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REGISTERED NUMBER: 00734190 (England and Wales)














Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

HARTMANN (UK) LIMITED

HARTMANN (UK) LIMITED (REGISTERED NUMBER: 00734190)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Statement of Comprehensive Income 6

Balance Sheet 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


HARTMANN (UK) LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C L Nielsen
G Fulop





REGISTERED OFFICE: The Old House Main Street
Maids Moreton
Buckingham
MK18 1QU





REGISTERED NUMBER: 00734190 (England and Wales)





AUDITORS: Hill Wooldridge & Co. Limited
Registered Auditors
107 Hindes Road
Harrow
Middlesex
HA1 1RU

HARTMANN (UK) LIMITED (REGISTERED NUMBER: 00734190)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a sales agent earning commission on the sales generated on behalf of Brødrene Hartmann A/S, the ultimate parent company.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

C L Nielsen
G Fulop

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Hill Wooldridge & Co. Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





C L Nielsen - Director


28 August 2024

Report of the Independent Auditors to the Members of
Hartmann (UK) Limited

Opinion
We have audited the financial statements of Hartmann (UK) Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 UK, including the FRC'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
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Report of the Independent Auditors to the Members of
Hartmann (UK) Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

Auditors' responsibilities for the audit of the financial statements
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 a Report of the Auditors 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:

- We obtained an understanding of the legal and regulatory frameworks through our accumulated knowledge and consideration of sector information that is applicable to the company. We determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the financial reporting framework including but not limited to United Kingdom Generally Accepted Accounting Practice, the Companies Act 2006 and tax legislation.

- We obtained an understanding of the procedures and controls over the company's operations and discussed these with those charged with governance. No matters of fraud were brought to our attention during that discussion.

- During our discussions with management, they assessed these as being the normal risks required to be considered by us as auditors by the Auditing Standards (such as management override and revenue recognition) but confirmed that no irregularities here occurred. This was confirmed by our review of management meetings, auditing management override through journal testing, and other adjustments to consider appropriateness, review of the financial statements to ensure no unusual and / or inexplicable variances and general discussions with management during the course of the audit. We did not identify any significant business transactions outside the normal course of the business operations.

- Our senior statutory auditor has assessed that the audit team possessed the ability and competence to identify and recognise non-compliance with the relevant laws and regulations central to the operation of this company. We have not identified any additional laws and regulations which are central to the entity's operations and which we were not notified about, during the course of our audit fieldwork.

We believe that our audit was capable of detecting material irregularities, including fraud, and our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Hartmann (UK) Limited


Use of our report
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 a Report of the Auditors 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.




Mark Murray BCom ACA FCCA (Senior Statutory Auditor)
for and on behalf of Hill Wooldridge & Co. Limited
Registered Auditors
107 Hindes Road
Harrow
Middlesex
HA1 1RU

28 August 2024

HARTMANN (UK) LIMITED (REGISTERED NUMBER: 00734190)

Statement of Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 840,312 784,550

Cost of sales 34,968 28,643
GROSS PROFIT 805,344 755,907

Administrative expenses 308,254 304,349
OPERATING PROFIT 5 497,090 451,558

Interest receivable and similar income 17,100 1,649
PROFIT BEFORE TAXATION 514,190 453,207

Tax on profit 6 121,895 89,023
PROFIT FOR THE FINANCIAL YEAR 392,295 364,184

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

392,295

364,184

HARTMANN (UK) LIMITED (REGISTERED NUMBER: 00734190)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 8 712,212 666,928

CREDITORS
Amounts falling due within one year 9 189,904 186,915
NET CURRENT ASSETS 522,308 480,013
TOTAL ASSETS LESS CURRENT
LIABILITIES

522,308

480,013

CAPITAL AND RESERVES
Called up share capital 12 75,000 75,000
Retained earnings 13 447,308 405,013
SHAREHOLDERS' FUNDS 522,308 480,013

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





C L Nielsen - Director


HARTMANN (UK) LIMITED (REGISTERED NUMBER: 00734190)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 75,000 390,829 465,829

Changes in equity
Dividends - (350,000 ) (350,000 )
Total comprehensive income - 364,184 364,184
Balance at 31 December 2022 75,000 405,013 480,013

Changes in equity
Dividends - (350,000 ) (350,000 )
Total comprehensive income - 392,295 392,295
Balance at 31 December 2023 75,000 447,308 522,308

HARTMANN (UK) LIMITED (REGISTERED NUMBER: 00734190)

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

1. STATUTORY INFORMATION

Hartmann (UK) 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements , as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- The requirements of Section 7 Statement of Cash Flows;
- The requirements of Section 33 Related Party Disclosures paragraph 33.7

This information is included in the consolidated financial statements of Brødrene Hartmann A/S as at the balance sheet date and these financial statements may be obtained from Ørnegårdsvej 18, DK-2820 Gentofte, Denmark or from the Danish Business Authority at Langelinie Allé 17, 2100 Copenhagen, Denmark.

Turnover
Turnover represents commission receivable (excluding value added tax) from Brødrene Hartmann A/S the ultimate parent company in respect of sales made on its behalf recognised at the point of despatch.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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.

Foreign currencies
The company's functional and presentation currency is the pound sterling. Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

HARTMANN (UK) LIMITED (REGISTERED NUMBER: 00734190)

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

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Commissions on UK sales 840,312 784,550
840,312 784,550

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 123,966 127,536
Social security costs 15,351 14,789
Other pension costs 12,858 10,407
152,175 152,732

The average number of employees during the year was as follows:
2023 2022

Directors 2 2

2023 2022
£    £   
Directors' remuneration 123,966 127,536
Directors' pension contributions to money purchase schemes 12,858 10,407

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 9,484 9,816
Auditors' remuneration 9,000 5,000
Foreign exchange differences (438 ) 1,438

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 121,716 86,392

Deferred tax 179 2,631
Tax on profit 121,895 89,023

HARTMANN (UK) LIMITED (REGISTERED NUMBER: 00734190)

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

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 514,190 453,207
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

120,937

86,109

Effects of:
Expenses not deductible for tax purposes 958 312
Other timing differences - 2,602
Total tax charge 121,895 89,023

7. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Final 350,000 350,000

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 702,699 663,028
Other debtors - 96
VAT 2,061 2,172
Deferred tax asset - 179
Prepayments and accrued income 7,452 1,453
712,212 666,928

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,159 3,903
Amounts owed to group undertakings 112,168 117,055
Corporation tax 40,641 42,212
Other creditors 7,091 4,070
Accruals and deferred income 27,845 19,675
189,904 186,915

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 9,410 9,410
Between one and five years 10,194 19,603
19,604 29,013

HARTMANN (UK) LIMITED (REGISTERED NUMBER: 00734190)

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

11. DEFERRED TAX
£   
Balance at 1 January 2023 (179 )
Charge to Statement of Comprehensive Income during year 179
Balance at 31 December 2023 -

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
75,000 Ordinary £1 75,000 75,000

13. RESERVES
Retained
earnings
£   

At 1 January 2023 405,013
Profit for the year 392,295
Dividends (350,000 )
At 31 December 2023 447,308

14. CONTROLLING PARTY

The company is a wholly owned subsidiary of Brødrene Hartmann A/S, a company incorporated in Denmark. The consolidated financial statements of Brødrene Hartmann A/S, which includes Hartmann (UK) Limited and which represents the largest and smallest group for which consolidated financial statements are available, can be obtained from the parent undertaking at Ørnegårdsvej 18, DK-2820 Gentofte, Denmark or from the Danish Business Authority at Langelinie Allé 17, 2100 Copenhagen, Denmark.

15. RELATED PARTY DISCLOSURES

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.