Company Registration No. 08813062 (England and Wales)
AXALTA COATING SYSTEMS UK (2) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
AXALTA COATING SYSTEMS UK (2) LIMITED
COMPANY INFORMATION
Directors
J I Blenkinsopp
F Dolan
Company number
08813062
Registered office
Unit 1 Quadrant Park
Mundellls
Welwyn Garden City
Hertfordshire
AL7 1FS
Auditor
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
AXALTA COATING SYSTEMS UK (2) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 15
AXALTA COATING SYSTEMS UK (2) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their strategic report and the audited financial statements of the company for the year ended 31 December 2023.

Principal activities

The company operates as a financing company to the Axalta group by providing inter-company loans. This is not expected to change for the foreseeable future.

Review of the business

The company’s key financial performance indicators for the year were:

 

2023

$’000

2022

$’000

Change

%

Interest receivable

23,512

16,572

41.9%

Profit before taxation

23,409

16,484

42.0%

Profit for the financial year

17,953

16,473

9.0%

Total shareholders’ funds

447,629

429,676

4.2%

 

The entity financed the Axalta group by providing inter-company loans, receiving interest payments as applicable from its borrowers.

Axalta Coating Systems U.K. (2) Limited made a profit of $17,953k (2022: $16,473k) in the financial year with net assets of $447,629k (2022: $429,676k).

Supplier payment policy

The company recognises the importance of the development of mutually beneficial relationship with its suppliers. It is the company’s policy to settle all debts with suppliers on a timely basic taking account of the credit period given by each suppliers.

Safety and the environment

Company policy requires that all operations fully meet or exceed legal and regulatory requirements and staff are continually assessed to maintain the highest standards for the safe operation of facilities and the protection of the environment, the employees and customers, and the people of the community in which the business is conducted.

Financial risk management

In the ordinary course of business, the company is exposed to a variety of financial risks that include foreign exchange risk, credit risk, liquidity risk and interest rate risk. The policies and procedures in relation to the monitoring of these risks are undertaken in conjunction with the ultimate parent undertaking, Axalta Coating Systems Company Limited incorporated in Bermuda, which includes entering into contractual arrangements in order to limit the adverse effects on the company’s financial performance. Financial risk management is not considered material for an assessment of the company's assets, liabilities, financial position and profit at 31 December 2023.

Business risk and key performance indicators

The company is significantly supported on a global basis across geographical regions rather than via an individual legal entity, the directors consider that a discussion of the main business risks and analysis using key performance indicators are not necessary or appropriate for an understanding of the development, performance or position of the business.

AXALTA COATING SYSTEMS UK (2) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties

The group operates within the sale of surface coatings to the OEM, plastic and refinish markets. Quality and reliability of product and brand reputation is critical within this sector and the Group has in place a robust process to mitigate this risk by ensuring high quality standards are maintained.

 

The company’s management recognizes that there are several risk factors beyond their control, which could have an impact on the annual results. These include, but are not limited to, global economic conditions, exchange rates, volume and timing of customer orders, increasing competition in a global marketplace, retaining existing customers and changes in the cost and availability of raw materials.

 

In relation to foreign exchange management, the parent company makes use of financial derivatives, as appropriate and these transactions are not passed down to the subsidiary companies.

 

The retention of the customer base is a risk which is mitigated by offering a comprehensive and thoroughly tested approach in this market from initial order to aftermarket services.

Cash pooling arrangement

Axalta EMEA has organised a cash pooling arrangement which the company is party to, this is a banking mechanism whereby the balances in our local legal entity accounts with Bank of America sweep into the cash pooling header account within the legal entity on a daily basis. EUR and USD funds are then lent to or borrowed from the main Cash Pool header entity in Luxembourg based upon the funding needs of the local legal entity for the day. All legal entity pool balances are borrowed from or lent to the Cash Pool header entity at a studied interest rate which is computed using an arms-length OECD review protocol supported by transfer pricing documentation, accrued interest is settled between the legal entities monthly. At 31 December 2023 the cash position lent to Axalta Coating Systems Finance 2 S.a.r.l. amounts to $53,148k (2022: $149,315k).

Approved and signed on behalf of the board.

J I Blenkinsopp
Director
14 August 2024
AXALTA COATING SYSTEMS UK (2) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and the audited financial statements of the company for the year ended 31 December 2023.

 

Review of the business and future developments

Please refer to strategic report on pages 1-2 for further disclosure on future developments, and financial risk management.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid (2022: nil). The directors do not recommend payment of a final dividend (2022: nil).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J I Blenkinsopp
F Dolan
Qualifying third party indemnity provisions

As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The company also purchased and maintained throughout the financial year directors’ and officers’ liability insurance in respect of itself and its directors.

Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, 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 the financial statements, the directors are required to:

The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The 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.

AXALTA COATING SYSTEMS UK (2) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of disclosure to auditor

In the case of each director in office at the date the directors’ report is approved:

Going concern

The directors have considered the expected future cash flows for the business, taking into account potential risks. They expect to continue to have access to sufficient funding through the group’s cash pooling arrangements as discussed in the strategic report. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the financial statements.

On behalf of the board
J I Blenkinsopp
Director
14 August 2024
AXALTA COATING SYSTEMS UK (2) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AXALTA COATING SYSTEMS UK (2) LIMITED
- 5 -
Opinion

We have audited the financial statements of Axalta Coating Systems UK (2) Limited (‘the company’) for the year ended 31 December 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:

 

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 Auditor 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

 

AXALTA COATING SYSTEMS UK (2) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AXALTA COATING SYSTEMS UK (2) LIMITED
- 6 -
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 Directors’ Report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the Directors’ Responsibilities Statement, set out on page 3. 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 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

 

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

 

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

We obtained an understanding of the legal and regulatory frameworks that are applicable to company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

 

AXALTA COATING SYSTEMS UK (2) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AXALTA COATING SYSTEMS UK (2) LIMITED
- 7 -

Extent the audit was considered capable of detecting irregularities, including fraud (continued)

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of relevant correspondence with regulatory bodies.

 

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

 

 

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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 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.

Ryan Crilley (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
15 August 2024
Chartered Accountants
Statutory Auditor
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
AXALTA COATING SYSTEMS UK (2) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
$'000
$'000
Administrative expenses
(103)
(88)
Operating loss
3
(103)
(88)
Interest receivable and similar income
6
23,512
16,572
Profit before taxation
23,409
16,484
Tax on profit
7
(5,456)
(11)
Profit for the financial year
17,953
16,473

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

AXALTA COATING SYSTEMS UK (2) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
$'000
$'000
$'000
$'000
Current assets
Debtors falling due after more than one year
8
398,310
279,310
Debtors falling due within one year
8
54,800
150,396
453,110
429,706
Creditors: amounts falling due within one year
9
(5,481)
(30)
Net current assets
447,629
429,676
Capital and reserves
Called up share capital
10
-
0
-
0
Share premium account
193,762
193,762
Profit and loss reserves
253,867
235,914
Total equity
447,629
429,676
The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
J I Blenkinsopp
Director
Company Registration No. 08813062
AXALTA COATING SYSTEMS UK (2) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
$'000
$'000
$'000
$'000
Balance at 1 January 2022
-
0
193,762
219,441
413,203
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
16,473
16,473
Balance at 31 December 2022
-
0
193,762
235,914
429,676
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
17,953
17,953
Balance at 31 December 2023
-
0
193,762
253,867
447,629
AXALTA COATING SYSTEMS UK (2) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Axalta Coating Systems U.K. (2) Limited is a private company limited by shares incorporated in England and Wales. The addresses of its registered office and principal place of business are disclosed in the listing of directors and advisers. The company’s principal activity is disclosed in the strategic report on page 1.

1.1
Accounting convention

The 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 Republic of Ireland and the Companies Act 2006. The financial statements have been prepared on the historical cost basis as specified in the accounting policies. The accounting policies, which have been applied consistently throughout the period, are set out below.

The financial statements are presented in US Dollar ($), which is also the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $'000.

The company has adopted the following disclosure exemptions, by virtue of being a qualifying entity in accordance with FRS 102:

 

Details of the parent undertaking of the group in which the company is consolidated are provided in Note 12.

1.2
Going concern

The directors have considered the expected future cash flows for the business, taking into account potential risks. They expect to continue to have access to sufficient funding through the truegroup’s cash pooling arrangements as discussed in the strategic report. As a result the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the financial statements.

1.3
Financial instruments

The company is applying sections 11 and 12 of FRS 102. Basic financial assets, which include loans receivable from group undertakings, are initially recorded at the present value of future payments discounted at a market rate of interest. Subsequently they are measured at amortised cost using the effective interest method, less any impairment.

1.4
Equity instruments

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current tax is recognised for the amount of corporation tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

AXALTA COATING SYSTEMS UK (2) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. Deferred tax assets are only 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.

Deferred tax is calculated on an undiscounted basis using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

1.6
Employee benefits

The cost of short-term employment 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.

1.7
Pension costs

Contributions in respect of the defined contribution pension scheme are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

1.8
Foreign currencies

Transactions denominated in foreign currencies occurring during the course of the year are translated into US Dollars using the rates of exchange prevailing at the dates of those transactions. Monetary assets and liabilities denominated in foreign currencies are translated into US Dollars at the rates of exchange ruling at the balance sheet date. All profits or losses arising on retranslation are taken to the profit and loss account in the year in which they arise.

1.9

Related party transactions

The group discloses transactions with related parties which are not wholly owned within the same group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transactions on the group financial statements.

2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for income and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

 

Judgements
Carrying value of intercompany receivables

Judgements have been made in respect of the amounts of future operating cash flows to be generated by the intercompany counterparty in order to assess whether there has been any impairment of the value of the receivables included within the balance sheet.

AXALTA COATING SYSTEMS UK (2) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
3
Operating loss
2023
2022
Operating loss for the year is stated after charging/(crediting):
$'000
$'000
Exchange differences
3
(3)
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
$'000
$'000
For audit services
Audit of the financial statements of the company
11
8
For other services
Taxation compliance services
3
1
5
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was:

2023
2022
Number
Number
Administration
1
1

Their aggregate remuneration comprised:

2023
2022
$'000
$'000
Wages and salaries
65
62
Social security costs
8
7
Pension costs
6
6
79
75
6
Interest receivable and similar income
2023
2022
$'000
$'000
Interest income
Interest receivable from group companies
23,512
16,572
AXALTA COATING SYSTEMS UK (2) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
7
Taxation
2023
2022
$'000
$'000
Current tax
UK corporation tax on profits for the current period
5,460
-
0
Adjustments in respect of prior periods
(4)
4
Total UK current tax
5,456
4
Foreign current tax on profits for the current period
-
0
7
Total current tax
5,456
11

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
$'000
$'000
Profit before taxation
23,409
16,484
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
5,506
3,132
Adjustments in respect of prior years
(4)
-
0
Group relief claimed
(175)
(3,128)
Foreign tax credits
-
0
7
Current tax (current period) exchange difference arising on movement between opening and closing spot rates
129
-
0
Taxation charge for the year
5,456
11

 

8
Debtors
2023
2022
Amounts falling due within one year:
$'000
$'000
Amounts owed by group undertakings
54,800
150,396
2023
2022
Amounts falling due after more than one year:
$'000
$'000
Amounts owed by group undertakings
398,310
279,310
Total debtors
453,110
429,706
AXALTA COATING SYSTEMS UK (2) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Debtors
(Continued)
- 15 -

 

All amounts owed by group undertakings are denominated in USD, unsecured, have specified repayment dates and incur interest at internal rates.

9
Creditors: amounts falling due within one year
2023
2022
$'000
$'000
Trade creditors
23
18
Amounts owed to group undertakings
2
1
Corporation tax
5,451
5
Accruals and deferred income
5
6
5,481
30
10
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
$'000
$'000
Issued and fully paid
Ordinary shares of £1 each
103
103
-
-
11
Financial commitments, guarantees and contingent liabilities

The company’s parent company, Axalta Coating Systems Belgium BVBA, has provided a guarantee against assets of the company in relation to financing from Barclays Bank PLC.

12
Ultimate controlling party

The company is a wholly owned subsidiary of Axalta Coating Systems Belgium BVBA, registered at Geerdegem-Schonenberg 248, 2800 Mechelen, Belgium.

The ultimate parent undertaking and controlling party is Axalta Coating Systems Ltd incorporated in Bermuda, which was the parent undertaking of the largest and smallest group to consolidate these financial statements.

Copies of these group financial statements can be obtained from C/O Coden Services Limited, Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda.

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