Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetruetruetruetruetruetruetrue2023-01-0116falseNo description of principal activity16truefalse 02111157 2023-01-01 2023-12-31 02111157 2022-01-01 2022-12-31 02111157 2023-12-31 02111157 2022-12-31 02111157 2022-01-01 02111157 10 2023-01-01 2023-12-31 02111157 10 2022-01-01 2022-12-31 02111157 d:Director2 2023-01-01 2023-12-31 02111157 e:Buildings 2023-01-01 2023-12-31 02111157 e:Buildings 2023-12-31 02111157 e:Buildings 2022-12-31 02111157 e:Buildings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02111157 e:Buildings e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02111157 e:PlantMachinery 2023-01-01 2023-12-31 02111157 e:PlantMachinery 2023-12-31 02111157 e:PlantMachinery 2022-12-31 02111157 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02111157 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02111157 e:MotorVehicles 2023-01-01 2023-12-31 02111157 e:MotorVehicles 2023-12-31 02111157 e:MotorVehicles 2022-12-31 02111157 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02111157 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02111157 e:FurnitureFittings 2023-01-01 2023-12-31 02111157 e:FurnitureFittings 2023-12-31 02111157 e:FurnitureFittings 2022-12-31 02111157 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02111157 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02111157 e:ComputerEquipment 2023-01-01 2023-12-31 02111157 e:ComputerEquipment 2023-12-31 02111157 e:ComputerEquipment 2022-12-31 02111157 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02111157 e:ComputerEquipment e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02111157 e:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 02111157 e:OtherPropertyPlantEquipment 2023-12-31 02111157 e:OtherPropertyPlantEquipment 2022-12-31 02111157 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02111157 e:OtherPropertyPlantEquipment e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02111157 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02111157 e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02111157 e:CurrentFinancialInstruments 2023-12-31 02111157 e:CurrentFinancialInstruments 2022-12-31 02111157 e:Non-currentFinancialInstruments 3 2023-12-31 02111157 e:Non-currentFinancialInstruments 3 2022-12-31 02111157 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 02111157 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 02111157 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 02111157 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 02111157 e:ShareCapital 2023-12-31 02111157 e:ShareCapital 2022-12-31 02111157 e:SharePremium 2023-01-01 2023-12-31 02111157 e:SharePremium 2023-12-31 02111157 e:SharePremium 2022-12-31 02111157 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02111157 e:RetainedEarningsAccumulatedLosses 2023-12-31 02111157 e:RetainedEarningsAccumulatedLosses 2022-12-31 02111157 d:OrdinaryShareClass1 2023-01-01 2023-12-31 02111157 d:OrdinaryShareClass1 2023-12-31 02111157 d:OrdinaryShareClass1 2022-12-31 02111157 d:FRS101 2023-01-01 2023-12-31 02111157 d:Audited 2023-01-01 2023-12-31 02111157 d:FullAccounts 2023-01-01 2023-12-31 02111157 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02111157 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02111157 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02111157 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02111157 e:CurrentFinancialInstruments 7 2023-12-31 02111157 e:CurrentFinancialInstruments 7 2022-12-31 02111157 e:Buildings e:Right-of-useAssets 2023-01-01 2023-12-31 02111157 e:Buildings e:Right-of-useAssets 2022-01-01 2022-12-31 02111157 e:MotorVehicles e:Right-of-useAssets 2023-01-01 2023-12-31 02111157 e:MotorVehicles e:Right-of-useAssets 2022-01-01 2022-12-31 02111157 e:OtherPropertyPlantEquipment e:Right-of-useAssets 2023-01-01 2023-12-31 02111157 e:Right-of-useAssets 2023-01-01 2023-12-31 02111157 e:Right-of-useAssets 2022-01-01 2022-12-31 02111157 f:PoundSterling 2023-01-01 2023-12-31 02111157 g:SouthAfrica 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02111157










INDUSTRIAL FLOW CONTROL LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
INDUSTRIAL FLOW CONTROL LIMITED
REGISTERED NUMBER: 02111157

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 5 
37,022
60,300

Current assets
  

Stocks
 6 
364,641
398,905

Debtors: amounts falling due within one year
 7 
695,058
722,566

Cash at bank and in hand
  
135,117
255,044

  
1,194,816
1,376,515

Creditors: amounts falling due within one year
 8 
(689,498)
(959,534)

Net current assets
  
 
 
505,318
 
 
416,981

Total assets less current liabilities
  
542,340
477,281

  

Creditors: amounts falling due after more than one year
 9 
(8,039)
(10,654)

  
534,301
466,627

Provisions for liabilities
  

Deferred taxation
 10 
(3,178)
(3,961)

  
 
 
(3,178)
 
 
(3,961)

  

Net assets
  
531,123
462,666


Capital and reserves
  

Called up share capital 
 12 
105,000
105,000

Share premium account
 13 
24,000
24,000

Profit and loss account
 13 
402,123
333,666

  
531,123
462,666


Page 1

 
INDUSTRIAL FLOW CONTROL LIMITED
REGISTERED NUMBER: 02111157

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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

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

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




K Shaw
Director

Date: 2 July 2024

The notes on pages 3 to 15 form part of these financial statements.

Page 2

 
INDUSTRIAL FLOW CONTROL LIMITED
 

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

1.


General information

Industrial Flow Control Limited is a private company limited by share capital and 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 distribution of flow instrumentation and liquid handling equipment and the design and marketing of mechanical handling equipment. 
The Company's trading address is 3 Ryder Way, Basildon, Essex, SS13 1QH.

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 financial statements are rounded to the nearest whole pounding Sterling.

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 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 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;
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

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 the Registrar of Companies.

Page 3

 
INDUSTRIAL FLOW CONTROL LIMITED
 

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

2.Accounting policies (continued)

 
2.3

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.

  
2.4

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The Company recognises revenue when performance obligations have been satisfied and for the Company this is when the goods or services 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 flow instrumentation and liquid handling equipment in 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 recognises certain sales when the goods have not been delivered in full to the customer under bill-and-hold arrangements. The Company recognises revenue under these contracts when the Company has received acceptance of the goods to be held by Industrial Flow Control Limited, the product is identified separately as belonging to the customer, the product is ready for immediate transfer to the customer and the Company does not have the ability to use the product or direct it to another customer. At this point, no further performance obligations remain.
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.
(b) Sales of services 
The Company offers service contract warranties to its customers as part of its sales of goods. These constitute a separate performance obligation. Revenue from providing services from the service contracts is recognised in the accounting period in which the services are rendered. Revenue is recognised on a time-elapsed basis over the term of the agreement as this represents management’s best estimate of the point of satisfaction of the performance obligations.
The Company invoices for service agreements on an annual or monthly basis and consideration is payable when invoiced. The terms of payment are fixed with no variable consideration. There are no material contract assets arising from such terms.

Page 4

 
INDUSTRIAL FLOW CONTROL LIMITED
 

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

2.Accounting policies (continued)

 
2.5

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.

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 Company did not make any such adjustments during the periods presented.

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 2.8.

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 not used this practical expedient.

Page 5

 
INDUSTRIAL FLOW CONTROL LIMITED
 

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

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

Page 6

 
INDUSTRIAL FLOW CONTROL LIMITED
 

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

2.Accounting policies (continued)

 
2.8

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:

Improvements to property
-
over life of lease
Plant and machinery
-
20% on cost
Fixtures and fittings
-
20% on cost
Motor vehicles
-
25% on cost
Computer equipment
-
33% 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.

 
2.9

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 first in, first out 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.

 
2.10

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.

 
2.11

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.

Page 7

 
INDUSTRIAL FLOW CONTROL LIMITED
 

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

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.


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. 
Leases
IFRS 16 requires the Company to account for its leases as right-of-use assets over the life of the leaseagreement. 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.


4.


Employees

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


        2023
        2022
            No.
            No.







Sales and administration
12
11



Directors
4
5

16
16

Page 8

 
INDUSTRIAL FLOW CONTROL LIMITED
 

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

5.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings

£
£
£
£



Cost or valuation


At 1 January 2023
26,181
10,713
5,070
8,320


Additions
-
-
1,424
-


Disposals
-
(2,236)
(2,400)
-



At 31 December 2023

26,181
8,477
4,094
8,320



Depreciation


At 1 January 2023
22,248
9,850
1,775
8,320


Charge for the year on owned assets
2,618
588
1,409
-


Charge for the year on right-of-use assets
-
-
-
-


Disposals
-
(2,236)
(2,400)
-



At 31 December 2023

24,866
8,202
784
8,320



Net book value



At 31 December 2023
1,315
275
3,310
-



At 31 December 2022
3,933
863
3,295
-
Page 9

 
INDUSTRIAL FLOW CONTROL LIMITED
 

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

           5.Tangible fixed assets (continued)


Computer equipment
Right-of-use assets
Total

£
£
£



Cost or valuation


At 1 January 2023
24,677
189,802
264,763


Additions
5,931
22,943
30,298


Disposals
(10,626)
-
(15,262)



At 31 December 2023

19,982
212,745
279,799



Depreciation


At 1 January 2023
22,156
140,114
204,463


Charge for the year on owned assets
1,739
-
6,354


Charge for the year on right-of-use assets
-
47,222
47,222


Disposals
(10,626)
-
(15,262)



At 31 December 2023

13,269
187,336
242,777



Net book value



At 31 December 2023
6,713
25,409
37,022



At 31 December 2022
2,521
49,688
60,300


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
11,613
10,612

Right-of-use tangible fixed assets
25,409
49,688

37,022
60,300

Page 10

 
INDUSTRIAL FLOW CONTROL LIMITED
 

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

           5.Tangible fixed assets (continued)

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

Net book value

2023
2022
£
£

Property
7,778
38,891

Motor vehicles
17,631
10,797

-


25,409
49,688

Depreciation charge for the year ended

2023
2022
£
£

Property
31,113
31,113

Motor vehicles
16,109
10,416

-


47,222
41,529




Total cash outflows in respect of IFRS 16 leases was £53,127 (2022: £49,083).


6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
364,641
398,905


Inventories above includes a provision of £10,447 (2022: £2,888) for slow moving and obsolete stock.


Page 11

 
INDUSTRIAL FLOW CONTROL LIMITED
 

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

7.


Debtors

2023
2022
£
£


Trade debtors
684,002
707,378

Other debtors
-
4,278

Prepayments and accrued income
11,056
10,910

695,058
722,566



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Contract liabilities
36,058
275,422

Trade creditors
310,114
292,724

Corporation tax
103,092
76,527

Other taxation and social security
91,783
155,638

Lease liabilities
7,933
34,422

Other creditors
29,514
5,559

Accruals and deferred income
111,004
119,242

689,498
959,534


Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand.


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Lease liabilities
8,039
10,654


Page 12

 
INDUSTRIAL FLOW CONTROL LIMITED
 

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

10.


Deferred taxation




2023
2022


£

£






At beginning of year
(3,961)
(3,621)


Charged to profit or loss
783
(340)



At end of year
(3,178)
(3,961)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Capital allowances in excess of depreciation
(3,178)
(3,961)


11.

Leases

Company as a lessee

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

Lease liabilities are due as follows:

2023
2022
£
£

Less than one year
7,933
34,422

Between one and two years
8,039
10,654

15,972
45,076


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

2023
2022
£
£

Interest expense
1,176
1,813

Page 13

 
INDUSTRIAL FLOW CONTROL LIMITED
 

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

12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



105,000 (2022 - 105,000) Ordinary shares of £1.00 each
105,000
105,000

Ordinary shares carry voting and distribution rights.



13.


Reserves

Share premium account

The share premium reserve includes all amounts paid in excess of the nominal value of Ordinary shares issued. 

Profit and loss account

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


14.


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 £17,881 (2022: £15,669). Contributions totalling £nil (2022: £nil) were payable to the fund at the balance sheet date.


15.


Related party transactions

During the year ended 31 December 2023, the Company undertook the following transactions with group companies. 

2023
2022
£
£
Sales to group companies

44,237

15,680
 
Purchases from group companies

106,523

92,683
 

At 31 December 2023, the Company was owed £nil (2022: £nil) from group companies.
At 31 December 2023, the Company owed £906 (2022: £nil) to group companies.
During the year ended 31 December 2023, the Company paid dividends to the following shareholders:
Hytek (GB) Limited - £453,369 (2022: £410,130)
G Clarke - £ 25,187 (2022: £22,785)
K Shaw - £ 25,187 (2022: £22,785)

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INDUSTRIAL FLOW CONTROL LIMITED
 

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

16.


Controlling party

The Directors regard Hytek (GB) Limited as the immediate parent company and SA Bias Industries (Pty) Limited, a company registered in South Africa, as the ultimate parent company.
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.


17.


Auditor's information

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

The audit report was signed on 2 July 2024 by James Pitt BA BFP FCA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.

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