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REGISTERED NUMBER: 03127833 (England and Wales)


















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

Dhollandia UK Limited

Dhollandia UK Limited (Registered number: 03127833)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Dhollandia UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Ms N Dhollander
Mr C M Lay





SECRETARY: Ms N Dhollander





REGISTERED OFFICE: Dhollandia UK Limited
Latham Road
Huntingdon
Cambridgeshire
PE29 6YG





REGISTERED NUMBER: 03127833 (England and Wales)





AUDITORS: George Hay Partnership LLP
Chartered Accountants
and Statutory Auditor
Unit 1B
Focus 4
Fourth Avenue
Letchworth
Hertfordshire
SG6 2TU

Dhollandia UK Limited (Registered number: 03127833)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
Financial Performance
The year 2023 witnessed a significant increase in turnover compared to the previous year, driven by both increased sales and the cascading effect of price adjustments from 2022. This robust performance reflects our company's resilience and ability to capitalize on market opportunities despite ongoing challenges.

Operational Highlights
Our efforts to enhance operational efficiency and cater to evolving customer demands were further underscored by the continued expansion of our manufacturing unit in the UK, which commenced in January 2022. Throughout 2023, we experienced increased production volumes of our lower-cost range of 500kg columns, resulting in shorter delivery times and improved customer satisfaction.

Market Outlook and Challenges
While we celebrate our achievements, challenges persist in the operating environment. The transport industry continues to grapple with the aftermath of the Covid-19 pandemic, compounded by ongoing supply chain disruptions affecting the availability of vehicle chassis. Additionally, fluctuations in raw material and component prices, exacerbated by geopolitical tensions such as the war in the Ukraine, pose risks to our supply chain and cost structure. Energy price hikes and inflationary pressures further contribute to operational challenges, necessitating vigilant risk management strategies.

Strategic Objectives and Sustainability Initiatives
Our strategic objectives are aligned with our overarching vision and are reviewed regularly to ensure adaptability to changing market dynamics. Key performance indicators (KPIs) serve as vital metrics for monitoring our progress and are supported by ongoing investments in IT infrastructure. We remain steadfast in our commitment to profitability, growth, and sustainability, prioritizing the safety of our employees and minimizing our environmental footprint. Our continued ISO9001-2015 accreditation underscores our dedication to delivering consistent quality products and services.

Furthermore, we continue to prioritize environmental sustainability initiatives, including the adoption of renewable energy sources, waste reduction measures, and the integration of cleaner transportation solutions.

Conclusion
In conclusion, 2023 marked another year of growth and resilience for our company, underpinned by strategic foresight, operational excellence, and a steadfast commitment to our stakeholders. As we navigate uncertainties in the operating environment, we remain confident in our ability to seize opportunities and overcome challenges, guided by our core values and strategic imperatives.

On behalf of the Board of Directors, I extend my gratitude to our employees, customers, suppliers, and shareholders for their unwavering support and dedication.

ON BEHALF OF THE BOARD:





Ms N Dhollander - Director


1 July 2024

Dhollandia UK Limited (Registered number: 03127833)

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 distributing, fitting and maintaining tail lifts for trucks.

DIVIDENDS
Dividends distributed for the year totalled £5m (2022: £Nil).

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

Ms N Dhollander
Mr C M Lay

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, 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), 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 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.

ON BEHALF OF THE BOARD:





Ms N Dhollander - Director


1 July 2024

Report of the Independent Auditors to the Members of
Dhollandia UK Limited

Opinion
We have audited the financial statements of Dhollandia 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, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Strategic Report and 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Dhollandia UK Limited


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 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.

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

Report of the Independent Auditors to the Members of
Dhollandia UK Limited


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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

1. The nature of the industry and sector, control environment and business performance
2. Key drivers for the remuneration policies or directors' remuneration, bonus levels and performance targets
3. Enquiries with management about their own identification and assessment of the risks of irregularities.
4. The matters discussed among the audit team regarding how and where fraud might occur and fraud indicators.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in terms of misstatements in the financial statements was in relation to stock valuation. In common with all audits under ISA's (UK), we are also required to perform specific procedures to respond to the risk of management override.The assessment of the risk of fraud in terms of misappropriation of assets highlighted fraudulent payments as a focus area.

In addition we considered the legal and regulatory framework that the company operates in, focusing on provisions of these law and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. Key laws considered include the UK Companies Act and UK Tax Legislation.

We also considered those laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the companies ability to operate or to avoid a material penalty, these include Health & Safety Legislation.

Audit response to risks identified:

The stock valuation is tested by substantive and analytical procedures including a physical inspection of the site at the balance sheet date. Areas of the valuation that are subjective and checked to corroborating evidence where possible.

Testing was undertaken on the completeness of liabilities to include both substantive and analytical procedures. Standard procedures were used to test management override including the review of year end journals and whether the judgments made in making accounting estimates are indicative of potential bias.

To cover the assessed risks in relation to fraudulent payments, we ensure that transactions are conducted in line with the company's authority matrix, together with a review of expenses in the profit and loss to ensure that they are genuine business expenses. We also perform analytical procedures to identify any unusual or unexpected relationship that may indicate risks of material misstatement due to fraud, these procedures also include the review of profit margins.

We remained alert to any indications of fraud or non compliance throughout the entire audit process.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


Report of the Independent Auditors to the Members of
Dhollandia UK Limited

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.

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.




Emma Wilsher FCA (Senior Statutory Auditor)
for and on behalf of George Hay Partnership LLP
Chartered Accountants
and Statutory Auditor
Unit 1B
Focus 4
Fourth Avenue
Letchworth
Hertfordshire
SG6 2TU

4 July 2024

Dhollandia UK Limited (Registered number: 03127833)

Statement of Comprehensive
Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 47,875,931 37,796,334

Cost of sales 39,594,613 31,934,592
GROSS PROFIT 8,281,318 5,861,742

Administrative expenses 908,776 798,265
7,372,542 5,063,477

Other operating income 100,000 -
OPERATING PROFIT 4 7,472,542 5,063,477

Interest receivable and similar income 64,270 7,311
PROFIT BEFORE TAXATION 7,536,812 5,070,788

Tax on profit 5 1,799,503 1,001,058
PROFIT FOR THE FINANCIAL YEAR 5,737,309 4,069,730

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

5,737,309

4,069,730

Dhollandia UK Limited (Registered number: 03127833)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 11,927,874 12,133,955

CURRENT ASSETS
Stocks 8 2,754,547 1,978,670
Debtors 9 11,966,242 12,032,305
Investments 10 3,834,877 6,786,511
Cash at bank and in hand 2,577,575 2,560,389
21,133,241 23,357,875
CREDITORS
Amounts falling due within one year 11 18,085,028 21,255,143
NET CURRENT ASSETS 3,048,213 2,102,732
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,976,087

14,236,687

PROVISIONS FOR LIABILITIES 12 56,026 53,935
NET ASSETS 14,920,061 14,182,752

CAPITAL AND RESERVES
Called up share capital 13 550,000 550,000
Retained earnings 14 14,370,061 13,632,752
SHAREHOLDERS' FUNDS 14,920,061 14,182,752

The financial statements were approved by the Board of Directors and authorised for issue on 1 July 2024 and were signed on its behalf by:





Ms N Dhollander - Director


Dhollandia UK Limited (Registered number: 03127833)

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 550,000 9,563,022 10,113,022

Changes in equity
Total comprehensive income - 4,069,730 4,069,730
Balance at 31 December 2022 550,000 13,632,752 14,182,752

Changes in equity
Dividends - (5,000,000 ) (5,000,000 )
Total comprehensive income - 5,737,309 5,737,309
Balance at 31 December 2023 550,000 14,370,061 14,920,061

Dhollandia UK Limited (Registered number: 03127833)

Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,321,417 (2,210,599 )
Tax paid (1,265,167 ) (950,767 )
Net cash from operating activities 2,056,250 (3,161,366 )

Cash flows from investing activities
Purchase of tangible fixed assets (77,375 ) (178,018 )
Sale of tangible fixed assets 22,407 28,000
Interest received 64,270 7,311
Net cash from investing activities 9,302 (142,707 )

Cash flows from financing activities
Equity dividends paid (5,000,000 ) -
Cash withdrawn from Money Market 2,951,634 5,464,338
Net cash from financing activities (2,048,366 ) 5,464,338

Increase in cash and cash equivalents 17,186 2,160,265
Cash and cash equivalents at
beginning of year

2

2,560,389

400,124

Cash and cash equivalents at end of
year

2

2,577,575

2,560,389

Dhollandia UK Limited (Registered number: 03127833)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 7,536,812 5,070,788
Depreciation charges 268,635 244,510
Profit on disposal of fixed assets (7,586 ) (12,101 )
Finance income (64,270 ) (7,311 )
7,733,591 5,295,886
Increase in stocks (775,877 ) (561,474 )
Decrease/(increase) in trade and other debtors 66,063 (2,638,623 )
Decrease in trade and other creditors (3,702,360 ) (4,306,388 )
Cash generated from operations 3,321,417 (2,210,599 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 2,577,575 2,560,389
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 2,560,389 400,124


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 2,560,389 17,186 2,577,575
2,560,389 17,186 2,577,575

Liquid resources
Current asset investments 6,786,511 (2,951,634 ) 3,834,877
6,786,511 (2,951,634 ) 3,834,877
Total 9,346,900 (2,934,448 ) 6,412,452

Dhollandia UK Limited (Registered number: 03127833)

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

1. STATUTORY INFORMATION

Dhollandia 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of tail lifts and spare parts is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the dispatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings - 2% on cost and not provided
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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 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.


Dhollandia UK Limited (Registered number: 03127833)

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.

Foreign currencies
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.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,161,485 1,098,042
Social security costs 144,270 143,556
Other pension costs 44,291 44,613
1,350,046 1,286,211

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

General Employees (including Directors) 34 30

2023 2022
£    £   
Directors' remuneration 220,058 214,159
Directors' pension contributions to money purchase schemes 7,488 6,791

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

Money purchase schemes 1 1

Dhollandia UK Limited (Registered number: 03127833)

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

3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 220,058 214,159
Pension contributions to money purchase schemes 7,488 6,791

4. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 268,635 244,510
Profit on disposal of fixed assets (7,586 ) (12,101 )
Auditors remuneration 13,920 10,900

5. 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 1,797,412 968,133

Deferred tax 2,091 32,925
Tax on profit 1,799,503 1,001,058

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

2023 2022
£    £   
Profit before tax 7,536,812 5,070,788
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

1,884,203

963,450

Effects of:
Expenses not deductible for tax purposes 1,202 839
Depreciation in excess of capital allowances 39,754 6,143
(Profit)/Loss on disposal of assets (1,810 ) (2,299 )
Deferred tax 2,091 32,925
Tax rate change in year (125,937 ) -
Total tax charge 1,799,503 1,001,058

From 1 April 2023, the main rate of Corporation Tax increased from 19% to 25%.

Dhollandia UK Limited (Registered number: 03127833)

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

6. DIVIDENDS
2023 2022
£    £   
Interim 5,000,000 -

7. TANGIBLE FIXED ASSETS
Fixtures
and Motor
Buildings fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 12,551,412 13,795 503,803 13,069,010
Additions - 7,724 69,651 77,375
Disposals - (6,898 ) (70,478 ) (77,376 )
At 31 December 2023 12,551,412 14,621 502,976 13,069,009
DEPRECIATION
At 1 January 2023 698,750 7,588 228,717 935,055
Charge for year 177,404 1,651 89,580 268,635
Eliminated on disposal - (3,794 ) (58,761 ) (62,555 )
At 31 December 2023 876,154 5,445 259,536 1,141,135
NET BOOK VALUE
At 31 December 2023 11,675,258 9,176 243,440 11,927,874
At 31 December 2022 11,852,662 6,207 275,086 12,133,955

The directors believe the value of the properties to have grown since the purchases in 2000, 2016 and 2021, however they have decided not to adopt a revaluation policy.

8. STOCKS
2023 2022
£    £   
Raw materials 1,285,201 1,181,826
Finished goods 1,469,346 796,844
2,754,547 1,978,670

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 11,798,542 11,962,385
Other debtors 102,669 -
Sundry debtors and prepayments 298 17,389
Prepayments and accrued income 64,733 52,531
11,966,242 12,032,305

10. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Money market account 3,834,877 6,786,511

Dhollandia UK Limited (Registered number: 03127833)

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

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 14,617,600 18,633,723
Tax 882,740 350,495
VAT 1,865,222 1,714,061
Sundry creditors & accruals 540,085 407,298
Taxation & social security 179,381 149,566
18,085,028 21,255,143

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 56,026 53,935

Deferred
tax
£   
Balance at 1 January 2023 53,935
Accelerated Capital Allowances 2,091
Balance at 31 December 2023 56,026

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
550,000 Ordinary £1 550,000 550,000

14. RESERVES
Retained
earnings
£   

At 1 January 2023 13,632,752
Profit for the year 5,737,309
Dividends (5,000,000 )
At 31 December 2023 14,370,061

Called-up share capital - represent the nominal value of shares that have been issued

Profit and loss account - includes all current and prior retained profits and losses

15. PENSION COMMITMENTS

The company operates a defined contribution pension scheme and an auto-enrolment NEST scheme. The pension cost for the year ended 31 December 2023 represents the contributions payable by the company to the schemes amounted to £44,291 (2022: £44,613).

Dhollandia UK Limited (Registered number: 03127833)

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

16. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2023 2022
£    £   
Sales 708,640 -
Purchases 38,336,135 30,066,579
Amount due from related party 123,885 -
Amount due to related party 14,455,670 18,057,906

17. ULTIMATE CONTROLLING PARTY

The company is a wholly-owned subsidiary of Hydrotec Engineering Limited.

The parent undertaking of the largest and smallest group for which consolidated financial statements are prepared, is Hydrotec Engineering Limited, which is incorporated in Ireland and for which financial statements are available from Old Waterford Rd, Laganore, Clonmel, Co. Tipperary, Ireland.

The ultimate controlling party is Hyd Fin International which is incorporated in Luxembourg.