REGISTERED NUMBER: |
HIFLEX EUROPE LIMITED |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
HIFLEX EUROPE LIMITED |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
HIFLEX EUROPE LIMITED (REGISTERED NUMBER: 05244749) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 | to | 3 |
Report of the Independent Auditors | 4 | to | 6 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Statement of Financial Position | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 | to | 15 |
HIFLEX EUROPE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
18 Northgate |
Sleaford |
Lincolnshire |
NG34 7BJ |
HIFLEX EUROPE LIMITED (REGISTERED NUMBER: 05244749) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
REVIEW OF BUSINESS |
Hiflex Europe Limited, is a non - trading intermediate parent company of a group that is widely engaged in the manufacture and sale of hydraulic hose and tube assemblies, including first and second tier supply to original equipment manufactures (OEMs), along with providing industrial hose and fluid power products and onsite services through out the UK, The company for the foreseeable future will remain as an intermediate parent company. Based on this, the directors do not consider there are any specific key performance indicators that need to be disclosed in this report. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risk is that the company acquires an unsuccessful business investment. However, this risk is mitigated by only acquiring businesses that align to the strategic objectives of the wider Alfa Gomma S.p.A. group. The company uses certain financial instruments to help manage its operating risks. In particular it utilises intergroup funding balances and loans, and cash and overdraft balances provided by Alfa Gomma S.p.A. group to manage the liquidity and cashflow risks faced. |
For the company the main risk relates to the underlying impact of increased energy, raw material and interest costs along with increased rate of general inflation on the operations of its trading subsidiaries, details of which are set out in the subsidiary's financial statements. |
GOING CONCERN |
In adopting the going concern basis for preparing the financial statements, the directors have considered the nature of the company's business activities as well as the company's principal risks and uncertainties. Going concern has been assessed, taking into account the company's current financial position and after assessing the increased inflation rate (particularly in energy costs and metal based materials), higher interest costs, exchange rate volatility and the nature of this company as a holding company. The company is not required to fund the operations of its investments, and any further investments are funded from the ultimate parent company. |
The company has received a letter of support from its ultimate parent company Alfa Gomma S.p.A. which confirms that financial support to a level that allows the company to meet its liabilities as they fall due will continue to at least 12 months from the date of the audit report. |
On the basis of the above assessment, the directors have concluded that they have a reasonable expectation that the company has adequate resources to continue as a going concern for a period of at least 12 months from the audit report being signed. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors 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 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. |
HIFLEX EUROPE LIMITED (REGISTERED NUMBER: 05244749) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
The directors who held office at the date of approval of this directors' report confirm that, so far as they are each aware, there is no relevant audit information of which the Company's auditors are unaware; and each director has taken all the steps that he ought to have taken as a director to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information |
AUDITORS |
The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HIFLEX EUROPE LIMITED |
Opinion |
We have audited the financial statements of Hiflex Europe Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has 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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HIFLEX EUROPE LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on pages two and three, 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 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. |
Auditors' 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 a Report of the Auditors 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: |
We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. |
The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as provisions and valuation of assets, as well as the risk of inappropriate journal entries to increased reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates. |
Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified that the company is subject to the Companies Act 2006 and Corporation Taxation laws. |
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included an assessment of the company's filing history and compliance with Companies Act 2006 regulations. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HIFLEX EUROPE LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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. |
for and on behalf of |
18 Northgate |
Sleaford |
Lincolnshire |
NG34 7BJ |
HIFLEX EUROPE LIMITED (REGISTERED NUMBER: 05244749) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) |
OPERATING PROFIT/(LOSS) | 5 | ( |
) |
Interest payable and similar expenses | 6 |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 7 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
HIFLEX EUROPE LIMITED (REGISTERED NUMBER: 05244749) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
LOSS FOR THE YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | ( |
) | ( |
) |
HIFLEX EUROPE LIMITED (REGISTERED NUMBER: 05244749) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 8 |
CURRENT ASSETS |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 10 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
HIFLEX EUROPE LIMITED (REGISTERED NUMBER: 05244749) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2023 | ( |
) | ( |
) |
HIFLEX EUROPE LIMITED (REGISTERED NUMBER: 05244749) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Hiflex Europe Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
This information is included in the consolidated financial statements of Alfa Gomma S.p.A as at 31 December 2022 and these financial statements may be obtained from Alfa Gomma S.p.A, Via Torri Bianche 1, 200871 Vimercate (MI), Italy. |
In adopting the going concern basis for preparing the financial statements, the directors have considered the nature of the company's business activities as well as the company's principal risks and uncertainties. Going concern has been assessed, taking into account the company's current financial position and after assessing the increased inflation rate (particularly in energy costs and metal based materials), higher interest costs, exchange rate volatility and other factors, and the nature of this company as a holding company. The company is not required to fund the operations of its investments, and any further investments are funded from the ultimate parent company. |
The company has received a letter of support from its ultimate parent company Alfa Gomma S.p.A. which confirms that financial support to a level that allows the company to meet its liabilities as they fall due will continue at least for 12 months from the audit report being signed. |
On the basis of the above assessment, the directors have concluded that they have a reasonable expectation that the company has adequate resources to continue as a going concern for a period of at least 12 months from the audit report being signed. Accordingly, they continue to adopt the going concern basis in preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirement of paragraph 33.7. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
Financial instruments |
The company has chosen to adopt the FRS102 1A in respect of financial instruments. |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement. |
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. Accounts 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. |
HIFLEX EUROPE LIMITED (REGISTERED NUMBER: 05244749) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred taxation |
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised 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 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 retained associated tax allowances have been met. |
Foreign currencies |
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. |
Monthly assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange |
ruling at the balance sheet date. All differences are taken to the statement of comprehensive income. |
3. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
The average number of employees during the year was NIL (2022 - NIL). |
4. | DIRECTORS' REMUNERATION |
Directors' remuneration has been borne by other group companies without recourse. The directors of the company are also directors or officers of a number of the companies within the group. The directors' services to the company do not occupy a significant amount of their time. As such the directors do not consider that they have received any remuneration for their incidental services to the company for the year ended 31 December 2023. |
There were no directors who were members of a defined contribution pension scheme (2022: Nil). |
5. | OPERATING PROFIT/(LOSS) |
The operating profit (2022 - operating loss) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Inter company loan interest |
payable |
HIFLEX EUROPE LIMITED (REGISTERED NUMBER: 05244749) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Loss before tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of |
( |
) |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Group relief | - | 2,381 |
Carried forward losses | 2,025 | - |
Total tax charge | - | - |
At 31 December 2023 the company has a deferred tax asset not recognised in the financial Statements as there is insufficient evidence that the asset will be recoverable. The asset relates to available losses carried forward. At 31 December 2023 the asset not recognised is £260,304 (2022: £257,639). The tax rate used to calculate these assets is 25% (2022: 25%) based on the substantively enacted tax rate. |
8. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
PROVISIONS |
At 1 January 2023 |
and 31 December 2023 | 13,537,027 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: Argus Fluidtechnik GmbH - Company HRB 362141 registered at the District Court in Mannheim Germany. |
Nature of business: |
% |
Class of shares: | holding |
HIFLEX EUROPE LIMITED (REGISTERED NUMBER: 05244749) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | FIXED ASSET INVESTMENTS - continued |
Registered office: 43 Wilcock Road, Old Boston Trading Estate, Haydock, St Helens, Merseyside, WA11 9TG, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 18 Northgate, Sleaford, Lincolnshire, NG34 7BJ, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Other taxes and social security | ( |
) |
Accrued expenses |
Amounts owed by group undertakings are unsecured; no interest is charged and the loan is repayable on demand. Based on the letter of support as disclosed in the accounting policies there is no intention for these monies to be called upon in the forthcoming 12 months. |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
The amounts due relate to four loans provided by the company's ultimate parent company Alfa Gomma S.p.A. The £5,000,001 loan is due to be repaid by 31 December 2025 and has an interest rate of 1.4% above 3 month Sterling Libor rate with a minimum interest rate of 1.4%. The €9,500,000 loan is due to be repaid by 31 December 2025 and has an interest rate of 1.4% above 3 month Euribor rate with a minimum interest rate of 1.4%. The £6,000,000 loan is due to be repaid by 31 December 2026 and has an interest rate of 1.4% above 3 month Sterling Libor rate with a minimum interest rate of 1.4%.The £400,000 loan is due to be repaid by 31 December 2026 and has an interest rate of 1.4% above 3 month Sterling Libor rate with a minimum interest rate of 1.4%. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | 0.00001 | 1 | 1 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 | ( |
) |
Deficit for the year | ( |
) |
At 31 December 2023 | ( |
) |
HIFLEX EUROPE LIMITED (REGISTERED NUMBER: 05244749) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | RELATED PARTY DISCLOSURES |
As a wholly owned subsidiary of Alfa Gomma S.p.A. the company has taken advantage of the exemptions under section 33 of FRS102, not to disclose related party transactions between fellow group undertakings also wholly owned by Alfa Gomma S.p.A. |
On the basis the company has no employees and director's remuneration is borne by other group undertakings and not recharged, there is no remuneration to disclose in relation to key management personnel. |
14. | ULTIMATE CONTROLLING PARTY |
The immediate parent undertaking is Dunlop Hiflex UK Limited, a company incorporated in England and Wales. |
The ultimate parent undertaking and controlling party is Alfa Gomma S.p.A. a company incorporated in Italy. Copies of its consolidated annual financial statements for the year ended 31 December 2023, which are the largest and smallest consolidated financial statements, which include the company, may be obtained from Alfa Gomma S.p.A., Via Torri Bianche 1, Vimercate (MI), Italy. |