ULTRA PCS LIMITED

• ⚠

  Material uncertainty over going concern

  The Directors have given particular consideration to any risks and uncertainties caused by the acquisition of the Company and certain of its affiliates by Eaton Corporation plc, which was announced on 16 June 2025 for a purchase price of $1.55 billion. Completion of the acquisition is contingent upon receipt of approval from the relevant UK Government authority under the National Security and Investment Act 2021. This regulatory review is ongoing at the date of the signing of these accounts. That this regulatory review is ongoing and the acquisition is expected by the Directors to complete during the going concern review period together give rise to a material uncertainty that may cast significant doubt over the Company's ability to continue as a going concern given that, when the acquisition complete, the future plans for the business will be outside of the control of the current Directors. This is a consideration which is specific solely to the context of the agreed acquisition and in no way reflects the current financials and operational viability of the Company, an whilst there is uncertainty, given the unknown, the Directors expect the new owners to invest in and develop the Company's business given their understanding of the basis for the acquisition.

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Directors have given particular consideration to any risks and uncertainties caused by the acquisition of the Company and certain of its affiliates by Eaton Corporation plc, which was announced on 16 June 2025 for a purchase price of $1.55 billion. Completion of the acquisition is contingent upon receipt of approval from the relevant UK Government authority under the National Security and Investment Act 2021. This regulatory review is ongoing at the date of the signing of these accounts. That this regulatory review is ongoing and the acquisition is expected by the Directors to complete during the going concern review period together give rise to a material uncertainty that may cast significant doubt over the Company's ability to continue as a going concern given that, when the acquisition complete, the future plans for the business will be outside of the control of the current Directors. This is a consideration which is specific solely to the context of the agreed acquisition and in no way reflects the current financials and operational viability of the Company, an whilst there is uncertainty, given the unknown, the Directors expect the new owners to invest in and develop the Company's business given their understanding of the basis for the acquisition.”

Group structure

1. ULTRA PCS LIMITED · parent
   1. Ultra Electronics CEMS Limited 100% · England and Wales

Significant events

• “On 22 January 2025 the Company sold its UltraLynx product line to Invisio for £2.8m. £1.1m of development assets previously classified as non-current intangible assets have accordingly been reclassified as current assets.”
• “On 16 June 2025, Eaton Corporation plc acquired the Company and certain of its affiliates for a purchase price of $1.55 billion. Completion of the acquisition is contingent upon receipt of approval from the relevant UK Government authority under the National Security and Investment Act 2021.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

12

last 12 months

Capital events

1

last 24 months

Officers appointed

2

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +6.2%

  £126,166,017 → £134,031,966

• Cash

  +6.4%

  £44,828,928 → £47,714,212

• Net assets

  +224.1%

  £11,464,312 → £37,161,374

• Employees

  +4.6%

  417 → 436

• Operating profit

  +78.5%

  £17,940,900 → £32,015,610

• Profit before tax

  +118.4%

  £11,936,045 → £26,063,654

• Wages

  +8.6%

  £23,103,571 → £25,100,559

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers