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REGISTERED NUMBER: 01952599 (England and Wales)















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: Mr P E W Widen
Mr D Macken
Mr J F Heyman





REGISTERED OFFICE: Unit N3 Gate 4
Meltham Mills Industrial Estate
Meltham
Holmfirth
West Yorkshire
HD9 4DS





REGISTERED NUMBER: 01952599 (England and Wales)





AUDITORS: Sedulo Audit Limited
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:





Mr D Macken - Director


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
Mr P E W Widen has held office during the whole of the period from 1st January 2024 to the date of this report.

Other changes in directors holding office are as follows:

Mr P A Dumigan - resigned 30th April 2024
Mr E T Eriksson - resigned 1st July 2024
Mr J Eriksson Wibring - appointed 1st July 2024
Mr D Macken - appointed 1st August 2024

Mr J F Heyman was appointed as a director after 31st December 2024 but prior to the date of this report.

Mr J Eriksson Wibring ceased to be a director after 31st December 2024 but prior to the date of this report.

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:





Mr D Macken - Director


30th May 2025

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.




Sam Perkin (Senior Statutory Auditor)
for and on behalf of Sedulo Audit Limited
Statutory Auditors
St. Paul's House
23 Park Square
Leeds
LS1 2ND

30th May 2025

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 16,555,634 16,068,432

Cost of sales 11,307,329 11,305,452
GROSS PROFIT 5,248,305 4,762,980

Distribution costs 4,444,825 3,847,990
803,480 914,990

Other operating income 2,464 359
OPERATING PROFIT 5 805,944 915,349

Interest receivable and similar income 134,025 105,541
939,969 1,020,890

Interest payable and similar expenses 7 476 -
PROFIT BEFORE TAXATION 939,493 1,020,890

Tax on profit 8 236,042 235,625
PROFIT FOR THE FINANCIAL YEAR 703,451 785,265

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

703,451

785,265

HULTAFORS GROUP UK LIMITED (REGISTERED NUMBER: 01952599)

Balance Sheet
31st December 2024

31/12/24 31/12/23
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 23,923 31,898
Investments 11 2 2
23,925 31,900

CURRENT ASSETS
Stocks 12 416,353 310,201
Debtors 13 3,190,829 2,970,445
Cash at bank and in hand 2,604,676 3,060,594
6,211,858 6,341,240
CREDITORS
Amounts falling due within one year 14 2,981,662 3,122,470
NET CURRENT ASSETS 3,230,196 3,218,770
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,254,121

3,250,670

CAPITAL AND RESERVES
Called up share capital 16 100,000 100,000
Retained earnings 3,154,121 3,150,670
SHAREHOLDERS' FUNDS 3,254,121 3,250,670

The financial statements were approved by the Board of Directors and authorised for issue on 30th May 2025 and were signed on its behalf by:





Mr D Macken - Director


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 100,000 2,965,405 3,065,405

Changes in equity
Dividends - (600,000 ) (600,000 )
Total comprehensive income - 785,265 785,265
Balance at 31st December 2023 100,000 3,150,670 3,250,670

Changes in equity
Dividends - (700,000 ) (700,000 )
Total comprehensive income - 703,451 703,451
Balance at 31st December 2024 100,000 3,154,121 3,254,121

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 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.

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:

20242023
£   £   
Wages and salaries1,065,698930,164
Social security costs128,228112,320
Pension contributions to money purchase schemes27,45924,805
1,221,3851,067,289

The average number of persons employed by the company during the year, including the directors, amounted to:

20242023
Sales and administration2829
Directors33
3132

31/12/24 31/12/23
£    £   
Directors' remuneration 34,866 157,029
Directors' pension contributions to money purchase schemes 7,477 7,555

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

Money purchase schemes 1 1

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 75,796 71,270
Depreciation - owned assets 7,975 10,633
Foreign exchange differences (2,464 ) (359 )
Leasing of motor vehicles 149,005 124,708

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 476 -

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 231,744 238,289

Deferred tax 4,298 (2,664 )
Tax on profit 236,042 235,625

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 939,493 1,020,890
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.500%)

234,873

239,909

Effects of:
Expenses not deductible for tax purposes 1,169 2,888
Capital allowances in excess of depreciation (4,298 ) (4,508 )
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 700,000 600,000

10. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1st January 2024
and 31st December 2024 93,059
DEPRECIATION
At 1st January 2024 61,161
Charge for year 7,975
At 31st December 2024 69,136
NET BOOK VALUE
At 31st December 2024 23,923
At 31st December 2023 31,898

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 2
NET BOOK VALUE
At 31st December 2024 2
At 31st December 2023 2

(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 416,353 310,201

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 3,085,651 2,903,175
Deferred tax 22,683 26,981
Prepayments 82,495 40,289
3,190,829 2,970,445

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 218,544 219,668
Amounts owed to group undertakings 44,598 10,845
Corporation tax 231,744 238,197
Social security and other taxes 23,338 29,050
VAT 156,718 328,061
Amounts owed to parent company
(note 17) 1,513,481 1,668,623
Accrued expenses 793,239 628,026
2,981,662 3,122,470

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: £    £   
100,000 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.