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Registered number: 01915382










HYTEK (GB) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023



 
HYTEK (GB) LIMITED
 

COMPANY INFORMATION


Directors
A Seal 
G J Morrell 
C P Coutts-Trotter 
J M Davies (appointed 8 June 2023)
A K Olive 
S M Sweeney (resigned 28 June 2023)
G Van Vuuren 
I McCreeth 




Registered number
01915382



Registered office
2 Chawley Park
Cumnor Hill

Oxford

Oxfordshire

OX2 9GG




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

2 Chawley Park

Cumnor Hill

Oxford

Oxfordshire

OX2 9GG





 
HYTEK (GB) 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 - 10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 31


 
HYTEK (GB) LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present their Strategic Report for the year ended 31 December 2023.
Review of business
We are pleased with the revenue position and overall performance particularly considering the continued unpredictability of the market during the year. The relative decline in revenue reflects the business’ resilience to these unpredictabilities, the success of the Group Strategy and the individual teams’ ability to deliver the strategy resulting in enhanced market presence and profitability. Overall operating profit has decreased year on year due to strategic growth plans being implemented.
 
The Company continues to focus business development to better take advantage of market opportunities in the medium term. The current strong cash position will enable the Company to take advantage of any short-term market opportunities which may arise and to protect the business from further unpredicted economic shocks.

Principal risks and uncertainties
 
The Company distinguishes between market related risks, operational risks, customer credit risks, liquidity risks and legal and regulatory risks. The Directors regularly review and update these identified risks. The most significant risks affecting the Company’s operations are described below.
Market related risks
The Company provides their services primarily to the fluid handling equipment market in the UK and Europe and are reliant on a substantial number of suppliers, many of which are based overseas. In addition, there is the risk of lower cost manufacturers entering the Company’s and Group’s markets and a risk of increased inventory lead times due to the conflict in the Red sea.
The Directors regularly review the Company’s product portfolio seeking to identify other markets and other suppliers for existing products, and to identify markets for new products, in order to mitigate the effect of any market related risks on the results of the Company.
Operational risks
The Company is reliant on the knowledge and technical expertise of their key management and staff. Operational risk is mitigated by maintaining key management and staff expertise through on-going training and development programmes.The company is certified under ISO 9001 (2015).
Customer credit risks
The Company is exposed to risk in respect of trade receivables in their markets. Customers are subject to credit checks and the outcome provides the basis for credit and payment terms for each customer. In addition, credit insurance is arranged where appropriate.
Liquidity risks
Uncertainties in the general economic environment can create liquidity risks for the Company. Liquidity risk is managed through close monitoring and control of cash flows to ensure adequate funding for the Company’s day to day operations.
Legal and regulatory risks
From time to time, the Company is involved in disputes in the normal course of business and typically these are resolved promptly and do not involve significant amounts. The risk of product failure or obsolescence is mitigated to some extent by insurance cover and ongoing investment in research and development by the Company.

Page 1

 
HYTEK (GB) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
The progress of the Company in the year ended 31 December 2023 is summarised below.
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Company, these being revenue from contracts with customers, operating profit, profit before tax and total equity.
Revenue from contracts with customers for the year ended 31 December 2023 is £9,483,381 (2022: £9,873,236), a decrease of 3.9% (2022: increase of 14.2%), operating profit for the year ended 31 December 2023 is £1,851,955 (2022: £2,026,776), a decrease of 8.6% (2022: increase of 14.9%) and profit for the year ended 31 December 2023 is £3,274,550 (2022: £2,741,634), an increase of 19.4% (2022: 0.1%). Total equity and reserves at 31 December 2023 was £7,104,967 (2022: £6,029,563).


This report was approved by the board and signed on its behalf.




G J Morrell
Director

Date: 10 June 2024

Page 2

 
HYTEK (GB) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Directors

The Directors who served during the year were:

A Seal 
G J Morrell 
C P Coutts-Trotter 
J M Davies (appointed 8 June 2023)
A K Olive 
S M Sweeney (resigned 28 June 2023)
G Van Vuuren 
I McCreeth 

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £3,274,550 (2022 - £2,741,634).

During the year ended 31 December 2022, the Company paid £2,199,146 (2022: £1,776,535) in dividends.

Research and development activities

The Company undertakes research and development activities and information relating to the associated costs can be found in Note 6.

Matters covered in the Strategic Report

Certain matters are disclosed in the Strategic Report that would otherwise be disclosed in the Directors' Report. 

Page 3

 
HYTEK (GB) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
G J Morrell
Director

Date: 10 June 2024

Page 4

 
HYTEK (GB) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HYTEK (GB) LIMITED
 

Opinion


We have audited the financial statements of Hytek (GB) 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 the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 United Kingdom, including the Financial Reporting Council'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 ReportOur 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.


Page 5

 
HYTEK (GB) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HYTEK (GB) LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


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.


Page 6

 
HYTEK (GB) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HYTEK (GB) LIMITED (CONTINUED)


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.


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.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
•  Enquiry of management and those charged with governance around actual and potential litigation and             claims;
•  Reviewing minutes of meetings of those charged with governance;
•  Reviewing financial statement disclosures and testing to supporting documentation to assess compliance             with applicable laws and regulations;
•  Performing audit work over the risk of management override of controls, including testing of journal               entries and other adjustments for appropriateness, evaluating the business rationale of significant                     transactions outside the normal course of business and reviewing accounting estimates for bias.

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


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 2006Our 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.





James Pitt BA BFP FCA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
2 Chawley Park
Cumnor Hill
Oxford
Oxfordshire
OX2 9GG

13 June 2024
Page 7

 
HYTEK (GB) LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
9,483,381
9,873,236

Cost of sales
  
(5,220,423)
(5,814,566)

Gross profit
  
4,262,958
4,058,670

Administrative expenses
  
(2,488,999)
(2,098,310)

Other operating income
 5 
77,996
66,416

Operating profit
 6 
1,851,955
2,026,776

Income from shares in group undertakings
  
1,997,396
1,174,967

Interest payable and similar expenses
 10 
(122,916)
(87,581)

Profit before tax
  
3,726,435
3,114,162

Tax on profit
 11 
(451,885)
(372,528)

Profit for the financial year
  
3,274,550
2,741,634

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 12 to 31 form part of these financial statements.

Page 8

 
HYTEK (GB) LIMITED
REGISTERED NUMBER: 01915382

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Goodwill
14
1,197,675
1,197,675

Other intangible assets
 13 
135,700
206,500

Tangible assets
 15 
537,092
683,599

Investments
 16 
4,995,815
4,988,024

  
6,866,282
7,075,798

Current assets
  

Stocks
 17 
1,890,048
2,195,951

Debtors: amounts falling due within one year
 18 
1,410,339
1,549,892

Cash at bank and in hand
 19 
199,667
206,567

  
3,500,054
3,952,410

Creditors: amounts falling due within one year
 20 
(2,332,529)
(3,458,192)

Net current assets
  
 
 
1,167,525
 
 
494,218

Total assets less current liabilities
  
8,033,807
7,570,016

  

Creditors: amounts falling due after more than one year
 21 
(891,631)
(1,488,592)

  
7,142,176
6,081,424

Provisions for liabilities
  

Deferred taxation
 22 
(37,209)
(51,861)

  
 
 
(37,209)
 
 
(51,861)

  

Net assets
  
7,104,967
6,029,563


Capital and reserves
  

Called up share capital 
 24 
11,000
11,000

Profit and loss account
 25 
7,093,967
6,018,563

  
7,104,967
6,029,563


Page 9

 
HYTEK (GB) LIMITED
REGISTERED NUMBER: 01915382

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



G J Morrell
Director
Date: 10 June 2024

The notes on pages 12 to 31 form part of these financial statements.

Page 10

 
HYTEK (GB) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
11,000
6,018,563
6,029,563



Profit for the year
-
3,274,550
3,274,550

Dividends: Equity capital
-
(2,199,146)
(2,199,146)


At 31 December 2023
11,000
7,093,967
7,104,967



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
11,000
5,053,464
5,064,464



Profit for the year
-
2,741,634
2,741,634

Dividends: Equity capital
-
(1,776,535)
(1,776,535)


At 31 December 2022
11,000
6,018,563
6,029,563


The notes on pages 12 to 31 form part of these financial statements.

Page 11

 
HYTEK (GB) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Hytek (GB) Limited is a private limited company incorporated and domiciled in the United Kingdom. The address of the registered office is 2 Chawley Park, Cumnor Hill, Oxford, OX2 9GG. The principal activity of the Company in the year under review was that of the importation, manufacture and distribution of fuel control equipment.
The Company's trading address is Delta House, Green Street, Elsenham, Bishops Stortford, CM22 6DS. 

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 Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.


The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The accounts are prepared in pound Sterling and rounded to the nearest pound. 

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
Page 12

 
HYTEK (GB) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.2
Financial Reporting Standard 101 - reduced disclosure exemptions (continued)


This information is included in the consolidated financial statements of Flowmax Limited as at 31 December 2023 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

The financial statements contain information about Hytek (GB) Limited as an individual company and do not contain consolidated financial information as the parent of the Group. The Company and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Flowmax Limited, a company registered in England and Wales. 
Flowmax Limited prepares consolidated financial statements in accordance with UK adopted International Accounting Standards. Copies are available to the public and may be obtained from the Registrar of Companies. 

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Page 13

 
HYTEK (GB) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.5

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods and warranty services supplied, stated net of returns and value added taxes. The Company recognises revenue when performance obligations have been satisfied and for the Company this is when the goods have transferred to the customer and the customer has control of these. The Company’s activities are described in detail below. 
(a) Sales of goods 
The Company manufactures and sells fuel control equipment for the business to business market. Sales are recognised when control of the products has transferred, being when the products are delivered to the customer and the customer has legal title to the goods. Delivery occurs when the products have been distributed to the specific location, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract or the Company has objective evidence that all criteria for acceptance have been satisfied.
The Company does not offer discounts on its sales of goods and the value of up-front payments received in respect of sales of goods are immaterial to the financial statements.
A receivable is recognised when the performance obligation is satisfied as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

Page 14

 
HYTEK (GB) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. If this rate cannot be readily determined, the Company uses its incremental borrowing rate based on intragroup loans with market-based interest rates.

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability is included in 'Creditors' on the Balance Sheet.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in the 'Tangible Fixed Assets' line in the Balance Sheet.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.12.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

 
2.7

Interest income

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

Page 15

 
HYTEK (GB) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates 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 other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.10

Goodwill

Goodwill represents the excess of the cost of a business combination over the total acquisition date fair value of the identifiable assets, liabilities and contingent liabilities acquired.
Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued.
When a business combination agreement provides for an adjustment to the cost of the combination which is contingent on future events, the company includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably. However, if the potential adjustment is not recognised at the acquisition date but subsequently becomes probable and can be measured reliably, the additional consideration shall be treated as an adjustment to the cost of the combination. Changes in the estimated value of contingent consideration arising on business combinations completed as a consequence result in a change in the carrying value of the related goodwill.
Goodwill is capitalised as an intangible asset and is not amortised. Instead it is reviewed annually for impairment with any impairment in carrying value being charged to profit or loss. 

Page 16

 
HYTEK (GB) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Other intangible 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.

Intangible assets represent customer lists identified as a separate, identifiable intangible asset arising on acquisition of O.L.E (UK) Limited in accordance with IFRS 3 and accounted for in the Company on hive up of O.L.E. (UK) Limited in the year ended 31 December 2021. Customer lists are amortised using a straight line basis over a useful economic life of 5 years.

 
2.12

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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

Depreciation is provided on the following basis:

Freehold property
-
15 years or over the life of the lease
Plant and machinery
-
20-33% on cost
Fixtures and fittings
-
20% on cost
Motor vehicles
-
25% on cost

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.

 
2.13

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 17

 
HYTEK (GB) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 18

 
HYTEK (GB) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The Company makes estimates and assumptions concerning the future and judgements in applying the Company's accounting policies. The resulting accounting estimates will, by definition, seldom equal the actual results. The following estimates and assumptions have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year. 
Provision for doubtful debts
Management provides for doubtful debts on the perceived risk profile and payment history of the debtor.
Provision for slow moving, damaged and obsolete stock
There is a provision to write stock down to the lower of cost and net realisable value. Management have made estimates of the selling price and direct costs to sell on certain stock items. The write down is included in the operating profit note. 
Goodwill
Goodwill is determined as the consideration paid, plus the fair value of any shareholding held prior to obtaining control, plus non-controlling interest and less the fair value of the identifiable assets and liabilities of the acquiree.
Goodwill is not amortised but is tested on an annual basis for impairment. If goodwill is assessed to be impaired, that impairment is not subsequently reversed.
Intangible assets acquired in a business combination 
IFRS 3 Business Combinations requires that goodwill arising on the acquisition of subsidiaries is capitalised and included in intangible assets. IFRS 3 also requires the identification of other intangible assets at acquisition. The assumptions involved in valuing these intangible assets requires the use of estimates and judgements which may differ from the actual outcome. These estimates and judgements cover future growth rates, expected inflation rates and the discount rate used. Changing the assumptions selected by management could significantly affect the allocation of the purchase price paid between goodwill and other acquired intangible assets.
Impairment of investments
The Company assesses at each reporting period, whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset.
The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount of an asset is less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. The reduction is an impairment loss. An impairment loss of assets carried at cost less any accumulated depreciation or amortisation is recognised immediately in profit or loss.
Leases
IFRS 16 requires the Company to account for its leases as right-of-use assets over the life of the lease agreement. The present value of the lease liability on inception requires management to assess various factors including the discount rate and the life of the lease and the extent to which any options to extend or break the lease are exercised. These factors have a resulting impact in determining the present value of the lease liability on inception.

Page 19

 
HYTEK (GB) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of goods
9,483,381
9,873,236


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
8,382,179
9,109,989

Rest of Europe
595,183
525,932

Rest of the World
506,019
237,315

9,483,381
9,873,236



5.


Other operating income

2023
2022
£
£

Management fees received
70,205
66,416

Sundry income
7,791
-



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Research & development charged as an expense
14,770
12,277

Depreciation of tangible fixed assets
31,285
35,701

Depreciation of right-of-use assets
167,284
159,229

Amortisation of intangible assets from business combinations
70,800
70,800

Exchange differences
4,216
17,644

Cost of stocks recognised as an expense
4,153,114
4,722,626

Movement in write-off of obsolete and slow moving stock
74,343
86,207


7.


Auditor's remuneration

2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
18,232
13,725

Page 20

 
HYTEK (GB) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
1,790,185
1,558,222

Social security costs
170,636
156,347

Cost of defined contribution scheme
56,783
44,327

2,017,604
1,758,896


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Sales and administration
50
41



Directors
7
7

57
48


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
253,682
300,598

Company contributions to defined contribution pension schemes
8,212
7,799

261,894
308,397


During the year retirement benefits were accruing to 3 Directors (2022 - 3) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £77,532 (2022 - £79,884).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £2,940 (2022 - £2,596).

Page 21

 
HYTEK (GB) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
14
1,776

Loans from group undertakings
107,518
65,583

IFRS 16 leases
15,384
20,222

122,916
87,581


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
465,685
394,353

Adjustments in respect of previous periods
852
(10,038)


Total current tax
466,537
384,315

Deferred tax


Deferred tax relating to business combinations
(12,000)
(12,000)

Adjustments in respect of previous periods
(2,652)
213

Total deferred tax
(14,652)
(11,787)


Taxation on profit on ordinary activities
451,885
372,528
Page 22

 
HYTEK (GB) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,726,435
3,114,162


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
875,712
591,691

Effects of:


Fixed asset differences
16,524
12,670

Expenses not deductible for tax purposes
1,156
221

Adjustments to tax charge in respect of prior periods - deferred tax
(2,652)
213

Adjustments to tax charge in respect of prior periods
852
(10,038)

Income from shares in group undertakings
(469,388)
(223,244)

Other differences leading to an increase / (decrease) in the tax charge
29,681
1,015

Total tax charge for the year
451,885
372,528


12.


Dividends

2023
2022
£
£


Dividends paid
2,199,146
1,776,535

For the year ended 31 December 2023, the following dividends were paid:
Dividends of £0.38 per ordinary share were paid in April 2023;
Dividends of £0.12 per ordinary share were paid in May 2023;
Dividends of £0.17 per ordinary share were paid in June 2023;
Dividends of £0.35 per ordinary share were paid in July 2023;
Dividends of £0.27 per ordinary share were paid in August 2023;
Dividends of £0.51 per ordinary share were paid in September 2023;
Dividends of £0.11 per ordinary share were paid in October 2023;
Dividends of £0.08 per ordinary share were paid in November 2023.
For the year ended 31 December 2022, the following dividends were paid:
Dividends of £0.34 per ordinary share were paid in April 2022;
Dividends of £0.09 and £0.30 per ordinary share were paid in July 2022;
Dividends of £0.22 per ordinary share were paid in October 2022;
Dividends of £0.67 per ordinary share were paid in December 2022



Page 23

 
HYTEK (GB) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets




Development expenditure
Customer lists
Total

£
£
£



Cost


At 1 January 2023
97,371
336,300
433,671



At 31 December 2023

97,371
336,300
433,671



Amortisation


At 1 January 2023
97,371
129,800
227,171


Charge for the year on owned assets
-
70,800
70,800



At 31 December 2023

97,371
200,600
297,971



Net book value



At 31 December 2023
-
135,700
135,700



At 31 December 2022
-
206,500
206,500





14.


Goodwill




2023

£



Cost


At 1 January 2023
1,197,675



At 31 December 2023

1,197,675






Net book value



At 31 December 2022
1,197,675


Page 24

 
HYTEK (GB) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Right-of-use assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
22,816
357,142
9,750
163,944
1,126,972
1,680,624


Additions
-
16,218
-
13,776
22,608
52,602



At 31 December 2023

22,816
373,360
9,750
177,720
1,149,580
1,733,226



Depreciation


At 1 January 2023
18,346
325,923
9,750
147,581
495,425
997,025


Charge for the year on owned assets
1,118
25,124
-
5,043
-
31,285


Charge for the year on right-of-use assets
-
-
-
-
167,284
167,284


Other movement
-
-
-
-
540
540



At 31 December 2023

19,464
351,047
9,750
152,624
663,249
1,196,134



Net book value



At 31 December 2023
3,352
22,313
-
25,096
486,331
537,092



At 31 December 2022
4,470
31,219
-
16,363
631,547
683,599


The net book value of owned and leased assets included as "Tangible fixed assets" in the Balance Sheet is as follows:

2023
2022
£
£


Tangible fixed assets owned
50,761
52,052

Right-of-use tangible fixed assets
486,331
631,547

537,092
683,599

Page 25

 
HYTEK (GB) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           15.Tangible fixed assets (continued)

Information about right-of-use assets is summarised below:

Net book value

2023
2022
£
£

Property
453,420
604,561

Motor vehicles
32,911
27,013


486,331
631,547

Depreciation charge for the year ended

2023
2022
£
£

Property
151,140
151,138

Motor vehicles
16,144
8,091


167,284
159,229

The total cash outflow on right-of-use assets was £184,798 (2022: £190,482).


16.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
4,988,024


Other movement
7,791



At 31 December 2023
4,995,815




Page 26

 
HYTEK (GB) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Anglo-Nordic Burner Products Limited
Distribution of fluid handling equipment
Ordinary
100%
Industrial Flow Control Limited
Distribution of fluid handling equipment
Ordinary
90%
Pumptronics Europe Limited
Distribution of pumps
Ordinary
100%
Petroy B.V.
Distribution of pumps
Ordinary
100%

The registered addresses of the subsidiary undertakings are as follows:
Anglo-Nordic Burner Products Limited - 12-14 Island Farm Ave, East Molesey, West Molesey KT8 2UZ, UK
Industrial Flow Control Limited - Unit 3, Ryder Way, Basildon, SS13 1QH, UK
Pumptonics Europe Limited - N/A - Dormant
Petroy B.V. - Van Boetzelaerlaan 171, 2581 AS Den Haag, Netherlands


17.


Stocks

2023
2022
£
£

Finished goods and goods for resale
1,890,048
2,195,951


Inventories above includes a provision of £67,709 (2022: £97,756) for slow moving and obsolete stock.



18.


Debtors

2023
2022
£
£


Trade debtors
1,079,371
1,382,685

Other debtors
208,154
102,906

Prepayments and accrued income
122,814
64,301

1,410,339
1,549,892



19.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
199,667
206,567


Page 27

 
HYTEK (GB) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due within one year

2023
2022
£
£

Contract liabilities
88,480
99,288

Trade creditors
495,151
721,760

Amounts owed to group undertakings
1,177,286
1,996,390

Other taxation and social security
195,562
255,496

Lease liability - current (IFRS 16)
171,735
166,916

Other creditors
136,346
147,570

Accruals and deferred income
67,969
70,772

2,332,529
3,458,192


Amounts owed to group undertakings are secured, interest bearing at Lloyds Base rate plus 1.25% per annum, and payable within 5 years.


21.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Lease liability - non current (IFRS 16)
313,559
465,722

Amounts owed to group undertakings
578,072
1,022,870

891,631
1,488,592


Amounts owed to group undertakings are secured, interest bearing at Lloyds Base rate plus 1.25% per annum, and payable within 5 years.


22.


Deferred taxation




2023
2022


£

£






At beginning of year
(51,861)
(63,648)


Credited/(charged) to profit or loss
2,652
(213)


Credit due to business combinations
12,000
12,000



At end of year
(37,209)
(51,861)

Page 28

 
HYTEK (GB) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
22.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(8,609)
(11,261)

Arising on business combination
(28,600)
(40,600)

(37,209)
(51,861)


23.

Leases

Company as a lessee

The Company leases its principal place of business. The periodic rent is fixed over the lease term. The Company also leases motor vehicles.

Lease liabilities are due as follows:

2023
2022
£
£

Due within 1 year
171,735
166,916

1-5 yrs
313,559
465,722

485,294
632,638


The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:

2023
2022
£
£

IFRS 16 lease interest charges
15,384
20,222


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,100,000 (2022 - 1,100,000) Ordinary shares of £0.01 each
11,000
11,000

Ordinary shares have full voting rights and rights to dividends and capital distributions.


Page 29

 
HYTEK (GB) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Reserves

Profit and loss account

The profit and loss account is the Company's accumulated retained profits and losses as at the year end.


26.


Pension commitments

The Company operates a defined contributions 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 £56,783 (2022: £43,327). Contributions of £5,114 (2022: £nil) were payable to the fund at the balance sheet date.


27.


Related party transactions

During the year ended 31 December 2022, the Company undertook the following transactions with group companies.


2023
2022
£
£

Purchases from group companies
728,896
695,833
Sales to group companies
360,950
450,028
1,089,846
1,145,861

At the year end, the Company owed £470 (2022: £nil) to group companies.  
During the year ended 31 December 2023, the Company declared dividends of £2,199,146 (2022: £1,776,535) to Flowmax Limited. Of the dividends declared in the period, £nil remains payable at 31 December 2023 (2022: £nil)
During the year ended 31 December 2023, the Company received dividends of £745,500 (2022: £651,000) from Anglo-Nordic Burner Products Limited.
During the year ended 31 December 2023, the Company received dividends of £453,399 (2022: 410,130) from Industrial Flow Control Limited. 
During the year ended 31 December 2023, the Company received dividends of £454,653 (2022: £113,837) from Petroy B.V.
During the year ended 31 December 2023, the Company received dividends of £343,874 (2022: £nil) from O.L.E. UK Limited. These dividends were offset against an intercompany loan.
At 31 December 2023, the Company owed £1,287,967 (2022: £2,918,592) in respect of loans to other group companies.
At 31 December 2023, the Company owed £467,391 (2022: £467,391) to its dormant subsidiary, Pumptronics Limited.
At 31 December 2023, the Company owed £nil (2022: £283,309) to its dormant subsidiary, O.L.E. UK Limited.

Page 30

 
HYTEK (GB) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

28.


Controlling party

The Company is a subsidiary undertaking of Flowmax Limited, incorporated in England and Wales.
The Directors regard Flowmax Limited as the smallest group and SA Bias Industries (Pty) Limited, a company registered in South Africa, as the largest group within which the subsidiary belongs and for which group accounts are prepared.  Flowmax Limited's registered office is 2 Chawley Park, Cumnor Hill, Oxford, OX2 9GG. Copies of the Flowmax Limited group accounts are available from the Registrar of Companies.

Page 31