| REGISTERED NUMBER: |
| Strategic Report, Directors' Report and |
| Financial Statements for the Year Ended 31st December 2024 |
| for |
| HULTAFORS GROUP UK LIMITED |
| REGISTERED NUMBER: |
| Strategic Report, Directors' Report and |
| Financial Statements for the Year Ended 31st December 2024 |
| for |
| HULTAFORS GROUP UK LIMITED |
| HULTAFORS GROUP UK LIMITED (REGISTERED NUMBER: 01952599) |
| Contents of the Financial Statements |
| for the Year Ended 31st December 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Directors' Report | 4 |
| Independent Auditors' Report | 7 |
| Statement of Comprehensive Income | 10 |
| Balance Sheet | 11 |
| Statement of Changes in Equity | 12 |
| Notes to the Financial Statements | 13 |
| HULTAFORS GROUP UK LIMITED |
| Company Information |
| for the Year Ended 31st December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| St. Paul's House |
| 23 Park Square |
| Leeds |
| LS1 2ND |
| HULTAFORS GROUP UK LIMITED (REGISTERED NUMBER: 01952599) |
| Strategic Report |
| for the Year Ended 31st December 2024 |
| The directors present their strategic report on the company for the year ended 31st December 2024. |
| REVIEW OF THE BUSINESS AND FUTURE DEVELOPMENTS |
| The company sells Snickers Workwear, Hultafors Tools, Solid Gear and other trade related products to resellers in England, Wales and Scotland. |
| The company has reported steady growth in turnover for the last two years, from £16.1M in 2023 to £16.6M in 2024. Gross profit margins have also improved from 29.6% in 2023 to 31.7% in 2024. |
| Part of this growth over the past two years is a direct result of increased spend on marketing campaigns in recent years. These campaigns have resulted in higher turnover through more exposure and increased market share. The group has further increased growth by introducing new products to the market. |
| FUTURE DEVELOPMENTS |
| To maintain, and hopefully improve gross margins in the future, the company will continue to enhance the brand and provide further investment on advertising and marketing. |
| The company is also undergoing a management restructure to bring in more experience from other staff within the group and create closer relationships and collaboration. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The management team have continued to implement strategies to minimise risk across all areas of the business. The management team take responsibility for monitoring and managing key areas of risk within the business relative to their scope of responsibility. |
| The following areas have been identified as the major categories of risk and comprehensive strategies exist to minimise risk in each of these areas: |
| o Cybersecurity |
| o Employee risk |
| o Political instability |
| Cybersecurity |
| The company, and wider group, are always at risk of cyber-attacks due to the amount of sensitive commercial, financial, and personal data held by the company. The group spends a significant amount of money on data protection and cybersecurity in line with the company's data protection policy. |
| Employee risk |
| The success of the business can be partly attributable to the loyalty of staff and the company's ability to both attract the right people with the right expertise but more importantly to retain and develop such staff. This is achieved by providing regular staff training with a clear progression path. The company also provides a generous compensation package linked to both individual performance and that of the company. |
| Political instability |
| The current political climate has created uncertainties which could affect the supply of goods and trigger further tariffs over and above the ones-imposed by Brexit. |
| This area will be monitored closely by the management team, and the wider group. Systems will be put into place when required to negate any additional costs to the company, and to ensure no issues arise in relation to product availability. |
| HULTAFORS GROUP UK LIMITED (REGISTERED NUMBER: 01952599) |
| Strategic Report |
| for the Year Ended 31st December 2024 |
| KEY PERFORMANCE INDICATORS (KPI'S) |
| The directors manage the operations of the company using a number of KPI’s. These monitor the sales and gross margins for individual brands and the business as a whole, as shown in the review of the business and future developments. |
| The final results for 2023 and 2024 show growth in turnover, gross profit, and gross profit margins. |
| 2023 | 2024 | Movement |
| Turnover | £16,068,432 | £16,555,634 | £487,202 |
| Gross profit | £4,762,980 | £5,248,305 | £485,325 |
| Gross margin | 29.64% | 31.70% | 2.06% |
| The growth in turnover and gross profit are a result of a 2% increase in prices implemented in February 2024, and a small increase in volume of sales. |
| The directors and finance team also continue to monitor KPI's for individual brands within the company on a monthly and annual basis to avoid any deterioration in profit. |
| ON BEHALF OF THE BOARD: |
| 30th May 2025 |
| HULTAFORS GROUP UK LIMITED (REGISTERED NUMBER: 01952599) |
| Directors' Report |
| for the Year Ended 31st December 2024 |
| The directors present their report with the financial statements of the company for the year ended 31st December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of wholesale of specialist clothing and related equipment. |
| DIVIDENDS |
| During the year the company paid a dividend of £1,300,000. £600,000 related to provisions included in the 2023 accounts. The remaining £700,000 was reported in the year 2024 but relates to final dividends agreed for the year to 31st December 2023. |
| The final dividend for 2024 is reported in post balance sheet events (note 18). |
| RESEARCH AND DEVELOPMENT |
| The company does not engage in Research and Development and as such no costs have been incurred by the company in 2024 or 2023. |
| FUTURE DEVELOPMENTS |
| The directors expect the general level of activity to increase in the coming year. However, the company has significant cash reserves and will limit the impact of any unforeseen market changes by ensuring costs are controlled and overheads are monitored closely. |
| EVENTS SINCE THE END OF THE YEAR |
| Information relating to events since the end of the year is given in the notes to the financial statements. |
| DIRECTORS |
| Other changes in directors holding office are as follows: |
| Director's indemnities |
| The company has not made qualifying third party indemnity provisions for the benefit of its directors in the year. |
| HULTAFORS GROUP UK LIMITED (REGISTERED NUMBER: 01952599) |
| Directors' Report |
| for the Year Ended 31st December 2024 |
| FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
| The Company’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. |
| Cash flow risk |
| The Company has significant reserves and money on deposit to reduce any short term cash flow issues. The company is not exposed to currency risk as all amounts due and payable are in sterling. |
| Lease commitments and interest bearing assets are at fixed rate to ensure certainty of cash flows. |
| Credit risk |
| The Company’s principal financial assets are bank balances and cash, trade and other receivables. |
| The Company’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. |
| The Company has no significant concentration of credit risk, with exposure spread over a large number of customers who have also been vetted and insured.. |
| Liquidity risk |
| In order to maintain liquidity and ensure that sufficient funds are available for ongoing operations and future developments, the Company keeps money on deposit in easy access accounts and dividend payments to the parent company are only paid out of excess funds. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 OF DISCLOSURE OF INFORMATION TO INDEPENDENT AUDITORS |
| Each of the persons who is a director at the date of approval of this report confirms that: |
| - so far as they are aware, there is no relevant audit information of which the company's auditors are unaware; and |
| - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| HULTAFORS GROUP UK LIMITED (REGISTERED NUMBER: 01952599) |
| Directors' Report |
| for the Year Ended 31st December 2024 |
| AUDITORS |
| Sedulo Audit Limited will be proposed for re-appointment in accordance with the provisions of the Companies Act 2006. |
| ON BEHALF OF THE BOARD: |
| Independent Auditors' Report to the Members of |
| Hultafors Group UK Limited |
| Opinion |
| We have audited the financial statements of Hultafors Group UK Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of 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 31st 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 Directors' Report, but does not include the financial statements and our Auditors' Report 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
| Independent Auditors' Report to the Members of |
| Hultafors Group UK Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. |
| We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: |
| - adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or |
| - the financial statements are not in agreement with the accounting records and returns; or |
| - certain disclosures of directors’ remuneration specified by law are not made; or |
| - we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the 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. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| The primary responsibility for the prevention and detection of fraud rests with directors and management, and we cannot be expected to detect non-compliance with all laws and regulations. |
| We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our knowledge of the business and sector, enquiries of directors and management, and review of regulatory information and correspondence. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. |
| We discussed with directors and management the policies and procedures in place to ensure compliance with laws and regulations and otherwise prevent, deter and detect fraud. |
| Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified as potentially having a material effect on the financial statements. Our procedures included review of financial statement information and testing of that information, enquiry of management and examination of relevant documentation, analytical procedures to identify unusual or unexpected relationships that may indicate fraud, and procedures to address the risk of fraud through director or management override of controls. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. |
| Independent Auditors' Report to the Members of |
| Hultafors Group UK Limited |
| 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 an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Statutory Auditors |
| St. Paul's House |
| 23 Park Square |
| Leeds |
| LS1 2ND |
| HULTAFORS GROUP UK LIMITED (REGISTERED NUMBER: 01952599) |
| Statement of Comprehensive |
| Income |
| for the Year Ended 31st December 2024 |
| 31/12/24 | 31/12/23 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Distribution costs |
| 803,480 | 914,990 |
| Other operating income |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income |
| 939,969 | 1,020,890 |
| Interest payable and similar expenses | 7 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| HULTAFORS GROUP UK LIMITED (REGISTERED NUMBER: 01952599) |
| Balance Sheet |
| 31st December 2024 |
| 31/12/24 | 31/12/23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| Investments | 11 |
| CURRENT ASSETS |
| Stocks | 12 |
| Debtors | 13 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| HULTAFORS GROUP UK LIMITED (REGISTERED NUMBER: 01952599) |
| Statement of Changes in Equity |
| for the Year Ended 31st December 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1st January 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31st December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31st December 2024 |
| HULTAFORS GROUP UK LIMITED (REGISTERED NUMBER: 01952599) |
| Notes to the Financial Statements |
| for the Year Ended 31st December 2024 |
| 1. | STATUTORY INFORMATION |
| Hultafors Group UK Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The company is itself a subsidiary company and is exempt from the requirement to prepare group accounts by virtue of section 401 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group. |
| The financial statements are prepared in sterling, which is the functional currency of the entity. |
| 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. |
| Going concern |
| Management has produced budgets and forecasts that have been reviewed by the directors. These demonstrate the Company is forecast to generate both profits and positive cash flow moving forward. The Company also has sufficient cash reserves to meet its obligations as they fall due. |
| Accordingly, having considered the projections produced, and the availability of working capital, the Directors are of the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis. |
| 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 the application of the company's accounting policies, the directors are sometimes required to make judgements, estimates and assumptions, about the carrying amounts of assets and liabilities that are not readily apparent from other sources. |
| The directors do not feel that as a result of any of the judgements or estimates made, there is a significant risk of material adjustment to the carrying amounts of assets and liabilities within the next financial year |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. |
| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on delivery, when the level of income received or to be received can be measured reliably. |
| HULTAFORS GROUP UK LIMITED (REGISTERED NUMBER: 01952599) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are recognised on the balance sheet at different stages of completion. Once legal title has passed to the Company in full depreciation is provided for at the following rates: - |
| Motor Vehicles - 25% Reducing balance |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Values includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. |
| Financial instruments |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
| The company only enters into transactions in 'basic' financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances and loans to related parties. |
| Basic financial assets (other than those classified as payable within one year) are initially measured at cost, and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. |
| Basic financial assets classified as receivable within one year are not amortised. |
| Basic financial liabilities (other than those classified as payable within one year) are initially recognised at present value of future cash flows and subsequently at amortised costs using the effective interest method. Basic financial liabilities classified as payable within one year are not amortised. |
| Financial assets and liabilities are offset, with the net amounts reported in the financial statements, when there is a legally 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. |
| Taxation |
| The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement. |
| Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. |
| Deferred tax is recognised in respect of all timing differences at the reporting date. |
| Deferred tax assets are recognised to the extent that it is probable that they will be recovered against future tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. |
| Operating leases |
| Lease payments are recognised as an expense over the lease term on a straight-line basis. |
| HULTAFORS GROUP UK LIMITED (REGISTERED NUMBER: 01952599) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 and amounted to £34,936 (2023 : £32,360). |
| 3. | TURNOVER |
| The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom. |
| 4. | EMPLOYEES AND DIRECTORS |
| Staff costs were as follows: |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 1,065,698 | 930,164 |
| Social security costs | 128,228 | 112,320 |
| Pension contributions to money purchase schemes | 27,459 | 24,805 |
| 1,221,385 | 1,067,289 |
| The average number of persons employed by the company during the year, including the directors, amounted to: |
| 2024 | 2023 |
| Sales and administration | 28 | 29 |
| Directors | 3 | 3 |
| 31 | 32 |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| The emoluments of directors E T Eriksson, P E W Widen, J Eriksson Wibring and D Macken were paid by other group companies. |
| HULTAFORS GROUP UK LIMITED (REGISTERED NUMBER: 01952599) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st December 2024 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Foreign exchange differences | ( |
) | ( |
) |
| Leasing of motor vehicles |
| 6. | AUDITORS' REMUNERATION |
| Auditors remuneration for the year was £19,000 (£17,000 2023). |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Other interest payable |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on profit |
| UK corporation tax has been charged at 25% (2023 - 23.50%). |
| HULTAFORS GROUP UK LIMITED (REGISTERED NUMBER: 01952599) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st December 2024 |
| 8. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Deferred tax provision | 4,298 | (2,664 | ) |
| Total tax charge | 236,042 | 235,625 |
| 9. | DIVIDENDS |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Ordinary A shares shares of £1 each |
| Final |
| 10. | TANGIBLE FIXED ASSETS |
| Motor |
| vehicles |
| £ |
| COST |
| At 1st January 2024 |
| and 31st December 2024 |
| DEPRECIATION |
| At 1st January 2024 |
| Charge for year |
| At 31st December 2024 |
| NET BOOK VALUE |
| At 31st December 2024 |
| At 31st December 2023 |
| HULTAFORS GROUP UK LIMITED (REGISTERED NUMBER: 01952599) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st December 2024 |
| 11. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1st January 2024 |
| and 31st December 2024 |
| NET BOOK VALUE |
| At 31st December 2024 |
| At 31st December 2023 |
| (a) The directors believe that the carrying value of the investments is supported by their underlying net assets. |
| (b) All the subsidiary companies are dormant. |
| Investments in group undertakings |
Subsidiary Undertaking |
Registered office |
Class of share |
% of shares held |
Snickers Original Limited |
Unit N3 Gate 4, Meltham Mills Ind.Estate, HD9 4DS, England |
Ordinary |
100 |
Snickers Workwear Limited |
Unit N3 Gate 4, Meltham Mills Ind.Estate, HD9 4DS, England |
Ordinary |
100 |
| 12. | STOCKS |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Stocks |
| Stock, recognised in cost of sales during the year as an expense was £10,334,886 (2023 : £10,316,089). |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Trade debtors |
| Deferred tax | 22,683 | 26,981 |
| Prepayments |
| HULTAFORS GROUP UK LIMITED (REGISTERED NUMBER: 01952599) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st December 2024 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/12/24 | 31/12/23 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Social security and other taxes |
| VAT | 156,718 | 328,061 |
| Amounts owed to parent company |
| (note 17) | 1,513,481 | 1,668,623 |
| Accrued expenses |
| Amounts owed to group undertakings represent trade creditor balances from other companies within the group. These balances are due under normal trade conditions. |
| 15. | LEASING AGREEMENTS |
| The company has operating lease commitments at the balance sheet date as follows: - |
| 2024 | 2023 |
| Due within | Due 2-5 | Due within | Due 2-5 |
| 1 year | years | 1 year | years |
| Land and property | 47,000 | 58,750 | 45,250 | 105,750 |
| Other | 124,013 | 124,855 | 94,424 | 71,908 |
| Total | 171,013 | 183,605 | 139,674 | 177,658 |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31/12/24 | 31/12/23 |
| value: | £ | £ |
| Ordinary A shares | £1 | 100,000 | 100,000 |
| HULTAFORS GROUP UK LIMITED (REGISTERED NUMBER: 01952599) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st December 2024 |
| 17. | RELATED PARTY DISCLOSURES |
| The company purchases the majority of its products from its immediate parent company Hultafors AB, which is registered in Sweden. The value of goods and services purchased from Hultafors AB were as follows: - |
| 2024 | 2023 |
| £ | £ |
| Purchases - stock and goods for resale | 10,104,943 | 10,060,662 |
| Group charges | 786,000 | 343,000 |
| Other | 117,618 | 73,339 |
| At the balance sheet date the company had debts of £1,513,481 (2023 £1,668,623) owing to Hultafors Group AB. These values are included as amounts falling due within one year and are identified as amounts owed to parent company in note 14. |
| All of the above transactions are under normal trading conditions with all liabilities due for payment within 45 days. None of the amounts outstanding are secured in any way against assets of the business. |
| 18. | POST BALANCE SHEET EVENTS |
| Since the year end a final dividend of £1,300,000 has been agreed for 2024 (£700,000 - 2023). |
| In accordance with FRS102 Section 32 Events After the end of the Reporting Period, dividends are recognised in the period in which they are declared and therefore the final dividend declared post year end of £1,300,000 has not been recognised in the financial statements as at 31st December 2024. |
| 19. | CONTROLLING PARTY |
| The immediate parent undertaking is Hultafors Group AB, a company registered in Sweden, by virtue of its holding of 100% of the ordinary shares. The ultimate parent undertaking and controlling party is Investment AB Latour, a public company registered in Sweden. Copies of the consolidated financial statements of Investment AB Latour can be obtained from the company secretary at Unit N3, Gate 4, Meltham Mills Industrial Estate, Meltham, Holmfirth, West Yorkshire HD9 4DS. |