Company Registration Number
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HABASIT (UK) LIMITED
COMPANY INFORMATION
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HABASIT (UK) LIMITED
CONTENTS
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HABASIT (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their Strategic Report for the year ended 31 December 2023.
The principal activity of the Company is the production, manufacturing, marketing and servicing of Fabric, Plastics and Monolithic belting technology product platforms for the light processing and material handling industries.
2023 has seen continued uncertainty for many businesses, ensuring the safety of their employees and the wider community. During these difficult times Habasit has maintained strong performance by working with their existing business partners, whilst investing into new markets. The Directors remain confident of the outlook for the coming year.
The results in terms of our key performance indicators are shown below: 2023 2022 Gross margin (gross profit/revenue) 31.0% 34.0% Operating margin (operating profit/revenue) 14.8% 18.9% Inventory turnover (turnover/inventory) 4.7 5.3 Current ratio (current assets/current liabilities) 8.1 9.4
Foreign exchange risk
The Company does not hedge foreign exchange risk. Accordingly, fluctuations in exchange rates can have a significant impact on the results. Liquidity Management control and monitor the Company's cash flow on a regular basis, including forecasting future cash flows. Credit risk The Company has a stable customer base and maintains strong relationships with each of its key customers. Credit control parameters have been established and appropriate, clearly managed credit terms are agreed with all customers. Pension funding risk The Company operates a defined benefit pension scheme. Effort has continued throughout 2023 to minimise the liabilities arising from the defined benefit scheme, the results of which are reflected within these financial statements. Brexit risk Initially the impact of the vote for the United Kingdom to leave the European Union was to weaken the value of Sterling, increasing the cost of raw materials sourced from overseas suppliers, however this has since stabilised. Now that the United Kingdom Government's Brexit agreement with the European Union has been finalised the Company is in a strong position, with most of their business conducted within the United Kingdom, the company has demonstrated that it is well placed to withstand the future post-Brexit.
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HABASIT (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Respect for the Earth's limited resources and awareness of the delicate balance between industry and nature compels us to dedicate resources to environmentally centred objectives that lead to increasingly eco-friendly products, production processes and operations.
Employees During the year the Company has continued a policy of providing employees with information about the business through newsletters and team briefings in which employees have been encouraged to present their opinions. It is the Company's policy when considering applicants for vacancies to offer equal opportunity to disabled persons, subject only to their abilities in relation to the jobs for which they apply. Wherever possible, employees becoming disabled will be maintained in employment and given such encouragement as the particular disability and the Company's needs permit.
Prospects for the Company are positive and the significant recent future oriented investments made to infrastructure, human resources and process automation will stand the Company in good stead for the future. The market for our products remains highly competitive. However, the directors believe that the business will grow by continuing to deliver best-in-class products & services via a clearly defined customer-centric value proposition, implementing continuous quality improvements and achieving short lead times.
Coronavirus (COVID-19) pandemic On 23 March 2020, the UK Government implemented a country-wide lockdown as a response to addressing the global COVID-19 pandemic. Notwithstanding, since January 2020 and throughout 2023, the Company has implemented heightened levels of COVID-19 related health & safety precautions & regulations, including but not limited to, increased sanitisation measures and United Kingdom & international travel guidelines, measures and restrictions. Meanwhile the measures implemented by the authorities have been largely relaxed. The Company remains vigilant and monitors for any new cases. Habasit (UK) Limited is a wholly owned subsidiary of Habasit International AG. Accordingly, as an affiliate company of a stable, well-resourced and future-oriented international organisation, the Company has a high degree of control over its supply chain thus enabling it to fulfil its commitments to customers even during the most challenging of times. Additionally, the Company has significant historical Retained Earnings combined with a strong cash position enabling the directors to remain confident of the outlook for the coming year.
This report was approved by the board and signed on its behalf.
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HABASIT (UK) 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.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements 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 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.
The profit for the year, after taxation, amounted to £3,433k (2022 - £4,842k.
Dividends declared in the year were £8,000k (2021: £Nil).
The Directors who served during the year were:
Certain information is not shown in the Director's Report because it is shown in the Strategic Report on page 1 of the financial statements in accordance with the provisions of Section 414C(11) of the Companies Act 2006. The Strategic Report includes a business review, future prospects, principal risks and uncertainties and information on the Company's key performance indicators.
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HABASIT (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company achieved a profit in the year and is in a net asset position at the year end. The Directors have, at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, and for at least the next 12 months.
Accordingly, the Directors have a reasonable expectation that the Company will continue in operational existence and thus they adopt the going concern basis of accounting in preparing the financial statements. Habasit (UK) Limited is a wholly owned subsidiary of Habasit International AG. Accordingly, as an affiliate company of a stable, well-resourced and future-oriented international organisation, the Company has a high degree of control over its supply chain thus enabling it to fulfil its commitments to customers even during the most challenging of times. Additionally, the Company has significant historical Retained Earnings combined with a strong cash position enabling the Directors to remain confident of the outlook for the coming year.
There have been no significant events affecting the Company since the year-end.
The auditor, Armstrong Watson Audit Limited, will 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.
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HABASIT (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HABASIT (UK) LIMITED
We have audited the financial statements of Habasit (UK) Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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).
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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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HABASIT (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HABASIT (UK) LIMITED (CONTINUED)
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.
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.
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HABASIT (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HABASIT (UK) LIMITED (CONTINUED)
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙We obtained an understanding of laws and regulations that affect the Company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and occupational health and employment legislation.
∙We enquired of the Directors, reviewed correspondence with HMRC and reviewed directors meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the Directors have in place to ensure compliance.
∙We gained an understanding of the controls that the Directors have in place to prevent and detect fraud. We enquired of the Directors about any incidences of fraud that had taken place during the accounting period.
∙The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls.
∙We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
∙We enquired of the Directors and third-party advisors about actual and potential litigation and claims.
∙We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
∙In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential 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.
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HABASIT (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HABASIT (UK) LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leeds
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HABASIT (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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HABASIT (UK) LIMITED
REGISTERED NUMBER: 03712188
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 35 form part of these financial statements.
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HABASIT (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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HABASIT (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HABASIT (UK) LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Habasit (UK) Limited (the "Company") is a company limited by shares and incorporated and domiciled in the UK, registered number 03712188. The Company's registered office address is Habegger House, Gannex Park, Dewsbury Road, Elland, West Yorkshire, HX5 9AF.
The principal activity of the Company is the production, manufacturing, marketing and servicing of Fabric, Plastics and Monolithic belting technology product platforms for the light processing and material handling industries.
2.Accounting policies
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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 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:
The Company has chosen not to prepare consolidated financial statements for the current period, since all of its subsidiaries are not trading. Therefore, the impact on the Group would be immaterially different from the Company position.
The Company achieved a profit in the year and is in a net asset position at the year end. The directors have, at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, and for at least the next 12 months.
Accordingly, the directors have a reasonable expectation that the company will continue in operational existence and thus they adopt the going concern basis of accounting in preparing the financial statements. Habasit (UK) Limited is a wholly owned subsidiary of Habasit International AG. Accordingly, as an affiliate company of a stable, well-resourced and future-oriented international organisation, the Company has a high degree of control over its supply chain thus enabling it to fulfil its commitments to customers even during the most challenging of times. Additionally, the Company has significant historical Retained Earnings combined with a strong cash position enabling the directors to remain confident of the outlook for the coming year.
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Company operates a defined benefit pension arrangement called the Habasit (UK) Retirement and Death Benefits Scheme ("the Scheme"). The Scheme provides benefits based on final salary and length of service on retirement, leaving service or death. The Scheme is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuatrion of the Scheme is carried out at least once every three years to determine whether the Statutory Funding objective is me. The most recent comprehensive actuarial valuation of the Scheme was carried out as at 31 March 2022. As there was a surplus at the 31 March 2022, the Company is currently only paying the expenses associated with running the Scheme and the Pension Protection Fund Levy. In the event the next valuation reveals a deficit then the Company may be required to make contributions to the Scheme, above those set out in the existing Schedule of Contributions. The Scheme is managed by the board of Trustees appointed in part by the Company and part from elections by members of the Scheme. The Trustees have responsibility for obtaining valuations of the fund, administering benefit payments and investing the Scheme's assets. The Trustees delegate some of these functions to their professional advisers where appropriate. There were no plan amendments, curtailments or settlements during the period.
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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:
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.
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(i) Assessing indicators of impairment In assessing whether there have been any indicators of impairment of assets, the Directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the assets to be operated as planned. There have been no indicators of impairment identified during the current year. Critical judgements in applying the accounting policies The critical judgements that the Directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are discussed below: (i) Stock provision In assessing whether a stock provision is required against a specific stock item the Directors have considered both internal and external sources of information including quantity of stock item held, current orders of the stock item, historic saleability of the stock item and wider market conditions. Details of impairment losses recognised can be found in note 17. (ii) Defined benefit pension scheme The pension scheme assets and liabilities are valued using an actuarial valuation based on market assumptions. Details of the key assumptions used are presented in note 25.
Analysis of turnover by country of destination:
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
There are no known factors at the current time that may materially impact future tax rates.
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Capital redemption reserve
Profit and loss account
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company operates a Defined Benefit 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 £
Defined benefit pension scheme The Company operates a defined benefit pension arrangement called the The Scheme is subject to the Statutory Funding Objective under the Pension Act 2004. A valuation of the Scheme is carried out at least once every three years to determine whether the Statutory Funding Objective is met. The most recent comprehensive actuarial valuation of the Scheme was carried out as at 31 March 2022. As there was a surplus at the 31 March 2022, the Company is currently only paying the expenses associated with running the Scheme and the Pension Protection Fund Levy. In the event the next valuation reveals a deficit then the Company may be required to make contributions to the Scheme, above those set out in the existing Schedule of Contributions. The Scheme is managed by the board of Trustees appointed in part by the Company and part from elections by members of the Scheme. The Trustees have responsibility for obtaining valuations of the fund, administering benefit payments and investing the Scheme's assets. The Trustees delegate some of these functions to their professional advisers where appropriate. There were no plan amendments, curtailments or settlements during the period.
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
24.Pension commitments (continued)
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
24.Pension commitments (continued)
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
24.Pension commitments (continued)
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HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The immediate parent Company is
The ultimate controlling party and the smallest and largest group to consolidate these financial statements is
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