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Company Registration Number 03712188























HABASIT (UK) LIMITED





FINANCIAL STATEMENTS





 31 DECEMBER 2023
























img62bd.png

 
HABASIT (UK) LIMITED
 

COMPANY INFORMATION


Directors
T Gutwald 
M Herrenbrück 
J Peel 




Company secretary
M Visman



Registered number
03712188



Registered office
Habegger House
Gannex Park

Dewsbury Road

Elland

West Yorkshire

HX5 9AF




Independent auditor
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditor

Third Floor

10 South Parade

Leeds

West Yorkshire

LS1 5QS




Bankers
HSBC Bank Plc
33 Park Row

Leeds

LS1 1LD





 
HABASIT (UK) LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Statement of Cash Flows
 
12
Analysis of Net Debt
 
13
Notes to the Financial Statements
 
14 - 35


 
HABASIT (UK) LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
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.

Business review
 
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

Principal risks and uncertainties
 
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.

Page 1

 
HABASIT (UK) LIMITED
 

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

Environmental matters
 
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.

Future prospects
 
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.





................................................
J Peel
Director

Date: 23 September 2024

Page 2

 
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.

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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 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 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 £3,433k (2022 - £4,842k.

Dividends declared in the year were £8,000k (2021: £Nil). 

Directors

The Directors who served during the year were:

T Gutwald 
M Herrenbrück 
J Peel 

Matters covered in the Strategic Report

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.

Page 3

 
HABASIT (UK) LIMITED
 

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

Going concern

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.

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.

Post balance sheet events

There have been no significant events affecting the Company since the year-end.

Auditor

The auditor, Armstrong Watson Audit Limitedwill 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.
 





................................................
J Peel
Director

Date: 23 September 2024

Page 4

 
HABASIT (UK) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HABASIT (UK) LIMITED
 

Opinion


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 policiesThe 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 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 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.


Page 5

 
HABASIT (UK) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HABASIT (UK) 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

 
HABASIT (UK) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HABASIT (UK) 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.


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.


Page 7

 
HABASIT (UK) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HABASIT (UK) LIMITED (CONTINUED)


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.





Matthew Osbourne (Senior Statutory Auditor)
  
for and on behalf of
Armstrong Watson Audit Limited
 
Chartered Accountants
Statutory Auditor
  
Leeds

23 September 2024
Page 8

 
HABASIT (UK) LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£000
£000

  

Turnover
 4 
28,245
30,852

Cost of sales
  
(19,480)
(20,351)

Gross profit
  
8,765
10,501

Distribution costs
  
(1,222)
(1,668)

Administrative expenses
  
(3,360)
(2,993)

Operating profit
 5 
4,183
5,840

Interest receivable and similar income
 9 
405
157

Interest payable and similar expenses
 10 
-
(2)

Profit before tax
  
4,588
5,995

Tax on profit
 11 
(1,155)
(1,153)

Profit for the financial year
  
3,433
4,842

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

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

The notes on pages 14 to 35 form part of these financial statements.

Page 9

 
HABASIT (UK) LIMITED
REGISTERED NUMBER: 03712188

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Intangible assets
 13 
519
673

Tangible assets
 14 
5,350
5,478

Investments
 15 
-
-

  
5,869
6,151

Current assets
  

Stocks
 16 
6,049
5,827

Debtors: amounts falling due within one year
 17 
6,806
9,534

Cash at bank and in hand
 18 
12,526
14,269

  
25,381
29,630

Creditors: amounts falling due within one year
 19 
(3,132)
(3,144)

Net current assets
  
 
 
22,249
 
 
26,486

Total assets less current liabilities
  
28,118
32,637

Provisions for liabilities
  

Deferred tax
 20 
(413)
(379)

Other provisions
 21 
(280)
(266)

  
 
 
(693)
 
 
(645)

Net assets
  
27,425
31,992


Capital and reserves
  

Called up share capital 
 22 
3,023
3,023

Capital redemption reserve
 23 
40
40

Profit and loss account
 23 
24,362
28,929

  
27,425
31,992


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.




................................................
J Peel
Director

The notes on pages 14 to 35 form part of these financial statements.

Page 10

 
HABASIT (UK) LIMITED
 

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


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£000
£000
£000
£000


At 1 January 2022
3,023
40
24,087
27,150


Comprehensive income for the year

Profit for the year
-
-
4,842
4,842
Total comprehensive income for the year
-
-
4,842
4,842



At 1 January 2023
3,023
40
28,929
31,992


Comprehensive income for the year

Profit for the year
-
-
3,433
3,433
Total comprehensive income for the year
-
-
3,433
3,433


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(8,000)
(8,000)


At 31 December 2023
3,023
40
24,362
27,425


The notes on pages 14 to 35 form part of these financial statements.

Page 11

 
HABASIT (UK) LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£000
£000

Cash flows from operating activities

Profit for the financial year
3,433
4,842

Adjustments for:

Amortisation of intangible assets
168
204

Depreciation of tangible assets
573
590

Loss on disposal of tangible assets
(16)
(4)

Interest paid
-
2

Interest received
(405)
(157)

Taxation charge
1,155
1,153

(Increase) in stocks
(222)
(604)

Decrease/(increase) in debtors
2,287
(2,188)

Decrease/(increase) in amounts owed by groups
425
(925)

(Decrease)/increase in creditors
(521)
278

Increase/(decrease) in amounts owed to groups
304
(582)

Increase in provisions
14
61

Corporation tax (paid)
(900)
(1,240)

Net cash generated from operating activities
6,295
1,430


Cash flows from investing activities

Purchase of intangible fixed assets
(14)
(325)

Purchase of tangible fixed assets
(484)
(417)

Sale of tangible fixed assets
55
4

Interest received
405
157

Net cash from investing activities
(38)
(581)

Cash flows from financing activities

Dividends paid
(8,000)
-

Interest paid
-
(2)

Net cash used in financing activities
(8,000)
(2)

Net (decrease)/increase in cash and cash equivalents
(1,743)
847

Cash and cash equivalents at beginning of year
14,269
13,422

Cash and cash equivalents at the end of year
12,526
14,269


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
12,526
14,269

12,526
14,269


The notes on pages 14 to 35 form part of these financial statements.

Page 12

 
HABASIT (UK) LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£000

£000

£000

Cash at bank and in hand

14,269

(1,743)

12,526


14,269
(1,743)
12,526

The notes on pages 14 to 35 form part of these financial statements.

Page 13

 
HABASIT (UK) LIMITED
 

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

1.


General information

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

 
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 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:

 
2.2

Exemption from preparing consolidated financial statements

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.

 
2.3

Going concern

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.

Page 14

 
HABASIT (UK) LIMITED
 

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

2.Accounting policies (continued)

 
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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 15

 
HABASIT (UK) LIMITED
 

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

2.Accounting policies (continued)

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

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

 
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 accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Defined benefit pension plan
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.

Page 16

 
HABASIT (UK) LIMITED
 

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

2.Accounting policies (continued)

 
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 reporting 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 reporting 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 reporting date.

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

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.

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:

Goodwill
-
10
years
Computer software
-
3
years

 
2.11

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.

Page 17

 
HABASIT (UK) LIMITED
 

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

2.Accounting policies (continued)


2.11
Tangible fixed assets (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:

Freehold property
-
25 years
Long-term leasehold property
-
over the life of the lease
Plant and machinery
-
10 years
Fixtures, fittings & motor vehicles
-
5 years

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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 reporting 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.

 
2.14

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.

 
2.15

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 18

 
HABASIT (UK) LIMITED
 

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

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
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.

Page 19

 
HABASIT (UK) LIMITED
 

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

2.Accounting policies (continued)

 
2.18

Financial instruments

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

 
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 20

 
HABASIT (UK) 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 critical judgements that the Directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(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.


4.


Turnover

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


2023
2022
£000
£000

Sale of goods
24,872
27,988

Rendering of services
3,373
2,864

28,245
30,852


Analysis of turnover by country of destination:

2023
2022
£000
£000

United Kingdom
17,683
15,292

Rest of Europe
5,698
6,843

Rest of the world
4,864
8,717

28,245
30,852


Page 21

 
HABASIT (UK) LIMITED
 

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

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£000
£000

Depreciation of tangible fixed assets
573
590

Amortisation of intangible fixed assets
168
204

Other operating lease expenses
453
437

Cost of defined contribution scheme
79
-

Profit/(loss) on foreign exchange
165
(362)


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£000
£000

Fees payable to the Company's auditor for the audit of the Company's financial statements
42
40

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services by virtue of the Companies Act in that the Company is of medium size.


7.


Employees

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


2023
2022
£000
£000

Wages and salaries
6,273
6,454

Social security costs
615
687

Cost of defined contribution scheme
321
284

7,209
7,425


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


        2023
        2022
            No.
            No.







Production
109
114



Administration
32
29



Selling and distribution
14
17

155
160

Page 22

 
HABASIT (UK) LIMITED
 

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

8.


Directors' remuneration

2023
2022
£000
£000

Directors' emoluments
174
145

Company contributions to defined contribution pension schemes
15
7

189
152


During the year retirement benefits were accruing to 1 Director (2022 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable

2023
2022
£000
£000


Bank interest receivable
405
157

405
157


10.


Interest payable and similar expenses

2023
2022
£000
£000


Bank interest payable
-
2

-
2

Page 23

 
HABASIT (UK) LIMITED
 

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

11.


Taxation


2023
2022
£000
£000

Corporation tax


Current tax on profits for the year
1,123
1,225


1,123
1,225


Total current tax
1,123
1,225

Deferred tax


Origination and reversal of timing differences
(49)
(55)

Short term timing differences
81
(17)

Total deferred tax
32
(72)


Tax on profit
1,155
1,153

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£000
£000


Profit on ordinary activities before tax
4,588
5,995


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
1,079
1,139

Effects of:


Expenses not deductible for tax purposes
5
3

Fixed asset differences
33
18

Other differences
38
(7)

Total tax charge for the year
1,155
1,153


Factors that may affect future tax charges

There are no known factors at the current time that may materially impact future tax rates.

Page 24

 
HABASIT (UK) LIMITED
 

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

12.


Dividends

2023
2022
£000
£000


Dividends paid
8,000
-

8,000
-


13.


Intangible assets




Computer software
Goodwill
Total

£000
£000
£000



Cost


At 1 January 2023
1,061
1,509
2,570


Additions
14
-
14



At 31 December 2023

1,075
1,509
2,584



Amortisation


At 1 January 2023
388
1,509
1,897


Charge for the year on owned assets
168
-
168



At 31 December 2023

556
1,509
2,065



Net book value



At 31 December 2023
519
-
519



At 31 December 2022
673
-
673



Page 25

 
HABASIT (UK) LIMITED
 

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

14.


Tangible fixed assets





Freehold property
Long-term leasehold property
Plant and machinery
Fixtures, fittings and motor vehicles
Total

£000
£000
£000
£000
£000



Cost or valuation


At 1 January 2023
5,419
43
6,959
2,605
15,026


Additions
-
-
312
172
484


Disposals
-
(15)
(46)
(63)
(124)



At 31 December 2023

5,419
28
7,225
2,714
15,386



Depreciation


At 1 January 2023
1,816
20
5,428
2,284
9,548


Charge for the year on owned assets
145
7
275
146
573


Disposals
-
(8)
(10)
(67)
(85)



At 31 December 2023

1,961
19
5,693
2,363
10,036



Net book value



At 31 December 2023
3,458
9
1,532
351
5,350



At 31 December 2022
3,603
23
1,531
321
5,478

Page 26

 
HABASIT (UK) LIMITED
 

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

15.


Fixed asset investments





Investments in subsidiary companies

£000



Cost or valuation


At 1 January 2023
4,194



At 31 December 2023

4,194



Impairment


At 1 January 2023
4,194



At 31 December 2023

4,194



Net book value



At 31 December 2023
-



At 31 December 2022
-


16.


Stocks

2023
2022
£000
£000

Raw materials and consumables
5,482
5,263

Work in progress (goods to be sold)
42
33

Finished goods and goods for resale
525
531

6,049
5,827



17.


Debtors

2023
2022
£000
£000


Trade debtors
3,347
5,606

Amounts owed by group undertakings
3,227
3,652

Other debtors
9
40

Prepayments and accrued income
223
236

6,806
9,534


Page 27

 
HABASIT (UK) LIMITED
 

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

18.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank and in hand
12,526
14,269

12,526
14,269



19.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Trade creditors
392
565

Amounts owed to group undertakings
1,487
1,183

Corporation tax
206
-

Other taxation and social security
212
333

Other creditors
16
85

Accruals and deferred income
819
978

3,132
3,144


The bank has a charge in its favour consisting of:
- Debenture comprising of a fixed and floating charge over all present and future freehold and leasehold property, book and other debtors, goodwill and other uncalled share capital within the Company; and
- An unlimited multinational guarantee has been given by Charles Walker Consolidated Limited.

Page 28

 
HABASIT (UK) LIMITED
 

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

20.


Deferred taxation




2023


£000






At beginning of year
(379)


Charged to profit or loss
(33)


Utilised in year
(1)



At end of year
(413)

The provision for deferred taxation is made up as follows:

2023
2022
£000
£000


Accelerated capital allowances
(436)
(484)

Short term timing differences
9
93

Pension liability
14
12

(413)
(379)


21.


Provisions




Dilapidations

£000





At 1 January 2023
266


Charged to profit or loss
14



At 31 December 2023
280

As part of the Company’s property leasing arrangements there is an obligation to repair damages which incur during the life of the lease, such as wear and tear. The cost is charged to profit and loss as the obligation arises. The provision is expected to be utilised between 2024 and 2028 as the leases terminate. Due to the number of leased properties in the Company and the difficulties in predicting expenditure that will be required on return of a property to the landlord many years into the future, the dilapidations provision is considered a source of increased estimation uncertainty. The provision has been calculated using historical experience of actual expenditure incurred on dilapidations and estimated lease termination dates. The most likely amount within this range, £280k, has been recognised in the Statement of financial position.

Page 29

 
HABASIT (UK) LIMITED
 

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

22.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



3,023,000 (2022 - 3,023,000) Ordinary shares of £1.00 each
3,023
3,023

The ordinary shares carrying rights of one vote per share and have no restrictions on the distribution of dividends and the repayment of capital.



23.


Reserves

Capital redemption reserve

The capital redemption reserve represents the total value of shares which have been repurchased by the Company.

Profit and loss account

The profit and loss account represents the accumulated profits less any dividends paid.

Page 30

 
HABASIT (UK) LIMITED
 

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

24.


Pension commitments

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 £321k (2022: £284k). Contributions totalling £56k (2022: £55k) were payable to the fund at the reporting date
Defined benefit pension scheme
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, leaving service or death.
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.



Reconciliation of present value of plan liabilities:


2023
2022
£000
£000

Reconciliation of present value of plan liabilities


At the beginning of the year
2,673
4,090

Interest cost
125
72

Experience gains/loss on liabilities
109
(1,330)

Benefits paid
(241)
(159)

At the end of the year
2,666
2,673


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HABASIT (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
24.Pension commitments (continued)


Reconciliation of present value of plan assets:


2023
2022
£000
£000


At the beginning of the year
3,159
4,708

Administrative costs
(77)
-

Interest income
147
83

Return on assets less interest
(115)
(1,473)

Benefits paid
(241)
(159)

At the end of the year
2,873
3,159


Composition of plan assets:


2023
2022
£000
£000


Equities
-
397

Corporate bonds
895
701

Index-linked gilts
-
535

LDI funds
1,442
-

Diversified growth fund
-
1,204

Credit
470
283

Cash
66
39

Total plan assets
2,873
3,159

2023
2022
£000
£000


Fair value of plan assets
2,873
3,159

Present value of plan liabilities
(2,666)
(2,673)

Asset ceiling
(207)
(486)

Net pension scheme liability
-
-

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HABASIT (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
24.Pension commitments (continued)


The amounts recognised in Statement of Comprehensive Income are as follows:

2023
2022
£000
£000


Interest on liabilities
125
72

Administrative expenses
77
-

Interest on assets
(147)
(83)

Interest on effect of asset ceiling
24
11

Total
79
-


Actual return on scheme assets
32
-

32
-


Remeasurements over the period were as follows:

2023
2022
£000
£000


(Gain)/Loss on assets in excess of interest
(115)
(1,473)

Losses/(gains) from changes to financial assumptions
(23)
1,093

Losses from change in effect of asset ceiling
303
143

Experience adjustment
23
134

Changes in demographic assumptions
(109)
103

Total remeasurements
79
-




Page 33

 
HABASIT (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
24.Pension commitments (continued)


Principal actuarial assumptions at the reporting date (expressed as weighted averages):

2023
2022
%
%
Discount rate


4.5

4.9
 
GMP equalisation allowance


3

3
 
Future pension increases


2.9

2.8
 
Inflation assumption (RPI)


3.4

3.5
 
Inflation assumption (CPI)


2.9

2.9
 
Mortality rates



 
- for a male aged 65 now


21.6

21.7
 
- at 65 for a male aged 45 now


23.2

23.3
 
- for a female aged 65 now


24.1

24.3
 
- at 65 for a female member aged 45 now


25.8

26
 






25.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£000
£000

Vehicles


Not later than 1 year
133
96

Later than 1 year and not later than 5 years
195
97

328
193

2023
2022

£000
£000

Land and Buildings


Not later than 1 year
361
216

Later than 1 year and not later than 5 years
289
405

650
621

Page 34

 
HABASIT (UK) LIMITED
 

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

26.


Related party transactions

The Company has taken advantage of the exemption permitted by FRS 102 Section 33 Related Party Disclosures from the requirement to disclose transactions with wholly owned group companies.


27.


Controlling party

The immediate parent Company is Habasit International AG, a company with registered office Römerstr. 1, 4153 Reinach, Switzerland.
The ultimate controlling party and the smallest and largest group to consolidate these financial statements is Moovimenta AG, incorporated in Switzerland. The consolidated financial statements of Habasit Invest AG are not available to the public.

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