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Registration number: 00691700

Hamlin Electronics Europe Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Hamlin Electronics Europe Limited
(Registration number: 00691700)

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Hamlin Electronics Europe Limited
(Registration number: 00691700)

Company Information

Directors

A Golland

E R Van Erk

Company secretary

R D Van Hal

Registered office

c/o Birketts LLP
Kingfisher House
1 Gilders Way
Norwich
Norfolk
NR3 1UB

Auditors

Thompson Jenner LLP
Statutory Auditor
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Hamlin Electronics Europe Limited
(Registration number: 00691700)

Balance Sheet as at 31 December 2023

Note

2023
£ 000

2022
£ 000

Fixed assets

 

Deferred tax assets

 

-

835

Current assets

 

Debtors

4

848

711

Cash at bank and in hand

 

317

869

 

1,165

1,579

Creditors: Amounts falling due within one year

5

(310)

(132)

Net current assets

 

855

1,448

Total assets less current liabilities

 

855

2,282

Creditors: Amounts falling due after more than one year

5

(1,900)

(2,500)

Net liabilities

 

(1,045)

(218)

Capital and reserves

 

Called up share capital

5,004

5,004

Profit and loss account

(6,049)

(5,222)

Total equity

 

(1,045)

(218)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

.........................................
E R Van Erk
Director

 

Hamlin Electronics Europe Limited
(Registration number: 00691700)

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
c/o Birketts LLP
Kingfisher House
1 Gilders Way
Norwich
Norfolk
NR3 1UB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the year end HEEL is in a net liability position mainly because of the historic defined benefit pension costs. However, on 25 March 2024, HEEL received a capital contribution in cash for new shares of £1,9M. HEEL used this cash to fully repay the loan payable to Littelfuse Netherlands BV. As from that date HEEL has a positive equity, sufficient cash reserves and insignificant receivables and payables, so it is in a net asset position (and will remain so in the future).

The service income of the Company increased in Q2 of 2023 when management moved some UK employees, previously employed by a UK branch of a German related entity to the Company. This reorganisation will help to ensure that HEEL remains profitable and will continue to generate positive cashflows sufficient to meet its future obligations. Therefore, the directors continue to adopt the going concern basis in preparing the financial statements.

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 19 August 2024 was Mr Jonathan Westley, who signed for and on behalf of Thompson Jenner LLP.

 

Hamlin Electronics Europe Limited
(Registration number: 00691700)

Notes to the Financial Statements for the Year Ended 31 December 2023

Revenue recognition

Turnover represents research and development, quality and IT services charged to associated businesses at cost plus 10%, exclusive of Value Added Tax. Turnover is recognised as the company performs its obligations under its arrangements with the associated businesses.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Hamlin Electronics Europe Limited
(Registration number: 00691700)

Notes to the Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 5).

4

Debtors

Note

2023
£ 000

2022
£ 000

Amounts owed by group undertakings and undertakings in which the company has a participating interest

847

433

Other debtors

 

1

276

Prepayments and accrued income

 

-

3

Total current trade and other debtors

 

848

711

 

Hamlin Electronics Europe Limited
(Registration number: 00691700)

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Creditors

Note

2023
£ 000

2022
£ 000

Due within one year

 

Trade creditors

 

-

27

Amounts owed to group undertakings and undertakings in which the company has a participating interest

62

38

Taxation and social security

 

48

9

Other creditors

 

170

39

Accrued expenses

 

30

18

 

310

132


 

2023
£ 000

2022
£ 000

Due after one year

Other non-current financial liabilities

1,900

2,500

On 7 April 2020 Littelfuse Netherlands B.V. provided the company with a loan facility in the principal amount of GPB 2.5M. The principal amount, including any accrued interest will be due and payable on the fifth anniversary. The principal amount bears interest at a rate of 1.8%.

6

Parent and ultimate parent undertaking

The company's immediate parent is Littelfuse LT UAB, incorporated in Lithuania.

 The ultimate parent is Littelfuse Inc., incorporated in the United States of America.

 The most senior parent entity producing publicly available financial statements is Littelfuse Inc.. These financial statements are available upon request from Jeff Gorski
VP Chief Accounting Officer, Littelfuse Inc.
8755 West Higgins Road Suite 500
Chicago Illinois 60631

 

7

Non adjusting events after the financial period

On 25 March 2024, the company received a capital contribution in cash on new shares for £1.9M. The company used this cash to fully repay the loan payable to Littelfuse Netherlands B.V (included in note 5 of these accounts).