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Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HCING LTD
COMPANY INFORMATION
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HCING LTD
CONTENTS
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HCING LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The directors present their strategic report of the activities of HCING Limited for the year ended 30 September 2024.
Business review HCING Ltd acts as a holding company. HCING Ltd directly holds 100% of Finafive SAS. Finafive SAS in turn holds 100% of the following commercial companies:
∙AXEAU
∙ADEN France
∙Hydro Montage Service
AXEAU AXEAU, founded in 2002, specialises in the design, installation and maintenance of screening and winnowing equipment. At the year end, AXEAU had 11 employees, based at the Conflans Sainte Honorine site in the Yvelines department. The company operates mainly in France, predominantly in the Paris region, under the supervision of a new managing director, Mr. Barbaroux. AXEAU's customers include major public-sector sanitation contractors in the Paris region, such as SIAAP (the Paris public-sector sanitation authority), SAP (the Paris sanitation authority), the sanitation departments of the inner suburbs, the unions of the outer suburbs and many others, including local authorities and EPTs (Etablissements Publics Territoriaux). AXEAU's strengths lie in the service it offers its customers, the expertise of its teams and the quality of its equipment. AXEAU designs tailor-made gates and bar screens to perfectly meet our customers' requirements and the associated challenges.. To achieve this, AXEAU incorporates the following concepts into the design of its equipment:
∙The notion of equipment availability
∙The concepts of robustness and durability
∙Easy, safe access to the equipment for maintenance and servicing by our teams and/or our customers' teams.
It should also be noted that the installation of the equipment can take place in very restrictive conditions:
∙Structures in water, without stopping the flow
∙Confined spaces
∙Corrosive environment
PERRIER SOREM Perrier Sorem took over the activities of ADEN France by way of merger on 1st of March 2024 with retroactive effect from 1 October 2023. In doing so, Perrier Sorem can now provide services such as the design, installation and maintenance of screening and winnowing equipment but also the design, installation and maintenance of access hatches, particularly for the large-scale equipment. HCING LTD acquired PERRIER SOREM on 1 January 2023. The company, is a well established French specialist in bar screening and sieving. The acquistion should enable the Group to address markets in France as well as abroad in the field of cable bar screening, arm bar screening and rotary filtering grids. The company's activities are located mainly in France, divided between the Paris region and Toulon in south of France. PERRIER SOREM France's customers are always major public-sector clients in the Paris region, such as SIAAP (the Paris region's public-sector wastewater authority), SAP (the Paris wastewater authority), the wastewater departments of the inner suburbs, the unions of the outer suburbs and many others, including local authorities and EPTs (Etablissements Publics Territoriaux) and civil engineering companies for access hatches as well as major contractors such as EDF in nuclear plant and CNR in dams or for export. The chairman of Perrier SOREM is Mr. ZADOROZNYJ.
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HCING LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
AXEAU and Perrier SOREM
AXEAU and Perrier SOREM have broadly the same activities and the same scope of action. The main differences relate to :
∙Equipment dimensions: AXEAU focuses on medium dimensions / Perrier SOREM on small to medium dimensions and now large-scale dimensions
∙The hatches activity, which is solely carried out by ADEN France.
HMS
HMS is AXEAU's assembly company. Its activity is 100% linked to AXEAU.
Business review
AXEAU
The financial year ending 30 September 2024 is a twelve-month exercise.
°Sales for the year : €14,822,807
°Net profit : €986,542
Business outlook to 30/09/2024 :
°Consolidation of AXEAU's positions with legacy customers (SIAAP, DEA93, Ville de Paris, DSEA 94)
°Positioning on significant contracts in the Ile-de-France region and in France, outside our historical customers (e.g. SEDIF, Canal Seine Nord Europe, etc.).
°The aim is to stabilise AXEAU's turnover above €13m and to maintain good profitability.
PERRIER SOREM
The financial year ending 30 September 2024 is a twelve-month exercise.
∙Sales for the year : €9,288,938
∙Net profit : €71,418
Economic outlook for the closing of accounts on 30th September 2025:
∙Recovering profitability in the standard trapping business
∙The aim is to stabilise PERRIER SOREM turnover at €10m and to work on profitability, especially the economic model of large screens.
AXEAU
The main risks to AXEAU's business are:
∙The global slow down in business
∙The completion of major operations on the Clichy renovation project (SIAAP) - Operations that are not usual for AXEAU.
PERRIER SOREM
The main risks to ADEN France's business are:
∙The general slowdown in activity
∙Developing the ‘trap door’ business in the Paris region and elsewhere in France.
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HCING LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
It should be noted that during the 2022 financial year, we rolled out an ERP to the major subsidiaries, AXEAU and PERRIER SOREM, in line with the FAYAT Group's financial rules.
The key performance indicators are:
∙Turnover
∙Profitability
∙Order intake
∙Cash flow
AXEAU
Sales, which had risen over the previous two financial years, stabilised at over €13million. Sales to 30 September 2024 are still considered exceptional. Forecasts for 2024/2025 should confirm this level of sales.
Profitability remains stable compared with the previous financial year. The objective of maintaining a net profit of more than 8% over the coming financial years should be achieved.
The order book is good and corresponds to 2 years of activity.
Cash-flow is good. This situation should continue over the next financial year.
PERRIER SOREM
Sales on 30 September 2024 are increasing. The objective is to stabilize sales above €10m over the next financial year.
Sales have been rising for 2 years. Sales on 30 September 2024 are still considered exceptional but should be confirmed at least for the next financial year.
The result is improving but is still far from professional standards. Work is needed to improve competitiveness in PERRIER SOREM’s historic business and in the standardization of the company.
The order book is good and corresponds to 2 years of activity.
Cash-flow is good. This situation should continue over the next financial year.
The other performance indicators are Percentage of orders taken vs bids.
AXEAU
The percentage of orders taken compared with bids is very good: around 85%.
PERRIER SOREM
The percentage of orders taken compared with bids is average: around 60%.
This report was approved by the board on 24 June 2025 and signed on its behalf.
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HCING LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The director presents her report and the financial statements for the year ended 30 September 2024.
The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group will continue in business.
The director is 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 the Group and to enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The Company's principal activity continued to be that of a holding company. The Group's principal activity was that of renewable energy and water treatment.
The profit for the year, after taxation, amounted to €921,972 (2023 - €1,339,763).
The director who served during the year was:
The Group's objective is to consolidate and secure the development of our companies in the world of hydromechanical equipment in bar screening and vantellerie (clear water, dam, irrigation) through PERRIER SOREM and AXEAU. The Group plans to consolidate its footprint in the Greater Paris markets, with a promising order book for 2024/2025. The Group also plan to expand its range of services, particularly for the large-scale equipment required by major contractors such as EDF in the nuclear plant and CNR in dams or for export.
The objective for 2024/2025 is to simplify the Group structure.
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HCING LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.
The auditor, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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HCING LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HCING LTD
We have audited the financial statements of HCING Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the director's 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 or the 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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HCING LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HCING LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.
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HCING LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HCING LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙We identified the laws and regulations applicable to the Company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, are as follows;
°Companies Act 2006.
°FRS102.
°Health and Safety legislation.
∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence; and
∙Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
∙Making enquires of management as to where they consider there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud;
∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
∙Reviewing the financial statements and testing the disclosures against supporting documentation;
∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
∙Inspecting and testing journal entries to identify unusual or unexpected transactions;
∙Assessing whether judgements and assumptions made in determining significant accounting estimates, including stock obsolescence, depreciation and bad debt provision were indicative of management bias; and
∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the Company’s usual course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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HCING LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HCING LTD (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leytonstone House
3 Hanbury Drive
London
E11 1GA
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HCING LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HCING LTD
REGISTERED NUMBER: 10475063
CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 June 2025.
The notes on pages 17 to 34 form part of these financial statements.
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HCING LTD
REGISTERED NUMBER: 10475063
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 34 form part of these financial statements.
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HCING LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HCING LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HCING LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HCING LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HCING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Company is a private company, limited by shares and incorporated in England and Wales. The address of the registered office is Unit 11, 25 Mollison Avenue, Enfield, England, EN3 7LW.
Details of the principal activities of the Company and the Group are disclosed in the Directors' Report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The Group continues to adopt the going concern basis in preparing its financial statements.
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HCING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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HCING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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HCING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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HCING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following annual bases:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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HCING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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HCING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors, loans from banks and other third parties, loans to and from related parties and investements in ordinary shares.
Debt instruments (other than wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initally measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are receivable or payable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of cash or other consideration expected to be received or paid. a) Critical judgments in applying the entity's accounting policies No significant judgments have had to be made by management in preparing these financial statements. b) Critical accounting estimates and assumptions The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below. (i) Useful economic lives of tangible assets The annual depreciation cahrge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. The are amened when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property, pland and equipment, and note 2.13 for theuseful economic lives for each class of assets.
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HCING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HCING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HCING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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HCING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HCING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HCING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
13.Tangible fixed assets (continued)
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HCING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Page 30
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HCING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Indirect subsidiary undertakings (continued)
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HCING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HCING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HCING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
22.Provisions (continued)
The immediate controlling party is S.A.M. Trafiparc, a company domiciled in France.
The Company's ultimate controlling party is Fayat SAS, a company domiciled in France. Copies of the Company's consolidated financial statements can be obtained at the Company's registered address, 137 rue du Palais Gallien, BP 90028 Bordeaux-Cedex, France.
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