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Hytek (GB) Limited
Company Information
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Hytek (GB) Limited
Contents
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Hytek (GB) Limited
Strategic report
For the year ended 31 December 2025
The Directors present their Strategic Report for the year ended 31 December 2025.
We are pleased with the revenue position and overall performance particularly considering the continued
unpredictability of the market during the year. The maintained level of revenue reflects the business' resilience to these unpredictabilities particularly delayed project starts and challenges faced by major customers. The team continues to deliver a strategy resulting in enhanced market presence, improved profitability and cash generation. The Company continues to focus on 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.
Page 1
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Hytek (GB) Limited
Strategic report (continued)
For the year ended 31 December 2025
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 Middle East. 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.
The progress of the Company in the year ended 31 December 2025 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, operating profit, profit before tax and total equity. Revenue for the year ended 31 December 2025 is £9,087,450 (2024: £9,001,290), an increase of 1% (2024: decrease of 5.4%), operating profit for the year ended 31 December 2025 is £1,840,770 (2024: £1,456,068), an increase of 26.4% (2024: decrease of 21.4%) and profit before tax for the year ended 31 December 2025 is £2,948,878 (2024: £2,622,048), an increase of 12.5% (2024: decrease of 29.6%). Total equity and reserves at 31 December 2025 was £7,470,779 (2024: £7,368,320).
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Hytek (GB) Limited
Strategic report (continued)
For the year ended 31 December 2025
This report was approved by the board and signed on its behalf.
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Hytek (GB) Limited
Directors' report
For the year ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
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 judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The profit for the year, after taxation, amounted to £2,512,118 (2024 - £2,282,370).
In the year, the company paid dividends of £2,420,659 (2024: £2,008,017).
The directors who served during the year were:
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Hytek (GB) Limited
Directors' report (continued)
For the year ended 31 December 2025
The company intends to continue to grow revenue however with key focus on profitable growth. The company intends to continue with the development of its core products, and believe it is in a strong financial position to support growth in existing markets and focus on emerging markets. We believe the company will remain competitive and are confident it will maintain its market share. The company will continue to monitor the impact of inflationary and raw material costs.
There have been no significant events affecting the Company since the year end.
The auditors, Hurst Accountants Limited, were appointed in the year and 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.
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Hytek (GB) Limited
Independent auditors' report to the members of Hytek (GB) Limited
We have audited the financial statements of Hytek (GB) Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, 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).
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 Auditors' 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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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Hytek (GB) Limited
Independent auditors' report to the members of Hytek (GB) Limited (continued)
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.
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.
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Hytek (GB) Limited
Independent auditors' report to the members of Hytek (GB) Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations.
°Detecting and responding to the risks of fraud.
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and
Anti-bribery and Corruption.
Audit response to risks identified Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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Hytek (GB) Limited
Independent auditors' report to the members of Hytek (GB) Limited (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members
and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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 Auditors' 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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Cheshire
SK1 3GG
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Hytek (GB) Limited
Statement of comprehensive income
For the year ended 31 December 2025
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Hytek (GB) Limited
Registered number: 01915382
Statement of financial position
As at
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Hytek (GB) Limited
Registered number: 01915382
Statement of financial position (continued)
As at 31 December 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 34 form part of these financial statements.
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Hytek (GB) Limited
Statement of changes in equity
For the year ended 31 December 2025
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
Hytek (GB) Limited is a private company limited by members' capital incorporated in England and Wales. The registered office and principal place of business is Office 2.3 Design Hub Coventry University Technology Park, Puma Way, Coventry, England, CV1 2TT.
The nature of the company's operation and its principal activity of the company is the importation, manufacture and distribution of fuel control equipment.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙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;
∙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 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
This information is included in the consolidated financial statements of Flowmax Limited as at 31 December 2025 and these financial statements may be obtained from Registrar of Companies..
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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.
Functional and presentation currency
Transactions and balances
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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.
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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. The Companies Act 2006 requires acquired goodwill to be reduced by provisions for depreciation calculated to write off the amount systematically over a period chosen by the directors, not exceeding its useful economic life. It has been deemed, however, the non-amortisation of goodwill is a departure, for the overriding purpose of giving a true and fair view. The effect of this departure has not been quantified because it is impracticable and, in the opinion of the directors, would be misleading.
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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. As at the year end date, these costs are fully amortised.
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:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components, when they are recognised at fair value. The company holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
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. estimates of the selling price and direct costs to sell on certain stock items. The write down is included in the operating profit note. 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.
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
Analysis of turnover by country of destination:
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
There were no factors that may affect future tax charges.
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
Page 28
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
15.Tangible fixed assets (continued)
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
Page 32
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
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Hytek (GB) Limited
Notes to the financial statements
For the year ended 31 December 2025
Profit and loss account
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 £59,999 (2024: £59,240). Contributions of £5,171 (2024: £5,285) were payable to the fund at the balance sheet date.
The Company is a subsidiary undertaking of Flowmax Limited, incorporated in England and Wales (company number: 03455056) . 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.
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.
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