HYSPEC ENGINEERING HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company Registration No. SC371404 (Scotland)
HYSPEC ENGINEERING HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr A K Alshuaili
Mr E G Ritchie
Mr W R Khan
Mr D L White
Company number
SC371404
Registered office
Rigg Street
Stewarton
Ayrshire
KA3 5AJ
Auditor
William Duncan + Co (Audit) Ltd
44 Bank Street
Kilmarnock
Ayrshire
KA1 1HA
Business address
Rigg Street
Stewarton
Ayrshire
KA3 5AJ
HYSPEC ENGINEERING HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 30
HYSPEC ENGINEERING HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The group’s principal activity is that of precision engineering, supplying machined parts, kits and assemblies to the oil and gas, steel refractory, aerospace, automotive and defence sectors. Other sectors which the group has had some contracts in the past are renewable and nuclear.

Historically, the group’s performance has been greatly aligned to the state of the Oil & Gas industry. As a result, and due to a global realignment of manufacturing capacity and capability, this has proved to be a headwind for the group in previous years.

However, 2023 proved to be a year of consolidation and recovery, due to an increased demand in short lead-time order profile by the major Oil and Gas Service Operators and internal supply chain process improvements.

The groups performance relating to the steel refractory industry also provided increased robustness to the overall 2023 group results. It is envisaged that this will be the case in forward years also.

By executing a recovery plan during 2023, the group was able to show tangible improvements in performance compared to previous years. Whilst Global factors in the Oil and Gas industry will always play a pivotal part in the groups future outlook, there are plans to diversify into other industries, lessening the impact any significant change would have.

 

The group objectives are monitored against the Key Performance Indicators below:

Safety

Quality

Delivery Performance

Value (Internal and External)

These are under continuous review and provide corrective actions to close any gaps and align the group performance to plans.

The group profit for the year after taxation amounted to £292,849 (2022 – Loss of £1,304,373).

Future Developments

The group will continue to monitor the marketplace, looking for opportunities to align the current capability with future demand. Where opportunities are identified, prudent investment will be executed to enhance the groups offerings and profitability.

HYSPEC ENGINEERING HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties

There are a number of potential risks and uncertainties which could have a material impact on the group’s performance and could cause actual results to differ materially from expected and historical results. These are categorised as follows:

Operational risk

A significant breakdown of the IT Systems of the group might adversely impact the ability of the group to operate its group effectively.

To address these risks, the group’s IT Function reviews the system to ensure it remains adequate for purpose. The group has a group continuity plan, which is kept under regular review and is designed to ensure that any breakdown in systems would not cause significant disruption to the group.

Machinery breakdown might adversely impact the group’s ability to ensure on time delivery to clients. To address this risk, the group will carry out planned maintenance and provide flexibility in the portfolio of machines. The group has strong links with key suppliers to provide materials and services in a timely manner to keep group interruption to a minimum.

Skills gaps in the market provide a challenge going forward for all companies in the industry. This will increase the risk in employee retention and increase the payroll costs going forward. Losing employee knowledge is being minimised through training (new and existing employees), working conditions and employee relations.

Competitor risk

The group faces strong competition in all the core markets in which it operates. There is a danger that its group performance and/or market share may be impaired.

To mitigate this risk the group maintains relationships with its customers and other significant participants in the markets in which it is active, as well as being active in industry-wide organisations and initiatives. This enables market trends to be identified and addressed within the relevant group strategy.

 

Financial Risk

The current instability occurring globally and to its markets carries risk to the group, and its financial results. More than half of the revenue currently remains in the Oil & Gas sector, hence there remains a risk if another downturn occurs in this industry, this could result in reduced revenue. This risk is being mitigated by targeting customers in other sectors, including automotive, aerospace and defence.

On behalf of the board

Mr D L White
Director
21 August 2024
HYSPEC ENGINEERING HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of precision engineering, supplying machined parts, kits and assemblies to the oil and gas, steel refractory and automotive sectors.

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

Mr A K Alshuaili
Mr E G Ritchie
Mr W R Khan
Mr D L White
Auditor

William Duncan + Co (Audit) Ltd were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Mr D L White
Director
21 August 2024
HYSPEC ENGINEERING HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HYSPEC ENGINEERING HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HYSPEC ENGINEERING HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Hyspec Engineering Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows 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'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.

 

Material uncertainty related to going concern

We draw your attention to the going concern accounting policy at note 1.4 in the financial statements, which details that Hyspec Engineering Holdings Limited Group posted a net profit after taxation of £292,849 during the year ended 31 December 2023 and as of that date the Group has net current liabilities of £693,538 (2022: net current liabilities of £733,231) and net liabilities of £73,677 (2022: net liabilities of £366,526). The group has made a profit in the post year end period to May 2024. However there continues to be a challenging marketplace and having to deal with the current instability occurring globally and to its markets that is impacting on the results of the Group.

 

These events or conditions, along with other matters as set forth in the going concern accounting policy at note 1.4, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern.

 

However these financial statements have been prepared on a going concern basis based on the following:

 

Our opinion is not modified in respect of this matter.

HYSPEC ENGINEERING HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HYSPEC ENGINEERING HOLDINGS LIMITED
- 6 -

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 our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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, 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 parent 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 parent 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

HYSPEC ENGINEERING HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HYSPEC ENGINEERING HOLDINGS LIMITED
- 7 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Mr David Young CA (Senior Statutory Auditor)
For and on behalf of William Duncan + Co (Audit) Ltd
21 August 2024
Chartered Accountants
Statutory Auditor
44 Bank Street
Kilmarnock
Ayrshire
KA1 1HA
HYSPEC ENGINEERING HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
8,759,851
6,651,156
Cost of sales
(6,096,185)
(5,278,068)
Gross profit
2,663,666
1,373,088
Administrative expenses
(2,735,124)
(2,691,502)
Other operating income
604,074
143,851
Operating profit/(loss)
5
532,616
(1,174,563)
Interest payable and similar expenses
8
(334,319)
(163,669)
Profit/(loss) before taxation
198,297
(1,338,232)
Tax on profit/(loss)
9
94,552
33,859
Profit/(loss) for the financial year
292,849
(1,304,373)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
HYSPEC ENGINEERING HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,103,247
1,999,866
Current assets
Stocks
14
562,752
1,130,822
Debtors
15
2,437,329
2,960,264
Cash at bank and in hand
44,169
25,897
3,044,250
4,116,983
Creditors: amounts falling due within one year
16
(3,737,788)
(4,850,214)
Net current liabilities
(693,538)
(733,231)
Total assets less current liabilities
409,709
1,266,635
Creditors: amounts falling due after more than one year
17
(483,386)
(1,617,504)
Provisions for liabilities
Deferred tax liability
20
-
0
(33,021)
-
33,021
Government grants
21
-
0
(48,678)
Net liabilities
(73,677)
(366,526)
Capital and reserves
Called up share capital
23
920,100
920,100
Profit and loss reserves
(993,777)
(1,286,626)
Total equity
(73,677)
(366,526)
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:
21 August 2024
Mr D L White
Director
Company registration number SC371404 (Scotland)
HYSPEC ENGINEERING HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,103,247
1,615,890
Investments
11
2
2
1,103,249
1,615,892
Current assets
Cash at bank and in hand
3,440
654
Creditors: amounts falling due within one year
16
(232,523)
(458,582)
Net current liabilities
(229,083)
(457,928)
Total assets less current liabilities
874,166
1,157,964
Creditors: amounts falling due after more than one year
17
(465,886)
(583,788)
Provisions for liabilities
Deferred tax liability
20
-
0
(33,021)
-
33,021
Government grants
21
-
0
(48,678)
Net assets
408,280
558,519
Capital and reserves
Called up share capital
23
920,100
920,100
Profit and loss reserves
(511,820)
(361,581)
Total equity
408,280
558,519

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £150,239 (2022 - £127,707 loss).

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:
21 August 2024
Mr D L White
Director
Company registration number SC371404 (Scotland)
HYSPEC ENGINEERING HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
920,100
17,747
937,847
Year ended 31 December 2022:
Loss and total comprehensive income
-
(1,304,373)
(1,304,373)
Balance at 31 December 2022
920,100
(1,286,626)
(366,526)
Year ended 31 December 2023:
Profit and total comprehensive income
-
292,849
292,849
Balance at 31 December 2023
920,100
(993,777)
(73,677)
HYSPEC ENGINEERING HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
920,100
(233,874)
686,226
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(127,707)
(127,707)
Balance at 31 December 2022
920,100
(361,581)
558,519
Year ended 31 December 2023:
Profit and total comprehensive income
-
(150,239)
(150,239)
Balance at 31 December 2023
920,100
(511,820)
408,280
HYSPEC ENGINEERING HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
865,767
(572,272)
Interest paid
(334,319)
(163,669)
Income taxes refunded
127,573
58,829
Net cash inflow/(outflow) from operating activities
659,021
(677,112)
Investing activities
Purchase of tangible fixed assets
-
(92,910)
Proceeds from disposal of tangible fixed assets
635,979
45,000
Net cash generated from/(used in) investing activities
635,979
(47,910)
Financing activities
Repayment of bank loans
(10,000)
(10,000)
Payment of finance leases obligations
(1,266,728)
369,627
Net cash (used in)/generated from financing activities
(1,276,728)
359,627
Net increase/(decrease) in cash and cash equivalents
18,272
(365,395)
Cash and cash equivalents at beginning of year
25,897
391,292
Cash and cash equivalents at end of year
44,169
25,897
HYSPEC ENGINEERING HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
(166,580)
(759,636)
Interest paid
(8,083)
(8,042)
Income taxes paid
-
0
(1)
Net cash outflow from operating activities
(174,663)
(767,679)
Investing activities
Purchase of tangible fixed assets
-
0
(92,910)
Proceeds from disposal of tangible fixed assets
300,000
45,000
Net cash generated from/(used in) investing activities
300,000
(47,910)
Financing activities
Payment of finance leases obligations
(122,551)
495,692
Net cash (used in)/generated from financing activities
(122,551)
495,692
Net increase/(decrease) in cash and cash equivalents
2,786
(319,897)
Cash and cash equivalents at beginning of year
654
320,551
Cash and cash equivalents at end of year
3,440
654
HYSPEC ENGINEERING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

Hyspec Engineering Holdings Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is .

 

The group consists of Hyspec Engineering Holdings Limited and all of its subsidiaries.

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. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Hyspec Engineering Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

HYSPEC ENGINEERING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern

The Group has made a net profit after taxation of £292,849 during the year ended 31 December 2023 (2022: a loss of £1,304,373). The results for the financial year ending 31 December 2023 include the exceptional income of £444,712 as detailed in note 4 of the financial statements. At 31 December 2023 the Group has net current liabilities of £693,538 (2022: net current liabilities of £733,231) and net liabilities of £73,677 (2022: net liabilities of £366,526). The ultimate parent company Mohammed Al Barwani LLC, who has the financial support of its shareholder, has indicated that it will continue to provide financial support to Hyspec Engineering Holdings Limited for a period of at least 12 months from the date these financial statements are approved. If Mohammed Al Barwani LLC is unable to support Hyspec Engineering Holdings Limited Group to meet its liabilities as they fall due, the Group would be unable to continue operations.

 

The performance of Hyspec Engineering Holdings Limited post 31 December 2023 has been difficult with the challenging marketplace, due to the current instability occurring globally and to its markets, though they have made a profit in the post year end period to May 2024.

 

The directors have prepared forecasts for the period to 31 December 2025 and these show an expected profit during the 31 December 2024 year end. However, the achievability of these forecasts is dependent of the receipt and delivery of orders from key customers during that period, with an overall improvement in the profitability of these orders.

 

The directors are confident that the forecasts are achievable and with the group support from Mohammed Al Barwani LLC, these financial statements have been prepared on a going concern basis.

1.5
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

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
4% straight line
Leasehold land and buildings
over the lease term
Plant and equipment
6.67% straight line
Fixtures and fittings
20% straight line
Computers
25% 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 recognised in the profit and loss account.

HYSPEC ENGINEERING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

HYSPEC ENGINEERING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset and 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.

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HYSPEC ENGINEERING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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 if, and only if, there is 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 leased asset are consumed.

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.

HYSPEC ENGINEERING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
6,154,518
4,370,582
Rest of the World
2,605,333
2,280,574
8,759,851
6,651,156
2023
2022
£
£
Other revenue
Grants received
48,678
4,522
4
Exceptional item
2023
2022
£
£
Income
Exceptional income
444,712
-

The exceptional income relates to the net of the write off of the asset and liability relating to the premises that were vacated during the 31 December 2023 year end.

HYSPEC ENGINEERING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
5
Operating profit/(loss)
2023
2022
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange losses/(gains)
12,269
(2)
Government grants
(48,678)
(4,522)
Depreciation of owned tangible fixed assets
251,136
243,960
Depreciation of tangible fixed assets held under finance leases
37,087
37,028
Profit on disposal of tangible fixed assets
(27,583)
(45,000)
Operating lease charges
30,700
25,505
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group
12,500
12,500
7
Employees
The average monthly number of persons (including directors) employed by the group during the year was:
Group
2023
2022
Number
Number
83
89

Their aggregate remuneration comprised:

Group
2023
2022
£
£
Wages and salaries
3,103,727
3,260,132
Social security costs
297,542
309,938
Pension costs
127,743
116,450
3,529,012
3,686,520
HYSPEC ENGINEERING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
163,405
68,184
Other finance costs:
Interest on finance leases and hire purchase contracts
170,914
95,485
Total finance costs
334,319
163,669
9
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
(127,573)
-
0
Deferred tax
Origination and reversal of timing differences
33,021
(33,859)
Total tax credit
(94,552)
(33,859)

The actual credit for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit/(loss) before taxation
198,297
(1,338,232)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
49,574
(254,264)
Tax effect of expenses that are not deductible in determining taxable profit
900
119
Tax effect of income not taxable in determining taxable profit
-
0
(859)
Unutilised tax losses carried forward
-
0
41,848
Adjustments in respect of prior years
(127,573)
176,660
Depreciation on assets not qualifying for tax allowances
8,988
5,057
Deferred tax adjustments in respect of prior years
56,251
-
0
Finance lease creditor write off
(91,838)
(2,420)
Finance lease asset disposal
9,146
-
0
Taxation credit
(94,552)
(33,859)
HYSPEC ENGINEERING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
10
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost
At 1 January 2023
896,744
752,676
5,163,920
187,934
236,122
7,237,397
Disposals
-
0
(752,676)
(301,093)
-
0
-
0
(1,053,769)
At 31 December 2023
896,744
-
0
4,862,828
187,934
236,122
6,183,628
Depreciation and impairment
At 1 January 2023
355,053
368,700
4,097,854
183,976
231,947
5,237,531
Depreciation charged in the year
25,334
47,997
208,587
3,563
2,742
288,223
Eliminated in respect of disposals
-
0
(416,697)
(28,676)
-
0
-
0
(445,373)
At 31 December 2023
380,387
-
0
4,277,765
187,540
234,689
5,080,381
Carrying amount
At 31 December 2023
516,357
-
0
585,063
394
1,433
1,103,247
At 31 December 2022
541,691
383,976
1,066,066
3,958
4,175
1,999,866
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2023
896,744
5,163,920
187,934
236,122
6,484,721
Disposals
-
0
(301,093)
-
0
-
0
(301,093)
At 31 December 2023
896,744
4,862,828
187,934
236,122
6,183,628
Depreciation and impairment
At 1 January 2023
355,053
4,097,854
183,976
231,947
4,868,831
Depreciation charged in the year
25,334
208,587
3,563
2,742
240,226
Eliminated in respect of disposals
-
0
(28,676)
-
0
-
0
(28,676)
At 31 December 2023
380,387
4,277,765
187,540
234,689
5,080,381
Carrying amount
At 31 December 2023
516,357
585,063
394
1,433
1,103,247
At 31 December 2022
541,691
1,066,066
3,958
4,175
1,615,890
HYSPEC ENGINEERING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Tangible fixed assets
(Continued)
- 24 -

The carrying value of land and buildings comprises:

Group
Company
2023
2022
2023
2022
£
£
£
£
Long leasehold
-
0
383,976
-
0
-
0
11
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
2
2
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
2
Carrying amount
At 31 December 2023
2
At 31 December 2022
2
12
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Hyspec Engineering Limited
UK
Ordinary
100.00
13
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
2,394,496
2,885,014
-
-
Carrying amount of financial liabilities
Measured at amortised cost
3,997,103
6,338,849
677,455
1,040,260
HYSPEC ENGINEERING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
113,608
217,641
-
-
Work in progress
404,526
869,096
-
-
Finished goods and goods for resale
44,618
44,085
-
0
-
0
562,752
1,130,822
-
-
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,394,496
2,841,073
-
0
-
0
Other debtors
-
92,490
-
0
-
0
Prepayments and accrued income
42,833
26,701
-
0
-
0
2,437,329
2,960,264
-
-

All amounts shown under debtors fall due for payment within one year.

16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
18
10,000
10,000
-
0
-
0
Obligations under finance leases
19
175,876
318,487
175,876
180,526
Trade creditors
365,716
1,820,774
-
0
-
0
Amounts owed to group undertakings
1,199,064
98,733
35,693
275,946
Other taxation and social security
224,071
128,869
20,954
2,110
Other creditors
1,642,690
2,315,651
-
0
-
0
Accruals and deferred income
120,371
157,700
-
0
-
0
3,737,788
4,850,214
232,523
458,582

Independent Growth Finance has a bond and floating charge over the whole assets of the group.

 

The amounts owed to group undertakings are payable on demand and interest free.

 

The Company's finance lease obligations are secured over the assets to which they relate.

HYSPEC ENGINEERING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
17,500
27,500
-
0
-
0
Obligations under finance leases
19
360,014
1,484,132
360,014
477,916
Amounts due to parent undertaking
105,872
105,872
105,872
105,872
483,386
1,617,504
465,886
583,788
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
27,500
37,500
-
0
-
0
Payable within one year
10,000
10,000
-
0
-
0
Payable after one year
17,500
27,500
-
0
-
0

The long-term loans are secured by a floating charge over the assets of Hyspec Engineering Limited. This charge is held by Bank of Scotland plc.

19
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
175,876
318,487
175,876
180,526
In two to five years
360,014
794,704
360,014
477,916
In over five years
-
0
689,428
-
0
-
0
535,890
1,802,619
535,890
658,442

In 2015 the group entered into a 15 year lease with an annual rental of £84,750 with an option to purchase the property at the end of the 15 years by paying an option price of £706,000. At the end of the current year the lease was ceased.

HYSPEC ENGINEERING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
-
(33,021)
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
-
(33,021)
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 January 2023
(33,021)
(33,021)
Charge to profit or loss
33,021
33,021
Asset at 31 December 2023
-
-
21
Government grants
Group
Company
2023
2022
2023
2022
£
£
£
£
Arising from government grants
-
48,678
-
48,678

Grants receivable under the Coronavirus Job Retention Scheme have been recognised as income in the periods to which they relate.

22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
127,743
116,450

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

HYSPEC ENGINEERING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
92,010,000
92,010,000
920,100
920,100

During the year, 92,000,000 ordinary shares were allotted with a nominal value of £0.01. The consideration for the shares was £920,000

 

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
723
21,800
-
-
Between two and five years
-
1,846
-
-
723
23,646
-
-
25
Related party transactions

The company is ultimately a wholly owned subsidiary of Mohammed Al Barwani LLC and has taken advantage of the exemption conferred by FRS 102 not to disclose transactions with Mohammed Al Barwani LLC or other wholly owned subsidiaries within the group.

 

At 31 December 2023, the group has an amount due to United Engineering Services LLC of £1,303,358 (2022: Amount due to United Engineering Services LLC of £204,605).

 

At 31 December 2023, the company has an amount due to Hyspec Engineering Limited of £34,116 (2022: £275,946).

26
Controlling party

At 31 December 2023, the company's immediate parent was United Engineering Services LLC. The ultimate parent undertaking and controlling party was MB Holding LLC. The smallest and largest group financial statements which the company is included in are those of its immediate and ultimate parent companies. MB Holding LLC is registered in the Sultanate of Oman.

 

HYSPEC ENGINEERING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
27
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Profit/(loss) for the year after tax
292,848
(1,304,372)
Adjustments for:
Taxation credited
(94,552)
(33,859)
Finance costs
334,319
163,669
Gain on disposal of tangible fixed assets
(27,583)
(45,000)
Depreciation and impairment of tangible fixed assets
288,223
280,988
(Decrease)/increase in deferred income
(48,678)
20,478
Movements in working capital:
Decrease/(increase) in stocks
568,070
(668,778)
Decrease/(increase) in debtors
522,935
(1,643,154)
(Decrease)/increase in creditors
(969,815)
2,657,756
Cash generated from/(absorbed by) operations
865,767
(572,272)
28
Cash absorbed by operations - company
2023
2022
£
£
Loss for the year after tax
(150,240)
(127,707)
Adjustments for:
Taxation charged/(credited)
33,021
(33,859)
Finance costs
8,083
8,042
Gain on disposal of tangible fixed assets
(27,583)
(45,000)
Depreciation and impairment of tangible fixed assets
240,226
232,991
(Decrease)/increase in deferred income
(48,678)
20,478
Movements in working capital:
Decrease in creditors
(221,409)
(814,581)
Cash absorbed by operations
(166,580)
(759,636)
29
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
25,897
18,272
44,169
Borrowings excluding overdrafts
(37,500)
10,000
(27,500)
Obligations under finance leases
(1,802,619)
1,266,729
(535,890)
(1,814,222)
1,295,001
(519,221)
HYSPEC ENGINEERING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
30
Analysis of changes in net debt - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
654
2,786
3,440
Obligations under finance leases
(658,442)
122,552
(535,890)
(657,788)
125,338
(532,450)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200Mr A K AlshuailiMr E G RitchieMr W R KhanMr D L 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