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REGISTERED NUMBER: 08109344 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 31 May 2024

for

HAY International UK Ltd

HAY International UK Ltd (Registered number: 08109344)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


HAY International UK Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: R Hay
J Brøndum Petersen





REGISTERED OFFICE: 6-14 Underwood Street
London
N1 7JQ





REGISTERED NUMBER: 08109344 (England and Wales)





AUDITORS: Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

HAY International UK Ltd (Registered number: 08109344)

Report of the Directors
for the Year Ended 31 May 2024

The directors present their report with the financial statements of the company for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of trading with furniture, accessories and rugs.

The results for the year and the financial position at the year end, were considered acceptable by the director.

DIRECTORS
The directors who have held office during the period from 1 June 2023 to the date of this report are as follows:

F Fishier - resigned 29 March 2024
H Jones - resigned 30 August 2023
R Hay - appointed 29 March 2024
J Brøndum Petersen - appointed 29 March 2024

RESULTS AND DIVIDENDS
The Company's loss for the year amounted to GBP 54,150. The Director does not recommend the payment of a dividend.

POST BALANCE SHEET EVENTS
No post balance sheet events have occurred since 31 May 2024 which require reporting or disclosing in the accounts.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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



AUDITORS
Krogh & Partners Limited, Chartered Accountants & Registered Auditors were elected as auditors and have signified their willingness to continue in office. A resolution to re-appoint them will be proposed at the Annual General Meeting.


HAY International UK Ltd (Registered number: 08109344)

Report of the Directors
for the Year Ended 31 May 2024

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

ON BEHALF OF THE BOARD:





J Brøndum Petersen - Director


27 November 2024

Report of the Independent Auditors to the Members of
HAY International UK Ltd (Registered number: 08109344)

Opinion
We have audited the financial statements of HAY International UK Ltd (the 'company') for the year ended 31 May 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 May 2024 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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

Report of the Independent Auditors to the Members of
HAY International UK Ltd (Registered number: 08109344)


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

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

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the business;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, and anti-bribery;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

Report of the Independent Auditors to the Members of
HAY International UK Ltd (Registered number: 08109344)


We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and relevant regulators

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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 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.




John Lindegaard (Senior Statutory Auditor)
for and on behalf of Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

1 December 2024

HAY International UK Ltd (Registered number: 08109344)

Income Statement
for the Year Ended 31 May 2024

2024 2023
Notes £    £   

TURNOVER 1,346,702 1,376,649

Cost of sales 89,313 123,010
GROSS PROFIT 1,257,389 1,253,639

Administrative expenses 1,314,742 1,068,133
(57,353 ) 185,506

Other operating income - 176,381
OPERATING (LOSS)/PROFIT (57,353 ) 361,887

Interest receivable and similar income 26,596 5,788
(30,757 ) 367,675

Interest payable and similar expenses 4 12,439 12,925
(LOSS)/PROFIT BEFORE TAXATION (43,196 ) 354,750

Tax on (loss)/profit 5 10,954 80,731
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(54,150

)

274,019

HAY International UK Ltd (Registered number: 08109344)

Other Comprehensive Income
for the Year Ended 31 May 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (54,150 ) 274,019


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(54,150

)

274,019

HAY International UK Ltd (Registered number: 08109344)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 6 205,420 282,843
Tangible assets 7 - 29,555
205,420 312,398

CURRENT ASSETS
Debtors 8 325,110 316,103
Cash at bank 240,387 792,476
565,497 1,108,579
CREDITORS
Amounts falling due within one year 9 280,538 298,469
NET CURRENT ASSETS 284,959 810,110
TOTAL ASSETS LESS CURRENT
LIABILITIES

490,379

1,122,508

CREDITORS
Amounts falling due after more than one
year

10

310,841

888,820
NET ASSETS 179,538 233,688

CAPITAL AND RESERVES
Called up share capital 11 200,000 200,000
Retained earnings (20,462 ) 33,688
SHAREHOLDERS' FUNDS 179,538 233,688

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

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:




R Hay - Director



J Brøndum Petersen - Director


HAY International UK Ltd (Registered number: 08109344)

Statement of Changes in Equity
for the Year Ended 31 May 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 200,000 (240,331 ) (40,331 )

Changes in equity
Total comprehensive income - 274,019 274,019
Balance at 31 May 2023 200,000 33,688 233,688

Changes in equity
Total comprehensive income - (54,150 ) (54,150 )
Balance at 31 May 2024 200,000 (20,462 ) 179,538

HAY International UK Ltd (Registered number: 08109344)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

HAY International UK Ltd 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover derives from the principal activities of the company as follows:

Commission from sale of furniture, accessories and rugs. Turnover represents the amounts receivable for goods sold in the year, exclusive of VAT.

Interest and similar income and charges

Interest and similar income and charges are recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount.

Intangible fixed assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. The amortisation period is 3-7 years.

Tangible fixed assets
The cost of tangible fixed assets is their purchase cost, together with any incidental expenses of acquisition.

Depreciation is charged on tangible fixed assets on a straight line basis. The principal rates in use are as follows:

Fixtures and fittings: 20% per annum straight line basis

Writedown for impairment of fixed assets

The carrying amounts of intangible and tangible fixed assets are reviewed on an annual basis to determine whether there is any indication of impairment exceeding the writedowns in connection with general amortisation and depreciation. Where writedown for impairment is required, writedown is made to the recoverable amount, if lower. The recoverable amount of the asset is determined as the higher of net selling price and value in use. Where it is not possible to determine the recoverable amount of the individual asset, the impairment writedown requirement is assessed in respect of the smallest group of assets for which it is possible to determine the recoverable amount.

Foreign currencies
Transactions denominated in foreign currencies are recorded at the rates of exchange ruling at the date of transactions. Monetary assets and liabilities denominated in foreign currencies are translated at period end rates. The resulting exchange differences are dealt with in the profit and loss account in the period to which they arise.

Debtors
Debtors are valued individually and provisions are made according to this valuation.

Creditors
Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost.

HAY International UK Ltd (Registered number: 08109344)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

3. EMPLOYEES AND DIRECTORS



Year endedYear ended
31.5.2431.5.23
The average monthly number of persons employed by
the company during the year was:
77
77

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Group companies interest 12,439 12,925

5. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 16,872 96,989

Deferred tax (5,918 ) (16,258 )
Tax on (loss)/profit 10,954 80,731

6. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 June 2023
and 31 May 2024 547,105
AMORTISATION
At 1 June 2023 264,262
Charge for year 77,423
At 31 May 2024 341,685
NET BOOK VALUE
At 31 May 2024 205,420
At 31 May 2023 282,843

HAY International UK Ltd (Registered number: 08109344)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

7. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023
and 31 May 2024 130,653
DEPRECIATION
At 1 June 2023 101,098
Charge for year 29,555
At 31 May 2024 130,653
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 29,555

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,037 14,322
Other debtors 25,996 11,698
Amounts owed from group
undertakings 148,224 151,068
Deposit 63,189 63,189
VAT 1,308 5,781
Deferred tax asset 38,741 32,823
Prepayments and accrued income 43,615 37,222
325,110 316,103

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 22,223
Amounts owed to group undertakings 52,404 7,398
Tax 137,034 120,162
Social security and other taxes 13,690 13,372
Accruals and deferred income 77,410 135,314
280,538 298,469

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Amounts owed to group undertakings 310,841 888,820

HAY International UK Ltd (Registered number: 08109344)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200,000 Ordinary 1 200,000 200,000

12. OTHER FINANCIAL COMMITMENTS

Operating Leases:
At 31 May 2024 the company had total commitments under operating leases
as set out below:

Land and
buildings
Operating leases which expires:
within one year105,315
in the second to fifth years26,329
after five years0
131,644

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14. PARENT UNDERTAKINGS AND RELATED PARTIES

The company is a wholly owned subsidiary of HAY ApS, Denmark.
The ultimate parent company is MillerKnoll Inc., a public listed company incorporated in Michigan, USA. The ultimate controlling party is MillerKnoll Inc., by virtue of its 67 % shareholding in the HAY ApS.