774,000 (2024 - £121,000).

2025
2024
Fair value of plan assets
£'000
£'000
Equity instruments
2,230
3,533
Equity linked LDI
2,042
2,239
Gilts
1,300
-
Fixed interest
1,934
1,784
Other - annuities and cash
1,189
2,371
Buy & maintain credit funds
1,794
-
10,489
9,927
SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 32 -
21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary of £1 each
2,250,000
2,250,000
2,250
2,250
22
Financial commitments, guarantees and contingent liabilities

Sicame UK Limited has outstanding charge s in relation to a debt factoring agreement undertaken by Sicame SAS (Group); for which security is held over specific assets of the company such as cash, land and buildings, the sales ledger and investments. A new supplemental charge was created during the prior year.

At the year-end, there were guarantees in favour of Electricity Authority of Cyprus for €13,678.

In addition to the above, the bank has domestic guarantees totalling £480,000 on behalf of the company in favour of HM Revenue & Customs.

23
Operating lease commitments
As lessee

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

2025
2024
£'000
£'000
Within 1 year
752
751
Years 2-5
873
1,507
1,625
2,258
24
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£'000
£'000
Acquisition of property, plant and equipment
29
-
25
Related party transactions
Remuneration of key management personnel

Key management personnel comprise the directors of the company.

The maximum amount outstanding in relation to key management personnel including Directors was £36,997 (202 4: £36,997). These items were subject to interest c harges being levied and the amount owed to the company at the end of the year was £36,997 (202 4: £36,997).

Other information
SICAME UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
25
Related party transactions
(Continued)
- 33 -

Exemption has been taken under FRS 102 paragraph 33.1A from disclosing transactions entered into between two or more members of the Group where wholly owned.

26
Ultimate controlling party

The company is a subsidiary undertaking of Sicame SAS. The ultimate controlling party is Sicame SAS. The smallest and largest group in which the results of the Company are consolidated is that headed by Sicame SAS incorporated in France. The consolidated financial statements of these groups are available to the public and may be obtained from Sicame SAS 1 Avenue Basile Lachaud, Amac, Pompadour, France.

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