Company Registration No. 15319938 (England and Wales)
AXALTA COATING SYSTEMS U.K. (3) LIMITED
FINANCIAL STATEMENTS
FOR THE 13-MONTH PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
AXALTA COATING SYSTEMS U.K. (3) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
AXALTA COATING SYSTEMS U.K. (3) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
Notes
€'000
€'000
Current assets
Debtors
5
724,108
Creditors: amounts falling due within one year
6
(227)
Net current assets
723,881
Capital and reserves
Called up share capital
7
Share premium account
696,031
Profit and loss reserves
27,850
Total equity
723,881
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered 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 29 August 2025 and are signed on its behalf by:
Miss L M Youens
Director
Company Registration No. 15319938
AXALTA COATING SYSTEMS U.K. (3) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 13-MONTH PERIOD ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Axalta Coating Systems U.K. (3) Limited ('the company') is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Quadrant Park, Mundells, Welwyn Garden City, Hertfordshire, United Kingdom, AL7 1FS. The principal activities of the company and the nature of its operations are set out within the directors report on page 1.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €'000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have considered the expected future cash flows for the business, taking into account potential risks. They expect to continue to have access to sufficient funding through trueAxalta group’s cash pooling arrangements, but given the nature of the company, do not foresee a need for cash. As a result the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the financial statements.
1.3
Financial instruments
The company 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 company's balance sheet 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 debtors, 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.
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 company after deducting all of its liabilities.
AXALTA COATING SYSTEMS U.K. (3) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 13-MONTH PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Equity instruments
Equity instruments issued by the company 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 company.
1.5
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 when the company has 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.
2
Judgements 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 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.
The directors believe there are no significant estimates or judgements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the 13-month period was 2.
AXALTA COATING SYSTEMS U.K. (3) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 13-MONTH PERIOD ENDED 31 DECEMBER 2024
- 4 -
4
Taxation
2024
€'000
Current tax
UK corporation tax on profits for the current period
227
The actual charge for the 13-month period can be reconciled to the expected charge/(credit) for the 13-month period based on the profit or loss and the standard rate of tax as follows:
2024
€'000
Profit before taxation
28,077
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00%
7,019
Group relief
(6,798)
Foreign exchange differences
6
Taxation charge for the period
227
5
Debtors
2024
Amounts falling due within one year:
€'000
Amounts owed by group undertakings
28,833
2024
Amounts falling due after more than one year:
€'000
Amounts owed by group undertakings
695,275
Total debtors
724,108
Amounts owed by group undertakings are denominated in EUR unsecured and incur interest at market rates.
There was 1 new loan during the period of EUR 695,275k which matures on 1 February 2031. Interest is accrued at 3.91%.
6
Creditors: amounts falling due within one year
2024
€'000
Corporation tax
227
AXALTA COATING SYSTEMS U.K. (3) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 13-MONTH PERIOD ENDED 31 DECEMBER 2024
- 5 -
7
Called up share capital
2024
2024
Ordinary share capital
Number
€'000
Issued and fully paid
Ordinary shares of €1 each
2
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Stephen McIlwaine and the auditor was Johnston Carmichael LLP.
9
Related party transactions
The company has taken advantage of the exemption available in accordance with Section 33 of FRS 102 'Related Party Disclosures' not to disclose transactions entered between two or more wholly owned members of the same group.
10
Ultimate controlling party
The company is a wholly owned subsidiary of Axalta Coating Systems UK Holdings Limited, registered at Unit 1 Quandrant Park, Mundells, Welwyn Garden City, Hertfordhire, AL7 1FS.
The ultimate parent undertaking and controlling party is Axalta Coating Systems Ltd incorporated in Bermuda, which was the parent undertaking of the largest and smallest group to consolidate these financial statements.
Copies of these group financial statements can be obtained from the group's website (www.axalta.com).