Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31192023-01-01falseis of a coatings manufacturer15falsetrue 04386890 2023-01-01 2023-12-31 04386890 2022-01-01 2022-12-31 04386890 2023-12-31 04386890 2022-12-31 04386890 1 2023-01-01 2023-12-31 04386890 d:Director4 2023-01-01 2023-12-31 04386890 c:Buildings c:LongLeaseholdAssets 2023-01-01 2023-12-31 04386890 c:Buildings c:LongLeaseholdAssets 2023-12-31 04386890 c:Buildings c:LongLeaseholdAssets 2022-12-31 04386890 c:PlantMachinery 2023-01-01 2023-12-31 04386890 c:PlantMachinery 2023-12-31 04386890 c:PlantMachinery 2022-12-31 04386890 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04386890 c:FurnitureFittings 2023-01-01 2023-12-31 04386890 c:FurnitureFittings 2023-12-31 04386890 c:FurnitureFittings 2022-12-31 04386890 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04386890 c:OfficeEquipment 2023-01-01 2023-12-31 04386890 c:OfficeEquipment 2023-12-31 04386890 c:OfficeEquipment 2022-12-31 04386890 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04386890 c:ComputerEquipment 2023-01-01 2023-12-31 04386890 c:ComputerEquipment 2023-12-31 04386890 c:ComputerEquipment 2022-12-31 04386890 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04386890 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04386890 c:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 04386890 c:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 04386890 c:Goodwill 2023-12-31 04386890 c:Goodwill 2022-12-31 04386890 c:CurrentFinancialInstruments 2023-12-31 04386890 c:CurrentFinancialInstruments 2022-12-31 04386890 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 04386890 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 04386890 c:ShareCapital 2023-12-31 04386890 c:ShareCapital 2022-12-31 04386890 c:RetainedEarningsAccumulatedLosses 2023-12-31 04386890 c:RetainedEarningsAccumulatedLosses 2022-12-31 04386890 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04386890 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04386890 c:TaxLossesCarry-forwardsDeferredTax 2023-12-31 04386890 c:TaxLossesCarry-forwardsDeferredTax 2022-12-31 04386890 d:OrdinaryShareClass1 2023-01-01 2023-12-31 04386890 d:OrdinaryShareClass1 2023-12-31 04386890 d:FRS102 2023-01-01 2023-12-31 04386890 d:Audited 2023-01-01 2023-12-31 04386890 d:FullAccounts 2023-01-01 2023-12-31 04386890 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04386890 c:WithinOneYear 2023-12-31 04386890 c:WithinOneYear 2022-12-31 04386890 c:BetweenOneFiveYears 2023-12-31 04386890 c:BetweenOneFiveYears 2022-12-31 04386890 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04386890 2 2023-01-01 2023-12-31 04386890 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 04386890














HI-TECH COATINGS INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
HI-TECH COATINGS INTERNATIONAL LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 8


 
HI-TECH COATINGS INTERNATIONAL LIMITED
REGISTERED NUMBER:04386890

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
16,282
326,616

Current assets
  

Stocks
  
-
818,093

Debtors: amounts falling due within one year
 6 
526,922
1,614,540

Cash at bank and in hand
  
3,104,043
1,214,274

  
3,630,965
3,646,907

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(450,036)
(411,376)

Net current assets
  
 
 
3,180,929
 
 
3,235,531

  

Net assets
  
3,197,211
3,562,147


Capital and reserves
  

Called up share capital 
 9 
1,000
1,000

Profit and loss account
  
3,196,211
3,561,147

  
3,197,211
3,562,147


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 August 2024.




F J Sonnemans
Director

The notes on pages 2 to 8 form part of these financial statements.
Page 1

 
HI-TECH COATINGS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Hi-Tech Coatings International Limited is a private limited liability company incorporated in England and Wales. The registered office and principal place of business address is at 3rd floor 1 Ashley Road, Altrincham, Cheshire,  WA14 2DT.
The principal activity of the company during the year was that of manufacturers of functional coatings used in the production of printed articles.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

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

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

Turnover

Turnover comprises revenue recognised by the company in respect of goods sold and licence fees received during the year, exclusive of Value Added Tax.
Turnover for goods sold is recognised on despatch to customer and licence fees are recognised on licensee production of licenced products.
 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Page 2

 
HI-TECH COATINGS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 3

 
HI-TECH COATINGS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Intangible fixed assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, both reducing balance and straight line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the first ten years of the lease
Plant and machinery
-
25% reducing balance and 10% straight line
Fixtures and fittings
-
25% reducing balance and 20% straight line
Laboratory equipment
-
25% reducing balance and 20% straight line
Computer equipment
-
20% staright line

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Basic financial instruments

The company enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash and cash equivalents, and loans with related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
 
Page 4

 
HI-TECH COATINGS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Basic financial instruments (continued)

Cash and cash equivalents comprise cash balances and call deposits.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 - 19).


4.


Intangible assets




Intellectual Property
Goodwill
Total

£
£
£



Cost


At 1 January 2023
162,127
650,468
812,595



At 31 December 2023

162,127
650,468
812,595



Amortisation


At 1 January 2023
162,127
650,468
812,595



At 31 December 2023

162,127
650,468
812,595



Net book value



At 31 December 2023
-
-
-



At 31 December 2022
-
-
-



Page 5

 
HI-TECH COATINGS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Fixtures and fittings
Laboratory equipment
Computer equipment
Total

£
£
£
£
£
£



Cost


At 1 January 2023
235,495
1,065,722
146,997
154,454
31,350
1,634,018


Additions
-
-
-
-
3,206
3,206


Disposals
(235,495)
(1,065,722)
(146,997)
(308)
(31,350)
(1,479,872)



At 31 December 2023

-
-
-
154,146
3,206
157,352



Depreciation


At 1 January 2023
182,621
836,903
135,064
137,382
15,432
1,307,402


Charge for the year on owned assets
8,477
47,261
3,366
3,928
5,801
68,833


Disposals
(191,098)
(884,164)
(138,430)
(293)
(21,180)
(1,235,165)



At 31 December 2023

-
-
-
141,017
53
141,070



Net book value



At 31 December 2023
-
-
-
13,129
3,153
16,282



At 31 December 2022
52,874
228,819
11,933
17,072
15,918
326,616


6.


Debtors

2023
2022
£
£


Trade debtors
227,670
1,561,264

Other debtors
16,634
-

Prepayments
48,962
19,244

Tax recoverable
88,598
34,032

Deferred taxation
145,058
-

526,922
1,614,540


Page 6

 
HI-TECH COATINGS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
45,610
325,447

Amounts owed to group undertakings
2,023
-

Other taxation and social security
14,107
6,188

Accruals and deferred income
388,296
79,741

450,036
411,376



8.


Deferred taxation




2023


£






Charged to profit or loss
145,058



At end of year
145,058

The deferred tax asset is made up as follows:

2023
2022
£
£


Decelerated capital allowances
61,520
-

Tax losses carried forward
83,538
-

145,058
-


9.


Share capital

2023
2022
£
£

Allotted, called up and fully paid



1,000 Ordinary shares of £1.00 each
1,000
1,000


Page 7

 
HI-TECH COATINGS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Pension commitments

The company contributes to a defined contribution pension scheme.The assets of the scheme are held
separately from those of the company in an independently administered fund. The pension cost charge
represents contributions payable by the company to the fund and amounted to £13,731 (2022 - £14,868).
At the Statement of Financial Position date the company owed £14,107 (2022 - £Nil) to the pension fund.


11.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
171,375
210,786

Later than 1 year and not later than 5 years
514,125
-

685,500
210,786


12.


Post balance sheet events

After the year end end the company ceased as manufacturers of functional coatings in the UK and thereafter became functional coatings agent for Hi-Tech Coatings International B.V., a company registered in Netherlands.


13.


Controlling party

Up until 24 January 2024, the company's immediate parent undertaking was ICP Industrial Europe Limited a company registered in England and Wales.
There was a group restructure on 24 January 2024 resulting in a change in the company's immediate parent undertaking to Stahl Netherlands B.V., a company registered in Netherlands. 
The company's ultimate parent undertaking is Wendel SE, a company registered in France.

14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 15 August 2024 by Martyn Atkinson FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 8