ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
FOR THE YEAR ENDED 31 JULY 2023
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AMNITEC LIMITED
COMPANY INFORMATION
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AMNITEC LIMITED
CONTENTS
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AMNITEC LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023
The directors present their strategic report for the year ending 31 July 2023. The Company is a private limited company and a wholly owned subsidiary of the Flex-Tek division of Smiths Group plc. The business environment, strategy and performance on the Flex-Tek division are discussed on pages 8 to 12 of the Smiths Group plc Annual Report FY2023.
The business benefitted from increased Revenue in FY23 as we successfully caught up with the backlog Sales caused by the Covid pandemic. The business is focussing on flexibility in Operations, especially in the multiskilling of the workforce, ensuring that the ongoing volatility of Customer demand is met at least cost and is in line with underlying demand.
There is continuing price pressure and competition in the marketplace as well as uncertainty surrounding the value of Sterling. The Company plans on protecting its revenues and profit margins by continuing to focus on selling value added products and assemblies to global customers. This strategy is supported by the Company's quality standards and accreditations, technical expertise, global reach and high-quality products.
The business is minimising where possible our exposure to Credit and Liquidity risks by ensuring all new Customers are robustly checked before extending any terms. Existing Customers are reviewed on a regular basis where necessary and pro rata terms are considered.
Turnover increased 41.79% as demand from original equipment manufacturers recovered, and the operating Profit increased 166% as the benefit of higher turnover. Inventory increased 16.46% (2022: 89.5% increase) driven by higher levels of activity at the end of the year and higher materials costs. The directors are confident that the Company will continue to be profitable in the upcoming years by a targeted strategy to increase turnover and carefully controlling costs.
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AMNITEC LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
Attracting, retaining and developing employees is vital to the success of the Company. The key metric is employee engagement which is measured twice annually by Flex-Tek in a confidential survey. In FY23 74% (2022: 92%) of colleagues responded and we had an engagement score of 65 (2022: 60). The Company strives for a zero-harm workplace, with safety considerations fully integrated into all of our activities. The key metric is recordable incidents. In FY23 the Company had 2 incidents (2022: 8 incidents).
Directors' statement of compliance with duty to promote the success of the Company The Board, in line with their duties under section 172 of the Companies Act 2006, must act in the way they consider, in good faith, would most likely promote the success of the Company for the benefit of shareholders. The Directors must also have regard to the likely long-term consequences of their decisions, and the impact that these may have on the Company’s key stakeholders. The Company applies the Smiths Group plc values, policies and processes, See Smiths Group plc Annual Report 2023 and Accounts page 11 for an explanation of the Smiths Business Model, page 10 for an explanation of the Smiths Group strategy and pages 8 to 12 for the Flex-Tek Divisional Review including the divisional strategy, markets and customer relationships. See the Smiths Group plc Annual Report and Accounts 2023 page 14 for an explanation of the Smiths Group employee engagement processes and pages 199 to 200 policies applied by the Company. The directors recognise that fostering business relationships with key stakeholders is essential to the success of the Company. See the discussion of Customers (page 60), Supply Chain (page 37), Communities (page 62) and Regulators (page 63) in the Smiths Group plc Annual Report and Accounts 2023 for an explanation of the framework used to develop these relationships. The Company implements the Smiths Group Code of Business Ethics and the Smiths Group policies to support and enhance behaviours in line with the principles set out in the Code. The Code is available on the Smiths Group plc website.
This report was approved by the board and signed on its behalf.
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AMNITEC LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023
The Directors present their report and the financial statements for the year ended 31 July 2023.
The Directors who served during the year were:
The profit for the year, after taxation, amounted to £118 thousand (2022 - loss £528 thousand).
The directors do not propose a dividend (2022: Nil).
Disclosure on financial risk management and funding are included in the strategic report.
The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements 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 Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Company continues to be impacted by the unstable global climate and transport delays but the directors believe the Company is in a good position to manage this period of high uncertainty, given the actions take to reduce costs and the financial support provided by Flex-Tek.
The directors are confident that the Company is on the right tracks to return profits by a targeted strategy to increase turnover and carefully controlling costs.
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AMNITEC LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
The Company operates within the Smith Group framework for managing resources and relationships. See the Smiths Group plc Annual Report and Accounts 2023 pages 26 to 51 for a description of the Smiths Group plc critical resources and relationships and how they are being managed.
On 1 August 2023, Gastite Systems transferred all assets and liabilities to Amnitec Limited.
The auditors, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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AMNITEC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMNITEC LIMITED
We have audited the financial statements of Amnitec Limited (the 'Company') for the year ended 31 July 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The audit report for the year ended 31 July 2022 was qualified because the auditors were unable to obtain sufficient appropriate audit evidence over the value of stock and other related balance sheet accounts. Accordingly, we are unable to obtain sufficient appropriate audit evidence over the opening balances. Any material error in the opening balances would cause a consequent error in the current year cost of sales, and profit. In addition, any such errors would also cause a misstatement in the strategic report.
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 qualified 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.
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AMNITEC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMNITEC LIMITED (CONTINUED)
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.
As described in the basis for qualified opinion section of our report, we were unable to obtain sufficient appropriate audit evidence over the opening stock balances. We have concluded therefore that where the strategic report refers to cost of sales and profits, it may be materially misstated for the same reason.
Except for the possible effects of the matters described in the basis for qualified opinion section of our audit report, 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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AMNITEC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMNITEC 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:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of noncompliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management override of controls including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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 and Statutory Auditor
Reading Bridge House
George Street
RG1 8LS
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AMNITEC LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023
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AMNITEC LIMITED
REGISTERED NUMBER: 00587472
BALANCE SHEET
AS AT 31 JULY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 24 form part of these financial statements.
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AMNITEC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
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AMNITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
Amnitec Limited is a private company limited by shares and incorporated and domiciled in England and Wales. The registered office is Abercanaid, Merthyr Tydfil, Mid Glamorgan, CF48 1UX.
The principal activity of the Company is the manufacture of flexible tubing, hose and assemblies in composite, fluoropolymer and metallic materials. The Company is a wholly owned subsidiary of the Flex-Tek division of Smiths Group plc. To assess whether the Company is a going concern, the directors have reviewed the Company's trading performance, the Company's business plans and the support available to the Company for a period of at least 12 months from the date of approval of these financial statements (the 'going concern assessment period'). The directors have considered the significant risks the Company is exposed to and modelled the potential impact of these risks on future trading performance by considering the following scenarios: 1.Loss of key customer sub-branch from within a country leading to a revenue decrease of 20% and profit decrease of 30%. 2. The impact of the late filing of FY22 Financial Statements has caused some queries. The majority of Suppliers and Customers accept that this is caused by the implementation of a new ERP system and staffing levels. The Company is funded by a £10m long-term loan facility from the divisional holding company, Flex-Tek Group Limited, and access to the Smiths Group UK cash pooling arrangement. The Director's have relied upon the support available from Smiths Group Plc, provided through Flex-Tek Group Limited, in determining that the accounts should be prepared on a going concern basis. The directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements through funding from its ultimate parent. Smiths Group Plc has indicated its intention to continue to make available such funds as are needed by the company for the going concern assessment period. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Consequently, the directors are confident the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
2.Accounting policies
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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements were prepared rounded to the nearest £000.
The preparation of financial statements in compliance with FRS 102 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:
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AMNITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Smiths Group Plc as at 31 July 2023 and these financial statements may be obtained from 4th Floor, 11-12 St Jame's Square, London, SW1Y 4LB.
Functional and presentation currency
Transactions and balances
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AMNITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
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AMNITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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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AMNITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at mortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at mortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and mortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
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AMNITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
Determine whether there are indicators of impairment of the Company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the business activities which the asset contributes to.
Analysis of turnover by country of destination:
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AMNITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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AMNITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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AMNITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
11.Taxation (continued)
Smiths Group Plc does not require UK companies to compensate the surrendering company for the receipt of group relief. As a result no payments or receipts in respect of group relief have been accrued in the current or previous year, and no payments or receipts will be made for group relief in future years while this policy remains in force.
The UK tax rate will increase from 19.0% to a marginal rate of up to 25.0% depending on taxable profits from 1 April 2023. This will have a consequential effect on the Company's future tax charge.
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AMNITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
13.Intangible assets (continued)
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AMNITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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AMNITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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AMNITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
Share premium account
Other reserves
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 £129,000 (2022: £113,000). Contributions totalling £25,000 (2022: £27,000) were payable to the fund at the balance sheet date and are included in creditors
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AMNITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
As a result, Amnitec Limited will solely become subsidiary of Flex-Tek. Amnitec Hose is a non-value-adding holding company in the hierarchy of Flex-Tek, the Directors plan to liquidate the company over the next year.
For the year ended 31 July 2023, the Company was a wholly owned subsidiary of Amnitec Hose Limited, company registered in England and Wales. The ultimate parent undertaking is
The Annual Report of Smiths Group pic may be obtained from the
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