Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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HAM-LET CFS LTD
COMPANY INFORMATION
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HAM-LET CFS LTD
CONTENTS
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HAM-LET CFS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The principal activity of the Company continues to be the design, assembly, test and supply of gas and fluid components and systems predominantly for original equipment manufacturers in the semiconductor market. In addition to this, the Company seeks to secure large gas fluid systems projects and installation work in other markets.
As shown in the Income Statement the revenue increased to £34.7m (2021: £30.8m), primarily due to demand increase in the semiconducting market and the current year results of the underlying trade. The increase in the gross profit is mainly due to better customer product mix and the increases in the material costs being passed onto the customers. The operating profit for both years are similar, but in 2021 the results were higher due to the release of the waived debt for the merger with Ham-Let (UK) Fittings and Valves Limited. The average number of employees increased during the financial year ended 31 December 2022 to enable the entity to service an increase in demand.
The Company is part of the UCT group, a NASDAQ traded company. Future development decisions are subject to decisions made at UCT's board level, that subsequently flow down the company.
Our strategic goal is to develop and grow accounts with major semi-conductor capital equipment manufacturers. As part of that goal the company has leased additional property and invested in a large cleanroom which is already operational. The Company will continue to invest in new equipment to improve service to customers and efficiencies.
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HAM-LET CFS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Competition Risk
The Company operates in a competitive market where new and existing businesses compete for market share. Uncertainty and pressure within the supply chain has heightened the risk to continuity of supply to our customers. As a result of Brexit, the competitive risk has increased due to a large proportion of our business being in central Europe. With the Company now being part of the UCT group, overall risk has reduced and also allowed the Company to acquire new customers. Credit Risk The Company is subject to credit risk from its trade receivables. The Company has in place a provision policy for irrecoverable debt and does a credit check on new and existing customers. In accordance with the usual business practice for major installation projects the Company requires partial advance payments to mitigate its exposure to credit risk. In addition the Company is insuring its AR above $40k with an Israeli insurance company as part of its group policy. Foreign currency risk The Company has significant cash flows in US Dollars and Euros. The risk is minimised as the Company uses US Dollars and Euros for both purchases and sales. Further, these cash flows during the year have not resulted in substantial currency exposure for the company. Impact of Brexit The Company has provided extra resource to ensure all new product movement requirements are adhered to. This includes the proactive management of documentation and tariff management. Supply chains continue to be under pressure. Raw material and component price inflation is very visible. Recruitment of qualified staff is a significant challenge. Over time, the incremental cost of all areas will be passed on to the customer. Current product delivery times have increased from one day to multiple days due to prolonged customs procedures and shortage of lorry drivers. Impact of war between Ukraine and Russia The Company has considered the impact of the war, we do not have customers or suppliers in the region and as as such the impact is limited to increased fuel costs.
The Company's business activities, together with the future developments, performance, financial position and uncertainties, along with the Company's policies and processes are set above in the Strategic Report. The Directors have considered these risks and the Financial Statements have been prepared on a going concern basis, which assumes the Company will continue to be able to meet its liabilities as they fall due for at least 12 months following the date of approval of these Financial Statements, having considered the impact of Brexit and the war in Russia and Ukraine as disclosed in the Strategic and Directors Report.
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HAM-LET CFS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Both debtors and suppliers KPI in 2021 were affected by Covid-19 lockdowns.
The delivery KPI in 2021 was affected by supply chain issues caused by Covid-19, which recovered in 2022.
This report was approved by the board on 29 September 2023 and signed on its behalf.
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HAM-LET CFS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 judgments and accounting estimates that are reasonable and prudent;
∙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 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.
The profit for the year, after taxation, amounted to £2,398,434 (2021 - £1,873,047).
No dividends were declared as at 31 December 2022 (2021: £nil).
The directors who served during the year were:
The details of the future developments can be found on page 1 of the Strategic Report.
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HAM-LET CFS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
There have been no significant events affecting the Company since the year end.
Following a rebranding exercise on 15 May 2023 the trading name of the company's independent auditors changed from MHA MacIntyre Hudson to MHA. A resolution to reappoint MHA as independent auditors will be proposed at the next Annual General Meeting.
This report was approved by the board on
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HAM-LET CFS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAM-LET CFS LTD
We have audited the financial statements of Ham-let CFS Ltd (the 'Company') for the year ended 31 December 2022, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
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HAM-LET CFS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAM-LET CFS LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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.
In the 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.
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HAM-LET CFS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAM-LET CFS LTD (CONTINUED)
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 Auditors' 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.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
[Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.]
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 Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants and Statutory Auditors
6th Floor
2 London Wall Place
EC2Y 5AU
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HAM-LET CFS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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HAM-LET CFS LTD
REGISTERED NUMBER: 02129153
BALANCE SHEET
AS AT 31 DECEMBER 2022
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HAM-LET CFS LTD
REGISTERED NUMBER: 02129153
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 35 form part of these financial statements.
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HAM-LET CFS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Ham-Let CFS Ltd (the Company) is a private company, limited by shares, registered and incorporated in England and Wales. The Company's registered number and registered office address can be found on the Company Information page.
The principal activity of the Company continues to be the design, assembly, test and supply of gas fluid components and systems predominantly for original equipment manufacturers in the semiconductor market. In addition to this, the Company seeks to secure large gas fluid systems projects and installation work in other markets.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
- the requirement of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Cutsomers - the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of paragraph 79(a)(iv) of IAS 1, and paragraph 73(e) of IAS 16 Property, Plant and Equipment - the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements - the requirements of IAS 7 Statement of Cash Flows - the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures - the requirements of IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member - the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
These financial statements have been prepared on a going concern basis, which assumes the Company will continue to be able to meet its liabilities as they fall due for at least 12 months following the date of approval of these financial statements, having considered the impact of the war between Russia and Ukraine as disclosed in the Directors Report.
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The estimated useful lives range as follows:
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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 profit or loss.
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Fair value through profit or loss
Impairment of financial assets
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Financial liabilities
Fair value through profit or loss
At amortised cost
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results may ultimately differ from those estimates. The critical estimates in applying these policies are: Assessing indicators of impairment In assessing whether there have been any indicators of impairment to assets, the Directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year. Recoverability of receivables The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the Directors consider factors such as the ageing of receivables, past experiences of recoverability, and the credit profile of groups of customers. Dilapidation provision Management apply judgement in providing for future dilapidation payments on the leased properties. This is outlined further in note 22. Determining residual values and useful economic lives of property, plant and equipment The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectation about future use, and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors including technological innovation, product life cycles and maintenance programmes. Judgement is applied by management when determining the residual value for plant, machinery and equipment. When determining the residual value, management aims to assess the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where pissible this is done with reference to external market prices. Determining residual values and useful economic lives of intangible assets The Company amortises intangible assets over their estimated useful lives. The estimation of the useful lives of intangible assets is based on historic performance as well as expectations about future use, and therefore requires estimates and assumptions ot be applied by management. Where the useful estimated life cannot be reliably estimated this is deemed to be a period of less than 10 years. Judgement is applied by management when determining the residual values for intangible assets. When determining the residual value, management aims to assess the amount that the Company would currently obtain for the disposal of the assrt with reference to external market prices where available.
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
3.Judgments in applying accounting policies (continued)
The recognition of the deferred tax asset is based upon whether there will be sufficient taxable profits available in the future, against which the reversal of temporary differences can be deducted. Recognition involves judgment regarding the future financial performance of the Company. Leases IFRS 16 requires management to apply judgement in determining what classifies as a lease, calculating the lease life and using an appropriate discount rate when calculating the lease liability.
Analysis of turnover by country of destination:
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
10.Taxation (continued)
The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the United Kingdom will increase from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Assets in the course of construction have not been depreciated until the asset is brought into use.
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 32
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Profit and loss account
The Company has a contingent liability of £20,000 (2021: £20,000) to its bankers under a counter indemnity in respect of value added tax.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £199,602 (2021: £175,524).
Contributions totalling £21,867 (2021: £19,142) were payable to the fund at the Balance Sheet date and are included in other creditors.
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HAM-LET CFS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
At the year end the Company was a wholly owned subsidiary of Ultra Clean Holdings Inc, and has taken advantage of the exemption from IAS 24 Related Party Transactions under Financial Reporting Standard 101 to not disclose related party transactions between entities that are wholly owned.
At the year end, the ultimate parent Company and controlling party is Ultra Clean Holdings Inc, a Company incorporated in USA and listed on the New York Stock Exchange.
The largest and smallest group in which the results are consolidated is that headed by Ultra Clean Holdings Inc. Copies of the financial statements may be obtained from UCT, 26462 Corporate Avenue, Hayward, CA 94545, USA.
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