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Registered number: 02111157
Industrial Flow Control Limited
Financial statements
Information for filing with the registrar
For the year ended 31 December 2025
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Industrial Flow Control Limited
Registered number: 02111157
Statement of financial position
As at 31 December 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Industrial Flow Control Limited
Registered number: 02111157
Statement of financial position (continued)
As at 31 December 2025
The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 16 form part of these financial statements.
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Industrial Flow Control Limited
Notes to the financial statements
For the year ended 31 December 2025
Industrial Flow Control 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 distribution of flow instrumentation and liquid handling equipment and the design and marketing of mechanical handling equipment.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
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Financial Reporting Standard 101 - reduced disclosure exemptions
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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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Industrial Flow Control Limited
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
The company meets its day-to-day working capital requirements through its cash reserves and borrowings. The current economic conditions continue to create uncertainty, particularly over the level of demand for the company’s products. The company’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current cash reserves and borrowings. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
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Foreign currency translation
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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.
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Industrial Flow Control Limited
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.
Sale of goods
Revenue from the sale of goods is recognised on the satisfaction of performance obligations, such as the transfer of a promised good, identified in the contract between the Company and the customer.
The Company manufactures and sells flow instrumentation and liquid handling equipment in 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 recognises certain sales when the goods have not been delivered in full to the customer under bill-and-hold arrangements. The Company recognises revenue under these contracts when the Company has received acceptance of the goods to be held by Industrial Flow Control Limited, the product is identified separately as belonging to the customer, the product is ready for immediate transfer to the customer and the Company does not have the ability to use the product or direct it to another customer. At this point, no further performance obligations remain.
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.
Rendering of services
Revenue from providing services is recognised in the accounting period in which the services are rendered.
The Company offers service contract warranties to its customers as part of its sales of goods. These constitute a separate performance obligation. Revenue from providing services from the service contracts is recognised in the accounting period in which the services are rendered. Revenue is recognised on a time-elapsed basis over the term of the agreement as this represents management’s best estimate of the point of satisfaction of the performance obligations.
The Company invoices for service agreements on an annual or monthly basis and consideration is payable when invoiced. The terms of payment are fixed with no variable consideration. There are no material contract assets arising from such terms.
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Industrial Flow Control Limited
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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.
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 Statement of financial position.
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 Statement of financial position.
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 2.11.
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.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Industrial Flow Control Limited
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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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 reporting 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 reporting 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 reporting date.
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.
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Industrial Flow Control Limited
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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.
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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting 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.
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.
Trade and other receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
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.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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Industrial Flow Control Limited
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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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 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
stock note.
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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Industrial Flow Control Limited
Notes to the financial statements
For the year ended 31 December 2025
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Industrial Flow Control Limited
Notes to the financial statements
For the year ended 31 December 2025
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Charge for the year on owned assets
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Charge for the year on right-of-use assets
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The net book value of owned and leased assets included as "Tangible fixed assets" in the Statement of financial position is as follows:
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Tangible fixed assets owned
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Right-of-use tangible fixed assets
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Industrial Flow Control Limited
Notes to the financial statements
For the year ended 31 December 2025
5.Tangible fixed assets (continued)
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Information about right-of-use assets is summarised below:
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Depreciation charge for the year ended
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The finance lease charges payable during the year was £15,267 (2024: £1,956).
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Additions to right-of-use assets
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Additions to right-of-use assets
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The corresponding lease liabilities are disclosed within the creditors notes of the financial statements. Total cash outflows in respect of IFRS 16 leases was £75,559 (2024: £19,376).
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Finished goods and goods for resale
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There is no significant difference between the replacement cost of finished goods and goods for resale and their carrying amounts. Inventories above include a provision of £9,370 (2024: £10,610) for slow moving and obsolete stock.
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Industrial Flow Control Limited
Notes to the financial statements
For the year ended 31 December 2025
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The company's bankers hold a fixed charge containing a negative pledge, registered on 23 December 2024, secured on all monies held by the entity and incorporating a group right of set-off.
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Creditors: Amounts falling due after more than one year
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Industrial Flow Control Limited
Notes to the financial statements
For the year ended 31 December 2025
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Credited/(Charged) to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Charged to profit or loss
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Allotted, called up and fully paid
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105,000 (2024 - 105,000) Ordinary Share Capital shares of £1.00 each
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Industrial Flow Control Limited
Notes to the financial statements
For the year ended 31 December 2025
Share premium account
The share premium reserve includes all amounts paid in excess of the nominal value of Ordinary shares issued.
Profit and loss account
The profit and loss account is the Company's accumulated retained profits and losses as at the year end.
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 £16,781 (2024: £17,540). Contributions totalling £Nil (2024: £Nil) were payable to the fund at the balance sheet date.
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Related party transactions
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During the year ended 31 December 2025, the Company undertook the following transactions with group companies.
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Purchases from group companies
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At 31 December 2025, the Company owed £585 (2024: £Nil) to group companies.
During the year ended 31 December 2025, the Company paid dividends to the following shareholders:
Hytek (GB) Limited - £147,609 (2024: £46,022)
G Clarke - £8,201 (2024: £2,557)
K Shaw - £8,201 (2024: £2,557).
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Post balance sheet events
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There have been no significant events affecting the Company since the year end
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Industrial Flow Control Limited
Notes to the financial statements
For the year ended 31 December 2025
The Company is a subsidiary undertaking of Hytek (GB) Limited, incorporated in England and Wales (company number: 01915382). Hytek (GB) Limited's registered office is Office 2.3 Design Hub Coventry University Technology Park, Puma Way, Coventry, CV1 2TT.
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. Copies of the Flowmax Limited group accounts are available from the Registrar of Companies.
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.
The audit report was signed on 30 March 2026 by Anthony Woodings (senior statutory auditor) on behalf of Hurst Accountants Limited.
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