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Registered number: 06916722









Process Components Limited









Annual Report and Financial Statements

For the year ended 30 September 2024

 
Process Components Limited
 
 
Company Information


Directors
M Thomson 
P Clarke (appointed 3 February 2025)




Registered number
06916722



Registered office
Rupert House
London Road South

Poynton

Stockport

SK12 1PQ




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG





 
Process Components Limited
 

Contents



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 29


 
Process Components Limited
 
 
Strategic Report
For the year ended 30 September 2024

Introduction
 
The directors present the strategic report for the year ended 30 September 2024. The previous accounting period covers the 9 months ended 30 September 2023. The results are therefore not wholly comparable with those of the prior year. 
The principal activity of the Company continued to be the engineering, manufacturing and installation of equipment, principally for the dry foods industry. The Company operates in a global market.

Business review
 
Company turnover for the period ended was £16.2m (9 months to Sep 23: £6.3m), which when apportioning the previous periods revenue to 12 months represents a 92% increase year on year largely due to improved performance in Capital Equipment sales. 
The company has an operating profit for the period ended of £1.5m (
9 months to Sep 23: loss of £1.2m) representing an improvement year on year when apportioning the previous period's loss to 12 months by 194%. This has been driven by significant growth within the Capital Equipment division giving rise to more gross profits, feeding in directly to the bottom line . The company works to mitigate risk on costs through various strategies and have put into place enhanced bidding and procurement initiatives. 
The company continues with ongoing investment in targeted marketing and development costs to support the business. 2024-25 has a strong opening orderbook (backlog).
Following the acquisition of Process Components Limited by Hillenbrand Inc. Process Components Limited have access to a wider range of skills and knowledge and also access to a wider marketplace to facilitate future growth.

Principal risks and uncertainties
 
The company operates in a changing and competitive market place where continuing global competitiveness is dependent on maintaining existing customer relationships and developing our supply chain. The company is confident that it can achieve these objectives and minimise the risk of falling short of its targets by providing outstanding quality of service to its customers at competitive prices, whilst improving efficiency. 
A number of the risks and uncertainties that are faced by the company are set out below. 
Product Safety 
Product safety is a potential risk given the type of equipment we produce. The direct financial expense of product safety failures is limited by our product liability insurance and the indirect costs are mitigated by careful selection of raw materials and suppliers, extensive product testing and monitoring of end-customer product satisfaction. 
Technological advancement 
Obsolescence as a result of technological advances is also considered to be a risk given the type of industry we operate in. This is mitigated by a strategic focus and investment in research and development to ensure our products meet the high standards of innovation, productivity and safety that we have set ourselves. 
Workforce 
Like any other similar business, retaining a suitable skilled workforce is also a challenge faced by our business. We also have policies and procedures to ensure qualified and appropriate staff are hired and maintained. Staff are encouraged to fully contribute to the business as the directors recognise that the future success of the business depends on the retention and dedication of key employees, targeted remuneration packages which the directors consider to be attractive by industry standards are offered to mitigate the risk and encourage development. 
 
Page 1

 
Process Components Limited
 

Strategic Report (continued)
For the year ended 30 September 2024

Principal risks and uncertainties (continued)
Supply Chain 
The Russia-Ukraine conflict has had an impact on our supply chain causing delays in order completion and increased cost in the medium term. Risk has been mitigated where possible by utilising alternative supply routes in the interim but whilst the conflict continues the risk to our supply chain remains a factor.

Financial key performance indicators
 
Turnover and profitability are key performance indicators. These KPI's continue to be monitored and have been detailed in the paragraphs above.


This report was approved by the board and signed on its behalf.



P Clarke
Director

Date: 24 June 2025

Page 2

 
Process Components Limited
 
 
 
Directors' Report
For the year ended 30 September 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

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 £1,502,895 (2023 - loss £1,195,008).

No dividends were paid during the financial year (2023: £Nil). The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

D Spooner (resigned 30 November 2024)
M Thomson 

Future developments

The company continues to invest in equipment & its people to enhance its position as a market leader.

Page 3

 
Process Components Limited
 
 
 
Directors' Report (continued)
For the year ended 30 September 2024

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsHurst Accountants 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.
 





P Clarke
Director

Date: 24 June 2025

Page 4

 
Process Components Limited
 
 
 
Independent Auditors' Report to the Members of Process Components Limited
 

Opinion


We have audited the financial statements of Process Components Limited (the 'Company') for the year ended 30 September 2024, which comprise the statement of comprehensive income, the statement of financial position, 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 30 September 2024 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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

 
Process Components Limited
 
 
 
Independent Auditors' Report to the Members of Process Components 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

 
Process Components Limited
 
 
 
Independent Auditors' Report to the Members of Process Components Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' 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 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.
Identifying and assessing potential risks related to irregularities
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:
• The nature of the industry and sector in which the company operates; the control environment and business     performance including key drivers for directors' remuneration, bonus levels and performance targets.
• The outcome of enquiries of management, including whether management was aware of any instances of non-   compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged   fraud. 
• Supporting documentation relating to the Company's policies and procedures for:
    - Identifying, evaluating, and complying with laws and regulations
    - Detecting and responding to the risks of fraud
• The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
• The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the    financial statements and any potential indicators of fraud.
• The legal and regulatory framework in which the Company operates, particularly those laws and regulations which    have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or    which had a fundamental effect on the operations of the Company, including General Data Protection requirements,   and Anti-bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
• Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with    the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
• Discussions with management, including consideration of known or suspected instances of non-compliance with laws  and regulations and fraud.
• Evaluation of management’s controls designed to prevent and detect irregularities.
• Enquiring of management about any actual and potential litigation and claims.
• Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of    material misstatement due to fraud.
 
Page 7

 
Process Components Limited
 
 
 
Independent Auditors' Report to the Members of Process Components Limited (continued)



We have also considered the risk of fraud through management override of controls by:
• Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to 
 identify accounting transactions which may pose a heightened risk of material misstatement, whether due to a fraud   or error.
• Challenging assumptions made by management in their significant accounting estimates, and assessing whether the    judgements made in making accounting estimates are indicative of a potential bias; and
• Evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.


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 auditors' report.


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 auditors' 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.





Anthony Woodings (senior statutory auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG

24 June 2025
Page 8

 
Process Components Limited
 
 
Statement of Comprehensive Income
For the year ended 30 September 2024

12 months
30 September
9 months
30 September
2024
2023
Note
£
£

  

Turnover
 4 
16,222,442
6,331,546

Cost of sales
  
(10,565,279)
(3,960,256)

Gross profit
  
5,657,163
2,371,290

Administrative expenses
  
(4,076,634)
(3,418,991)

Other operating income
 5 
-
114,814

Operating profit/(loss)
 6 
1,580,529
(932,887)

Interest receivable and similar income
  
-
1

Interest payable and similar expenses
 10 
(76,628)
(108,333)

Profit/(loss) before tax
  
1,503,901
(1,041,219)

Tax on profit/(loss)
 11 
(1,006)
(153,789)

Profit/(loss) for the financial year
  
1,502,895
(1,195,008)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 29 form part of these financial statements.

Page 9

 
Process Components Limited
Registered number: 06916722

Statement of Financial Position
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
-
21,191

Tangible assets
 13 
922,726
1,005,196

Investments
 14 
28,980
28,980

  
951,706
1,055,367

Current assets
  

Stocks
 15 
1,947,968
2,126,316

Debtors: amounts falling due within one year
 16 
3,552,980
2,016,957

Cash at bank and in hand
 17 
65,683
565,032

  
5,566,631
4,708,305

Creditors: amounts falling due within one year
 18 
(5,231,531)
(6,143,112)

Net current assets/(liabilities)
  
 
 
335,100
 
 
(1,434,807)

Total assets less current liabilities
  
1,286,806
(379,440)

Provisions for liabilities
  

Deferred tax
 19 
(154,795)
(153,789)

Other provisions
 20 
(271,249)
(108,904)

  
 
 
(426,044)
 
 
(262,693)

Net assets/(liabilities)
  
860,762
(642,133)


Capital and reserves
  

Called up share capital 
 21 
105
105

Profit and loss account
 22 
860,657
(642,238)

  
860,762
(642,133)


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




P Clarke
Director

Date: 24 June 2025

The notes on pages 12 to 29 form part of these financial statements.

Page 10

 
Process Components Limited
 

Statement of Changes in Equity
For the year ended 30 September 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
105
552,770
552,875


Comprehensive income for the period

Loss for the period
-
(1,195,008)
(1,195,008)



At 1 October 2023
105
(642,238)
(642,133)


Comprehensive income for the year

Profit for the year
-
1,502,895
1,502,895


At 30 September 2024
105
860,657
860,762


The notes on pages 12 to 29 form part of these financial statements.

Page 11

 
Process Components Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

1.


General information

Process Components Limited (the 'Company') is a limited company incorporated in the UK. The Company's registered office is Rupert House, London Road South, Poynton, Stockport, SK12 1PQ. 
The principal activity of the company is that of the manufacture of large machinery for use in manufacturing plants.

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Hillenbrand Inc as at 30 September 2024 and these financial statements may be obtained from the Hillenbrand website.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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.

Page 12

 
Process Components Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.4

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.

Revenue on customer contracts
The company has several long term contracts with customers to construct machinery. Prices are issued based on costing schedules prepared at the quotation stage, and are used to track the progress of the contract. Management apply the "percentage of completion" method of revenue recognition, with the percentage typically recognised based on the amount of work completed to date against expected works to complete.
An asset is created on the company's balance sheet as a result of revenues being accrued in line with the stage of completion. Invoices are raised and credited against this asset. Where contract revenue is ahead of the amounts invoiced, the debit balance is shown as "Amounts recoverable on long term contracts" within debtors. Where revenue is behind amounts invoiced, the credit balance is shown as "Payments received on account" within creditors.

 
2.5

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

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

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 13

 
Process Components Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

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.

 
2.10

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.


 
2.11

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.

Page 14

 
Process Components Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.12

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.

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:

Plant and machinery
-
14 - 20% straight line
Fixtures and fittings
-
10 - 33% straight line
Other fixed assets
-
20% straight line

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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each 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.

 
2.15

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.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 15

 
Process Components Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.17

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.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest
Page 16

 
Process Components Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

Page 17

 
Process Components Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company'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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Revenue recognition
Revenue is recognised on a percentage of completion basis for the company's capital contracts, based on information provided by sub-contractors as to progress on the contract. Where invoicing for a contract is in excess of the percentage of revenue that can be recognised, a contract liability is created, and vice-versa.
Warranty provision
Warranties are provided for in the normal course of business based on an assessment of future claims with reference to past claims. Such costs are generally incurred over the product warranty period.


4.


Turnover

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


12 months
30 September
9 months
30 September
2024
2023
£
£

Capital contracts
11,368,574
2,474,885

Spares and aftermarket
2,494,502
2,202,574

Servicing and other revenue
2,359,366
1,654,087

16,222,442
6,331,546


12 months
30 September
9 months
30 September
2024
2023
£
£

United Kingdom
2,394,487
272,714

Rest of Europe
7,970,032
2,492,652

Rest of the world
5,857,923
3,566,180

16,222,442
6,331,546


Page 18

 
Process Components Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

5.


Other operating income

12 months
30 September
9 months
30 September
2024
2023
£
£

Other operating income
-
114,814



6.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

12 months
30 September
9 months
30 September
2024
2023
£
£

Exchange differences
33,871
22,510

Other operating lease rentals
171,976
133,820


7.


Auditors' remuneration

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


12 months
30 September
9 months
30 September
2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
19,000
19,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 19

 
Process Components Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

8.


Employees

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


12 months
30 September
9 months
30 September
2024
2023
£
£

Wages and salaries
2,949,452
2,183,804

Social security costs
257,904
190,955

Cost of defined contribution scheme
244,689
187,702

3,452,045
2,562,461


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


       12 months
     30 September
        9 months
     30 September
        2024
        2023
            No.
            No.







Employees
54
56


9.


Directors' remuneration

12 months
30 September
9 months
30 September
2024
2023
£
£

Directors' emoluments
121,399
88,304

Company contributions to defined contribution pension schemes
19,856
14,892

141,255
103,196


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

Page 20

 
Process Components Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

10.


Interest payable and similar expenses

12 months
30 September
9 months
30 September
2024
2023
£
£


Bank interest payable
34,883
108,333

Loans from group undertakings
41,745
-

76,628
108,333


11.


Taxation


12 months
30 September
9 months
30 September
2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
1,006
153,789

Total deferred tax
1,006
153,789


Tax on profit/(loss)
1,006
153,789
Page 21

 
Process Components Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

12 months
30 September
9 months
30 September
2024
2023
£
£


Profit/(loss) on ordinary activities before tax
1,503,901
(1,041,219)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
375,975
(229,068)

Effects of:


Expenses not deductible for tax purposes
2,916
1,040

Adjustments to tax charge in respect of prior periods
(546)
177,711

Movement in deferred tax not recognised
(237,499)
237,499

Unrelieved loss on disposal of operation
(139,840)
-

Other differences leading to an increase (decrease) in the tax charge
-
(33,393)

Total tax charge for the year/period
1,006
153,789


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
Process Components Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

12.


Intangible assets




Computer software
Goodwill
Total

£
£
£



Cost


At 1 October 2023
157,023
1,091,276
1,248,299



At 30 September 2024

157,023
1,091,276
1,248,299



Amortisation


At 1 October 2023
135,832
1,091,276
1,227,108


Charge for the year
21,191
-
21,191



At 30 September 2024

157,023
1,091,276
1,248,299



Net book value



At 30 September 2024
-
-
-



At 30 September 2023
21,191
-
21,191



Page 23

 
Process Components Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

13.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 October 2023
137,850
619,128
915,578
1,672,556


Additions
713
16,695
93,888
111,296


Disposals
(34,131)
-
-
(34,131)



At 30 September 2024

104,432
635,823
1,009,466
1,749,721



Depreciation


At 1 October 2023
115,199
451,613
100,548
667,360


Charge for the year
10,177
76,838
106,751
193,766


Disposals
(34,131)
-
-
(34,131)



At 30 September 2024

91,245
528,451
207,299
826,995



Net book value



At 30 September 2024
13,187
107,372
802,167
922,726



At 30 September 2023
22,651
167,515
815,030
1,005,196


14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
28,980



At 30 September 2024
28,980




Page 24

 
Process Components Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Kemutec BV
Zwaenenstede 14, 5221 KA's-Hertogenbosch, Netherlands
Ordinary
100%
Kemutec S de RL de CV
Dr Martinez 137, Col Los Doctores, 64710 Monterrey, Neuvo Leon, Mexico
Ordinary
99%


15.


Stocks

2024
2023
£
£

Finished goods and goods for resale
1,842,014
1,928,893

Long-term contract balances
105,954
197,423

1,947,968
2,126,316


Long-term contract balances consist of:

2024
2023
£
£


Costs to date less provision for losses
105,954
197,423


Page 25

 
Process Components Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

16.


Debtors

2024
2023
£
£


Trade debtors
1,222,989
878,268

Amounts owed by group undertakings
641,017
365,256

Other debtors
321,522
178,193

Prepayments and accrued income
15,757
341,928

Amounts recoverable on long-term contracts
1,351,695
253,312

3,552,980
2,016,957



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
65,683
565,032

Less: bank overdrafts
(901,330)
-

(835,647)
565,032



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
901,330
-

Payments received on account
1,867,325
2,516,030

Trade creditors
1,153,679
638,880

Other contract liabilities
583,866
55,742

Amounts owed to group undertakings
6,019
2,387,039

Other taxation and social security
58,503
72,764

Other creditors
197,019
222,006

Accruals and deferred income
463,780
250,641

Share capital treated as debt
10
10

5,231,531
6,143,112


Page 26

 
Process Components Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

19.


Deferred taxation




2024
2023


£

£






At beginning of year
153,789
-


Charged to profit or loss
1,006
153,789



At end of year
154,795
153,789

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
198,548
216,524

Tax losses carried forward
-
(29,687)

Pension surplus
(43,753)
(33,048)

154,795
153,789


20.


Provisions




Warranty provision
Dilapidations provision
Total

£
£
£





At 1 October 2023
65,646
43,258
108,904


Charged to profit or loss
134,354
27,991
162,345



At 30 September 2024
200,000
71,249
271,249

Warranty provision
The warranty provision is an estimate of costs required for after care provided for machines that are sold by the company. The warranty period for most machines is one year from the date of sale.
Dilapidations provision
The company has obligations to return premises that it leases to its original condition at the end of those leases. A provision has been made of the best estimate of the liability to be incurred upon exit.

Page 27

 
Process Components Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

21.


Share capital

2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100
499 (2023 - 499) A Ordinary shares of £0.01 each
5
5

105

105

2024
2023
£
£
Shares classified as debt

Allotted, called up and fully paid



10 (2023 - 10) Deferred shares of £1.00 each
10
10


Voting rights
Only the Ordinary shares carry rights to vote at meetings. A Ordinary shares and Deferred shares carry no voting rights.
Income rights
Ordinary shares carry normal rights to dividends. A Ordinary shares carry rights to dividends only if a dividend in excess of £3 million is declared in a financial year.
Deferred shares are entitled to a non-cumulative cash dividend of 5% per annum on the nominal value of each deferred share.
Return of capital
Ordinary shares carry normal return of capital rights. 
A Ordinary shares and Deferred shares are able to reclaim the nominal value, and in the case of A Ordinary shares, an annual compounded return of 8% of the subscription price, provided that the total proceeds of sale exceed £20m.


22.


Reserves

Profit and loss account

Comprises all current and prior year profit and losses, net of dividends paid.


23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £244,689 (2023: £187,702) . Contributions totalling £24,320 (2023: £26,882) were payable to the fund at the reporting date and are included in creditors.

Page 28

 
Process Components Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

24.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
132,324
146,497

Later than 1 year and not later than 5 years
235,349
352,667

Later than 5 years
-
18,667

367,673
517,831


25.


Related party transactions

During the year, the company undertook sales transactions with entities related to the Company by means of common control totalling £5,025,808. Purchases of £1,098,830 were also made.
At the year end, the company was owed £641,017 and owed £6,019 in respect of these transactions.
In the prior year, there were no transactions with related parties that were not within a wholly owned group, therefore no disclosure was required.
Total key management compensation, including salaries, fees and pension contributions, was £233,356 (
2023: £103,196).


26.


Controlling party

The immediate parent company is Baker Perkins Holdings Limited, a company incorporated in the United Kingdom, by virtue of its controlling stake in the company share capital.
The ultimate parent undertaking is Hillenbrand Inc, a company listed on the New York Stock Exchange, incorporated in Batesville, Indiana, United States of America, and the group headed by this company is the largest group within which the results of the Group are consolidated. The address of Hillenbrand Inc is  1 Batesville Blvd, Batesville, IN 47006, United States of America.

 
Page 29