Company registration number 07807536 (England and Wales)
HIDEN INSTRUMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
HIDEN INSTRUMENTS LIMITED
COMPANY INFORMATION
Directors
R Blacas
M Benham
P Hatton
Secretary
R Blacas
Company number
07807536
Registered office
420 Europa Boulevard
Gemini Business Park
Warrington
Cheshire
WA5 7UN
Auditor
Mitchell Charlesworth (Audit) Limited
Glebe Business Park
Lunts Heath Road
Widnes
Cheshire
WA8 5SQ
Bankers
Barclays Bank plc
Liverpool City Office
PO Box 107
4 Water Street
Liverpool
Merseyside
L69 2DU
Solicitors
Gateley LLP
Ship Canal House
98 King Street
Manchester
M2 4WU
HIDEN INSTRUMENTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11 - 12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 32
HIDEN INSTRUMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The directors are satisfied with the performance of the group with sales increasing in the current year compared with the previous year.

 

The geographical split has been shown in note 3 to the accounts which shows that there have been significant gains across USA and Europe.

Principal risks and uncertainties

The company holds or issues financial instruments in order to achieve three main objectives, being:

 

(a) to finance its operations;

(b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance and;

(c) for trading purposes.

 

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations. Transactions in financial instruments result in the company assuming or transferring to another party one or more of the financial risks described below.

 

Trade and Other Debtors

 

Trade and other debtors are recognised and carried forward at invoiced amounts less provisions for any doubtful debts. Bad debts are written off when identified.

 

Currency Risk

 

The company monitors currency risk closely and endeavours to meet its objectives of managing exposure to currency risk.

 

Credit Risk

 

The company monitors credit risk closely and considers that its current policies of credit checks meets its objectives of managing exposure to credit risk.

 

The company has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments.

 

Liquidity Risk

 

The company has no significant liquidity risk and the company's liquidity policy is risk averse in respect of its assets.

Key performance indicators

The group's key performance indicators are turnover and gross margin. The year has shown an improvement in both areas as follows;

Turnover has increased by 24.89% to £22,956,029.

Gross margin has increased from 52.5% to 52.6%.

 

HIDEN INSTRUMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Other information and explanations

Future development

 

The group will continue to advance and improve its core product offering, along with developing machines for application in the advancement of technologies. The group's focus is to continue to grow worldwide sales from the UK headquarters.

 

Research and development

 

The company is committed to its investment in the research and development process of instrumentation products for the analysis of gas and vapours.

Signed by order of the directors

R Blacas
Director
25 September 2024
HIDEN INSTRUMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £3,389,384. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R Blacas
M Benham
P Hatton
Auditor

The auditor, Mitchell Charlesworth (Audit) Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

HIDEN INSTRUMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
On behalf of the board
R Blacas
Director
25 September 2024
HIDEN INSTRUMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HIDEN INSTRUMENTS LIMITED
- 5 -
Opinion

We have audited the financial statements of Hiden Instruments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 group and parent 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 group's and parent 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.

Opinions on other matters prescribed by the Companies Act 2006

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

HIDEN INSTRUMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HIDEN INSTRUMENTS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

 

HIDEN INSTRUMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HIDEN INSTRUMENTS LIMITED
- 7 -

The companies own assessment of the risks that irregularities may occur either as a result of fraud or error.

Results of our enquiries of management about their own identification and assessment of the risks of irregularities.

Any matters we identified having obtained and reviewed the Companies documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;·

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

· the internal procedures and controls established to mitigate risks of fraud or non- compliance with laws and regulations;

The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

We considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the areas where management are required to exercise significant judgement.

We performed specific audit procedures to assess the risk of management override.

We obtained an understanding of the laws and regulatory framework the company operates in and focused on the effect of the provisions and disclosures that could have a material effect on the financial statements. The key laws and regulations we considered in this context included: Companies Act 2006, Employment Law, compliance with EMC testing, compliance with the licence to deal with specific countries outside of the EU and Health and Safety at Work Act.

Audit response to risks identified

Our procedures to respond to the risks identified included the following:

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

HIDEN INSTRUMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HIDEN INSTRUMENTS LIMITED
- 8 -

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 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.

Robert Davies
For and on behalf of
25 September 2024
Mitchell Charlesworth (Audit) Limited
Accountants
Statutory Auditor
Glebe Business Park
Lunts Heath Road
Widnes
Cheshire
WA8 5SQ
HIDEN INSTRUMENTS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
22,956,029
18,380,378
Cost of sales
(10,874,373)
(8,733,258)
Gross profit
12,081,656
9,647,120
Distribution costs
(2,190,435)
(2,043,864)
Administrative expenses
(5,611,285)
(4,869,328)
Other operating income
11,053
11,750
Operating profit
4
4,290,989
2,745,678
Interest receivable and similar income
7
8,114
2,513
Profit before taxation
4,299,103
2,748,191
Tax on profit
8
(779,746)
(248,880)
Profit for the financial year
22
3,519,357
2,499,311
Profit for the financial year is attributable to:
- Owners of the parent company
3,531,443
2,512,716
- Non-controlling interests
(12,086)
(13,405)
3,519,357
2,499,311

The profit and loss account has been prepared on the basis that all operations are continuing operations.

HIDEN INSTRUMENTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
£
£
Profit for the year
3,519,357
2,499,311
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(41,163)
101,951
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
3,478,194
2,601,262
Total comprehensive income for the year is attributable to:
- Owners of the parent company
3,490,280
2,614,667
- Non-controlling interests
(12,086)
(13,405)
3,478,194
2,601,262
HIDEN INSTRUMENTS LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
4,029,278
4,071,571
Current assets
Stocks
13
6,287,242
5,536,711
Debtors
14
6,734,222
6,636,808
Cash at bank and in hand
3,718,300
3,114,491
16,739,764
15,288,010
Creditors: amounts falling due within one year
15
(4,968,650)
(3,653,436)
Net current assets
11,771,114
11,634,574
Total assets less current liabilities
15,800,392
15,706,145
Provisions for liabilities
Deferred tax liability
16
72,303
66,866
(72,303)
(66,866)
Net assets
15,728,089
15,639,279
Capital and reserves
Called up share capital
19
7,497
7,497
Revaluation reserve
20
1,818,836
1,818,836
Capital redemption reserve
21
4
4
Profit and loss reserves
22
13,944,057
13,843,161
Equity attributable to owners of the parent company
15,770,394
15,669,498
Non-controlling interests
(42,305)
(30,219)
15,728,089
15,639,279
HIDEN INSTRUMENTS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
25 September 2024
R Blacas
M Benham
Director
Director
P Hatton
Director
Company registration number 07807536 (England and Wales)
HIDEN INSTRUMENTS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
11
6,152,490
6,152,490
Current assets
Debtors
14
1,815,616
3,389,384
Cash at bank and in hand
19,991
20,744
1,835,607
3,410,128
Creditors: amounts falling due within one year
15
(6,704,966)
(6,705,103)
Net current liabilities
(4,869,359)
(3,294,975)
Net assets
1,283,131
2,857,515
Capital and reserves
Called up share capital
19
7,497
7,497
Capital redemption reserve
21
4
4
Profit and loss reserves
22
1,275,630
2,850,014
Total equity
1,283,131
2,857,515

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,815,000 (2022 - £2,850,000 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
25 September 2024
R Blacas
M Benham
Director
Director
P Hatton
Director
Company registration number 07807536 (England and Wales)
HIDEN INSTRUMENTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2022
7,497
1,818,836
4
12,248,494
14,074,831
(16,814)
14,058,017
Year ended 31 December 2022:
Profit for the year
-
-
-
2,512,716
2,512,716
(13,405)
2,499,311
Other comprehensive income:
Currency translation differences
-
-
-
101,951
101,951
-
101,951
Total comprehensive income
-
-
-
2,614,667
2,614,667
(13,405)
2,601,262
Dividends
9
-
-
-
(1,020,000)
(1,020,000)
-
(1,020,000)
Balance at 31 December 2022
7,497
1,818,836
4
13,843,161
15,669,498
(30,219)
15,639,279
Year ended 31 December 2023:
Profit for the year
-
-
-
3,531,443
3,531,443
(12,086)
3,519,357
Other comprehensive income:
Currency translation differences
-
-
-
(41,163)
(41,163)
-
(41,163)
Total comprehensive income
-
-
-
3,490,280
3,490,280
(12,086)
3,478,194
Dividends
9
-
-
-
(3,389,384)
(3,389,384)
-
(3,389,384)
Balance at 31 December 2023
7,497
1,818,836
4
13,944,057
15,770,394
(42,305)
15,728,089
HIDEN INSTRUMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
7,497
4
1,020,014
1,027,515
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
2,850,000
2,850,000
Dividends
9
-
-
(1,020,000)
(1,020,000)
Balance at 31 December 2022
7,497
4
2,850,014
2,857,515
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,815,000
1,815,000
Dividends
9
-
-
(3,389,384)
(3,389,384)
Balance at 31 December 2023
7,497
4
1,275,630
1,283,131
HIDEN INSTRUMENTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
2,912,141
3,398,676
Income taxes paid
(230,893)
(276,539)
Net cash inflow from operating activities
2,681,248
3,122,137
Investing activities
Purchase of tangible fixed assets
(240,997)
(550,241)
Proceeds on disposal of tangible fixed assets
12,223
38,495
Receipts arising from loans/(loans made)
1,573,768
(2,369,384)
Interest received
8,114
2,513
Net cash generated from/(used in) investing activities
1,353,108
(2,878,617)
Financing activities
Dividends paid to equity shareholders
(3,389,384)
(1,020,000)
Net cash used in financing activities
(3,389,384)
(1,020,000)
Net increase/(decrease) in cash and cash equivalents
644,972
(776,480)
Cash and cash equivalents at beginning of year
3,114,491
3,789,020
Effect of foreign exchange rates
(41,163)
101,951
Cash and cash equivalents at end of year
3,718,300
3,114,491
HIDEN INSTRUMENTS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
26
(137)
537,692
Investing activities
Receipts arising from loans/(loans made)
1,573,768
(2,369,384)
Dividends received
1,815,000
2,850,000
Net cash generated from investing activities
3,388,768
480,616
Financing activities
Dividends paid to equity shareholders
(3,389,384)
(1,020,000)
Net cash used in financing activities
(3,389,384)
(1,020,000)
Net decrease in cash and cash equivalents
(753)
(1,692)
Cash and cash equivalents at beginning of year
20,744
22,436
Cash and cash equivalents at end of year
19,991
20,744
HIDEN INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
1
Accounting policies
Company information

Hiden Instruments Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 420 Europa Boulevard, Gemini Business Park, Westbrook, Warrington, Cheshire, WA5 7UN.

 

The group consists of Hiden Instruments Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated financial statements incorporate those of Hiden Instruments Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

HIDEN INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of maintenance services is recognised by reference to the timing of delivery of such services.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
25 years / 10 years
Plant and machinery
3 - 5 years
Fixtures, fittings & equipment
10 years
Motor vehicles
4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

HIDEN INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

HIDEN INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

HIDEN INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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. Amounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HIDEN INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

HIDEN INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 24 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Estimation on the useful life of assets as this involves judgement for the expected useful life of assets and depreciation rate used accordingly.

Residual values of assets as this involves the directors to estimate the residual value of assets at the end of their estimated useful life.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
1,946,928
1,593,034
USA
4,841,811
4,979,395
Europe
5,760,933
4,004,279
Asia
8,190,130
5,611,027
Rest of the world
2,216,227
2,192,643
22,956,029
18,380,378
2023
2022
£
£
Other revenue
Interest income
8,114
2,513
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
69,383
(115,276)
Depreciation of owned tangible fixed assets
286,167
285,988
Profit on disposal of tangible fixed assets
(15,100)
(38,495)
HIDEN INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements for the group and subsidiaries
23,000
23,000
23,000
23,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Production staff
84
79
-
-
Sales and distribution staff
30
27
-
-
Administrative staff
23
22
3
3
Total
137
128
3
3

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
7,527,644
6,535,636
-
0
-
0
Social security costs
782,919
712,539
-
-
Pension costs
302,595
312,985
-
0
-
0
8,613,158
7,561,160
-
0
-
0
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
8,114
2,513
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
8,114
2,513
HIDEN INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
780,894
263,040
Adjustments in respect of prior periods
(1,148)
(205)
Total current tax
779,746
262,835
Deferred tax
Origination and reversal of timing differences
-
0
(13,955)
Total tax charge
779,746
248,880

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
4,299,103
2,748,191
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,011,149
522,156
Tax effect of expenses that are not deductible in determining taxable profit
29,367
19,599
Adjustments in respect of prior years
42
-
0
Effect of change in corporation tax rate
171
-
Permanent capital allowances in excess of depreciation
(12)
126
Research and development tax credit
(283,012)
(292,052)
Effect of overseas tax rates
23,377
28,575
Under/(over) provided in prior years
(1,190)
(205)
Deferred tax movement
-
0
(28,626)
Under/(over) provisions
(146)
(693)
Taxation charge
779,746
248,880
9
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
3,389,384
1,020,000
HIDEN INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
10
Tangible fixed assets
Group
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
3,976,390
684,597
296,897
460,272
5,418,156
Additions
28,075
77,903
9,196
125,823
240,997
Disposals
-
0
-
0
-
0
(13,620)
(13,620)
At 31 December 2023
4,004,465
762,500
306,093
572,475
5,645,533
Depreciation and impairment
At 1 January 2023
225,445
615,785
222,125
283,230
1,346,585
Depreciation charged in the year
126,100
54,448
13,178
92,441
286,167
Eliminated in respect of disposals
-
0
(3,014)
-
0
(13,483)
(16,497)
At 31 December 2023
351,545
667,219
235,303
362,188
1,616,255
Carrying amount
At 31 December 2023
3,652,920
95,281
70,790
210,287
4,029,278
At 31 December 2022
3,750,945
68,812
74,772
177,042
4,071,571
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.

The company has taken the decision to carry property at market value as afforded by FRS102.

 

The properties at 420 Europa Boulevard and 422 Europa Boulevard are now included at market value based upon a valuation undertaken by the directors on 31 December 2020. The valuation was based upon the values of properties of a similar size and location sold or marketed for sale at that date.

 

The directors are of the opinion that no adjustment to the value is required as at 31 December 2023.

 

11
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
6,152,490
6,152,490
HIDEN INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
6,152,490
Carrying amount
At 31 December 2023
6,152,490
At 31 December 2022
6,152,490
12
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Hiden Analytical INC
USA
Ordinary
-
100.00
Hiden Analytical Limited
England and Wales
Ordinary
100.00
-
Hiden Isochema Limited
England and Wales
Ordinary
-
100.00
Hiden Analytical Europe GmbH
Germany
Ordinary
-
85.00
13
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
4,064,840
3,804,820
-
-
Work in progress
2,083,576
1,601,820
-
-
Finished goods and goods for resale
138,826
130,071
-
0
-
0
6,287,242
5,536,711
-
-
HIDEN INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,382,767
2,684,577
-
0
-
0
Other debtors
1,903,017
3,528,302
1,815,616
3,389,384
Prepayments and accrued income
363,881
344,809
-
0
-
0
6,649,665
6,557,688
1,815,616
3,389,384
Deferred tax asset (note 16)
84,557
79,120
-
0
-
0
6,734,222
6,636,808
1,815,616
3,389,384
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
1,145,504
1,373,368
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
6,704,966
6,705,103
Corporation tax payable
765,325
216,472
-
0
-
0
Other taxation and social security
550,378
442,353
-
-
Other creditors
10,584
1,918
-
0
-
0
Accruals and deferred income
2,496,859
1,619,325
-
0
-
0
4,968,650
3,653,436
6,704,966
6,705,103
16
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated Capital Allowances
32,611
27,174
-
-
Revaluations
39,692
39,692
-
-
Other short term timing differences
-
-
84,557
79,120
72,303
66,866
84,557
79,120
The company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.
HIDEN INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
16
Deferred taxation
(Continued)
- 30 -
17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
302,595
312,985

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

18
Share-based payment transactions
Group and company
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023 and 31 December 2023
504
504
125.00
125.00
Exercisable at 31 December 2023
-
-
-
-

The options outstanding at 31 December 2023 had an exercise price of £125 per share, and a remaining contractual life of 1 years.

 

19
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
7,497
7,497
7,497
7,497
20
Revaluation reserve
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning and end of the year
1,818,836
1,818,836
-
0
-
HIDEN INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
21
Capital redemption reserve
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning and end of the year
4
4
4
4
22
Profit and loss reserves
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
13,843,161
12,248,494
2,850,014
1,020,014
Profit for the year
3,531,443
2,512,716
1,815,000
2,850,000
Dividends
(3,389,384)
(1,020,000)
(3,389,384)
(1,020,000)
Currency translation differences
(41,163)
101,951
-
0
-
0
At the end of the year
13,944,057
13,843,161
1,275,630
2,850,014
24
Controlling party

There is no ultimate controlling party by way of a majority shareholding.

25
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
3,519,357
2,499,311
Adjustments for:
Taxation charged
779,746
248,880
Investment income
(8,114)
(2,513)
Gain on disposal of tangible fixed assets
(15,100)
(38,495)
Depreciation and impairment of tangible fixed assets
286,167
285,988
Movements in working capital:
Increase in stocks
(750,531)
(1,850,659)
(Increase)/decrease in debtors
(1,665,745)
1,921,059
Increase in creditors
766,361
335,105
Cash generated from operations
2,912,141
3,398,676
HIDEN INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
26
Cash (absorbed by)/generated from operations - company
2023
2022
£
£
Profit for the year after tax
1,815,000
2,850,000
Adjustments for:
Investment income
(1,815,000)
(2,850,000)
Movements in working capital:
Decrease in debtors
-
536,249
(Decrease)/increase in creditors
(137)
1,443
Cash (absorbed by)/generated from operations
(137)
537,692
27
Analysis of changes in net funds - group
1 January 2023
Cash flows
Exchange rate movements
31 December 2023
£
£
£
£
Cash at bank and in hand
3,114,491
644,972
(41,163)
3,718,300
28
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
20,744
(753)
19,991
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