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REGISTERED NUMBER: 03293071 (England and Wales)












HITALTECH U.K. LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






HITALTECH U.K. LIMITED (REGISTERED NUMBER: 03293071)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HITALTECH U.K. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr A J Fitzer
Mr F Massimo
Mr B Y P G Thuysbaert



SECRETARY: Mr A J Fitzer



REGISTERED OFFICE: Shorrock House
1 Faraday Court
Fulwood
Preston
Lancashire
PR2 9NB



REGISTERED NUMBER: 03293071 (England and Wales)



ACCOUNTANTS: Rushtons
Chartered Accountants
Shorrock House
1 Faraday Court
Fulwood
Preston
Lancashire
PR2 9NB



BANKERS: National Westminster Bank plc
35 Fishergate
Preston
Lancashire
PR1 3BH

HITALTECH U.K. LIMITED (REGISTERED NUMBER: 03293071)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 151,198 37,709

CURRENT ASSETS
Stocks 5 730,381 649,311
Debtors 6 1,093,497 1,378,698
Cash at bank and in hand 168,797 348,014
1,992,675 2,376,023
CREDITORS
Amounts falling due within one year 7 783,472 1,164,071
NET CURRENT ASSETS 1,209,203 1,211,952
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,360,401

1,249,661

PROVISIONS FOR LIABILITIES 25,557 6,973
NET ASSETS 1,334,844 1,242,688

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,333,844 1,241,688
SHAREHOLDERS' FUNDS 1,334,844 1,242,688

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HITALTECH U.K. LIMITED (REGISTERED NUMBER: 03293071)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2024 and were signed on its behalf by:




Mr A J Fitzer - Director Mr F Massimo - Director




Mr B Y P G Thuysbaert - Director


HITALTECH U.K. LIMITED (REGISTERED NUMBER: 03293071)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Hitaltech U.K. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover
Turnover represents net invoiced value of goods supplied, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 15 years
Computer equipment - 25% on cost
Fixtures and fittings - 15% on reducing balance
Plant and machinery - 20% on cost
Office equipment - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.


HITALTECH U.K. LIMITED (REGISTERED NUMBER: 03293071)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Foreign currencies
Transactions expressed in foreign currencies are translated into sterling and recorded at rates of exchange approximating to those ruling at the date of the transaction. Monetary assets and liabilities are translated at rates ruling at the balance sheet date. All differences are taken to the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

HITALTECH U.K. LIMITED (REGISTERED NUMBER: 03293071)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Computer and
property equipment fittings
£    £    £   
COST
At 1 January 2023 7,590 59,528 69,685
Additions 125,063 24,756 -
Disposals - - (1,954 )
At 31 December 2023 132,653 84,284 67,731
DEPRECIATION
At 1 January 2023 6,602 43,715 55,591
Charge for year 12,582 17,350 2,024
Eliminated on disposal - - (1,718 )
At 31 December 2023 19,184 61,065 55,897
NET BOOK VALUE
At 31 December 2023 113,469 23,219 11,834
At 31 December 2022 988 15,813 14,094

Plant and Office
machinery equipment Totals
£    £    £   
COST
At 1 January 2023 86,676 32,575 256,054
Additions 1,831 - 151,650
Disposals - - (1,954 )
At 31 December 2023 88,507 32,575 405,750
DEPRECIATION
At 1 January 2023 81,376 31,061 218,345
Charge for year 5,666 303 37,925
Eliminated on disposal - - (1,718 )
At 31 December 2023 87,042 31,364 254,552
NET BOOK VALUE
At 31 December 2023 1,465 1,211 151,198
At 31 December 2022 5,300 1,514 37,709

HITALTECH U.K. LIMITED (REGISTERED NUMBER: 03293071)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. STOCKS
2023 2022
£    £   
Stock of goods for re-sale 726,955 646,031
Stock of stationery 3,426 3,280
730,381 649,311

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,036,160 1,320,978
Prepayments and accrued income 57,337 57,720
1,093,497 1,378,698

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 531,592 812,783
Tax 74,208 89,917
Social security and other taxes 15,982 14,612
VAT 134,136 184,780
Accrued expenses 27,554 61,979
783,472 1,164,071

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 2,331 -
Between one and five years 49,910 55,506
52,241 55,506

HITALTECH U.K. LIMITED (REGISTERED NUMBER: 03293071)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. RELATED PARTY DISCLOSURES

Hitaltech UK Limited was a 74% subsidiary of S.A. Hitaltech NV until 18 March 2014. S.A. Hitaltech NV retained a minority shareholding in Hitaltech UK Limited at the year end.

During the year, the company had the following transactions with S.A. Hitaltech NV:-

20232022
££
Turnover9,2704,875
Cost of sales57,970 55,583

As at 31 December 2023, the company had the following balances with S.A. Hitaltech NV:-
20232022
££
Debtor196 -
Creditor- 265

Dividends paid during the year include the following amounts which were paid to related parties:-
20232022
££

Dividends paid

200,000


225,000

Rent of £35,000 (2022: £35,000) was paid to a partnership of which Mr A J Fitzer and Mr F Massimo are partners.