Company registration number 03712188 (England and Wales)
HABASIT (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
HABASIT (UK) LIMITED
COMPANY INFORMATION
Directors
J Peel
B Wixmerten
(Appointed 29 November 2024)
WK Chong
(Appointed 1 September 2025)
Secretary
S Bartlett
Company number
03712188
Registered office
Habegger House
Gannex Park
Dewsbury Road
Elland
West Yorkshire
England
HX5 9AF
Auditor
BHP LLP
1st Floor
Mayesbrook House
Lawnswood Business Park
Leeds
LS16 6QY
Bankers
HSBC Bank Plc
33 Park Row
Leeds
West Yorkshire
LS1 1LD
HABASIT (UK) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 30
HABASIT (UK) 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

Habasit (UK) Limited delivered a strong performance for the year ended 31 December 2024, maintaining key customer relationships and expanding into new markets. The Directors remain confident in the company’s strategy and outlook for the year ahead.

The company continues to serve its core end-user market with high-quality products and 24/7 service. Relationships with Original Equipment Manufacturers (OEMs), Maintenance Repair and Operations, and D istributors have grown, along with targeted expansion into key global OEM accounts.

Operational improvements and facility upgrades have boosted efficiency. New hires in commercial and operational teams have supported growth and improved customer responsiveness.

Targeted, industry-led marketing campaigns have strengthened brand visibility and supported sales. Cross-team collaboration has further enhanced customer engagement and service delivery.

The results in terms of our key performance indicators are shown below:

| 2024 | 2023
Gross margin (gross profit/revenue) | 33.0% | 31.0%
Operating margin (operating profit/revenue) | 1 6.3% | 14.8%
Inventory turnover (turnover/inventory) | 4.2 | 4.7
Current ratio (current assets/current liabilities) | 4.8 | 8.1

Principal risks and uncertainties

Foreign exchange risk

The Company does not hedge foreign exchange risk. Accordingly, fluctuations in exchange rates can have a significant impact on the results.

Liquidity

Management control and monitor the Company's cash flow on a regular basis, including forecasting future cash flows.

Credit risk

The Company has a stable customer base and maintains strong relationships with each of its key customers. Credit control parameters have been established and appropriate, clearly managed credit terms are agreed with all customers.

Pension funding risk

The Company operates a defined benefit pension scheme. During the year The Trustees of the Scheme have become aware of a number of benefit uncertainties meaning some members may not have been receiving the correct benefit entitlements. To manage this risk the scheme actuary has estimated a potential increase in actuarial liabilities of £860k related to these benefit uncertainties and this risk has been recognised in the financial statements through other comprehensive income.

Macroeconomic and geopolitical uncertainty

The company supplies and purchases globally and is subject to various geopolitical risks which could cause operational disruption and financial loss. Trade restrictions, commodity and currency changes are all potential consequences of geopolitical uncertainty. The company manages this risk through supply chain monitoring and management.

HABASIT (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Environmental matters

Habasit UK aligns with Habasit Group Environmental Strategy and contributes to the Global Environmental Report.

The report tracks key indicators such as energy use, GHG emissions, VOC emissions, water consumption, and waste. It also sets out a sustainability roadmap across the value chain, which Habasit UK supports through local efficiency and waste-reduction efforts.

Employees

During the year, the Company has continued its commitment to open communication with employees. Information about the business has been shared through an internal intranet, a new team portal, and regular team briefings, where employees are encouraged to share their views and contribute ideas.

The Company maintains an equal opportunities policy in recruitment, ensuring that disabled applicants are considered based on their abilities relevant to the role. Where employees become disabled during their employment, every effort is made to retain them in suitable roles, with appropriate support provided based on individual circumstances and business needs.

Future prospects

Prospects for the Company are positive and the significant recent future oriented investments made to infrastructure, human resources and process automation will stand the Company in good stead for the future. The market for our products remains highly competitive. However, the directors believe that the business will grow by continuing to deliver best-in-class products & services via a clearly defined customer-centric value proposition, implementing continuous quality improvements and achieving short lead times.

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

J Peel
Director
16 September 2025
HABASIT (UK) 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 production, manufacturing, marketing and servicing of Fabric, Plastics and Monolithic belting technology product platforms for the light processing and material handling industries.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £10,000,000. There will be a final dividend amounting to £4,600,000 to be approved by the board and paid in October 2025.

Directors

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

J Peel
T Gutwald
(Resigned 29 November 2024)
M Herrenbrück
(Resigned 29 November 2024)
B Wixmerten
(Appointed 29 November 2024)
M Leiterholt
(Appointed 29 November 2024 and resigned 1 September 2025)
WK Chong
(Appointed 1 September 2025)
Auditor

BHP LLP 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.

Statement of directors' responsibilities

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; 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.

HABASIT (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
J Peel
Director
16 September 2025
HABASIT (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HABASIT (UK) LIMITED
- 5 -
Opinion

We have audited the financial statements of Habasit (UK) 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, the statement of cash flows 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 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 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.

HABASIT (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HABASIT (UK) LIMITED (CONTINUED)
- 6 -
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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the trade;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company;

- we assessed the extent of compliance with the laws and regulations considered above through making enquiries of management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

HABASIT (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HABASIT (UK) LIMITED (CONTINUED)
- 7 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risks of fraud through management bias and override controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- discussions with senior management regarding relevant regulations and reviewing the company’s legal and professional fees.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director’s and other management and the inspection of regulatory and legal correspondence.

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 member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Felix Lee (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
1st Floor
Mayesbrook House
Lawnswood Business Park
Leeds
LS16 6QY
16 September 2025
HABASIT (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£'000
£'000
Turnover
3
28,008
28,245
Cost of sales
(18,759)
(19,480)
Gross profit
9,249
8,765
Distribution costs
(1,395)
(1,222)
Administrative expenses
(3,282)
(3,360)
Other operating income
7
-
0
Operating profit
4
4,579
4,183
Interest receivable and similar income
8
422
405
Profit before taxation
5,001
4,588
Tax on profit
9
(1,213)
(1,155)
Profit for the financial year
3,788
3,433
Other comprehensive income
Actuarial loss on defined benefit pension schemes
(702)
-
0
Tax relating to other comprehensive income
174
-
0
Total comprehensive income for the year
3,260
3,433

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

HABASIT (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Fixed assets
Intangible assets
11
497
519
Tangible assets
12
5,058
5,350
5,555
5,869
Current assets
Stocks
13
6,604
6,049
Debtors
14
8,159
6,806
Cash at bank and in hand
6,062
12,526
20,825
25,381
Creditors: amounts falling due within one year
15
(4,356)
(3,132)
Net current assets
16,469
22,249
Total assets less current liabilities
22,024
28,118
Provisions for liabilities
Provisions
16
283
280
Deferred tax liability
17
260
413
Defined benefit pension liability
18
796
-
0
(1,339)
(693)
Net assets
20,685
27,425
Capital and reserves
Called up share capital
19
3,023
3,023
Capital redemption reserve
20
40
40
Profit and loss reserves
17,622
24,362
Total equity
20,685
27,425

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 16 September 2025 and are signed on its behalf by:
J Peel
Director
Company registration number 03712188 (England and Wales)
HABASIT (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
Balance at 1 January 2023
3,023
40
28,929
31,992
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
3,433
3,433
Dividends
10
-
-
(8,000)
(8,000)
Balance at 31 December 2023
3,023
40
24,362
27,425
Year ended 31 December 2024:
Profit
-
-
3,788
3,788
Other comprehensive income:
Actuarial losses on defined benefit plans
-
-
(702)
(702)
Tax relating to other comprehensive income
-
-
174
174
Total comprehensive income
-
-
3,260
3,260
Dividends
10
-
-
(10,000)
(10,000)
Balance at 31 December 2024
3,023
40
17,622
20,685
HABASIT (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from operations
24
4,850
7,195
Income taxes paid
(1,328)
(900)
Net cash inflow from operating activities
3,522
6,295
Investing activities
Purchase of intangible assets
(180)
(14)
Proceeds from disposal of intangibles
4
-
0
Purchase of tangible fixed assets
(288)
(484)
Proceeds from disposal of tangible fixed assets
63
55
Interest received
415
405
Net cash generated from/(used in) investing activities
14
(38)
Financing activities
Dividends paid
(10,000)
(8,000)
Net cash used in financing activities
(10,000)
(8,000)
Net decrease in cash and cash equivalents
(6,464)
(1,743)
Cash and cash equivalents at beginning of year
12,526
14,269
Cash and cash equivalents at end of year
6,062
12,526
HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Habasit (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Habegger House, Gannex Park, Dewsbury Road, Elland, West Yorkshire, England, HX5 9AF.

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 £'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 Company achieved a profit in the year and is in a net asset position at the year end. The directors have, at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, and for at least 12 months from the date of approval of the financial statements.true

Accordingly, the directors have a reasonable expectation that the company will continue in operational existence and thus they adopt the going concern basis of accounting in preparing the financial statements.

Habasit (UK) Limited is a wholly owned subsidiary of Hasasit International AG. Accordingly, as an affiliate company of a stable, well-resourced and future-oriented international organisation, the Company has a high degree of control over its supply chain thus enabling it to fulfil its commitments to customers even during the most challenging of times. Additionally, the Company has significant historical Retained Earnings combined with a strong cash position enabling the directors to remain confident of the outlook for the coming year.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer software
3-5 years
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
25 years straight line
Long-term leasehold property
Over the life of the lease
Plant and machinery
10 years
Fixtures, fittings & motor vehicles
5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
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.

1.10
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.

HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.11
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.

1.12
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.

HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
2
Judgements and key sources of estimation uncertainty
Critical judgements

The critical judgements that the Directors have made in the process of applying the Company's accounting policies and that have the most significant effect on amounts recognised in the financial statements are discussed below:

(i) Assessing indicators of impairment

In assessing whether there have been any indicators of impairment of assets, the Directors have consider both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and were applicable, the ability of the assets to be operated as planned. There have been no indicators of impairment identified during the current year.

Stock provision

In assessing whether a stock provision is required against a specific stock item the Directors have consider both internal and external sources of information including quantity of stock item held, current orders of the stock item, historic saleability of the stock item and wider market conditions.

Defined benefit pension scheme

The pension scheme assets and liabilities are valued using an actuarial valuation based on market assumptions. Details of the key assumptions used are presented in note 18.

3
Turnover and other revenue
2024
2023
£'000
£'000
Turnover analysed by class of business
Sale of goods
24,532
24,872
Rendering of services
3,476
3,373
28,008
28,245
2024
2023
£'000
£'000
Turnover analysed by geographical market
United Kingdom
15,750
17,683
Rest of Europe
6,983
5,698
Rest of the World
5,275
4,864
28,008
28,245
2024
2023
£'000
£'000
Other revenue
Interest income
422
405
HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£'000
£'000
Exchange losses
135
165
Fees payable to the company's auditor for the audit of the company's financial statements
48
42
Depreciation of owned tangible fixed assets
580
573
Profit on disposal of tangible fixed assets
(63)
(16)
Amortisation of intangible assets
198
168
Operating lease charges
328
453
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
48
42

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services by virtue of the Companies Act in that the Company is of medium size.

6
Employees

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

2024
2023
Number
Number
Production
95
109
Administration
34
32
Selling and distribution
13
14
Total
142
155

Their aggregate remuneration comprised:

2024
2023
£'000
£'000
Wages and salaries
6,531
6,273
Social security costs
637
615
Pension costs
451
321
7,619
7,209
HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
7
Directors' remuneration
2024
2023
£'000
£'000
Remuneration for qualifying services
171
174
Company pension contributions to defined contribution schemes
15
15
186
189

During the year retirement benefits were accruing to 1 Director (202 3: 1) in respect of defined contribution pension schemes.

8
Interest receivable and similar income
2024
2023
£'000
£'000
Interest income
Interest on bank deposits
415
405
Interest on the net defined benefit asset
7
-
0
Total income
422
405
2024
2023
Investment income includes the following:
£'000
£'000
Interest on financial assets not measured at fair value through profit or loss
415
405
9
Taxation
2024
2023
£'000
£'000
Current tax
UK corporation tax on profits for the current period
1,270
1,123
Adjustments in respect of prior periods
(80)
-
0
Total current tax
1,190
1,123
Deferred tax
Origination and reversal of timing differences
23
32
Total tax charge
1,213
1,155
HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 21 -

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

2024
2023
£'000
£'000
Profit before taxation
5,001
4,588
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
1,250
1,079
Tax effect of expenses that are not deductible in determining taxable profit
5
5
Change in unrecognised deferred tax assets
25
-
0
Adjustments in respect of prior years
(80)
-
0
Fixed asset differences
13
33
Other differences
-
0
38
Taxation charge for the year
1,213
1,155

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£'000
£'000
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
(174)
-
10
Dividends
2024
2023
£'000
£'000
Interim paid
10,000
8,000
HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
11
Intangible fixed assets
Goodwill
Computer software
Total
£'000
£'000
£'000
Cost
At 1 January 2024
1,509
1,075
2,584
Additions
-
0
180
180
Disposals
-
0
(38)
(38)
Transfers
-
0
(7)
(7)
At 31 December 2024
1,509
1,210
2,719
Amortisation and impairment
At 1 January 2024
1,509
556
2,065
Amortisation charged for the year
-
0
198
198
Disposals
-
0
(41)
(41)
At 31 December 2024
1,509
713
2,222
Carrying amount
At 31 December 2024
-
0
497
497
At 31 December 2023
-
0
519
519
HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
12
Tangible fixed assets
Freehold property
Long-term leasehold property
Assets under construction
Plant and machinery
Fixtures, fittings & motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 1 January 2024
5,419
28
-
0
7,225
2,714
15,386
Additions
-
0
-
0
3
117
168
288
Disposals
-
0
(28)
-
0
(111)
(275)
(414)
Transfers
-
0
-
0
-
0
-
0
8
8
At 31 December 2024
5,419
-
0
3
7,231
2,615
15,268
Depreciation and impairment
At 1 January 2024
1,961
19
-
0
5,693
2,363
10,036
Depreciation charged in the year
138
9
-
0
280
153
580
Eliminated in respect of disposals
-
0
(28)
-
0
(106)
(272)
(406)
At 31 December 2024
2,099
-
0
-
0
5,867
2,244
10,210
Carrying amount
At 31 December 2024
3,320
-
0
3
1,364
371
5,058
At 31 December 2023
3,458
9
-
0
1,532
351
5,350
13
Stocks
2024
2023
£'000
£'000
Raw materials and consumables
5,716
5,482
Work in progress
328
42
Finished goods and goods for resale
560
525
6,604
6,049
14
Debtors
2024
2023
Amounts falling due within one year:
£'000
£'000
Trade debtors
3,685
3,347
Amounts owed by group undertakings
3,831
3,227
Other debtors
44
9
Prepayments and accrued income
599
223
8,159
6,806

Amounts owed by group undertakings are interest free and repayable on demand.

HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
15
Creditors: amounts falling due within one year
2024
2023
£'000
£'000
Trade creditors
829
392
Amounts owed to group undertakings
1,456
1,487
Corporation tax
70
206
Other taxation and social security
500
212
Other creditors
71
16
Accruals and deferred income
1,430
819
4,356
3,132

Amounts owed to group undertakings are interest free and repayable on demand.

The bank has a charge in its favour consisting of:

- Debenture comprising of a fixed and floating charge over all present and future freehold and leasehold property, book and other debtors, goodwill and other uncalled share capital within the Company; and

- An unlimited multinational guarantee has been given by Charles Walker Consolidated Limited,

16
Provisions for liabilities
2024
2023
£'000
£'000
Dilapidations
283
280
Movements on provisions:
Dilapidations
£'000
At 1 January 2024
280
Additional provisions in the year
3
At 31 December 2024
283

As part of the Company's property leasing arrangements, there is an obligation to repair damages which incur during the life of the lease, such as wear and tear. The cost is charged to the profit and loss as the obligation arises. The provision is expected to be utilised between 2024 and 2028 as the lease terminates. Due to the number of leased properties in the Company and the difficulties in predicting expenditure that will be required on return of a property to the landlord many years into the future, the dilapidations provision is considered a source of increased estimation uncertainty. The provision has been calculated using historical experience of actual expenditure incurred on dilapidations and estimated lease termination dates. The most likely amount within this range, £283k, has been recognised in the Balance Sheet.

HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£'000
£'000
Accelerated capital allowances
463
436
Short term timing differences
(203)
(9)
Pension liability
-
(14)
260
413
2024
Movements in the year:
£'000
Liability at 1 January 2024
413
Credit to profit or loss
(153)
Liability at 31 December 2024
260

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
350
321
HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Retirement benefit schemes
(Continued)
- 26 -
Defined benefit schemes

The company operates a defined contribution 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 £350,000 (202 3 - £3 21,000). Contributions totalling £62,000 (202 3- £5 6,000) were payable to the fund at the reporting date.

Defined benefit pension scheme

The company operates a defined pension arrangement called the Habasit (UK) Retirement and Death Benefits Scheme ("the Scheme"). The Scheme provides benefits based on final salary and length of service, leaving service or death.

The Scheme is subject to the Statutory Funding Objective under the Pension Act 2004. A valuation of the Scheme is carried out at least once every three years to determine whether the Statutory Funding Objective is met.

The most recent comprehensive actuarial valuation of the Scheme was carried out as at 31 March 2022. As there was a surplus at 31 March 2022, the Company is currently only paying the expenses associated with running the Scheme and the Pension Protection Fund Levy. In the event the next valuation reveals a deficit then the Company may be required to make contributions to the Scheme, above those set out in the existing Schedule of Contributions.

The Scheme is managed by the board of Trustees appointed in part by the Company and part from elections by members of the Scheme. The Trustees have a responsibility for obtaining valuations of the fund, administering benefit payments and investing the Scheme's assets. The Trustees delegate some of these functions to their professional advisors where appropriate.

There were no plan amendments, curtailments or settlements during the period.

2024
2023
Key assumptions
%
%
Discount rate
5.35
4.5
Expected rate of increase of pensions in payment
2.9
2.9
GMP equalisation allowance
3.0
3.0
Inflation assumption (RPI)
3.5
3.4
Inflation assumption (CPI)
2.9
2.9
Mortality assumptions
2024
2023

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
21.6
21.6
- Females
24.2
24.1
Retiring in 20 years
- Males
23.2
23.2
- Females
25.8
25.8
HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Retirement benefit schemes
(Continued)
- 27 -
Amounts recognised in the profit and loss account
2024
2023
Costs/(income):
£'000
£'000
Net interest on net defined benefit liability/(asset)
(7)
(22)
Other costs and income
101
101
Total costs
94
79
Amounts recognised in other comprehensive income
2024
2023
Costs/(income):
£'000
£'000
Actual return on scheme assets
98
(32)
Less: calculated interest element
123
147
Return on scheme assets excluding interest income
221
115
Actuarial changes related to obligations
(172)
109
Other gains and losses
860
(24)
Effect of changes in the amount of surplus that is not recoverable
(207)
(279)
Total costs/(income)
702
(79)

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

2024
2023
Liabilities/(assets):
£'000
£'000
Present value of defined benefit obligations
3,297
2,666
Fair value of plan assets
(2,501)
(2,873)
Deficit/(surplus) in scheme
796
(207)
Restriction on scheme assets
-
207
Total liability recognised
796
-
2024
Movements in the present value of defined benefit obligations
£'000
Liabilities at 1 January 2024
2,666
Benefits paid
(173)
Actuarial gains and losses
(172)
Interest cost
116
Other
860
At 31 December 2024
3,297
HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Retirement benefit schemes
(Continued)
- 28 -
2024
Movements in the fair value of plan assets
£'000
Fair value of assets at 1 January 2024
2,873
Interest income
123
Return on plan assets (excluding amounts included in net interest)
(221)
Benefits paid
(173)
Other
(101)
At 31 December 2024
2,501

The actual return on plan assets was £98,000 (2023 - £32,000).

2024
2023
Fair value of plan assets
£'000
£'000
Corporate bonds
741
895
LDI Funds
1,275
1,442
Credit
438
470
Cash
47
66
2,501
2,873

The Trustees of the Scheme have recently become aware of a number of benefit uncertainties which means that some members of the scheme may not have been receiving the correct benefit entitlement from the scheme. An estimate of the total potential additional liabilities has been made by the scheme actuary on 3rd February 2025 which has resulted in an increase in actuarial liabilities of £860k a full revaluation of the scheme has not been carried out at this point. This has been recognised in the financial statements through other comprehensive income.

The Virgin Media Ltd v NTL Pension Trustees II decision, handed down by the High Court on 16 June 2023, considered the implications of section 37 of the Pension Schemes Act 1993. In a judgement delivered on 25 July 2024, the Court of Appeal unanimously upheld the decision of the High Court. The case has the potential to cause significant issues in the pension industry. The Trustees will investigate the possible implications with its advisers in due course. but it is not possible at present to estimate the potential impact, if any, on the plan.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of £1 each
3,023
3,023
3,023
3,023

The ordinary shares carrying rights of one vote per share and have no restrictions on the distribution of dividends and the repayment of capital.

HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
20
Capital redemption reserve

The capital redemption reserve represents the total value of shares which have been repurchased by the Company.

21
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£'000
£'000
Within one year
337
494
Between two and five years
838
484
1,175
978
22
Related party transactions

The Company has taken advantage of the exemption permitted by FRS 102 Section 33 Related Party Disclosures from the requirement to disclose transactions with wholly owned group companies.

23
Ultimate controlling party

The immediate parent Company is Habasit International AG, a company with registered office Rӧmerstr. 1, 4153 Reinach, Switzerland.

The ultimate controlling party and the smallest and largest group to consolidate these financial statements is Moovimenta AG, incorporated in Switzerland. The consolidated financial statements of Habasit Invest AG are not available to the public.

HABASIT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
24
Cash generated from operations
2024
2023
£'000
£'000
Profit after taxation
3,788
3,433
Adjustments for:
Taxation charged
1,213
1,155
Investment income
(422)
(405)
Gain on disposal of tangible fixed assets
(63)
(16)
Amortisation and impairment of intangible assets
198
168
Depreciation and impairment of tangible fixed assets
580
573
Pension scheme non-cash movement
101
-
Increase in provisions
3
14
Movements in working capital:
Increase in stocks
(555)
(222)
(Increase)/decrease in debtors
(1,353)
2,712
Increase/(decrease) in creditors
1,360
(217)
Cash generated from operations
4,850
7,195
25
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£'000
£'000
£'000
Cash at bank and in hand
12,526
(6,464)
6,062
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