Company registration number SC176095 (Scotland)
Hutchison Technologies Limited
Annual report and financial statements
for the year ended 30 June 2023
Hutchison Technologies Limited
Company information
Directors
B Hutchison
M Hutchison
Secretary
B Hutchison
Company number
SC176095
Registered office
Innovation Centre
1 Harrison Road
Dundee
DD2 3SN
Auditor
Henderson Loggie LLP
The Vision Building
20 Greenmarket
Dundee
DD1 4QB
Bankers
Royal Bank of Scotland
Kingsway Circus Branch
277 Strathmartine Road
Dundee
DD3 8NS
Solicitors
Lindsays
Seabraes House
18 Greenmarket
Dundee
DD1 4QB
Hutchison Technologies Limited
Contents
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 31
Hutchison Technologies Limited
Strategic Report
for the year ended 30 June 2023
- 1 -
The directors present the strategic report for the year ended 30 June 2023.
Review of the business
Hutchison Technologies Ltd has a diverse range of products, services and operations, some complement each other whilst others are completely unrelated. The directors are satisfied the performance is in line with expectations and projections.
Principal risks and uncertainties
The core commercial activities of the company largely stopped at the start of the COVID-19 pandemic, however the company leveraged it’s medial products manufacturing and supply chain capability to supply the NHS, Department of Health and Social Care and the Care Sector during the Pandemic.
Post pandemic, the Ukraine war, inflation leading to a cost-of-living crisis, economic recession and higher interest rates has impacted on growth and recovery. However, we are now seeing positive signs of industry growth and investment in the various sectors in which we operate.
The demand for high volumes of In-Vitro Diagnostics products needed during the pandemic no longer exists and the company has returned to pre-pandemic operations. This has resulted in a decrease in year-on-year turnover to pre-pandemic levels in line with expectations.
The company is however experiencing steady growth and expects this will continue as business confidence returns in the sectors in which it operates.
Results and performance
Sales revenue in the year was £15.5m, a decrease on last year of £4.7m. The aforementioned reduction in pandemic supplies and the planned move of European revenues to elsewhere in the group being the root causes. Therefore in light of economic conditions and uncertainty the sales revenue was in line with expectations.
The company has continued to develop new products and services and the business development investments are already providing a return on investment.
The company operates in the following areas:
Design, development, producing, installing and maintaining technology solutions throughout the UK and Mainland Europe. This includes, but is not limited to, telecoms, networks, access control, digital passes, audio, visual, feature and architectural lighting.
Design and manufacture of Smart Energy products primarily for the UK rollout of Smart Metering.
Electronic design support of medical devices.
Manufacturing and supply of drug delivery and medical training devices.
Software development of own brand software products such as Breezin and customer products.
Our clients have a choice, and we are proud they choose us. We cherish our long-standing client relationships, and our business is unwaveringly focused on delivering exceptional service to old and new customers.
Hutchison International has continually invested to retain ISO13485, ISO9001, ISO27001, ISO22301, ISO14001 and ISO45001 accreditation.
The business has continued to invest in several research and development programmes, particularly those relating to smart energy and digital NFC pass management products.The business has contracts to supply smart energy products to large UK energy retailers, and sales will increase in 2024 and 2025.
The medical devices sector was identified as a key area of diversification, and the business has secured contracts and orders to manufacture devices. There are numerous customer orders to fulfil in 2024 and we expect to see continued growth in future years.
The business continually diversifies and seeks new opportunities to deliver future planned growth.
Hutchison Technologies Limited
Strategic Report (continued)
for the year ended 30 June 2023
- 2 -
Financial Instruments
Treasury operations and financial instruments
The company's operations expose it to various financial risks, including the effects of changes in debt, market prices, credit risk, liquidity risk, and interest risk. The company has a risk management programme that seeks to limit the adverse effects of its financial performance by monitoring levels of debt finance and related finance costs. The company does not use derivative financial instruments to manage interest rate costs, so no hedge accounting is applied.
Given the size of the company, the directors have not delegated the responsibility of managing financial risk management to a subcommittee. The company's finance department implements the policies set out by the directors.
Liquidity Risk
The company manages its cash and borrowing requirements to maximise interest income and minimise interest expense while ensuring sufficient liquid resources to meet the business's operating needs.
Interest Rate Risk
The company has interest-bearing assets and interest-bearing liabilities. Interest-bearing assets include cash balances that earn interest at a fixed rate. Interest-bearing liabilities include bank overdrafts and loan balances. The company has a policy of maintaining debt at a fixed rate to ensure certainty of future interest cash flows. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.
Foreign Currency Risk
The company is exposed to commodity foreign currency risk due to its operations. However, given the size of the company's operations, the cost of managing exposure to commodity price risk exceeds any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature. The company has no exposure to equity securities risk as it holds no listed investments.
Credit Risk
The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to a limit, which the directors and leadership team reassess on a regular basis.
Hutchison Technologies Limited
Strategic Report (continued)
for the year ended 30 June 2023
- 3 -
Future Developments
The company has continued to invest in a new head office and warehouse storage facility. The warehouse is already fully operational, while the fit-out of the new head offices is expected to be completed in 2024. Once completed, all staff will transfer to the new facility.
Hutchison Technologies Ltd has invested in a new Service and Support management IT system and has strengthened the Service Department Management Team which has already improved service revenues and profitability.
The company branding, website URL and website have all been refreshed.
The fleet of Field Engineering vehicles has undergone a renewal program with all vehicles furnished with new equipment and improved stock levels. All vehicles in the fleet are ULEZ compliant and wherever feasible fully electric.
Hutchison has released new smart energy products and developed others which will be launched imminently. The customers for this product line have seen large increases in contract call off orders and are working on new opportunities to sell into different markets which represents significant growth potential for Hutchison.
The medical products contract manufacturing division is undergoing a rebranding with a new website to be launched shortly under a new brand name of Moda Tech with a sub brand to follow later Moda Care. Through commercial partners, the company manufactures products for a number of Global Pharma and Drug Delivery Devices brands. The devices manufactured range from Intranasal Mucosal Atomisation Devices to Auto Injector Devices and Wearable Insulin Pumps.
The company has developed Breezin, a new cloud-based software platform for digital wallet NFC pass creation, management, fulfilment and access control. Following a successful launch event at Apple UK Head Office, the company has successfully onboarded two large customers and is building a team to manage the commercialisation of the platform.
The company is investing in a refresh of the Hutchison owned Evoson brand audio products and will be improving existing products and extending the product range. The intention is to establish additional sales channels and increase product sales of Evoson branded products.
The Chinese representative office has been changed to an incorporated Chinese company and the management team is being strengthened to facilitate growth as an independent entity.
The company continually looks at product lines outside its historical core business. It has diversified successfully into the manufacturing and sale of smart energy products, medical products, medical training devices, and NFC Digital Pass management. The company is expected to continue with extensive research and development investment to further develop these current product lines and other potential profitable product lines or opportunities as identified.
Hutchison Technologies Limited
Strategic Report (continued)
for the year ended 30 June 2023
- 4 -
Key Performance Indicators
Key performance indicators include the monitoring of the operating and financial performance of the company by the management team. The KPIs as adopted by the company are as follows:-
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B Hutchison
Director
21 August 2024
Hutchison Technologies Limited
Directors' report
for the year ended 30 June 2023
- 5 -
The directors present their annual report and financial statements for the year ended 30 June 2023.
Principal activities
The principal activity of the company continued to be that of the design, supply, installation and ongoing maintenance of:
Results and dividends
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
B Hutchison
M Hutchison
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Strategic Report
Included within the strategic report is an indication of the principal risks and uncertainties including the risks associated with the market conditions, credit and counterparty risk, liquidity risk, and cash flow exchange risk. Also included is the methods adopted to manage these risks where applicable.
On behalf of the board
B Hutchison
Director
21 August 2024
Hutchison Technologies Limited
Directors' responsibilities statement
for the year ended 30 June 2023
- 6 -
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.
Hutchison Technologies Limited
Independent auditor's report
to the members of Hutchison Technologies Limited
- 7 -
Opinion
We have audited the financial statements of Hutchison Technologies Limited (the 'company') for the year ended 30 June 2023 which comprise the statement of comprehensive income, the balance sheet, 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 30 June 2023 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.
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.
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.
Hutchison Technologies Limited
Independent auditor's report (continued)
to the members of Hutchison Technologies Limited
- 8 -
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' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In 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 and the directors' report.
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 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' responsibilities statement, 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.
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, are detailed below.
As part of our planning process:
We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. Management informed us that there were no instances of known, suspected or alleged fraud;
We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: Health and safety; the Data Protection Act 2018; employment law (including payroll and pension regulations); and compliance with the UK Companies Act;
We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetrated, and tailored our risk assessment accordingly; and
Hutchison Technologies Limited
Independent auditor's report (continued)
to the members of Hutchison Technologies Limited
- 9 -
Using our knowledge of the company, together with the discussions held with management at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
Enquiries with management about any known or suspected instances of non-compliance with laws and regulations and fraud;
Reviewing management team meeting minutes;
Identifying and discussing key policies and procedures in place over data protection and health and safety;
Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to the carrying value of tangible and intangible fixed assets, and trade debtors, along with the estimation of accruals and deferred income; and
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
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.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Blair Davidson
Senior Statutory Auditor
For and on behalf of Henderson Loggie LLP
21 August 2024
Chartered Accountants
Statutory Auditor
The Vision Building
20 Greenmarket
Dundee
DD1 4QB
Hutchison Technologies Limited
Statement of comprehensive income
for the year ended 30 June 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
15,509,800
20,192,560
Cost of sales
(10,026,958)
(12,404,261)
Gross profit
5,482,842
7,788,299
Administrative expenses
(5,094,213)
(4,917,312)
Other operating income
210,474
6,818
Operating profit
4
599,103
2,877,805
Interest payable and similar expenses
7
(165,855)
(106,237)
Amounts written off investments
8
-
(326,760)
Profit before taxation
433,248
2,444,808
Tax on profit
9
(64,515)
(463,541)
Profit for the financial year
368,733
1,981,267
The profit and loss account has been prepared on the basis that all operations are continuing operations.
Hutchison Technologies Limited
Balance sheet
as at 30 June 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
5,792
5,792
Tangible assets
12
5,575,696
4,055,293
Investments
13
6
6
5,581,494
4,061,091
Current assets
Stocks
14
1,984,979
1,422,183
Debtors
15
3,762,003
5,126,848
Cash at bank and in hand
2,078,769
6,426,416
7,825,751
12,975,447
Creditors: amounts falling due within one year
16
(4,170,270)
(8,369,758)
Net current assets
3,655,481
4,605,689
Total assets less current liabilities
9,236,975
8,666,780
Creditors: amounts falling due after more than one year
17
(658,312)
(849,557)
Provisions for liabilities
Deferred tax liability
20
(881,264)
(488,557)
(881,264)
(488,557)
Net assets
7,697,399
7,328,666
Capital and reserves
Called up share capital
23
50,002
50,002
Revaluation reserve
24
202,601
202,601
Profit and loss reserves
25
7,444,796
7,076,063
Total equity
7,697,399
7,328,666
The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
B Hutchison
Director
Company Registration No. SC176095
Hutchison Technologies Limited
Statement of changes in equity
for the year ended 30 June 2023
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2021
50,002
202,601
5,094,796
5,347,399
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
-
1,981,267
1,981,267
Balance at 30 June 2022
50,002
202,601
7,076,063
7,328,666
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
368,733
368,733
Balance at 30 June 2023
50,002
202,601
7,444,796
7,697,399
Hutchison Technologies Limited
Notes to the financial statements
for the year ended 30 June 2023
- 13 -
1
Accounting policies
Company information
Hutchison Technologies Limited is a private company limited by shares incorporated in Scotland. The registered office is Innovation Centre, 1 Harrison Road, Dundee, DD2 3SN.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified to include the revaluation of freehold properties. 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. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of Hutchison Limited. These consolidated financial statements are available from its registered office, 15 Luna Place, Dundee Technology Park, Dundee, DD2 1TP.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the financial projections, forecast future cash flows and the impact of subsequent events and contingent liabilities in making their assessment. The directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from rising input costs and the economic conditions in the UK. This analysis also considers the effectiveness of available measures to assist in mitigating the impact. true
Based on these assessments and having regard to the resources available to the company, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Hutchison Technologies Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
1
Accounting policies (continued)
- 14 -
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
On completion of the underlying development project, 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
20% - 33% straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Freehold land and buildings
2% straight line
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computers
20% straight line
Motor vehicles
20% straight line
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.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Hutchison Technologies Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
1
Accounting policies (continued)
- 15 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or 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.
Hutchison Technologies Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
1
Accounting policies (continued)
- 16 -
1.11
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 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 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 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.
Hutchison Technologies Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
1
Accounting policies (continued)
- 17 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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 payments 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 creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
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 through 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 profit and loss account 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.
Hutchison Technologies Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
1
Accounting policies (continued)
- 18 -
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 profit and loss account, 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
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 fixed 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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Hutchison Technologies Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
1
Accounting policies (continued)
- 19 -
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Hutchison Technologies Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
- 20 -
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Depreciation
Intangible assets and property, plant and equipment are amortised or depreciated over their useful lives. Useful lives are based on management's estimates of the period that the assets will generate revenue, which are periodically reviewed for continued appropriateness.
Changes to estimates can result in significant variations in the amounts charged to the income statement in specific periods.
Stock Provision
In arriving at the valuation of stock it may be necessary for management to make an assessment over the carrying value of stock items and where applicable apply a provision to amend this carrying value to a more accurate level. These provisions are arrived at using management's knowledge and understanding of the business and the industry in which it operates and focuses on potentially obsolete or old items for which the full value may no longer be recoverable.
Bad Debt Provision
During the course of the year and during the year end process management are required to determine whether any debts should be regarded as bad debts. This process is based on their knowledge of the business coupled with post year end information identifying debts not recovered relating to the previous financial period.
Accruals
Management estimate requirements for accruals using post year end information and information available from detailed budgets. This identifies costs and income that are expected to be incurred or received for goods services provided by and to other parties. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future.
3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
6,669,359
7,061,804
Rendering of services
8,840,441
13,130,756
15,509,800
20,192,560
Hutchison Technologies Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
3
Turnover (continued)
- 21 -
2023
2022
£
£
Turnover analysed by geographical market
UK
14,982,176
18,967,272
Overseas
527,624
1,225,288
15,509,800
20,192,560
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(6,129)
44,246
Research and development costs
22,785
-
Fees payable to the company's auditor for the audit of the company's financial statements
24,000
18,000
Depreciation of owned tangible fixed assets
146,880
169,264
(Profit)/loss on disposal of tangible fixed assets
(31,033)
1,013
Amortisation of intangible assets
-
273,488
Impairment of intangible assets
372,213
(Profit)/loss on disposal of intangible assets
-
38,933
Operating lease charges
441,458
155,489
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
104
105
2023
2022
£
£
Wages and salaries
4,679,117
4,161,933
Social security costs
487,683
500,029
Pension costs
312,360
272,340
5,479,160
4,934,302
Hutchison Technologies Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
- 22 -
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
316,478
308,875
Company pension contributions to defined contribution schemes
32,249
29,700
348,727
338,575
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
172,688
161,687
Company pension contributions to defined contribution schemes
17,420
13,920
Directors and Key Management Personnel are considered to be the same individuals. As such no additional disclosures have been made in the related party disclosures at note 28.
7
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
138,054
34,381
Interest on finance leases and hire purchase contracts
30,542
65,381
Other interest
(2,741)
6,475
165,855
106,237
8
Amounts written off investments
2023
2022
£
£
Amounts written back to/(written off) current loans
-
(286,035)
Other gains and losses
-
(40,725)
-
(326,760)
Hutchison Technologies Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
- 23 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(178,545)
292,209
Adjustments in respect of prior periods
(149,647)
Total current tax
(328,192)
292,209
Deferred tax
Origination and reversal of timing differences
356,012
171,332
Adjustment in respect of prior periods
36,695
Total deferred tax
392,707
171,332
Total tax charge
64,515
463,541
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
433,248
2,444,808
Expected tax charge based on the standard rate of corporation tax in the UK of 21% (2022: 19%)
88,816
464,514
Tax effect of expenses that are not deductible in determining taxable profit
5,889
16,692
Tax effect of utilisation of tax losses not previously recognised
99,951
Adjustments in respect of prior years
(149,647)
Depreciation on assets not qualifying for tax allowances
6,395
5,929
Research and development tax credit
(75,826)
(122,731)
Other non-reversing timing differences
(81)
(75)
Deferred tax adjustments in respect of prior years
36,695
Deferred tax change in rate
64,141
41,120
Super-deduction
(11,818)
(18,457)
Prior period adjustment
76,549
Taxation charge for the year
64,515
463,541
On 3 March 2021, the UK Budget 2021 announcements included measures to support economic recovery as a result of the COVID-19 pandemic. These included an increase to the UK’s main corporation tax rate to 25%, which became effective from 1 April 2023. The 25% rate was granted Royal Assent on 10 June 2021 and so was substantively enacted at the balance sheet date. As a result the closing deferred tax balances as at 30 June 2023 are recognised at 25% (2022 - 25%) and the corporation tax rate effective in the period has been apportioned between the previous rate of 19% and the new rate of 25% at 20.5% (2022 - 19%).
Hutchison Technologies Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
- 24 -
10
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2023
2022
Notes
£
£
In respect of:
Intangible assets
11
372,213
Investments in associates
13
-
40,725
Recognised in:
Administrative expenses
-
372,213
Amounts written off investments
-
40,725
The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
11
Intangible fixed assets
Development costs
£
Cost
At 1 July 2022 and 30 June 2023
2,155,258
Amortisation and impairment
At 1 July 2022 and 30 June 2023
2,149,466
Carrying amount
At 30 June 2023
5,792
At 30 June 2022
5,792
More information on impairment movements in the year is given in note 10.
Hutchison Technologies Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
- 25 -
12
Tangible fixed assets
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 July 2022
1,046,938
2,813,464
60,908
63,780
413,508
605,946
5,004,544
Additions
1,547,470
4,992
80,464
34,357
1,667,283
Disposals
(75,345)
(75,345)
At 30 June 2023
1,046,938
4,360,934
60,908
68,772
493,972
564,958
6,596,482
Depreciation and impairment
At 1 July 2022
93,626
51,300
51,122
303,336
449,867
949,251
Depreciation charged in the year
30,809
4,337
6,945
52,740
52,049
146,880
Eliminated in respect of disposals
(75,345)
(75,345)
At 30 June 2023
124,435
55,637
58,067
356,076
426,571
1,020,786
Carrying amount
At 30 June 2023
922,503
4,360,934
5,271
10,705
137,896
138,387
5,575,696
At 30 June 2022
953,312
2,813,464
9,608
12,658
110,172
156,079
4,055,293
Hutchison Technologies Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
- 26 -
Certain land and buildings were revalued at October 2001 by D.M.Hall Chartered Surveyors. The directors consider that there have been no significant changes at 30 June 2023.
If revalued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2023
2022
£
£
Cost
409,863
409,863
Accumulated depreciation
(40,986)
(32,789)
Carrying value
368,877
377,074
13
Fixed asset investments
2023
2022
£
£
Unlisted investments
6
6
14
Stocks
2023
2022
£
£
Finished goods and goods for resale
1,984,979
1,422,183
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
930,561
1,970,348
Amounts owed by group undertakings
147,425
Amounts owed by undertakings in which the company has a participating interest
51,151
58,594
Other debtors
2,068,576
2,714,539
Prepayments and accrued income
564,290
383,367
3,762,003
5,126,848
Hutchison Technologies Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
- 27 -
16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
18
793,601
3,799,405
Obligations under finance leases
19
192,205
413,670
Other borrowings
18
73,310
Trade creditors
881,305
1,186,816
Corporation tax
266,819
632,384
Other taxation and social security
144,536
1,180,102
Deferred income
21
1,104,719
609,223
Other creditors
392,182
381,792
Accruals
321,593
166,366
4,170,270
8,369,758
17
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
18
383,334
583,334
Obligations under finance leases
19
74,018
266,223
Other borrowings
18
200,960
658,312
849,557
18
Loans and overdrafts
2023
2022
£
£
Bank loans
583,334
783,334
Bank overdrafts
593,601
3,599,405
Other loans
274,270
1,451,205
4,382,739
Payable within one year
866,911
3,799,405
Payable after one year
584,294
583,334
The bank overdraft is secured by a bond and floating charge over the assets of the company, together with a standard security over the property at 1 Harrison Road, Dundee, DD2 3SN, in favour of The Royal Bank of Scotland plc.
Hutchison Technologies Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
18
Loans and overdrafts (continued)
- 28 -
A bank loans amounting to £1,000,000 was drawn during 2020 and is repayable in monthly instalments, attracts interest at 4.0% above bank base rate and is due to be repaid by May 2026. At the year end £583,334 (2022 - £783,334) was due to be repaid.
A loan amounting to £347,730 was drawn down during 2022 and is repayable in quarterly instalments, and is due to be repaid by September 2027. At the year end £274,270 (2022 - nil) was due to be repaid.
19
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
192,205
413,670
In two to five years
74,018
266,223
266,223
679,893
Finance lease payments represent rentals payable by the company for certain items of plant and machinery and intellectual property. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
888,748
507,488
Tax losses
(2,832)
-
Provisions
(4,652)
(18,931)
881,264
488,557
2023
Movements in the year:
£
Liability at 1 July 2022
488,557
Charge to profit or loss
392,707
Liability at 30 June 2023
881,264
Hutchison Technologies Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
- 29 -
21
Deferred income
2023
2022
£
£
Arising from government grants
250,000
250,000
Other deferred income
854,719
359,223
1,104,719
609,223
Grants totalling £250,000 were received between 2018 and 2022 in relation to the development of the companies new headquarters at Luna Place, Dundee. This grant will be released in line with depreciation on the premises once it has been completed and is in use.
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
312,360
272,340
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.
23
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,002
50,002
50,002
50,002
Each ordinary share carries one vote and ranks equally with all other shares.
24
Revaluation reserve
This reserve represents the value at which the land and buildings assets are held after revaluation over the cost of the assets.
25
Profit and loss reserves
This reserve records the retained earnings and accumulated losses.
26
Financial commitments, guarantees and contingent liabilities
In 2012 the company entered a tax planning arrangement provided by previous tax advisors. Subsequent to the 2023-year end and following wider challenges by HMRC of this tax planning arrangement, Hutchison Technologies Limited approached HMRC to understand the companies potential tax exposure were HMRC’s challenges substantiated. The provisional figure received from HMRC amounts to £1,750,000. The details supporting this HMRC figure have yet to be provided and verified and the assessments made by HMRC are still open to challenge through appropriate tax tribunal. With no certainty as to timing or outcome of these proceedings the Directors deem it inappropriate at this stage to recognise a provision for these amounts.
Hutchison Technologies Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
- 30 -
27
Operating lease commitments
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:
2023
2022
£
£
Within one year
156,088
134,315
Between two and five years
207,215
283,808
363,303
418,123
28
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
2023
2022
£
£
Entities over which the entity has control, joint control or significant influence
86,999
78,815
Other related parties
4,368,240
4,138,320
Rent paid
2023
2022
£
£
Entities over which the entity has control, joint control or significant influence
250,000
-
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
51,151
58,594
Other related parties
867,377
1,772,851
Hutchison Technologies Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
- 31 -
29
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director 1
-
222,781
37,315
260,096
Director 2
-
178,974
62,364
241,338
401,755
99,679
501,434
30
Ultimate controlling party
The ultimate controlling party is B. Hutchison, a director of the company. The immediate parent is Hutchison Limited (company number SC702923). The parent company is registered at 15 Luna Place, Dundee Technology Park, Dundee, DD2 1TP.
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