IRIS Accounts Production v24.3.2.46 06804515 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities true true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary A 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh068045152023-12-31068045152024-12-31068045152024-01-012024-12-31068045152022-12-31068045152023-01-012023-12-31068045152023-12-3106804515ns15:EnglandWales2024-01-012024-12-3106804515ns14:PoundSterling2024-01-012024-12-3106804515ns10:Director12024-01-012024-12-3106804515ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3106804515ns10:MediumEntities2024-01-012024-12-3106804515ns10:Audited2024-01-012024-12-3106804515ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3106804515ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3106804515ns10:FullAccounts2024-01-012024-12-310680451512024-01-012024-12-3106804515ns10:OrdinaryShareClass22024-01-012024-12-3106804515ns10:OrdinaryShareClass32024-01-012024-12-3106804515ns10:Director22024-01-012024-12-3106804515ns10:Director32024-01-012024-12-3106804515ns10:Director42024-01-012024-12-3106804515ns10:CompanySecretary12024-01-012024-12-3106804515ns10:RegisteredOffice2024-01-012024-12-3106804515ns5:CurrentFinancialInstruments2024-12-3106804515ns5:CurrentFinancialInstruments2023-12-3106804515ns5:ShareCapital2024-12-3106804515ns5:ShareCapital2023-12-3106804515ns5:SharePremium2024-12-3106804515ns5:SharePremium2023-12-3106804515ns5:RevaluationReserve2024-12-3106804515ns5:RevaluationReserve2023-12-3106804515ns5:RetainedEarningsAccumulatedLosses2024-12-3106804515ns5:RetainedEarningsAccumulatedLosses2023-12-3106804515ns5:ShareCapital2022-12-3106804515ns5:RetainedEarningsAccumulatedLosses2022-12-3106804515ns5:SharePremium2022-12-3106804515ns5:RevaluationReserve2022-12-3106804515ns5:RevaluationReserve2023-01-012023-12-3106804515ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3106804515ns5:RevaluationReserve2024-01-012024-12-3106804515ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-310680451512024-01-012024-12-3106804515ns5:NetGoodwill2024-01-012024-12-3106804515ns5:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3106804515ns5:ComputerSoftware2024-01-012024-12-3106804515ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2024-01-012024-12-3106804515ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-01-012023-12-3106804515ns5:OwnedAssets2024-01-012024-12-3106804515ns5:OwnedAssets2023-01-012023-12-3106804515ns5:ComputerSoftware2023-01-012023-12-3106804515122024-01-012024-12-3106804515122023-01-012023-12-310680451512024-01-012024-12-310680451512023-01-012023-12-3106804515ns10:OrdinaryShareClass22023-01-012023-12-3106804515ns10:OrdinaryShareClass32023-01-012023-12-3106804515ns5:NetGoodwill2023-12-3106804515ns5:ComputerSoftware2023-12-3106804515ns5:NetGoodwill2024-12-3106804515ns5:ComputerSoftware2024-12-3106804515ns5:NetGoodwill2023-12-3106804515ns5:ComputerSoftware2023-12-3106804515ns5:LandBuildings2023-12-3106804515ns5:PlantMachinery2023-12-3106804515ns5:FurnitureFittings2023-12-3106804515ns5:LandBuildings2024-01-012024-12-3106804515ns5:PlantMachinery2024-01-012024-12-3106804515ns5:FurnitureFittings2024-01-012024-12-3106804515ns5:LandBuildings2024-12-3106804515ns5:PlantMachinery2024-12-3106804515ns5:FurnitureFittings2024-12-3106804515ns5:LandBuildings2023-12-3106804515ns5:PlantMachinery2023-12-3106804515ns5:FurnitureFittings2023-12-3106804515ns5:MotorVehicles2023-12-3106804515ns5:ComputerEquipment2023-12-3106804515ns5:MotorVehicles2024-01-012024-12-3106804515ns5:ComputerEquipment2024-01-012024-12-3106804515ns5:MotorVehicles2024-12-3106804515ns5:ComputerEquipment2024-12-3106804515ns5:MotorVehicles2023-12-3106804515ns5:ComputerEquipment2023-12-3106804515ns5:UnlistedNon-exchangeTradedns5:CostValuation2023-12-3106804515ns5:UnlistedNon-exchangeTraded2024-12-3106804515ns5:UnlistedNon-exchangeTraded2023-12-3106804515ns5:Subsidiary12024-01-012024-12-31068045151ns5:Subsidiary12024-01-012024-12-3106804515ns5:Subsidiary12024-12-3106804515ns5:Subsidiary12023-12-3106804515ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3106804515ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3106804515ns5:DeferredTaxation2023-12-3106804515ns5:DeferredTaxation2024-12-3106804515ns10:OrdinaryShareClass22024-12-3106804515ns10:OrdinaryShareClass32024-12-3106804515ns5:RetainedEarningsAccumulatedLosses2023-12-3106804515ns5:SharePremium2023-12-3106804515ns5:RevaluationReserve2023-12-31
REGISTERED NUMBER: 06804515 (England and Wales)















Hiatt Hardware (UK) Limited

Strategic Report, Report of the Directors and

Financial Statements For The Year Ended 31 December 2024






Hiatt Hardware (UK) Limited (Registered number: 06804515)






Contents of the Financial Statements
For The Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 6

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Hiatt Hardware (UK) Limited

Company Information
For The Year Ended 31 December 2024







DIRECTORS: R K Agrawal
R K Agrawal
A Agrawal
N Agrawal





SECRETARY: A Agrawal





REGISTERED OFFICE: 106 Elkington Street
Aston
Birmingham
B6 4SL





REGISTERED NUMBER: 06804515 (England and Wales)





AUDITORS: Kingswood Allotts Limited, Statutory Auditor
Chartered Accountants
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

Hiatt Hardware (UK) Limited (Registered number: 06804515)

Strategic Report
For The Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company during the financial year was that of the design, development, manufacturing, marketing, and distribution of Hardware/ Ironmongery products to commercial retail and merchant trade including home improvement retailers.

REVIEW OF BUSINESS
The results for the year ended 31st December 2024 amounted to a profit before taxation of £2,884,430 compared to a profit before taxation of £3,607,965 in 2023, a decrease of 20.05%. Revenue for the year was £20,206,282 compared to £18,982,174 for 2023, an increase of 6.45%.

During the year 2024 and in comparison, to year 2023, the company has invested heavily into new marketing initiatives to promote its various banners/ brands and increase brand presence overall in UK's Trade & DIY sector for an increased market share. The company has further successfully deployed a layer of fully hands on Management team under the Senior Leadership Board allowing the group to gain traction with various long term strategic growth initiatives. Overall, the business has performed reasonably well by increasing its revenue and achieving a strong level of underlying profitability in the current global crises-based market sector outlook.

UK businesses in general currently face inflationary issues squeezing profit margins, labour shortages and supply chain disruptions continuing to test the businesses' adaptability. The company has delivered a solid and stable bottom line in such challenging market circumstances.

Early 2024 saw the red sea crisis which followed through the year and delayed shipments on an average by 10-15 days and drove shipping costs higher. Ukraine and geopolitical tensions have led to rising fuel and energy costs, placing further strain on costs and supply chains. These factors, combined with heightened consumer expectations for prompt and free delivery, present serious challenges when maintaining efficiency and enhancing customer satisfaction.

Looking ahead, despite a challenging retail forecast for Year 2025, the company remains committed to staying ahead of the curve. By leveraging our ongoing investment in digital tools, we aim to not only navigate the evolving landscape of trade policies but also seize new opportunities in the international market. While the additional tax burdens and rising costs may pose obstacles, our strategic focus on adaptability and innovation will continue to be our guiding force. As we gear up for the challenges ahead, we are confident that our proactive approach shall enable us to weather the storm and emerge stronger in the face of adversity.

The British Pound and US Dollar exchange rate showcased a significant variation throughout the year and underscored an ongoing challenge of managing currency exposure and the importance of continuously fine-tuning financial strategies to maintain stability amidst such forex market volatility. The company is well positioned and decisively undertaking products like forward call options & derivatives to de-risk where possible and hedge the currency exposures to attain best value for company's loyal customer base.

The Company is committed to maintaining the highest quality and service standards within the Hardware sector. As a crucial strategic ally for many prominent retail and merchant brands in fulfilling their hardware needs, the company is motivated by its fundamental goal of exceeding customer expectations in service, availability, and product quality. Leveraging its vast sector and core people experience, the company continually seeks to improve its offer and uphold a distinguished reputation linked to an outstanding service and unwavering quality.

The direct-to-consumer E-Commerce channel is integral to our strategic vision, emphasising industry-leading after-sales customer service while enhancing brand awareness across our diverse portfolio of company's trademarked brands. This direction not only aligns with our future goals but also underscores our steadfast commitment in providing exceptional service and maintaining an extensive product range. The E-commerce strategy not only creates new demand for company's vast product range but also caters for strong after sales support for its retail B2B customers.

In 2024, our E-Commerce sales demonstrated impressive growth, with turnover rising by 23.60%. The company is optimistic about continued product expansion and investment into Year 2025 and beyond. However, this growth trajectory presents challenges; the emergence of e-commerce platforms has enabled cross-border selling, leading to intensified market competition. To maintain our competitive edge, we recognise the increasing need to effectively utilise AI and automation technologies.

As we move forward, we are dedicated to navigating these challenges while enhancing our customer experience and driving brand recognition.

The board continue to seek out suitable opportunities to build on the current strategy and create a strong diverse customer focused brand.


Key Performance Indicators (KPIs)
Key performance indicators include ratios and metrics that monitor the financial health and performance of the business:

2024 2023
Average stock days (Stock value/Cost of goods sold) x 365 - monthly average 140 157
Current ratio (Current assets/Current liabilities) 3.81 3.31

Hiatt Hardware (UK) Limited (Registered number: 06804515)

Strategic Report
For The Year Ended 31 December 2024


PRINCIPAL RISKS AND UNCERTAINTIES
The company monitors movements and the potential impact of the Sterling exchange rate with the US Dollar and hedges against them, where appropriate.

Inflation Risk and Interest Risk
The evolving economic landscape poses challenges for businesses navigating the dual risks of inflation and interest rates. With inflation expected to spike to 3.7% in 2025 due to energy costs and global instability, businesses may face pressure to pass on added costs to customers amid a cost-of-living crisis.

The Bank of England's series of interest rate cuts, responding to inflation trends, signal potential further cuts in 2025. These adjustments, likely to be spaced out and possibly starting in June, will influence the broader economy and customer behaviour, impacting businesses indirectly even if they do not bear significant interest costs themselves. Balancing these risks will be crucial for sustaining stability and growth in a shifting economic environment.

Commodity Price Risk
Navigating the intricate web of variables impacting the metal market in Year 2025 requires a keen eye for detail and a firm grasp on the shifting economic, political, and sector-specific landscapes. With reshoring trends, evolving economic factors, and emerging demands shaping the industry, businesses must remain vigilant to steer through this complex terrain. Strategic decisions beckon in a market where foresight is key.

Supply Chain Management
The global supply chains have faced another year of disruptions. The most significant have included the Red sea, Russia-Ukraine war, US-China trade war, and the consumer goods boom. Supply chain disruptions have also included a variety of natural disasters, financial failures, and operational difficulties.

The company maintains a diligent oversight of political, economic, and social factors that have the potential to impact its robust supply chains. The board is committed to proactively adapt to evolving circumstances at every stage of the supply chain, leveraging its extensive expertise in managing these processes effectively.

The company continues to deliver significant value to its retail customers through its network of customised manufacturing facilities, ethical sourcing practices, and a well-controlled and transparent supply chain.

Cyber Risk
As digitalisation continues to expand, the company faces an emerging threat in the form of cybersecurity risks. With the increased reliance on digital platforms for operations and customer interactions, the vulnerability to cyber-attacks grows.

Ensuring robust cybersecurity measures is imperative to safeguard sensitive data, maintain operational continuity, and protect the company's reputation. Continuous monitoring, regular updates to security protocols, and employee training on cyber hygiene are essential components in mitigating this evolving risk landscape. Proactive measures will be crucial in fortifying the company's resilience against potential cyber threats in an increasingly interconnected world.

Employee Risk
The company mitigates this risk, by developing robust recruitment strategies, offering competitive compensation packages, providing opportunities for professional growth, and upskilling or reskilling existing employees to fill talent gaps. Reasonably sustainable head count in each department alleviates pressure and fosters an effective working environment for all working colleagues.

By fostering a diverse workforce and embracing various perspectives, the company not only enhances innovation but also creates a welcoming environment where employees feel valued and respected. This inclusivity not only boosts morale but also promotes collaboration and creativity, allowing us to tackle challenges from multiple angles and devise innovative solutions. By championing diversity in its workforce and encouraging a culture of openness and respect, the company is well equipped and set up for continued success in today's dynamic business landscape.


Hiatt Hardware (UK) Limited (Registered number: 06804515)

Strategic Report
For The Year Ended 31 December 2024

SECTION 172(1) STATEMENT
The directors of the group affirm that they have fulfilled their fiduciary duties diligently and in the best interest of the members, demonstrating good faith and utilising their utmost abilities. Their ongoing commitment lies in promoting the success and future growth of the group, with a strong emphasis on prioritising the health and safety of employees and other stakeholders, thereby ensuring a safe working environment for all. The company has implemented robust processes that are integrated into day-to-day operations to ensure compliance with relevant regulations.

Moreover, the group has established internal policies aimed at mitigating a wide range of risk factors that could potentially impact the smooth functioning and reputation of the group. These policies also serve to ensure that the group operates in a socially and ethically responsible manner. All employees are required to read and sign these policies, demonstrating their understanding and commitment to adhere to the outlined principles. While the policies encompass various areas, some examples include but are not limited to the following:

- Anti-Bribery and Corruption Policy
- Data Protection Policy
- Environmental Policy
- Equal Opportunities and Diversity Policy
- Ethical policy
- Health & Safety Policy
- Hospitality and Gifts Policy
- Modern Slavery Policy
- Dignity at work Policy

The board of directors also acknowledge the growing importance of sustainability and its effects on the wider stakeholders. It endeavours to clearly understand the impact of the company's business activities on the environment and society and assess the risks and opportunities presented.

GOING CONCERN
The directors consider that taking into the account the healthy financial position of the company, especially the availability of retained working capital and low fixed yet an efficient cost base that the business can operate for the foreseeable future. As a result, these financial statements and annual reports have been prepared on a going concern basis.

ON BEHALF OF THE BOARD:





A Agrawal - Director


15 April 2025

Hiatt Hardware (UK) Limited (Registered number: 06804515)

Report of the Directors
For The Year Ended 31 December 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of design, development, manufacturing, marketing, and distribution of Hardware/ Ironmongery products to commercial retail and merchant trade including home improvement retailers.

DIVIDENDS
Dividends of £1,040,000 were paid in the year to GKA Grandsons Limited. The directors do not propose a final dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

R K Agrawal
R K Agrawal
A Agrawal
N Agrawal

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). 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.

ON BEHALF OF THE BOARD:





A Agrawal - Director


15 April 2025

Report of the Independent Auditors to the Members of
Hiatt Hardware (UK) Limited

Opinion
We have audited the financial statements of Hiatt Hardware (UK) Limited (the 'company') for the year ended 31 December 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 December 2024 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.

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 five, 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
Hiatt Hardware (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:

- Enquiry of management, those charged with governance around actual and potential litigation and claims;
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and
regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries, sales and stock controls and
other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business
and reviewing accounting estimates for bias.

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.

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.




Mark Garrison BCom FCA DChA (Senior Statutory Auditor)
for and on behalf of Kingswood Allotts Limited, Statutory Auditor
Chartered Accountants
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

15 April 2025

Hiatt Hardware (UK) Limited (Registered number: 06804515)

Income Statement
For The Year Ended 31 December 2024

2024 2023
Notes £    £    £    £   

TURNOVER 20,206,282 18,982,174

Cost of sales 13,323,556 12,030,661
GROSS PROFIT 6,882,726 6,951,513

Distribution costs 1,541,446 1,266,337
Administrative expenses 2,691,472 2,247,835
4,232,918 3,514,172
2,649,808 3,437,341

Other operating income - 10,417
OPERATING PROFIT 4 2,649,808 3,447,758

Interest receivable and similar income 234,622 160,207
PROFIT BEFORE TAXATION 2,884,430 3,607,965

Tax on profit 5 705,346 833,710
PROFIT FOR THE FINANCIAL YEAR 2,179,084 2,774,255

Hiatt Hardware (UK) Limited (Registered number: 06804515)

Other Comprehensive Income
For The Year Ended 31 December 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,179,084 2,774,255


OTHER COMPREHENSIVE INCOME
Revaluation of property
Income tax relating to other comprehensive income 6,250 6,250
OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF INCOME TAX

6,250

6,250
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2,185,334 2,780,505

Hiatt Hardware (UK) Limited (Registered number: 06804515)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 - 11,074
Tangible assets 8 5,296,034 5,386,294
Investments 9 1 1
5,296,035 5,397,369

CURRENT ASSETS
Stocks 10 4,150,764 3,880,680
Debtors 11 4,226,944 2,957,474
Cash at bank and in hand 5,162,729 5,704,196
13,540,437 12,542,350
CREDITORS
Amounts falling due within one year 12 3,549,746 3,786,161
NET CURRENT ASSETS 9,990,691 8,756,189
TOTAL ASSETS LESS CURRENT LIABILITIES 15,286,726 14,153,558

PROVISIONS FOR LIABILITIES 13 457,600 469,766
NET ASSETS 14,829,126 13,683,792

CAPITAL AND RESERVES
Called up share capital 14 1,000 1,000
Share premium 15 506,600 506,600
Revaluation reserve 15 1,234,955 1,236,807
Retained earnings 15 13,086,571 11,939,385
SHAREHOLDERS' FUNDS 14,829,126 13,683,792

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2025 and were signed on its behalf by:





A Agrawal - Director


Hiatt Hardware (UK) Limited (Registered number: 06804515)

Statement of Changes in Equity
For The Year Ended 31 December 2024

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2023 1,000 10,837,188 506,600 1,238,659 12,583,447

Changes in equity
Profit for the year - 2,774,255 - - 2,774,255
Other comprehensive income - 8,102 - (1,852 ) 6,250
Total comprehensive income - 2,782,357 - (1,852 ) 2,780,505
Dividends - (1,680,160 ) - - (1,680,160 )
Balance at 31 December 2023 1,000 11,939,385 506,600 1,236,807 13,683,792

Changes in equity
Profit for the year - 2,179,084 - - 2,179,084
Other comprehensive income - 8,102 - (1,852 ) 6,250
Total comprehensive income - 2,187,186 - (1,852 ) 2,185,334
Dividends - (1,040,000 ) - - (1,040,000 )
Balance at 31 December 2024 1,000 13,086,571 506,600 1,234,955 14,829,126

Hiatt Hardware (UK) Limited (Registered number: 06804515)

Notes to the Financial Statements
For The Year Ended 31 December 2024

1. STATUTORY INFORMATION

Hiatt Hardware (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 as modified by the revaluation of certain assets.

Accounting reference date
The company has taken advantage of the provisions in section 390 of the Companies Act 2006 which allow the company to make accounts up to a date within seven days of the accounting reference date. The company financial statements are made up to 31st December 2024 (2023: 26 December 2023).

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

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Hiatt Hardware (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, GKA Grandsons Limited, 106 Elkington Street, Aston, Birmingham B6 4SL.

Related party exemption
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.

Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have had to make the following judgements:

Stock valuation (judgement)

At each reporting date, stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in the statement of comprehensive income.

Property Valuation (judgement)

At each reporting date, the property value is assessed to ensure it is being held at fair value.

Turnover
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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, has been fully amortised.

Hiatt Hardware (UK) Limited (Registered number: 06804515)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Intangible 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.

Computer software is being amortised evenly over its estimated useful life of three years.

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.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Plant & machinery - 20% on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on cost
Fixtures and fittings - 20% on cost
Long leasehold property - 2% on cost

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 within 'cost of sales' in the statement of comprehensive income.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company holds basic financial instruments as defined by FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank - is classified as a basic financial instrument and is measured at face value.

Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

The company enters into foreign exchange forward contracts to manage its exposure to foreign currency risk. These derivatives are measured at fair value at each reporting date and changes in fair value are recognised in profit and loss for the period

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


Hiatt Hardware (UK) Limited (Registered number: 06804515)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trust
The company has created a trust whose beneficiaries include employees of the company and their dependents. Assets held under this trust are controlled by trustees who will be acting independently and entirely at their own discretion.

Where assets are held in the trust and these are considered by the company to be in respect of services already provided by employees to the company, the company accounts for these as assets of the trust when payment is made to the trust. The value transferred was charged in the company's profit and loss account for the year to which it related.

Grants
Grants received in respect of revenue expenditure are credited to the profit and loss account in the year to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,319,334 1,085,913
Social security costs 117,478 84,653
Other pension costs 258,386 208,049
1,695,198 1,378,615

The average number of employees during the year was as follows:
2024 2023

Administrative and warehouse staff 48 48

2024 2023
£    £   
Directors' remuneration 31,500 31,500
Directors' pension contributions to money purchase schemes 120,000 78,523

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

Money purchase schemes 2 2

Hiatt Hardware (UK) Limited (Registered number: 06804515)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

4. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 65,655 44,489
Depreciation - owned assets 129,176 119,969
Profit on disposal of fixed assets - (188 )
Computer software amortisation 11,074 18,983
Auditors' remuneration 6,000 5,500
Foreign exchange gains/(losses) (17,478 ) 350,663

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 711,262 761,524

Deferred tax (5,916 ) 72,186
Tax on profit 705,346 833,710

UK corporation tax has been charged at 25% (2023 - 23.50%).

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:

2024 2023
£    £   
Profit before tax 2,884,430 3,607,965
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%) 721,108 847,872

Effects of:
Patent box (21,735 ) (21,653 )
Super deduction - (8 )
Change in tax rates - 1,885
Depreciation on non eligible assets 5,973 5,614
Total tax charge 705,346 833,710

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation of property - 6,250 6,250

2023
Gross Tax Net
£    £    £   
Revaluation of property - 6,250 6,250

Hiatt Hardware (UK) Limited (Registered number: 06804515)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

6. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim 520,000 760,080
Ordinary B shares of £1 each
Interim 520,000 920,080
1,040,000 1,680,160

7. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 8,800 56,950 65,750
AMORTISATION
At 1 January 2024 8,800 45,876 54,676
Amortisation for year - 11,074 11,074
At 31 December 2024 8,800 56,950 65,750
NET BOOK VALUE
At 31 December 2024 - - -
At 31 December 2023 - 11,074 11,074

8. TANGIBLE FIXED ASSETS
Long Fixtures
leasehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 January 2024 5,000,000 364,598 174,530
Additions - 24,336 14,580
At 31 December 2024 5,000,000 388,934 189,110
DEPRECIATION
At 1 January 2024 75,000 359,655 137,938
Charge for year 25,000 6,134 12,693
At 31 December 2024 100,000 365,789 150,631
NET BOOK VALUE
At 31 December 2024 4,900,000 23,145 38,479
At 31 December 2023 4,925,000 4,943 36,592

Hiatt Hardware (UK) Limited (Registered number: 06804515)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

8. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 January 2024 494,672 61,759 6,095,559
Additions - - 38,916
At 31 December 2024 494,672 61,759 6,134,475
DEPRECIATION
At 1 January 2024 82,726 53,946 709,265
Charge for year 82,389 2,960 129,176
At 31 December 2024 165,115 56,906 838,441
NET BOOK VALUE
At 31 December 2024 329,557 4,853 5,296,034
At 31 December 2023 411,946 7,813 5,386,294

Cost or valuation at 31 December 2024 is represented by:

Long Fixtures
leasehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2020 5,000,000 - -
Cost - 388,934 189,110
5,000,000 388,934 189,110

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2020 - - 5,000,000
Cost 494,672 61,759 1,134,475
494,672 61,759 6,134,475

If long leasehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 3,466,212 3,466,212
Aggregate depreciation 155,979 138,648

Long leasehold land and buildings were valued on an open market basis on 31 December 2020 by Mr J K Crawford MRICS, of Cushman & Wakefield.

The directors consider this valuation approximates to the market value at 31 December 2024.

Hiatt Hardware (UK) Limited (Registered number: 06804515)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

9. FIXED ASSET INVESTMENTS
Unlisted
investment
£   
COST
At 1 January 2024
and 31 December 2024 1
NET BOOK VALUE
At 31 December 2024 1
At 31 December 2023 1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Decorails Limited
Registered office: 106 Elkington Street, Aston, Birmingham, England, B6 4SL
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1

10. STOCKS
2024 2023
£    £   
Stocks 4,150,764 3,880,680

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,618,326 2,444,295
Amounts owed by group undertakings 1,500,000 -
Other debtors 31 31
Derivative financial instruments - 428,023
Prepayments 108,587 85,125
4,226,944 2,957,474

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,079,782 1,815,548
Amounts owed to group undertakings 1 1
Taxation 347,416 356,524
Social security and other taxes 461,254 475,151
Derivative financial instruments 138,876 -
Other creditors 87,843 119,171
Directors' current accounts - 881,752
Accruals and deferred income 434,574 138,014
3,549,746 3,786,161

Hiatt Hardware (UK) Limited (Registered number: 06804515)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Other timing differences (420 ) (289 )
Accelerated capital allowances 104,941 110,726
Deferred tax on revaluation surplus 353,079 359,329
457,600 469,766

Deferred
tax
£   
Balance at 1 January 2024 469,766
Movement in year
Capital allowances (5,785 )
Revaluation (6,250 )
Short term timing difference (131 )
Balance at 31 December 2024 457,600

Deferred tax has been charged at 25% (2023: 25%).

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
540 Ordinary A £1 540 540
460 Ordinary B £1 460 460
1,000 1,000

15. RESERVES
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 January 2024 11,939,385 506,600 1,236,807 13,682,792
Profit for the year 2,179,084 - - 2,179,084
Dividends (1,040,000 ) - - (1,040,000 )
Transfer for depreciation on
revaluation 8,102 - (8,102 ) -
Movement in deferred tax
provision - - 6,250 6,250
At 31 December 2024 13,086,571 506,600 1,234,955 14,828,126

16. ULTIMATE PARENT COMPANY

The controlling party and parent undertaking, whose consolidated financial statements include the results of this company, is GKA Grandsons Limited.

Its registered office is 106 Elkington Street, Aston, Birmingham, B6 4SL.

Group financial statements can be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

Hiatt Hardware (UK) Limited (Registered number: 06804515)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

17. OTHER FINANCIAL COMMITMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
20242023
££
Payable within one year1,8661,866
Payable between one and five years1,8663,733
3,7325,599

18. RELATED PARTY DISCLOSURES

During the year the following related party transactions took place and the balances outstanding are:-
2024 2023
£ £
Purchases with companies controlled by close family members 4,764,995 4,256,688
Amount due to companies controlled by close family members 2,132,167 1,468,196
Amount due from parent company 1,500,000 -
Amount due to the directors - 881,752

The amounts due are repayable on demand.

All transactions were under normal market conditions.

There are no key management personnel except the directors.