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Registered number: 01660167









Hyva (U.K.) Limited









Annual Report and Financial Statements

For the year ended 31 December 2023

 
Hyva (U.K.) Limited
 
 
Company Information


Directors
M C Taylor 
Z M Jalocha (resigned 20 October 2023)
M M Karpala (resigned 20 October 2023)
A Prosperi (appointed 1 October 2023)
C G Vial (appointed 1 October 2023)




Company secretary
C Kirkman



Registered number
01660167



Registered office
Unit 1 Churchill Point
Lake Edge Green

Trafford Park

Manchester

M17 1BL




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

SK1 3GG




Bankers
Deutsche Bank AG London
Winchester House

1 Great Winchester Street

London

EC2N 2DB




Solicitors
Eversheds LLP
Eversheds House

Bridgewater Street

Manchester

M3 3EB





 
Hyva (U.K.) Limited
 

Contents



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 5
Independent auditors' report
 
6 - 9
Statement of income and retained earnings
 
10
Balance sheet
 
11
Notes to the financial statements
 
12 - 27


 
Hyva (U.K.) Limited
 
 
Strategic Report
For the year ended 31 December 2023

Introduction
 
The directors present their Strategic Report on the Company for the year ended 31 December 2023.

Business review
 
We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year-end. Our review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties we face.
Hyva (UK) Limited is a subsidiary of Hyva Global which is engaged in the development, production, marketing and distribution of components for the commercial vehicle industry. The UK business operates within the commercial vehicle industry and sells its product through Truck Dealerships and Sales Representatives to customers throughout the UK and we maintain our position as market leader in Container Handling products.
The Directors are pleased with this year’s performance despite the challenges seen market wide, together with the move to the new building in quarter 4 of 2023. The sales decrease by 14% from 2022 is  a reflection of the upheaval of the move on the business in the last quarter. The order book remains strong and this trend is continuing through the 1st half of 2024.
The outlook for 2024 is positive despite the continued uncertainty in the global economy in relation to the war in Europe and supply chain issues. Markets are expected to soften in the 2nd half of 2024. As such the ongoing focus on our customers’ requirements continues and we expect 2024 to continue on the same levels as 2023. The Company continues to maintain careful cost control whilst investing in key areas of the business.  Moving the business to bigger premises within the heart of Trafford Park gives the business more opportunities to move into new areas that were restricted in the old premises.

Principal risks and uncertainties
 
The Company’s operations expose it to a variety of financial risks that includes the effects of changes in FX risk, competition risk and credit risk. The directors are aware that the company is susceptible to such changes and has in place a risk management program that seeks to limit and mitigate the adverse effects on the financial performance of the company by monitoring levels of cash. Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the finance department of the company.
FX risk
The Company's operations expose it to currency exchange risk, which is mitigated using natural hedging including structure of intercompany invoice flows and centralising FX at the group entity level.
Competition risk
Competition risk is mitigated by ensuring Hyva (UK) Limited continuously reviews its pricing and market strategies in reference to its competitors, to maintain its competitive advantage across its portfolio of products.
Credit risk
The Company limits exposure to credit risk by setting and monitoring credit limits. The credit limits set are based on the
customer’s financial position, past experience and market risks.

Page 1

 
Hyva (U.K.) Limited
 

Strategic Report (continued)
For the year ended 31 December 2023

Financial key performance indicators
 
The directors pay particular regard to key financial performance indicators including turnover, SG&A costs (Selling,
general and administrative expenses), debtors (DSO days sales outstanding) and stock balances. They are measured on a monthly basis with internal management reports. In addition to the financial KPI’s we monitor the market size per product group, and our market share based on industry supported data. The company continues to focus on quality and service to the markets, and numerous KPI’s are used to monitor our progress.
                                                 
2023          2022
Turnover £'000                      21,396       24,841
SG&A% over sales                  9.5%         7.8%
Average DSO                               73              62
Average stock days                      56              57


This report was approved by the board and signed on its behalf.



M C Taylor
Director

Date: 19 September 2024

Page 2

 
Hyva (U.K.) Limited
 
 
 
Directors' Report
For the year ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

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:


select suitable accounting policies for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The loss for the year, after taxation, amounted to £35,669 (2022 -profit £888,779).

No dividend (2022: £nil) was paid during the year ended 31 December 2023. The directors do not recommend the payment of a dividend.

Directors

The directors who served during the year were:

M C Taylor 
Z M Jalocha (resigned 20 October 2023)
M M Karpala (resigned 20 October 2023)
A Prosperi (appointed 1 October 2023)
C G Vial (appointed 1 October 2023)

Page 3

 
Hyva (U.K.) Limited
 
 
 
Directors' Report (continued)
For the year ended 31 December 2023

Future developments

The Hyva group has a culture of continuous improvement and product development across a broad range of new products and markets.  We are continuing to grow our portfolio of connectivity solutions for Hyva and providing actionable insights to operators and fleet managers, which drive fleet utilisation and performance. Continuous improvements are being made in  our solutions via over the air software updates. Sustainability is in our DNA and we are committed to tracking our environmental footprint from 2023. We are setting pilot decarbonisation and energy saving projects, with the long term goal of developing a sustainability strategy, which contributes to local societies all over the world. We continue to provide professional and personal learning opportunities whilst maintaining a safe and inspiring work environment for our employees. 
In January 2024 we relocated to our new premises in Trafford Park.  Thus allowing us to increase the capacity in our workshop from 193 units to 270 units, an increase of 40%.  Improving the office environment as well as health & safety. We now have a dedicated warehouse and workshop facility, the additional space also allows for segregating car parking from truck parking.
In July 2023 the Company went through a transformation process that resulted in change of operational model. As part of the strategic transformation, the Components business is segregated from the Capital Equipment business. Under the new operational model, the business units (‘BU’) structure is established. As such, all tipping solutions and truck and logistic components operations are merged into ‘BU Components’, whereas Capital Equipment is split into ‘BU Cranes’ and ‘BU Recycling’. BU recycling will combine the operations of waste handling (WH) and container handling (CH). The Digital business is transformed into BU EV, although small in comparison with the other BUs. The BU level, is further disaggregated to regions’ level, based on the market the BU is serving.

Disabled employees

The Company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the Company’s policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

Qualifying third party indemnity provisions

As permitted by the Articles of Association, the Company, has maintained cover for its director and officers under a directors’ and officers’ liability insurance policy as permitted by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial period and is currently in force.
Going Concern
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis on which the directors have reached their conclusion.
The company forecasts and projections show that the company has adequate financial resources and will be able to continue to trade on an on-going operational basis for the next 12 months.

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

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.

Page 4

 
Hyva (U.K.) Limited
 
 
 
Directors' Report (continued)
For the year ended 31 December 2023

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 



M C Taylor
Director

Date: 19 September 2024

Page 5

 
Hyva (U.K.) Limited
 
 
 
Independent Auditors' Report to the Members of Hyva (U.K.) Limited
 

Opinion


We have audited the financial statements of Hyva (U.K.) Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of significant accounting policiesThe 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 loss 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 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


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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 6

 
Hyva (U.K.) Limited
 
 
 
Independent Auditors' Report to the Members of Hyva (U.K.) Limited (continued)


Opinion 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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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
 

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:


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.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 3, 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.


Page 7

 
Hyva (U.K.) Limited
 
 
 
Independent Auditors' Report to the Members of Hyva (U.K.) Limited (continued)


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 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
Supporting documentation relating to the Company's policies and procedures for:
Identifying, evaluating, and complying with laws and regulations; and
Detecting and responding to the risks of fraud.
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Antibribery and Corruption.

Audit response to risks identified

Our procedures to respond to the risks identified included the following:
Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation of management’s controls designed to prevent and detect irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
Page 8

 
Hyva (U.K.) Limited
 
 
 
Independent Auditors' Report to the Members of Hyva (U.K.) Limited (continued)


We have also considered the risk of fraud through management override of controls by:

Testing the appropriateness of journal entries and other adjustments.  We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, 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 or intentional misrepresentations, or through collusion.


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 Auditors' Report.


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 2006Our 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.



Anthony Woodings (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Stockport
SK1 3GG

19 September 2024
Page 9

 
Hyva (U.K.) Limited
 
 
Statement of Income and Retained Earnings
For the year ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 4 
21,396,016
24,841,151

Cost of sales
  
(16,865,520)
(19,820,213)

Gross profit
  
4,530,496
5,020,938

Distribution costs
  
(697,363)
(436,396)

Administrative expenses
  
(3,556,756)
(3,304,375)

Operating profit
 5 
276,377
1,280,167

Interest receivable and similar income
 8 
21,827
14,257

Interest payable and similar expenses
 9 
(308,674)
(200,725)

(Loss)/profit before tax
  
(10,470)
1,093,699

Tax on (loss)/profit
 10 
(25,199)
(204,920)

(Loss)/profit after tax
  
(35,669)
888,779

  

  

Retained earnings at the beginning of the year
  
3,179,609
2,290,830

  
3,179,609
2,290,830

(Loss)/profit for the year
  
(35,669)
888,779

Retained earnings at the end of the year
  
3,143,940
3,179,609
The notes on pages 12 to 27 form part of these financial statements.

Page 10

 
Hyva (U.K.) Limited
Registered number: 01660167

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
482,878
25,173

Investments
 12 
43,496
43,496

  
526,374
68,669

Current assets
  

Stocks
 13 
3,032,152
3,867,147

Debtors: amounts falling due within one year
 14 
4,042,155
5,019,496

Cash at bank and in hand
 15 
4,368,190
6,610,436

  
11,442,497
15,497,079

Creditors: amounts falling due within one year
 16 
(5,447,754)
(9,066,139)

Net current assets
  
 
 
5,994,743
 
 
6,430,940

Total assets less current liabilities
  
6,521,117
6,499,609

Creditors: amounts falling due after more than one year
 17 
(3,000,000)
(3,000,000)

Provisions for liabilities
  

Deferred tax
 18 
(57,177)
-

Other provisions
 19 
(200,000)
(200,000)

  
 
 
(257,177)
 
 
(200,000)

Net assets
  
3,263,940
3,299,609


Capital and reserves
  

Called up share capital 
 20 
120,000
120,000

Profit and loss account
 21 
3,143,940
3,179,609

  
3,263,940
3,299,609


The financial statements were approved and authorised for issue by the board and were signed on its behalf by 


M C Taylor
Director

Date: 19 September 2024

The notes on pages 12 to 27 form part of these financial statements.

Page 11

 
Hyva (U.K.) Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

1.


General information

Hyva (U.K.) Limited is a private company limited by shares and is incorporated in the United Kingdom, company number 01660167. The address of the registered office is Unit 1 Churchill Point, Lake Edge Green, Trafford Park, Manchester, England, M17 1BL.
The principal activity of the company is the distribution and fitting of container handling, cranes, tipping gear, hydraulic equipment, and ancillary commercial vehicle and trailer equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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.

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:

 
2.2

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 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Hyva Holding BV as at 31 December 2023 and these financial statements may be obtained from 37 A. Van Leeuwenhoekweg 2408 AL Alphen Aan Den Rijn, Netherlands.

 
2.3

Exemption from preparing consolidated financial statements

The company is a wholly owned subsidiary of Hyva Holding BV, and is included in the consolidated financial statements of Hyva Holding BV, which are publicly available.  The consolidated financial statements can be obtained from the registered office, 37 A. Van Leeuwenhoekweg 2408 AL Alphen Aan Den Rijn, Netherlands.  Therefore, the company is exempt by virtue of section 401 of the Companies Act 2006 from the requirement to prepare consolidated accounts.

 
2.4

Going concern

The financial statements have been prepared on a going concern basis. The following paragraph sets out the basis on which the directors have reached their conclusion.
The company forecasts and projections show that the company has adequate financial resources and will be able to continue to trade on an on-going operational basis for the next 12 months.

Page 12

 
Hyva (U.K.) Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 13

 
Hyva (U.K.) Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 
Hyva (U.K.) Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the life of lease
Plant and machinery
-
5-10 years
Motor vehicles
-
3 years
Fixtures and fittings
-
3-5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 15

 
Hyva (U.K.) Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

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.

 
2.16

Cash and cash equivalents

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.

 
2.17

Creditors

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.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 16

 
Hyva (U.K.) Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.19

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following estimates have had the most significant effect on the amounts recognised in the financial statements.
Stock provision
The stock provision is made in accordance with group policy. The provision is made for obsolete, slow moving and defective stocks. This process is monitored quarterly, the provision is adjusted accordingly and is reflected within the financial statements.  The value of the stock provision at the year end totalled £77,000 (2022: £162,177).

Page 17

 
Hyva (U.K.) Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

External third party turnover
21,212,124
24,743,304

Intra-group turnover
183,892
97,847

21,396,016
24,841,151


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
20,956,739
24,289,098

Rest of Europe
439,277
552,053

21,396,016
24,841,151



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
18,046
35,664

Operating lease charges
311,870
225,301

Exchange differences
66,633
2,972

Audit remuneration - audit services
18,200
16,500

Audit remuneration - non-audit services
5,700
5,200

Page 18

 
Hyva (U.K.) Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
1,654,957
1,708,433

Social security costs
211,176
189,554

Cost of defined contribution scheme
94,123
83,811

1,960,256
1,981,798


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Production
27
26



Sales and distribution
13
16



Administration
7
9

47
51


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
109,765
107,474

Company contributions to defined contribution pension schemes
36,434
24,524

146,199
131,998


During the year retirement benefits were accruing to 1 directors (2022 -1) in respect of defined contribution pension schemes.


8.


Interest receivable

2023
2022
£
£


Interest receivable from group companies
9,148
9,791

Other interest receivable
12,679
4,466

21,827
14,257

Page 19

 
Hyva (U.K.) Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Loans from group undertakings
307,548
198,683

Other interest payable
1,126
2,042

308,674
200,725


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
214,669

Adjustments in respect of previous periods
(63,484)
(2,680)


Total current tax
(63,484)
211,989

Deferred tax


Origination and reversal of timing differences
88,683
(7,069)


Taxation on profit on ordinary activities
25,199
204,920
Page 20

 
Hyva (U.K.) Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 -lower than) the standard rate of corporation tax in the UK of 23.52% (2022 -19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(10,470)
1,093,699


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 -19%)
(2,463)
207,803

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
16,670
252

Adjustments to tax charge in respect of prior periods
(63,484)
-

Other differences leading to an increase (decrease) in the tax charge
(4,110)
(455)

Prior year adjustment
-
(2,680)

Losses carried back
78,586
-

Total tax charge for the year
25,199
204,920


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
Hyva (U.K.) Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

11.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
84,265
132,472
8,500
107,149
332,386


Additions
-
452,356
-
23,397
475,753



At 31 December 2023

84,265
584,828
8,500
130,546
808,139



Depreciation


At 1 January 2023
73,027
131,590
3,542
99,054
307,213


Charge for the year on owned assets
11,238
1,914
1,700
3,196
18,048



At 31 December 2023

84,265
133,504
5,242
102,250
325,261



Net book value



At 31 December 2023
-
451,324
3,258
28,296
482,878



At 31 December 2022
11,238
882
4,958
8,095
25,173


12.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
43,496



At 31 December 2023
43,496




Page 22

 
Hyva (U.K.) Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Holding

Hyva Chile SPA
Avenida Nueva Tajamar No 481, Oficina 2102, Torre Sur, Chile
100%


13.


Stocks

2023
2022
£
£

Work in progress (goods to be sold)
425,112
1,536,666

Finished goods and goods for resale
2,607,040
2,330,481

3,032,152
3,867,147


The carrying value of stocks are stated net of impairment losses totalling £77,000 (2022 -£162,177).


14.


Debtors

2023
2022
£
£


Trade debtors
3,482,742
4,324,821

Amounts owed by group undertakings
203,344
179,969

Other debtors
248,523
433,591

Prepayments and accrued income
44,062
49,609

Tax recoverable
63,484
-

Deferred taxation
-
31,506

4,042,155
5,019,496


Trade debtors are stated after provisions for bad and doubtful debt of £3,692 (2022: £4,239). 
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
Within other debtors, there is a balance of £248,523 (
2022: £433,909) which relates to debtors that are held under a factoring agreement. The cost of the agreement is a 10% commission on each debtor balance and finance income arising due to the provision of finance on the debtor balances.

Page 23

 
Hyva (U.K.) Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,368,190
6,610,436

Less: bank overdrafts
(212,382)
(2,854)

4,155,808
6,607,582



16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
212,382
2,854

Trade creditors
1,407,003
1,573,697

Amounts owed to group undertakings
3,008,286
6,157,471

Corporation tax
-
214,669

Other taxation and social security
302,502
608,448

Other creditors
14,244
1,984

Accruals and deferred income
503,337
507,016

5,447,754
9,066,139


The amounts owed to group undertakings within one year are unsecured, interest free and repayable on demand.


17.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
3,000,000
3,000,000


Amounts owed to group undertakings carries interest at EURIBOR plus 5.221% and the final repayment is 31 December 2025.

Page 24

 
Hyva (U.K.) Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

18.


Deferred taxation




2023
2022


£

£






At beginning of year
31,506
24,437


Charged to profit or loss
(88,683)
7,069



At end of year
(57,177)
31,506

The deferred taxation balance is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(88,411)
(490)

Short term timing differences
31,234
31,996

(57,177)
31,506


19.


Provisions




Dilapidations provision

£





At 1 January 2023
200,000



At 31 December 2023
200,000

The building lease agreement has expired as at the financial statements date. As at date of signing, no dilapidation charge has been received by the company. This has resulted in the requirement to provide for future dilapidation costs at point of exit.

Page 25

 
Hyva (U.K.) Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



120,000 (2022 -120,000) Ordinary shares of £1.00 each
120,000
120,000



21.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.


22.


Pension commitments

The Company operates a defined contribution pension scheme. The pension contribution charge for the year represented the contributions payable by the Company to the scheme and amounted to £94,123 (2022: £64,733). The outstanding amount payable at the year end is £44,244 (2022: £1,984).


23.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£

Land and buildings


Not later than 1 year
416,493
-

Later than 1 year and not later than 5 years
1,582,000
-

Later than 5 years
1,779,750
-

3,778,243
-

Other


Not later than 1 year
54,443
46,866

Later than 1 year and not later than 5 years
127,041
47,079

181,484
93,945


24.


Related party transactions

As permitted by paragraph 33.1A of FRS102, the company has taken advantage of the exemption from disclosing transactions with wholly owned group companies.

Page 26

 
Hyva (U.K.) Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

25.


Controlling party

The immediate parent company is Hyva Securities BV, a company incorporated in the Netherlands. The ultimate parent company and ultimate controlling party is Hyva Global BV. Hyva Global BV is the smallest and largest group to prepare consolidated financial statements for the year ended 31 December 2023. The financial statements for these companies can be obtained from the registered office, 37 A. Van Leeuwenhoekweg 2408 AL Alphen Aan Den Rign, Netherlands.

 
Page 27