Company registration number 04117368 (England and Wales)
KWAY HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
KWAY HOLDINGS LIMITED
COMPANY INFORMATION
Directors
J Brinkman
P J Lidstone
B Pedersen
(Appointed 19 April 2024)
C Forsyth
Company number
04117368
Registered office
Celcon House
Ightham
Sevenoaks
Kent
TN15 9HZ
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
Celcon House
Ightham
Sevenoaks
Kent
TN15 9HZ
Solicitors
Brachers LLP
Somerfield House
59 London Road
Maidstone
Kent
ME16 8JH
KWAY HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of income and retained earnings
9
Balance sheet
10
Notes to the financial statements
11 - 15
KWAY HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

The core activity of KWAY Holdings Limited is the holding of a portfolio of shareholding s in companies based within the UK.

Key performance indicators

The following KPls are used by the Board to assess the Company's progress against its objectives and to measure the performance and development of the Company.

Operating profit

Operating profit / (loss) 2024: (£78k) (2023: £73k)

This KPI shows shows the level of net income from its UK shareholdings after direct expenses. No dividend was received in 2024 or 2023.

Profit before taxation

Profit / (loss) before taxation 2024: (£3,643k) (2023: £2,751k)

The Profit / (loss) before taxation has been calculated as the difference between operating profit / (loss) and finance costs. This KPI is a main driver for the Company's overall profitability. The loss before tax was owing to no dividend being received in 2024 or in 2023.

Equity shareholders' funds

Equity shareholders' funds 2024: (£6,279k) (2023: £2,637k)

The Equity shareholders' funds have been calculated as the sum of the called-up share capital and the cumulative profit and loss account. The Equity shareholders' funds decreased to (£6,279k) due to no receipt of a dividend during 2024.

Other performance indicators

The financial statements have been prepared on the going concern basis, in accordance with Financial Reporting Standard 102 (FRS 102 issued by the Financial Reporting Council), which the directors believe to be appropriate for the reasons detailed below.

The directors have a reasonable expectation that the company and the Group have adequate resources to continue in operational existence for the 12 months from the date of these financial statements. The directors ask for assurances from its subsidiary (H+H UK Limited) and its parent company that adequate funding is in place to support the net asset position of the company. H+H International (the parent company) will make additional finance available to the company to meet the liabilities of the company as they fall due should they require it.

The directors are content that there is not a going concern issue due to support from its subsidiary and parent companies.

KWAY HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Promoting the success of the company

The Board of Directors consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the year ended 31 December 202 4. In particular, and by reference to our strategy, the Board decisions are made with reference to:

• Our strategy was designed to have a long-term beneficial impact on the company and to contribute to its success in delivering quality products and services to our customers. We will continue to operate our business within tight budgetary controls and in line with our regulatory targets.

• Our stakeholders are fundamental to the delivery of our strategy. Our relationship with our stakeholders is defined through our Trusted Partner ethos; do things to ensure both parties have equal leverage in the relationship.

• We strive to ensure that no harm comes to our Stakeholders.

• Our strategy considered the impact of the company's operations on the community and environment and our wider societal responsibilities. To this end we only innovate and invest to support long term sustainable business.

• Our intention, as the Board of Directors, is to behave responsibly towards our shareholders so that they too may benefit from the successful delivery of our plan and ensure that management operate the business in a responsible manner. We operate within the high standards of business conduct and good governance expected for a business such as o u rs. By following these actions we will contribute to the delivery of our strategy.

The directors also demonstrate regards to all stakeholders and matters set out in s172(1) of the Companies Act 20 0 6, including:

(a) the likely consequences of any decision in the long term;

(b) the interests of the company's employees;

(c) the need to foster the company's business relationships with suppliers, customers and others;

(d) the impact of the company's operations on the community and the environment;

(e) the desirability of the company maintaining a reputation for high standards of business conduct; and

(f) the need to act fairly as between members of the company.

On behalf of the board

C Forsyth
Director
23 June 2025
KWAY HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of a holding company which maintains its investment in the trading entity. The loss for the year after taxation amounted to £3,643k (2023: £2,751k).

Results and dividends

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

No dividend was proposed and paid in 2024 (2023: Nil).

Directors

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

J Brinkman
C Forsyth
(Appointed 27 February 2025 and resigned 31 August 2024)
P J Lidstone
P Klovgaard Jorgensen
(Resigned 19 April 2024)
B Pedersen
(Appointed 19 April 2024)
S J Chesney
(Appointed 2 September 2024 and resigned 27 February 2025)
Financial instruments
Financial risk management objectives and policies

The company's main risk is that is is dependant on the decisions made by the parent company. These risks are managed by the procedures set out in the paragraph regarding the going concern basis.

Future developments

Whilst there are many uncertainties facing both the global and UK economies, the outlook for the investments in the UK remains positive in the medium term.

Auditor

Lopian Gross Barnett & Co were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

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

Directors' indemnities

The company has made qualifying third-party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.

KWAY HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
C Forsyth
Director
23 June 2025
KWAY HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

KWAY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KWAY HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of KWAY Holdings Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport 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.

KWAY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KWAY HOLDINGS LIMITED
- 7 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

KWAY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KWAY HOLDINGS LIMITED
- 8 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including

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

- We obtained an understanding of laws and regulations that affect the entity, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations.

- Where considered necessary we enquired of those charged with governance, reviewed correspondence and reviewed meeting minutes for evidence of non-compliance with relevant laws and regulations.

- We gained an understanding of the controls environment which includes the controls in place to prevent and detect fraud. We enquired of those charged with governance about any incidences of fraud that had taken place during the accounting period.

- We reviewed financial statements disclosures to assess compliance with relevant laws and regulations.

- We enquired of those charged with governance about actual and potential litigation and claims.

- We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

- In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of

internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Nathaniel Davidson BA(Hons) ACA
Senior Statutory Auditor
For and on behalf of Lopian Gross Barnett & Co
23 June 2025
2025-09-03
Chartered Accountants
Statutory Auditor
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
KWAY HOLDINGS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
-
-
Administrative expenses
(78,295)
(72,823)
Operating loss
(78,295)
(72,823)
Interest receivable and similar income
6
89,043
88,357
Interest payable and similar expenses
7
(3,653,370)
(2,766,692)
Loss before taxation
(3,642,622)
(2,751,158)
Tax on loss
8
-
0
-
0
Loss for the financial year
(3,642,622)
(2,751,158)
Retained earnings brought forward
(2,636,554)
114,604
Retained earnings carried forward
(6,279,176)
(2,636,554)

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

KWAY HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
9
30,000,002
30,000,002
Current assets
Debtors
11
17,815,368
17,726,980
Creditors: amounts falling due within one year
12
(54,094,544)
(50,363,534)
Net current liabilities
(36,279,176)
(32,636,554)
Net liabilities
(6,279,174)
(2,636,552)
Capital and reserves
Called up share capital
13
2
2
Profit and loss reserves
(6,279,176)
(2,636,554)
Total equity
(6,279,174)
(2,636,552)
The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
C Forsyth
Director
Company registration number 04117368 (England and Wales)
KWAY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

KWAY Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Celcon House, Ightham, Sevenoaks, Kent, TN15 9HZ.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

The company has taken advantage of the exemption under section 401 (2) of the Companies Act 2006 not to prepare consolidated accounts. Consolidated accounts have been prepared by the ultimate holding company H+H International A/S, a company incorporated in Denmark.

1.2
Going concern

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

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.4
Cash and cash equivalents

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

KWAY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.5
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 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
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.

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.

3
Revenue
2024
2023
£
£
Interest income
89,043
88,357
KWAY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
4
Auditor's remuneration

The auditor's remuneration for Kway Holdings Limited is £1,000 (2023: £1,000). This is paid by another group undertaking; H+H UK Limited.

5
Employees

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

2024
2023
Number
Number
Total
0
0
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
89,043
88,357
7
Interest payable and similar expenses
2024
2023
£
£
Interest payable to group undertakings
3,653,370
2,766,692
8
Taxation

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

2024
2023
£
£
Loss before taxation
(3,642,622)
(2,751,158)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
(910,656)
(646,522)
Unutilised tax losses carried forward
910,656
-
0
Group relief
-
0
122,506
Non-taxable items
-
0
524,016
Taxation charge for the year
-
-
KWAY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
9
Fixed asset investments
2024
2023
£
£
Investments in subsidiaries
10
30,000,002
30,000,002

The company's subsidiaries, which are all incorporated in England and Wales, are listed below. K WAY Holdings Limited owns the quantity of shares as noted below. H+H International A/S owns the remainder. The registered office of the below subsidiaries is the same as on page 11.

H+H UK Holdings Limited is a wholly owned subsidiary of K WAY Holdings Limited (100% of 80,000,001 ordinary shares). H+H UK Holdings Limited is a holding company that carries on investment business.

H+H UK Limited is a subsidiary of H+H UK Holdings Limited and as such is an indirect holding of K WAY Holdings Limited.

10
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Sherburn Furniture Company Limited
UK
Ordinary
99.00
-
Celcon Blocks Limited
UK
Ordinary
99.00
-
Celcon Limited
UK
Ordinary
99.00
-
H+H Celcon Limited
UK
Ordinary
99.00
-
H+H Celcon Pension Fund Trustee Limited
UK
Ordinary
99.00
-
Lincoln Properties Limited
UK
Ordinary
99.00
-
Ryarsh Brick Limited
UK
Ordinary
99.00
-
Kingsway Building Materials Limited
UK
Ordinary
99.00
-
H+H UK Holdings Limited
UK
Ordinary
100.00
-
H+H UK Limited
UK
Ordinary
0
100.00
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
17,815,368
17,726,980

Group loans are due for repayment within 5 days of any repayment request issued by the company.

12
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
54,094,544
50,363,534
KWAY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
14
Ultimate parent company of a group of which the company is a member

The largest and smallest group in which the results of the company are consolidated is that headed by H+H International A/S, incorporated in Denmark, who is the ultimate controlling company.

The consolidated accounts of this company are available to the public and may be obtained from the Head Office at Lautrupsgade 7, 5th Floor, 2100 Copenhagen 0, Denmark.

15
Contingent Liability

The Group banking agreement with Nordea Denmark (a branch of Nordea Abp, Finland) was renewed in March 2023 for a term of 3 years. As part of that renewal Kway Holdings Ltd are no longer required to provide a cross company guarantee.

16
Post balance sheet events

There are no post balance sheet events.

17
Related party transactions

There were no post related party transactions in the period.

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