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Registered number: 10079132












HIRTENBERGER DEFENCE INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

HIRTENBERGER DEFENCE INTERNATIONAL LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2
Notes to the financial statements
 
3 - 12

 

HIRTENBERGER DEFENCE INTERNATIONAL LIMITED
 
COMPANY INFORMATION


Directors
W J Farrell 
S A Hodi 




Registered number
10079132



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:10079132
HIRTENBERGER DEFENCE INTERNATIONAL LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Tangible assets
 4 
1,214,404
1,460,698

Current assets
  

Stocks
 5 
113,345
478,690

Debtors: amounts falling due within one year
 6 
1,002,889
178,053

Cash at bank and in hand
  
145,288
582,925

  
1,261,522
1,239,668

Creditors: amounts falling due within one year
 7 
(3,040,244)
(1,388,438)

Net current liabilities
  
 
 
(1,778,722)
 
 
(148,770)

Total assets less current liabilities
  
(564,318)
1,311,928

  

Net (liabilities)/assets
  
(564,318)
1,311,928


Capital and reserves
  

Called up share capital 
 8 
45,905
45,905

Share premium account
  
10,209,988
10,209,988

Other reserves
  
527,765
527,765

Profit and loss account
  
(11,347,976)
(9,471,730)

(Net deficit)/total equity
  
(564,318)
1,311,928


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

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



S A Hodi
Director

Date: 25 November 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 

HIRTENBERGER DEFENCE INTERNATIONAL LIMITED

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

1.


General information

Hirtenberger Defence International Ltd is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Euros (€), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €. 

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

Subsequent to the year end, the directors, in consultation with the company’s ultimate shareholder, took the decision to wind down the operations of the company. A decision was also made to wind down the operations of the company’s immediate parent undertaking Hirtenberger Defence Holdings Limited. It is the expectation of Hirtenberger Defence group that the company’s customers will continue to be serviced by other companies within the group. The directors are in the process of implementing an orderly wind down of the company’s affairs and their current expectation is that the company will be closed in 2025.
Accordingly, the financial statements have been prepared on a basis other than going concern. As the decision to close the business was made subsequent to the year end, these financial statements do not reflect any adjustments in respect of closure costs as these are non-adjusting post balance sheet events.

 
2.3

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.

Page 3

 

HIRTENBERGER DEFENCE INTERNATIONAL LIMITED

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

2.Accounting policies (continued)

 
2.4

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.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Leasehold improvements
-
10%
Plant and machinery
-
10%
Motor vehicles
-
20%
Other fixed assets
-
20% - 33%

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.


2.5

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 4

 

HIRTENBERGER DEFENCE INTERNATIONAL LIMITED

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

2.Accounting policies (continued)





Financial instruments (continued)

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets 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 profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 5

 

HIRTENBERGER DEFENCE INTERNATIONAL LIMITED

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

2.Accounting policies (continued)





Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
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.

 
2.6

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.

 
2.7

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

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.

 
2.9

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.

Page 6

 

HIRTENBERGER DEFENCE INTERNATIONAL LIMITED

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

2.Accounting policies (continued)

 
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.

 
2.11

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

  
2.12

Share capital

Ordinary shares are classified as equity.

 
2.13

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Euros (€).

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 are presented in profit or loss within 'administrative expenses'.

Page 7

 

HIRTENBERGER DEFENCE INTERNATIONAL LIMITED

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

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 10).

Page 8

 

HIRTENBERGER DEFENCE INTERNATIONAL LIMITED

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

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Oher fixed assets
Demonstration stock
Total




Cost


At 1 January 2023
2,097,783
384,610
81,394
341,901
81,293
2,986,981


Additions
29,223
-
-
-
20,204
49,427



At 31 December 2023

2,127,006
384,610
81,394
341,901
101,497
3,036,408



Depreciation


At 1 January 2023
942,591
157,802
25,661
336,389
63,840
1,526,283


Charge for the year
220,188
38,598
16,199
5,085
15,651
295,721



At 31 December 2023

1,162,779
196,400
41,860
341,474
79,491
1,822,004



Net book value



At 31 December 2023
964,227
188,210
39,534
427
22,006
1,214,404



At 31 December 2022
1,155,192
226,808
55,733
5,512
17,453
1,460,698


5.


Stocks

2023
2022

Raw materials and consumables
21,144
61,338

Work in progress
63,522
179,782

Finished goods and goods for resale
28,679
237,570

113,345
478,690


Page 9

 

HIRTENBERGER DEFENCE INTERNATIONAL LIMITED

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

6.


Debtors

2023
2022


Trade debtors
80,568
40,137

Amounts owed by group undertakings
-
24,723

Other debtors
67,392
59,555

Prepayments and accrued income
854,929
53,638

1,002,889
178,053



7.


Creditors: Amounts falling due within one year

2023
2022

Payments received on account
-
199,500

Trade creditors
20,142
16,731

Amounts owed to group undertakings
2,041,774
538,398

Other creditors
25,539
22,559

Accruals and deferred income
952,789
611,250

3,040,244
1,388,438


Included within amounts owed to group undertakings is an amount of €1,714,935 (2022: €448,056) which attracts an annual interest rate of 1% and has a fixed repayment date of 31 December 2024.


8.


Share capital

2023
2022
Shares classified as equity 
 
 Allotted, called up and fully paid



40,010 (2022 - 40,010) Ordinary shares of £1.00 each
45,905
45,905


Page 10

 

HIRTENBERGER DEFENCE INTERNATIONAL LIMITED

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

9.


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


Not later than 1 year
224,127
178,503

Later than 1 year and not later than 5 years
857,770
-

1,081,897
178,503


10.


Contingent liabilities

At the year end, the company had provided guarantees through its bankers in respect of performance bonds to its customers.
Guarantees made at the balance sheet date total €598,914 (2022: €598,914).


11.


Related party transactions

The company has taken advantage of the exemption contained in FRS102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


12.


Post balance sheet events

Subsequent to the year end, the directors, in consultation with the company’s ultimate shareholder, took the decision to wind down the operations of the company. A decision was also made to wind down the operations of the company’s immediate parent undertaking Hirtenberger Defence Holdings Limited. It is the expectation of Hirtenberger Defence group that the company’s customers will continue to be serviced by other companies within the group. The directors are in the process of implementing an orderly wind down of the company’s affairs which includes the sale of the company’s fixed assets. The directors do not expect the recoverable amount to be less than the carrying book value. It is the directors’ expectation that the company will be closed in 2025.


13.


Parent undertaking

The smallest group for which consolidated financial statements are drawn up is headed up by HDS Védelmi Ipari Korlátolt Felelosségu Társaság whose registered office is Szent István út 16. H-8100, Várpalota, Hungary.

Page 11

 

HIRTENBERGER DEFENCE INTERNATIONAL LIMITED

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

14.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 which was unqualified, included an emphasis of matter paragraph as described below.

We draw attention to Note 2.2 to the financial statements, which indicates that subsequent to the year end the directors intend to close the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 2.2. Our opinion is not modified in respect of this matter.

The audit report was signed on 26 November 2024 by Nils Schmidt-Soltau (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 12