Page 68 - Hardide-Annual-Report-2021
P. 68

  68 Notes to the Parent Company Accounts
NOTES TO THE PARENT COMPANY ACCOUNTS
1. PRINCIPAL ACCOUNTING POLICIES
The financial statements of the Company are presented as required by the Companies Act 2006 and in accordance with IFRS. The principal accounting policies adopted are the same as for those set out in the Group’s financial statements.
2. EMPLOYEES
The average number of employees, including executive directors but excluding non-executive directors, during the year comprised:
 Management and administration Sales and marketing
Technical
Staff costs, including executive and non-executive directors, during the year amounted to:
2021 £ ‘000
Wages and salaries   701 Social security costs   83 Share option expense   170 Employer pension costs   15
969
Details of individual directors’ remuneration are included in note 6 to the Group financial statements.
3. INVESTMENTS
2021 2020 Number Number
2 2 1 1 5 5 88
        2021 £ ‘000
2020 £ ‘000
743 78 69 22 912
2020 £ ‘000
1,235
Nature of business
Surface engineering Surface engineering Dormant company
 Investments in subsidiaries 1,267 At 30 September 2021 the company held 100% of the share capital of the following subsidiaries:
  Hardide Coatings Limited
Hardide Coatings, Inc
Hardide Aerospace Coatings Limited
Class of share
Ordinary Ordinary Ordinary
Amount Country
100% UK 100% USA 100% UK
   4. AMOUNTS OWED BY GROUP UNDERTAKINGS
The amounts owed by Hardide Coatings Inc amounting to £11,632,000 (2020: £11,868,000) has been classified as a non- current asset. A provision has been made for the full amount owed because of doubts about its recoverability. The reduction in debt during the year of £236,000 (2020: £18,000 reduction) has been credited to the profit and loss account in the year.
5. TRADE AND OTHER RECEIVABLES
Prepayments and accrued income Amounts owed by group undertakings
2021 2020 £ ‘000 £ ‘000
202 151 2,681 1,494 2,883 1,645
     The amounts owed by group undertakings are unsecured and interest free, and are repayable on demand.





























































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