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REGISTERED NUMBER: 07521411 (England and Wales)














STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

HMS INDUSTRIAL NETWORKS LIMITED

HMS INDUSTRIAL NETWORKS LIMITED (REGISTERED NUMBER: 07521411)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2022




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


HMS INDUSTRIAL NETWORKS LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2022







DIRECTORS: C S Dahlstrom
K J Nideborn
D R Folley



SECRETARY: Goodwille Limited



REGISTERED OFFICE: C/O Goodwille Midlands
1 Chapel Street
Warwick
Warwickshire
CV34 4HL



REGISTERED NUMBER: 07521411 (England and Wales)



SENIOR STATUTORY AUDITOR: Steven Mugglestone



AUDITORS: Michael Harwood & Co
Chartered Accountants and Statutory Auditors
Greville House
10 Jury Street
Warwick
Warwickshire
CV34 4EW

HMS INDUSTRIAL NETWORKS LIMITED (REGISTERED NUMBER: 07521411)

STRATEGIC REPORT
for the Year Ended 31 December 2022

The directors present their strategic report for the year ended 31 December 2022.

REVIEW OF BUSINESS
The company has had another good trading year, in providing communication products which enable industrial machines and devices to communicate.

The company is part of a larger group of companies that operate in sixteen different countries and has a distribution network located in more than 50 countries.

The company has made good progress to date in building a share of the UK market, selling the Group's key products, namely Anybus, IXAAT, eWon and Intesis.

PRINCIPAL RISKS AND UNCERTAINTIES
The main business risk facing the company is that having built up a respectable share of the UK market for the Group's products, that it continues to achieve year on year growth. It manages to reduce this risk by attending trade exhibitions where it can demonstrate its products. The company is an active member of the PROFIBUS Trade Organisation and through its Anybus product range it works in close co-operation with several of the world's leading manufactures such as Rockwell Automation, Siemens, Schneider Electric, ABB, Toshiba, Sony, Panasonic and actively participates with their respective partner programs around the world.

The company is part of a sizeable group of companies whose consolidated revenue in the 2022 calendar year was in excess of 2,506 million SEK (approximately £199.17 million). The UK company is very closely monitored and supported by the group whose headquarters are based in Sweden.

ON BEHALF OF THE BOARD:





K J Nideborn - Director


5 October 2023

HMS INDUSTRIAL NETWORKS LIMITED (REGISTERED NUMBER: 07521411)

REPORT OF THE DIRECTORS
for the Year Ended 31 December 2022

The directors present their report with the financial statements of the company for the year ended 31 December 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of manufacture, sale and support of network communication products which enable industrial machines and devices to communicate.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2022 will be £ 160,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

C S Dahlstrom
K J Nideborn

Other changes in directors holding office are as follows:

D R Folley - appointed 1 January 2022

BASIS OF PREPARATION OF THE ACCOUNTS
Due to the continued support of the HMS Industrial Networks Group, the directors consider that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the going concern basis has been adopted in preparing these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
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.

HMS INDUSTRIAL NETWORKS LIMITED (REGISTERED NUMBER: 07521411)

REPORT OF THE DIRECTORS
for the Year Ended 31 December 2022


AUDITORS
The auditors, Michael Harwood & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





K J Nideborn - Director


5 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HMS INDUSTRIAL NETWORKS LIMITED

Opinion
We have audited the financial statements of HMS Industrial Networks Limited (the 'company') for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2022 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 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HMS INDUSTRIAL NETWORKS LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors 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.

As part of our audit procedures, we evaluate the high-risk areas of the assignment that could potentially result in a material misstatement within the accounts. Such risky areas include revenue recognition, management override, recoverability of current assets and understatement of liabilities. We mitigate these risks by a combination of:
- obtaining independent third-party evidence
- performing analytical procedures to ensure the accounts appear reasonable
- physical verification of assets
- maintaining an air of professional scepticism throughout the audit process
- challenging management regarding the basis of accounting policies and estimates in the accounts.

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 Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Steven Mugglestone (Senior Statutory Auditor)
for and on behalf of Michael Harwood & Co
Chartered Accountants and Statutory Auditors
Greville House
10 Jury Street
Warwick
Warwickshire
CV34 4EW

12 October 2023

HMS INDUSTRIAL NETWORKS LIMITED (REGISTERED NUMBER: 07521411)

STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 31 December 2022

31.12.22 31.12.21
Notes £    £   

TURNOVER 1,668,994 1,144,878

Cost of sales 24,069 50,086
GROSS PROFIT 1,644,925 1,094,792

Administrative expenses 1,454,554 1,036,639
OPERATING PROFIT 5 190,371 58,153

Interest receivable and similar income 104 38
PROFIT BEFORE TAXATION 190,475 58,191

Tax on profit 6 42,833 12,546
PROFIT FOR THE FINANCIAL YEAR 147,642 45,645

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

147,642

45,645

HMS INDUSTRIAL NETWORKS LIMITED (REGISTERED NUMBER: 07521411)

BALANCE SHEET
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 - -
Investments 9 649,868 -
649,868 -

CURRENT ASSETS
Debtors 10 86,326 256,493
Cash at bank 3,241 12,697
89,567 269,190
CREDITORS
Amounts falling due within one year 11 495,685 88,082
NET CURRENT (LIABILITIES)/ASSETS (406,118 ) 181,108
TOTAL ASSETS LESS CURRENT
LIABILITIES

243,750

181,108

CREDITORS
Amounts falling due after more than one year 12 75,000 -
NET ASSETS 168,750 181,108

CAPITAL AND RESERVES
Called up share capital 13 1 1
Retained earnings 14 168,749 181,107
SHAREHOLDERS' FUNDS 168,750 181,108

The financial statements were approved by the Board of Directors and authorised for issue on 5 October 2023 and were signed on its behalf by:





K J Nideborn - Director


HMS INDUSTRIAL NETWORKS LIMITED (REGISTERED NUMBER: 07521411)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 December 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 January 2021 1 135,462 135,463

Changes in equity
Total comprehensive income - 45,645 45,645
Balance at 31 December 2021 1 181,107 181,108

Changes in equity
Dividends - (160,000 ) (160,000 )
Total comprehensive income - 147,642 147,642
Balance at 31 December 2022 1 168,749 168,750

HMS INDUSTRIAL NETWORKS LIMITED (REGISTERED NUMBER: 07521411)

CASH FLOW STATEMENT
for the Year Ended 31 December 2022

31.12.22 31.12.21
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 248,820 86,496
Tax paid (12,546 ) (8,395 )
Net cash from operating activities 236,274 78,101

Cash flows from investing activities
Purchase of fixed asset investments (574,868 ) -
Interest received 104 38
Net cash from investing activities (574,764 ) 38

Cash flows from financing activities
Movement on group loan 489,034 (64,878 )
Equity dividends paid (160,000 ) -
Net cash from financing activities 329,034 (64,878 )

(Decrease)/increase in cash and cash equivalents (9,456 ) 13,261
Cash and cash equivalents at beginning of
year

2

12,697

(564

)

Cash and cash equivalents at end of year 2 3,241 12,697

HMS INDUSTRIAL NETWORKS LIMITED (REGISTERED NUMBER: 07521411)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 December 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.22 31.12.21
£    £   
Profit before taxation 190,475 58,191
Depreciation charges - 693
Finance income (104 ) (38 )
190,371 58,846
(Increase)/decrease in trade and other debtors (44,419 ) 22,124
Increase in trade and other creditors 102,868 5,526
Cash generated from operations 248,820 86,496

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 3,241 12,697
Year ended 31 December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 12,697 -
Bank overdrafts - (564 )
12,697 (564 )


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.22 Cash flow At 31.12.22
£    £    £   
Net cash
Cash at bank 12,697 (9,456 ) 3,241
12,697 (9,456 ) 3,241
Total 12,697 (9,456 ) 3,241

HMS INDUSTRIAL NETWORKS LIMITED (REGISTERED NUMBER: 07521411)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

HMS Industrial Networks Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Due to the continued support of the HMS Industrial Networks Group, the directors consider that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the going concern basis has been adopted in preparing these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 33.33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors 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 classed as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Pension costs and other post-retirement benefits
The company makes contributions to a personal pension plan for certain of its employees and these contributions are charged as an expense as they fall due.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

HMS INDUSTRIAL NETWORKS LIMITED (REGISTERED NUMBER: 07521411)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

3. ACCOUNTING POLICIES - continued

Taxation
The tax expense represents the sum of the tax currently payable and which is based on the profit for the year. Taxable profit differs from net profit reported in the Statement of Comprehensive Income 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.

4. EMPLOYEES AND DIRECTORS
31.12.22 31.12.21
£    £   
Wages and salaries 703,562 556,917
Social security costs 75,482 59,946
Other pension costs 36,239 27,350
815,283 644,213

The average number of employees during the year was as follows:
31.12.22 31.12.21

Sales staff 10 8
Management 1 1
11 9

31.12.22 31.12.21
£    £   
Directors' remuneration 114,289 -

5. OPERATING PROFIT

The operating profit is stated after charging:

31.12.22 31.12.21
£    £   
Depreciation - owned assets - 693
Auditors' remuneration 2,000 2,000

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.22 31.12.21
£    £   
Current tax:
UK corporation tax 42,833 12,546
Tax on profit 42,833 12,546

7. DIVIDENDS
31.12.22 31.12.21
£    £   
Final 160,000 -

HMS INDUSTRIAL NETWORKS LIMITED (REGISTERED NUMBER: 07521411)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

8. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2022
and 31 December 2022 3,827 1,336 5,163
DEPRECIATION
At 1 January 2022
and 31 December 2022 3,827 1,336 5,163
NET BOOK VALUE
At 31 December 2022 - - -
At 31 December 2021 - - -

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 649,868
At 31 December 2022 649,868
NET BOOK VALUE
At 31 December 2022 649,868

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Control Specialists Ltd
Registered office: 1 Chapel Street, Warwick, CV34 4HL
Nature of business: Support of Network Communication Products
%
Class of shares: holding
Ordinary A, B & D, Shares 100.00
31.3.22 31.3.21
£    £   
Aggregate capital and reserves 343,071 298,774
Profit for the year 44,297 25,850

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Amounts owed by group undertakings - 214,586
Other debtors 48,502 9,176
VAT 28,022 18,505
Prepayments 9,802 14,226
86,326 256,493

HMS INDUSTRIAL NETWORKS LIMITED (REGISTERED NUMBER: 07521411)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade creditors 45,838 -
Amounts owed to group undertakings 274,448 -
Corporation tax 42,833 12,546
Social security and other taxes 24,704 23,685
Other creditors 35,410 18,185
Accrued expenses 72,452 33,666
495,685 88,082

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.22 31.12.21
£    £   
Other creditors 75,000 -

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 31.12.21
value: £    £   
1 Ordinary £1 1 1

14. RESERVES
Retained
earnings
£   

At 1 January 2022 181,107
Profit for the year 147,642
Dividends (160,000 )
At 31 December 2022 168,749

15. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate, and amounted to £36,239 during the year (2021 : £27,350).

16. OTHER FINANCIAL COMMITMENTS

At 31st December 2022, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £93,011 (2021: £23,172).

HMS INDUSTRIAL NETWORKS LIMITED (REGISTERED NUMBER: 07521411)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

17. RELATED PARTY DISCLOSURES

As at the Balance sheet date the company was owed the following balance by its Parent company, HMS Industrial Networks AB.


Amounts due on Loan Account £274,448
Total balance owed £274,448

Sales invoiced in the year to HMS Industrial Networks AB amounted to £1,668,994 (2021: £1,144,878).

Dividends amounting to £160,000 were paid during the year to the company's immediate parent company, HMS Industrial Networks AB.

18. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is HMS Industrial Networks AB, a company incorporated in Sweden, although the ultimate controlling company is HMS Network AB (publ) who are also incorporated in Sweden.