Company registration number:
11299043
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ANNUAL REPORT AND FINANCIAL STATEMENTS
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FOR THE PERIOD ENDED
31 DECEMBER 2021
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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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COMPANY INFORMATION
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Chartered Accountants
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Statutory Auditor
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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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CONTENTS
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Independent Auditors' Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2021
The principal activity of the company during the year was that of an intermediate holding company. The company holds the trading companies within the group.
During this period the company received dividends from its subsidiaries and paid dividends up to its parent company
Principal risks and uncertainties
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The main risks continue to be the implications following the Covid 19 pandemic and the impact of the UK having left the European Union. The result is uncertainty on the UK economic performance and foreign exchange risks on funds and investments held in overseas currencies.
Key performance indicators
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The company holds investments in subsidiary companies. In the opinion of the directors there are no Key Performance Indicators that are used to measure the company’s performance for the year.
This report was approved by the board
and signed on its behalf.
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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2021
The directors present their report and the financial statements for the period ended 31 December 2021.
Directors' responsibilities statement
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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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:
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select suitable accounting policies for the Company's financial statements and then apply them consistently;
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make judgements and accounting estimates that are reasonable and prudent;
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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 directors do not recommend any amount should be paid by way of dividend.
The directors who served during the period were:
Matters covered in the strategic report
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In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the Strategic Report preceding the Directors' Report includes information that would have formerly been included in the financial risk management objectives and policies and future developments sections of the Directors' Report.
Disclosure of information to auditors
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Each of the persons who are
directors at the time when this Directors' Report is approved has confirmed that:
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so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
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the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
This report was approved by the board and signed on its behalf.
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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHEFFIELD HAWORTH INTERNATIONAL LIMITED
We have audited the financial statements of Sheffield Haworth International Limited (the 'Company') for the period ended 31 December 2021, 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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the Company's affairs as at 31 December 2021 and of its profit for the period then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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.
Conclusions relating to going concern
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We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the directors
' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHEFFIELD HAWORTH INTERNATIONAL LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
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the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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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.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of directors
' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of directors
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As explained more fully in the Directors' Responsibilities Statement on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHEFFIELD HAWORTH INTERNATIONAL LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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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:
• The Company is subject to laws and regulations that directly affect the financial statements including financial
reporting legislation. We determined that the following laws and regulations were most significant including:
Corporation Tax Act
General Data Protection Regulation (EU) 2016
Data Protection Act 2018
Companies Act 2006
Financial Reporting Standards 102
Healthy and Safety at Work 1974
Employment Rights Act 1996
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related
financial statement items.
• We understood how the company is complying with those legal and regulatory frameworks by, making inquiries to
management, those responsible for legal and compliance procedures and the company secretary. We corroborated
our inquiries through our review of board minutes.
• The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any
issues in this area.
• We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud
might occur. Audit procedures performed by the engagement team included:
- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect
fraud;
- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
- Challenging assumptions and judgments made by management in its significant accounting estimates; and
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
• As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:
- Posting of unusual journals and complex transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk /Our-Work/Audit/Audit -and-assurance/Standards -and-guidance /Standards-and-guidance -forauditors/
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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHEFFIELD HAWORTH INTERNATIONAL LIMITED (CONTINUED)
Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx.
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.
Robin Hopkins FCA
(Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Lynton House
7-12 Tavistock Square
London
WC1H 9LT
30 September 2022
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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2021
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Income from fixed assets investments
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Profit for the financial period
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There was no other comprehensive income for 2021 (2020:£
NIL).
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The notes on pages 12 to 19 form part of these financial statements.
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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
REGISTERED NUMBER:
11299043
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STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
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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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The financial statements were approved and authorised for issue by the board and were signed on its behalf by
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The notes on pages 12 to 19 form part of these financial statements.
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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED
31 DECEMBER 2021
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Comprehensive income for the period
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Other comprehensive income for the period
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Total comprehensive income for the period
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 12 to 19 form part of these financial statements.
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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED
31 DECEMBER 2020
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 12 to 19 form part of these financial statements.
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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
Sheffield Haworth International Limited is a private company, limited by shares, registered in England and Wales. The address of the registered office is the same as that of the principal place of business and is disclosed on the company information page. The principal activity of the Company and the nature of its operations are set out in the Strategic Report.
The company policy is that it is a holding company and has not traded since its incorporation.
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 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The preparation of financial statements in compliance with FRS 102 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:
Investments in subsidiaries are measured at cost less accumulated impairment.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of its ultimate parent undertakings established under the law of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies House 2006.
The Company also satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102 in respect of the Company:
(a) No cash flow statement has been presented.
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.
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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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported. These estimates and judgments are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgments
Management do not consider there to be any areas of judgments (apart from those involving estimations).
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Impairment of goodwill, subsidiary and associated companies
Determining whether goodwill or an investment is impaired requires an estimation of its fair value. This is based on the future operating performance of the cash-generating unit or individual company.
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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
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Fees payable to the Company's auditor and its associates for the audit of the
Company's annual financial statements
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The Company has no employees other than the directors, who did not receive any remuneration
(2020 - £
NIL
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Taxation on profit on ordinary activities
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Factors affecting tax charge for the period/year
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The tax assessed for the period/year is the same as
(2020 - the same as)
the standard rate of corporation tax in the UK of
19
%
(2020 -
19
%)
as set out below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)
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Dividends from UK companies
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Total tax charge for the period/year
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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
6.
Taxation (continued)
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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Equity dividends on ordinary shares
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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
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Investments in subsidiary companies
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Indirect associate
Objectivus Financial Consulting Limited was an indirect associate of the Company:
Name Registered office Class of shares Holding
Objectivus Financial Consulting Limited 35 Ballards Lane, Ordinary 40%
London, N3 1XW
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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
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The following were subsidiary undertakings of the Company:
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Avenue Jules-Crosiner 61206 Geneve
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Sheffield Haworth (Australia) Pty. Limited
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Level 6, 1 Chiffley Square, Sydney, NSW 2000
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Sheffield Haworth Limited
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Forum, 5th Floor, 33 Gutter Lane, London, EC2V 8AS
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Sheffield Haworth (Middle East) Limited
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Office Building 1, Office M05, Mezzanine Level, DIFC - Currency House, P.O Box 4802072, Dubai, UAE
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777 Third Avenue, 36th Floor, New York, NY 10017
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Sheffield Haworth (Asia) Limited *
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Suite 2003 Tower One, Lippo Centre, 89 Queensway, Hong Kong
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Sheffield & Vermack Consultants PVT Limited *
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#203, 2nd Floor, Time Tower, Mehrauli - Gurgaon Road, Gurgoan - 122022
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Sheffield Haworth (Asia) PTE Limited *
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1 Wallich Street, #14-01 Guoco Tower, Singapore, 078881
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Sheffield Haworth Management Consulting (Shanghai) Co., Limited *
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Unit 2353, Level 23, Five Corporate Avenue, 150 HuBin Road, Shanghai 200021, China
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Suite 2003 Tower One, Lippo Centre, 89 Queensway, Hong Kong
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NBI Human Capital PTE Limited *
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1 Wallich Street, #14-01 Guoco Tower, Singapore, 078881
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* Denotes indirect subsidiary undertaking.
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SHEFFIELD HAWORTH INTERNATIONAL LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
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Amounts owed by group undertakings
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Allotted, called up and fully paid
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1,896,210
(2020 -
1,896,210
)
Ordinary
shares of £
0.10
each
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Information about parent company
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The ultimate and immediate parent company is SH Global Plc (which was known as SH Global Limited until 28 July 2021). The results of the company are included in the SH Global Plc consolidated financial statements, and this is the largest and smallest group for which accounts are drawn up. The registered office of SH Global Plc is Forum, 5th Floor, 33 Gutter Lane, London, EC2V 8AS.
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