ACCOUNTS - Final Accounts

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

Registered number: 01915382

HYTEK (GB) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

HYTEK (GB) LIMITED

COMPANY INFORMATION

Directors	A Seal
	G J Morrell
	C P Coutts-Trotter
	J M Davies
	A K Olive
	G Van Vuuren
	I McCreeth


Registered number	01915382


Registered office	Office 2.3 Design Hub
	Conventry University Park
	Puma Way
	Conventry
	England
	CV1 2TT


Independent auditor	James Cowper Kreston Audit
	Chartered Accountants and Statutory Auditor
	201 Cumnor Hill
	Cumnor
	Oxford
	Oxfordshire
	OX2 9PJ

HYTEK (GB) LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditor's Report	5 - 8
Statement of Comprehensive Income	9
Balance Sheet	10 - 11
Statement of Changes in Equity	12
Notes to the Financial Statements	13 - 34

HYTEK (GB) LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The Directors present their Strategic Report for the year ended 31 December 2024.
Review of business
We are pleased with the revenue position and overall performance particularly considering the continued unpredictability of the market during the year. The relative decline in revenue reflects the business’ resilience to these unpredictabilities, the success of the Group Strategy and the individual teams’ ability to deliver the strategy resulting in enhanced market presence and profitability. Overall operating profit has decreased year on year due to strategic growth plans being implemented.

The Company continues to focus business development to better take advantage of market opportunities in the medium term. The current strong cash position will enable the Company to take advantage of any short-term market opportunities which may arise and to protect the business from further unpredicted economic shocks.

Principal risks and uncertainties

The Company distinguishes between market related risks, operational risks, customer credit risks, liquidity risks and legal and regulatory risks. The Directors regularly review and update these identified risks. The most significant risks affecting the Company’s operations are described below.
Market related risks
The Company provides their services primarily to the fluid handling equipment market in the UK and Europe and are reliant on a substantial number of suppliers, many of which are based overseas. In addition, there is the risk of lower cost manufacturers entering the Company’s and Group’s markets and a risk of increased inventory lead times due to the conflict in the Red sea.
The Directors regularly review the Company’s product portfolio seeking to identify other markets and other suppliers for existing products, and to identify markets for new products, in order to mitigate the effect of any market related risks on the results of the Company.
Operational risks
The Company is reliant on the knowledge and technical expertise of their key management and staff. Operational risk is mitigated by maintaining key management and staff expertise through on-going training and development programmes.The company is certified under ISO 9001 (2015).
Customer credit risks
The Company is exposed to risk in respect of trade receivables in their markets. Customers are subject to credit checks and the outcome provides the basis for credit and payment terms for each customer. In addition, credit insurance is arranged where appropriate.
Liquidity risks
Uncertainties in the general economic environment can create liquidity risks for the Company. Liquidity risk is managed through close monitoring and control of cash flows to ensure adequate funding for the Company’s day to day operations.
Legal and regulatory risks
From time to time, the Company is involved in disputes in the normal course of business and typically these are resolved promptly and do not involve significant amounts. The risk of product failure or obsolescence is mitigated to some extent by insurance cover and ongoing investment in research and development by the Company.

Page 1

HYTEK (GB) LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators

The progress of the Company in the year ended 31 December 2024 is summarised below.
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Company, these being revenue from contracts with customers, operating profit, profit before tax and total equity.
Revenue from contracts with customers for the year ended 31 December 2024 is £9,001,290 (2023: £9,483,381), a decrease of 5.4% (2023: decrease of 3.9%), operating profit for the year ended 31 December 2024 is £1,456,068 (2023: £1,851,955), a decrease of 21.4% (2023: decrease of 8.6%) and profit for the year ended 31 December 2024 is £2,622,048 (2023: £3,274,550), an decrease of 29.6% (2023: increase of 19.4%). Total equity and reserves at 31 December 2024 was £7,368,320 (2023: £7,104,967).

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

G J Morrell

Director

Date: 19 June 2025

Page 2

HYTEK (GB) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors

The Directors who served during the year were:

A Seal

G J Morrell

C P Coutts-Trotter

J M Davies

A K Olive

G Van Vuuren

I McCreeth

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 101 ‘Reduced Disclosure Framework’. 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;

∙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 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.

Results and dividends

The profit for the year, after taxation, amounted to £2,282,370 (2023 : £3,274,550).

During the year ended 31 December 2024, the Company paid £2,008,017 (2023: £2,199,146) in dividends.

Research and development activities

The Company undertakes research and development activities and information relating to the associated costs can be found in Note 6.

Matters covered in the Strategic Report

Certain matters are disclosed in the Strategic Report that would otherwise be disclosed in the Directors' Report.

Page 3

HYTEK (GB) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Auditor

The auditor, James Cowper Kreston Audit, will 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.

G J Morrell

Director

Date: 19 June 2025

Page 4

HYTEK (GB) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HYTEK (GB) LIMITED

Opinion

We have audited the financial statements of Hytek (GB) Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 101 ‘Reduced Disclosure Framework’ (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 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 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 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 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.

Page 5

HYTEK (GB) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HYTEK (GB) 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

HYTEK (GB) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HYTEK (GB) LIMITED (CONTINUED)

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.

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.

The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

∙Enquiry of management and those charged with governance around actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any material instances of noncompliance with laws and regulations;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

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.

Page 7

HYTEK (GB) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HYTEK (GB) LIMITED (CONTINUED)

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.

James Pitt BA BFP FCA (Senior Statutory Auditor)

for and on behalf of

James Cowper Kreston Audit

Chartered Accountants and Statutory Auditor

201 Cumnor Hill

Cumnor

Oxford

Oxfordshire

OX2 9PJ

19 June 2025

Page 8

HYTEK (GB) LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	9,001,290	9,483,381
Cost of sales		(5,052,426)	(5,220,423)
Gross profit		3,948,864	4,262,958
Administrative expenses		(2,507,114)	(2,488,999)
Other operating income	5	14,318	77,996
Operating profit	6	1,456,068	1,851,955
Income from shares in group undertakings		1,249,277	1,997,396
Interest payable and similar expenses	10	(83,297)	(122,916)
Profit before tax		2,622,048	3,726,435
Tax on profit	11	(339,678)	(451,885)
Profit for the financial year		2,282,370	3,274,550

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

The notes on pages 13 to 34 form part of these financial statements.

Page 9

HYTEK (GB) LIMITED

REGISTERED NUMBER: 01915382

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Goodwill	14		1,197,675		1,197,675
Other intangible assets	13		102,589		135,700
Tangible assets	15		407,460		537,092
Investments	16		4,995,815		4,995,815
			6,703,539		6,866,282
Current assets
Stocks	17	1,660,310		1,890,048
Debtors: amounts falling due within one year	18	1,426,587		1,410,339
Cash at bank and in hand	19	243,440		199,667
		3,330,337		3,500,054
Creditors: amounts falling due within one year	20	(2,187,875)		(2,332,529)
Net current assets			1,142,462		1,167,525
Total assets less current liabilities			7,846,001		8,033,807

Creditors: amounts falling due after more than one year	21		(452,593)		(891,631)
			7,393,408		7,142,176
Provisions for liabilities
Deferred taxation	22	(14,088)		(37,209)
			(14,088)		(37,209)

Net assets			7,379,320		7,104,967

Capital and reserves
Called up share capital	24	11,000	11,000
Profit and loss account	25	7,368,320	7,093,967
		7,379,320	7,104,967

Page 10

HYTEK (GB) LIMITED

REGISTERED NUMBER: 01915382

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

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

G J Morrell

Director

Date: 19 June 2025

The notes on pages 13 to 34 form part of these financial statements.

Page 11

HYTEK (GB) LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	11,000	7,093,967	7,104,967

Profit for the year	-	2,282,370	2,282,370
Dividends paid	-	(2,008,017)	(2,008,017)
At 31 December 2024	11,000	7,368,320	7,379,320

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	11,000	6,018,563	6,029,563

Profit for the year	-	3,274,550	3,274,550
Dividends paid	-	(2,199,146)	(2,199,146)
At 31 December 2023	11,000	7,093,967	7,104,967

The notes on pages 13 to 34 form part of these financial statements.

Page 12

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Hytek (GB) Limited is a private limited company incorporated and domiciled in the United Kingdom. The address of the registered office is Office 2.3 Design Hub, Coventry University Technology park, Puma Way, Coventry, CV1 2TT. The principal activity of the Company in the year under review was that of the importation, manufacture and distribution of fuel control equipment.
The Company's trading address is Delta House, Green Street, Elsenham, Bishops Stortford, CM22 6DS.

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 101 'Reduced Disclosure Framework' and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 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 accounts are prepared in pound Sterling and rounded to the nearest pound.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:

∙the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations

∙the requirements of IFRS 7 Financial Instruments: Disclosures

∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement

∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers

∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total

∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:

- paragraph 79(a)(iv) of IAS 1;

- paragraph 73(e) of IAS 16 Property, Plant and Equipment;

- paragraph 118(e) of IAS 38 Intangible Assets;

∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements

∙the requirements of IAS 7 Statement of Cash Flows

∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures

∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

Page 13

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.2

Financial Reporting Standard 101 - reduced disclosure exemptions (continued)

∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

This information is included in the consolidated financial statements of Flowmax Limited as at 31 December 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

The financial statements contain information about Hytek (GB) Limited as an individual company and do not contain consolidated financial information as the parent of the Group. The Company and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Flowmax Limited, a company registered in England and Wales.
Flowmax Limited prepares consolidated financial statements in accordance with UK adopted International Accounting Standards. Copies are available to the public and may be obtained from the Registrar of Companies.

2.4

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.

Page 14

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods and warranty services supplied, stated net of returns and value added taxes. The Company recognises revenue when performance obligations have been satisfied and for the Company this is when the goods have transferred to the customer and the customer has control of these. The Company’s activities are described in detail below.
(a) Sales of goods
The Company manufactures and sells fuel control equipment for the business to business market. Sales are recognised when control of the products has transferred, being when the products are delivered to the customer and the customer has legal title to the goods. Delivery occurs when the products have been distributed to the specific location, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract or the Company has objective evidence that all criteria for acceptance have been satisfied.
The Company does not offer discounts on its sales of goods and the value of up-front payments received in respect of sales of goods are immaterial to the financial statements.
A receivable is recognised when the performance obligation is satisfied as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

Page 15

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. If this rate cannot be readily determined, the Company uses its incremental borrowing rate based on intragroup loans with market-based interest rates.

Lease payments included in the measurement of the lease liability comprise:

∙fixed lease payments (including in-substance fixed payments), less any lease incentives;

The lease liability is included in 'Creditors' on the Balance Sheet.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in the 'Tangible Fixed Assets' line in the Balance Sheet.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.12.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

2.7

Interest income

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

Page 16

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.9

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 balance sheet 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 balance sheet 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 balance sheet date.

Page 17

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Goodwill

Goodwill represents the excess of the cost of a business combination over the total acquisition date fair value of the identifiable assets, liabilities and contingent liabilities acquired.
Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued.
When a business combination agreement provides for an adjustment to the cost of the combination which is contingent on future events, the company includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably. However, if the potential adjustment is not recognised at the acquisition date but subsequently becomes probable and can be measured reliably, the additional consideration shall be treated as an adjustment to the cost of the combination. Changes in the estimated value of contingent consideration arising on business combinations completed as a consequence result in a change in the carrying value of the related goodwill.
Goodwill is capitalised as an intangible asset and is not amortised. Instead it is reviewed annually for impairment with any impairment in carrying value being charged to profit or loss.

2.11

Other 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.

Intangible assets represent customer lists identified as a separate, identifiable intangible asset arising on acquisition of O.L.E (UK) Limited in accordance with IFRS 3 and accounted for in the Company on hive up of O.L.E. (UK) Limited in the year ended 31 December 2021. Customer lists are amortised using a straight line basis over a useful economic life of 5 years.

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 18

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Tangible fixed assets (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 basis:

Freehold property	-	15 years or over the life of the lease
Plant and machinery	-	20-33% on cost
Fixtures and fittings	-	20% on cost
Motor vehicles	-	25% on cost

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

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.15

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

2.16

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.

Page 19

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.17

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.

2.18

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 20

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The Company makes estimates and assumptions concerning the future and judgements in applying the Company's accounting policies. The resulting accounting estimates will, by definition, seldom equal the actual results. The following estimates and assumptions have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year.
Provision for doubtful debts
Management provides for doubtful debts on the perceived risk profile and payment history of the debtor.
Provision for slow moving, damaged and obsolete stock
There is a provision to write stock down to the lower of cost and net realisable value. Management have made estimates of the selling price and direct costs to sell on certain stock items. The write down is included in the operating profit note.
Goodwill
Goodwill is determined as the consideration paid, plus the fair value of any shareholding held prior to obtaining control, plus non-controlling interest and less the fair value of the identifiable assets and liabilities of the acquiree.
Goodwill is not amortised but is tested on an annual basis for impairment. If goodwill is assessed to be impaired, that impairment is not subsequently reversed.
Intangible assets acquired in a business combination
IFRS 3 Business Combinations requires that goodwill arising on the acquisition of subsidiaries is capitalised and included in intangible assets. IFRS 3 also requires the identification of other intangible assets at acquisition. The assumptions involved in valuing these intangible assets requires the use of estimates and judgements which may differ from the actual outcome. These estimates and judgements cover future growth rates, expected inflation rates and the discount rate used. Changing the assumptions selected by management could significantly affect the allocation of the purchase price paid between goodwill and other acquired intangible assets.
Impairment of investments
The Company assesses at each reporting period, whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset.
The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount of an asset is less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. The reduction is an impairment loss. An impairment loss of assets carried at cost less any accumulated depreciation or amortisation is recognised immediately in profit or loss.
Leases
IFRS 16 requires the Company to account for its leases as right-of-use assets over the life of the lease agreement. The present value of the lease liability on inception requires management to assess various factors including the discount rate and the life of the lease and the extent to which any options to extend or break the lease are exercised. These factors have a resulting impact in determining the present value of the lease liability on inception.

Page 21

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Sale of goods	9,001,290	9,483,381

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	7,962,548	8,382,179
Rest of Europe	585,651	595,183
Rest of the World	453,091	506,019
	9,001,290	9,483,381

5.	Other operating income
		2024	2023
		£	£

Management fees received	14,318	70,205
Sundry income	-	7,791

Research & development charged as an expense	24,643	14,770
Depreciation of tangible fixed assets	31,683	31,285
Depreciation of right-of-use assets	165,636	167,284
Amortisation of intangible assets from business combinations	74,603	70,800
Exchange differences	5,931	4,216
Cost of stocks recognised as an expense	3,992,772	4,153,114
Movement in write-off of obsolete and slow moving stock	42,919	74,343

7.	Auditor's remuneration
		2024	2023
		£	£

Fees payable to the Company's auditor for the audit of the Company's financial statements

18,700

18,232

Page 22

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Wages and salaries	1,771,374	1,790,185
Social security costs	173,432	170,636
Cost of defined contribution scheme	59,240	56,783
	2,004,046	2,017,604

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

	2024	2023
	No.	No.

Sales and administration	41	50
Directors	7	7

	48	57

9.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	279,732	253,682
Company contributions to defined contribution pension schemes	8,569	8,212
	288,301	261,894

	During the year retirement benefits were accruing to 3 Directors (2023: 3) in respect of defined contribution pension schemes.
	The highest paid Director received remuneration of £77,175 (2023: £77,532).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £3,087 (2023: £2,940).

Page 23

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	-	14
Loans from group undertakings	72,128	107,518
IFRS 16 leases	11,169	15,384
	83,297	122,916

Corporation tax
Current tax on profits for the year	393,207	465,685
Adjustments in respect of previous periods	(41,529)	852
	351,678	466,537

Total current tax	351,678	466,537

Deferred tax
Deferred tax relating to business combinations	(12,000)	(12,000)
Adjustments in respect of previous periods	-	(2,652)
Total deferred tax	(12,000)	(14,652)


	Tax on profit	339,678	451,885

Page 24

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.Taxation (continued)

Profit on ordinary activities before tax

2,622,048

3,726,435

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)	655,512	875,712
Effects of:
Fixed asset differences	17,922	16,524
Expenses not deductible for tax purposes	1,199	1,156
Adjustments to tax charge in respect of prior periods - deferred tax	(1,297)	(2,652)
Adjustments to tax charge in respect of prior periods	(42,518)	852
Income from shares in group undertakings	(312,319)	(469,388)
Other differences leading to an increase / (decrease) in the tax charge	21,179	29,681
Total tax charge for the year	339,678	451,885

Page 25

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Dividends
		2024	2023
		£	£

Dividends paid

2,008,017

2,199,146

For the year ended 31 December 2024, the following dividends were paid:
Dividends of £0.07 per ordinary share were paid in January 2024;
Dividends of £0.70 per ordinary share were paid in April 2024;
Dividends of £0.02 per ordinary share were paid in May 2024;
Dividends of £0.02 per ordinary share were paid in June 2024;
Dividends of £0.13 per ordinary share were paid in July 2024;
Dividends of £0.05 per ordinary share were paid in August 2024;
Dividends of £0.03 per ordinary share were paid in September 2024;
Dividends of £0.28 per ordinary share were paid in October 2024;
Dividends of £0.06 per ordinary share were paid in November 2024;
Dividends of £0.46 per ordinary share were paid in December 2024.
For the year ended 31 December 2023, the following dividends were paid:
Dividends of £0.38 per ordinary share were paid in April 2023;
Dividends of £0.12 per ordinary share were paid in May 2023;
Dividends of £0.17 per ordinary share were paid in June 2023;
Dividends of £0.35 per ordinary share were paid in July 2023;
Dividends of £0.27 per ordinary share were paid in August 2023;
Dividends of £0.51 per ordinary share were paid in September 2023;
Dividends of £0.11 per ordinary share were paid in October 2023;
Dividends of £0.08 per ordinary share were paid in November 2023.

Page 26

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Intangible assets

	Development expenditure	Customer lists	Computer software	Total
	£	£	£	£
Cost
At 1 January 2024	97,371	336,300	-	433,671
Additions	-	-	41,492	41,492
At 31 December 2024	97,371	336,300	41,492	475,163
Amortisation
At 1 January 2024	97,371	200,600	-	297,971
Charge for the year	-	70,800	3,803	74,603
At 31 December 2024	97,371	271,400	3,803	372,574
Net book value
At 31 December 2024	-	64,900	37,689	102,589
At 31 December 2023	-	135,700	-	135,700

14.	Goodwill

		2024
		£
	Cost
	At 1 January 2024	1,197,675
	At 31 December 2024	1,197,675

	Net book value
	At 31 December 2024	1,197,675
	At 31 December 2023	1,197,675

Page 27

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Tangible fixed assets

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Right-of-use assets	Total
	£	£	£	£	£	£
Cost or valuation
At 1 January 2024	22,816	373,360	9,750	177,720	1,149,580	1,733,226
Additions	-	60,283	-	7,404	-	67,687
Disposals	-	(115,865)	-	-	-	(115,865)
At 31 December 2024	22,816	317,778	9,750	185,124	1,149,580	1,685,048
Depreciation
At 1 January 2024	19,464	351,047	9,750	152,624	663,249	1,196,134
Charge for the year on owned assets	1,117	23,246	-	7,320	-	31,683
Charge for the year on right-of-use assets	-	-	-	-	165,636	165,636
Disposals	-	(115,865)	-	-	-	(115,865)
At 31 December 2024	20,581	258,428	9,750	159,944	828,885	1,277,588
Net book value
At 31 December 2024	2,235	59,350	-	25,180	320,695	407,460
At 31 December 2023	3,352	22,313	-	25,096	486,331	537,092

The net book value of owned and leased assets included as "Tangible fixed assets" in the Balance Sheet is as follows:
	2024	2023
	£	£


Tangible fixed assets owned	86,765	50,761
Right-of-use tangible fixed assets	320,695	486,331
	407,460	537,092

Page 28

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.Tangible fixed assets (continued)

Information about right-of-use assets is summarised below:
Net book value
	2024	2023
	£	£

Property	293,585	453,420
Motor vehicles	27,110	32,911

	320,695	486,331

Depreciation charge for the year ended
	2024	2023
	£	£

Property	151,139	151,140
Motor vehicles	14,497	16,144

	165,636	167,284

The total cash outflow on right-of-use assets was £141,246 (2023: £184,798).

16.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	4,995,815
	At 31 December 2024	4,995,815

Page 29

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Principal activity	Class of shares	Holding

Anglo-Nordic Burner Products Limited	Distribution of fluid handling equipment	Ordinary	100%
Industrial Flow Control Limited	Distribution of fluid handling equipment	Ordinary	90%
Pumptronics Europe Limited	Distribution of pumps	Ordinary	100%
Petroy B.V.	Distribution of pumps	Ordinary	100%

The registered addresses of the subsidiary undertakings are as follows:
Anglo-Nordic Burner Products Limited - 12-14 Island Farm Ave, East Molesey, West Molesey KT8 2UZ, UK
Industrial Flow Control Limited - Unit 3, Ryder Way, Basildon, SS13 1QH, UK
Pumptonics Europe Limited - N/A - Dormant
Petroy B.V. - Van Boetzelaerlaan 171, 2581 AS Den Haag, Netherlands

17.	Stocks
		2024	2023
		£	£

	Finished goods and goods for resale	1,660,310	1,890,048

Inventories above includes a provision of £35,766 (2023: £67,709) for slow moving and obsolete stock.

18.

Debtors

					2024	2023
					£	£


Trade debtors	1,033,348	1,079,371
Other debtors	237,453	208,154
Prepayments and accrued income	155,786	122,814
	1,426,587	1,410,339

19.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	243,440	199,667

Page 30

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

20.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Contract liabilities	53,669	88,480
Trade creditors	433,557	495,151
Amounts owed to group undertakings	844,179	1,177,286
Other taxation and social security	216,204	195,562
Lease liability - current (IFRS 16)	296,963	171,735
Other creditors	137,239	136,346
Accruals and deferred income	206,064	67,969
	2,187,875	2,332,529

Amounts owed to group undertakings are secured, interest bearing at Lloyds Base rate plus 1.25% per annum, and payable within 5 years.

21.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Lease liability - non current (IFRS 16)	16,594	313,559
Amounts owed to group undertakings	435,999	578,072
	452,593	891,631

Amounts owed to group undertakings are secured, interest bearing at Lloyds Base rate plus 1.25% per annum, and payable within 5 years.

22.	Deferred taxation

	2024	2023
	£	£

At beginning of year	(37,209)	(51,861)
Credited/(charged) to profit or loss	11,121	2,652
Credit due to business combinations	12,000	12,000
At end of year	(14,088)	(37,209)

Page 31

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

22.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances	-	(8,609)
Arising on business combination	(14,088)	(28,600)
	(14,088)	(37,209)

23.	Leases
	Company as a lessee
	The Company leases its principal place of business. The periodic rent is fixed over the lease term. The Company also leases motor vehicles.
	Lease liabilities are due as follows:
		2024	2023
		£	£

Due within 1 year	296,963	171,735
1-5 yrs	16,594	313,559
	313,557	485,294

The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:
	2024	2023
	£	£

IFRS 16 lease interest charges

11,171

15,384

24.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

1,100,000 (2023 - 1,100,000) Ordinary shares of £0.01 each	11,000	11,000

Ordinary shares have full voting rights and rights to dividends and capital distributions.

Page 32

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

25.

Reserves

Profit and loss account

The profit and loss account is the Company's accumulated retained profits and losses as at the year end.

26.	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 £59,240 (2023: £56,783). Contributions of £5,285 (2023: £5,114) were payable to the fund at the balance sheet date.

27.	Related party transactions
	During the year ended 31 December 2024, the Company undertook the following transactions with group companies.

		2024	2023
		£	£

Purchases from group companies	460,978	728,896
Sales to group companies	246,917	360,950
	707,895	1,089,846

At the year end, the Company owed £Nil (2023: £470) to group companies.
During the year ended 31 December 2024, the Company declared dividends of £2,008,017 (2023: £2,199,146) to Flowmax Limited. Of the dividends declared in the period, £Nil remains payable at 31 December 2024 (2023: £Nil)
During the year ended 31 December 2024, the Company received dividends of £693,000 (2023: £745,500) from Anglo-Nordic Burner Products Limited.

During the year ended 31 December 2024, the Company received dividends of £46,022 (2023: 453,399) from Industrial Flow Control Limited.
During the year ended 31 December 2024, the Company received dividends of £510,256 (2023: £454,653) from Petroy B.V.
During the year ended 31 December 2024, the Company received dividends of £Nil (2023: £343,874) from O.L.E. UK Limited. In the prior year these dividends were offset against an intercompany loan.
At 31 December 2024, the Company owed £531,716 (2023: £1,287,967) in respect of loans to other group companies.
At 31 December 2024, the Company owed £467,391 (2023: £467,391) to its dormant subsidiary, Pumptronics Limited.

Page 33

HYTEK (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

28.	Controlling party

The Company is a subsidiary undertaking of Flowmax Limited, incorporated in England and Wales.
The Directors regard Flowmax Limited as the smallest group and SA Bias Industries (Pty) Limited, a company registered in South Africa, as the largest group within which the subsidiary belongs and for which group accounts are prepared. Flowmax Limited's registered office is Office 2.3 Design Hub, Coventry University Technology park, Puma Way, Coventry, CV1 2TT. Copies of the Flowmax Limited group accounts are available from the Registrar of Companies.

Page 34