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Financial Statements |
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for the Year Ended 31 December 2021 |
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for |
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STH WESTCO HOLDINGS LIMITED |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2021 |
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for |
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STH WESTCO HOLDINGS LIMITED |
STH WESTCO HOLDINGS LIMITED (REGISTERED NUMBER: 02597032) |
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Contents of the Financial Statements |
for the year ended 31 December 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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STH WESTCO HOLDINGS LIMITED |
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Company Information |
for the year ended 31 December 2021 |
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Directors: |
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Secretary: |
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Registered office: |
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Registered number: |
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Auditors: |
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Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
STH WESTCO HOLDINGS LIMITED (REGISTERED NUMBER: 02597032) |
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Balance Sheet |
31 December 2021 |
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2021 | 2020 |
(Unaudited) |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 5 |
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Current assets |
Debtors | 6 |
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Creditors |
Amounts falling due within one year | 7 |
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Net current assets |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
year |
8 |
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Net assets |
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Capital and reserves |
Called up share capital |
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Retained earnings | ( |
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Shareholders' funds |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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STH WESTCO HOLDINGS LIMITED (REGISTERED NUMBER: 02597032) |
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Notes to the Financial Statements |
for the year ended 31 December 2021 |
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1. | Statutory information |
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Sth Westco Holdings Limited is a
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The company has taken advantage of the exemption under s.400 of the Companies Act 2006 not to prepare consolidated financial statements because it is included in the financial statements of Standard Hydraulics Group SLU which are available from the registered office Avenida De La Ferrería 73-75, Pol Industrial La Ferrería, 08110 Montcada I Reixac, Barcelona, Spain. |
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2. | Statement of compliance |
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3. | Accounting policies |
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Basis of preparing the financial statements |
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Going concern |
We confirm that the immediate parent company will provide financial support as is necessary to enable STH Westco Holding Limited to meet its liabilities as and when they fall due, for a period of at least twelve months from the financial statements for the period ended 31 December 2021 of STH Westco Holding Limited are approved by the board of directors. Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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4. | Employees and directors |
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The average number of employees during the year was NIL (2020 - NIL). |
STH WESTCO HOLDINGS LIMITED (REGISTERED NUMBER: 02597032) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
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5. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 January 2021 |
and 31 December 2021 |
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Provisions |
At 1 January 2021 |
and 31 December 2021 | 2,000,000 |
Net book value |
At 31 December 2021 |
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At 31 December 2020 |
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6. | Debtors: amounts falling due within one year |
2021 | 2020 |
(Unaudited) |
£ | £ |
Amounts owed by group undertakings |
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Amounts owed by group undertakings are unsecured, repayable on demand with interest charged at 1.25% above the Bank of England base rate. |
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7. | Creditors: amounts falling due within one year |
2021 | 2020 |
(Unaudited) |
£ | £ |
Corporation tax |
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8. | Creditors: amounts falling due after more than one year |
2021 | 2020 |
(Unaudited) |
£ | £ |
Preference shares - 1-2 years | 10,925,000 | - |
Preference shares - 2-5 years | - | 10,925,000 |
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The preference shares, on which no dividends are payable, are due to be redeemed on 15th December 2023. |
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The preference shares may be redeemed at par at any time in whole or in part on an offer being made for the entire issued share capital of the Company; or the floatation, offer or sale, placing of shares in the Company on the stock exchange or any other recognised investment exchange. The preference shares attract voting rights only in the case of default on repayment or a winding up of the Company. |
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In accordance with the presentation requirements of FRS 102, redeemable preference shares have been classified as non-current liabilities in the current year (2020: non-current liabilities).Past and future dividends on the preference shares have been waived. |
STH WESTCO HOLDINGS LIMITED (REGISTERED NUMBER: 02597032) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
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9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | Ultimate controlling party |
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The immediate parent company is Standard Hydraulics Group SLU, incorporated in Spain. |
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Standard Hydraulics Group Slu is the immediate parent company to consolidate the se financial statements at 31 December . the consolidated financial statements of Standard Hydraulics Group Slu are available from the registered office Avenida De La Ferrería 73-75, Pol Industrial La Ferrería, 08110 Montcada I Reixac, Barcelona, Spain. |
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The ultimate controlling party is H.I.G. EUROPE CAPITAL PARTNERS III, L.P. |