Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-31false02023-09-04false5false 15112399 2023-09-04 2024-12-31 15112399 2022-09-04 2023-09-03 15112399 2024-12-31 15112399 2023-09-03 15112399 5 2023-09-04 2024-12-31 15112399 1 2023-09-04 2024-12-31 15112399 e:Director1 2023-09-04 2024-12-31 15112399 e:Director1 2024-12-31 15112399 e:Director2 2023-09-04 2024-12-31 15112399 e:Director2 2024-12-31 15112399 e:RegisteredOffice 2023-09-04 2024-12-31 15112399 d:ComputerEquipment 2023-09-04 2024-12-31 15112399 d:ComputerEquipment 2024-12-31 15112399 d:ComputerEquipment 2023-09-03 15112399 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-09-04 2024-12-31 15112399 d:CurrentFinancialInstruments 2024-12-31 15112399 d:Non-currentFinancialInstruments 2024-12-31 15112399 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 15112399 d:ShareCapital 2023-09-04 2024-12-31 15112399 d:ShareCapital 2024-12-31 15112399 d:ShareCapital 2023-09-03 15112399 d:RetainedEarningsAccumulatedLosses 2023-09-04 2024-12-31 15112399 d:RetainedEarningsAccumulatedLosses 2024-12-31 15112399 d:RetainedEarningsAccumulatedLosses 2023-09-03 15112399 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 15112399 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 15112399 e:OrdinaryShareClass1 2023-09-04 2024-12-31 15112399 e:OrdinaryShareClass1 2024-12-31 15112399 e:FRS102 2023-09-04 2024-12-31 15112399 e:Audited 2023-09-04 2024-12-31 15112399 e:FullAccounts 2023-09-04 2024-12-31 15112399 e:PrivateLimitedCompanyLtd 2023-09-04 2024-12-31 15112399 2 2023-09-04 2024-12-31 15112399 f:PoundSterling 2023-09-04 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure



















ETI HITIT UK Ltd

Registered number: 15112399
Annual report
For the period ended 31 December 2024

 
ETI HITIT UK LTD
 
 
COMPANY INFORMATION


Directors
S Batoux 
K Erdogan 




Registered number
15112399



Registered office
6th Floor
2 Kingdom Street

London

United Kingdom

W2 6BD




Independent auditors
HaysMac LLP

10 Queen Street Place

London

EC4R 1AG





 
ETI HITIT UK LTD
 

CONTENTS



Page
Directors' Report
 
 
1 - 2
Independent Auditor's Report
 
 
3 - 6
Statement of Comprehensive Income
 
 
7
Statement of Financial Position
 
 
8
Statement of Changes in Equity
 
 
9
Notes to the Financial Statements
 
 
10 - 20


 
ETI HITIT UK LTD
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024

The Directors present their report and the audited financial statements for the period ended 31 December 2024.

Principal activity

The principal activity of the Company is the sale of confectionary and food products on a wholesale basis.
The Company was incorporated on 4 September 2023. Therefore, the results are for more than twelve months.

Directors

The Directors who served during the period and to the date of this report were:

S Batoux (appointed 4 September 2023)
K Erdogan (appointed 4 September 2023)

Directors' responsibilities statement

The Directors are responsible for preparing 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent; and

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

- 1 -

 
ETI HITIT UK LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

Going concern

The Directors have assessed the Company's ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing these financial statements.
 
This expectation is on the back of preparing cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements which indicate that the Company will have sufficient funds to meets its liabilities as they fall due and through a letter of support received from the parent company confirming its willingness to provide ongoing financial support.
 
On the basis of this information the Directors are satisfied that the Company will continue as a going concern and so the financial statements have been prepared on this basis.

Disclosure of information to the auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the period end.

Auditors

During the period, HaysMac LLP were appointed as auditor.
The auditorsHaysMac LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:
 





S Batoux
Director

Date: 2 June 2025

- 2 -

 
ETI HITIT UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ETI HITIT UK LTD
 

Opinion

We have audited the financial statements of ETI HITIT UK Ltd (the ‘Company’) for the period ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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 FRS 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 period 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual report, other than the financial statements and our Auditor’s report thereon. The directors are responsible for the other information contained within the Annual report. 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.
- 3 -

 
ETI HITIT UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ETI HITIT UK LTD
 

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 course of 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In 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 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
 
Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 is 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 Auditor’s 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.
- 4 -

 
ETI HITIT UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ETI HITIT UK LTD
 


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Based on our understanding of the Company and industry, we identified that the principal risks of non- compliance with laws and regulations related to national minimum wage regulations and customs regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

    inspecting correspondence with regulators and tax authorities;
   discussions with management including consideration of known or suspected instances of non-compliance       with laws and regulations, particularly in respect of minimum wage regulations, and fraud;
   reviewing legal expenses for evidence of any breaches of laws and regulations;
   evaluating management's controls designed to prevent and detect irregularities;
        identifying and testing journals, in particular journal entries posted containing key words such as those in   respect of related parties, journal entries in revenue, journal entries with a large value, journal entries with   a round sum value and journal entries with unusual account combinations; and,
       challenging assumptions and judgements made by management in their critical accounting estimates,
        particularly in respect of the recoverability of amounts owed by group undertakings and their estimate of the    provision for obsolete stock.
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 Auditor’s report.
 
- 5 -

 
ETI HITIT UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ETI HITIT UK LTD
 


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.




David Lyons (Senior Statutory Auditor)  
for and on behalf of
HaysMac LLP
Statutory Auditors  
10 Queen Street Place
London
EC4R 1AG

Date: 3 June 2025
- 6 -

 
ETI HITIT UK LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024

4 September 2023 to
31 December
2024
£

  

Turnover
  
605,167

Cost of sales
  
(438,409)

Gross profit
  
166,758

Administrative expenses
  
(1,258,954)

Other operating income
  
1,127,554

Operating profit
  
35,358

Interest receivable and similar income
  
3,843

Interest payable and similar expenses
  
(5,532)

Profit before tax
  
33,669

Tax on profit
  
(8,622)

Profit for the financial period
  
25,047

Other comprehensive income
  
-

Total comprehensive income for the period
  
25,047

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations. 

The notes on pages 10 to 20 form part of these financial statements.

- 7 -

 
ETI HITIT UK LTD
REGISTERED NUMBER: 15112399

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
Note
£

Fixed assets
  

Tangible assets
 4 
5,780

  
5,780

Current assets
  

Stocks
  
127,077

Debtors
 5 
744,152

Cash at bank and in hand
  
460,166

  
1,331,395

Creditors: amounts falling due within one year
 6 
(312,128)

Net current assets
  
 
 
1,019,267

Total assets less current liabilities
  
1,025,047

  

Net assets
  
1,025,047


Capital and reserves
  

Called up share capital 
  
1,000,000

Profit and loss account
  
25,047

Total equity
  
1,025,047


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

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




S Batoux
Director

Date: 2 June 2025

The notes on pages 10 to 20 form part of these financial statements.

- 8 -

 
ETI HITIT UK LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 4 September 2023
-
-
-


Comprehensive income for the period

Profit for the period
-
25,047
25,047

Shares issued during the period
1,000,000
-
1,000,000


At 31 December 2024
1,000,000
25,047
1,025,047

The notes on pages 10 to 20 form part of these financial statements.

- 9 -

 
ETI HITIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

1.


General information

ETI HITIT UK Ltd is a private company limited by shares and incorporated in England and Wales. Its registered number is 15112399. The address of its registered office is 6th Floor 2 Kingdom Street, London, United Kingdom, W2 6BD.
The principal activity of the Company is the sale of confectionary and food products on a wholesale basis.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements have been presented in Pounds Sterling as this is the currency of the primary economic environment in which the company operates and is rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have assessed the Company's ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing these financial statements.
 
This expectation is on the back of preparing cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements which indicate that the Company will have sufficient funds to meets its liabilities as they fall due and through a letter of support received from the parent company confirming its willingness to provide ongoing financial support.
 
On the basis of this information the Directors are satisfied that the Company will continue as a going concern and so the financial statements have been prepared on this basis.

- 10 -

 
ETI HITIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'administrative expenses'.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

- 11 -

 
ETI HITIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.5

Other operating income

Intra-group transactions are conducted on terms intended to reflect an arm’s length basis in accordance with OECD guidelines and applicable transfer pricing regulations. Where appropriate, compensating adjustments are recognised to align intercompany pricing with the arm’s length standard.
Compensating adjustments arising from transfer pricing reviews or group-wide policies are recognised in the period in which they are determined and agreed by the relevant parties.
Where such adjustments relate to the provision of goods or services that fall within the Company’s ordinary course of business, they are recognised as Turnover. Adjustments not directly linked to operational revenue generation are recognised as Other Operating Income, in line with their nature.
Intercompany receivables and payables arising from these adjustments are recognised at transaction value and are subject to standard credit risk assessments. These balances are settled in the normal course of business and are presented within current assets or liabilities, as appropriate.

 
2.6

Interest receivable and similar income

Interest receivable and similar income is recognised in profit or loss using the effective interest method.

 
2.7

Interest payable and similar expenses

Interest payable and similar expenses are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when the services are rendered. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

- 12 -

 
ETI HITIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Tangible assets

Tangible 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Depreciation in respect of tangible assets is recognised as an expense in profit or loss.

- 13 -

 
ETI HITIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented 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.
 
- 14 -

 
ETI HITIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

- 15 -

 
ETI HITIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including the directors, during the period was 5.

- 16 -

 
ETI HITIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Computer equipment

£



Cost


At 4 September 2023
-


Additions
6,264



At 31 December 2024

6,264



Depreciation


At 4 September 2023
-


Charge for the period
484



At 31 December 2024

484



Net book value



At 31 December 2024
5,780

- 17 -

 
ETI HITIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

5.


Debtors

2024
£

Due after more than one year

Other debtors
14,118

14,118

Due within one year

Trade debtors
60,809

Amounts owed by group undertakings
564,019

Other debtors
23,799

Prepayments
72,984

Deferred taxation
8,423

744,152


Amounts owed to group undertakings are unsecured, interest free and payable on demand.
Other debtors more than one year relates to deposit on a lease.


6.


Creditors: Amounts falling due within one year

2024
£

Trade creditors
88,092

Corporation tax
17,045

Other taxation and social security
50,649

Accruals
156,342

312,128


- 18 -

 
ETI HITIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

7.


Deferred taxation



2024


£






Credited to profit or loss
8,423



At end of year
8,423

The deferred tax asset is made up as follows:

2024
£


Fixed asset timing differences
(1,445)

Short term timing differences
9,868

8,423


8.


Share capital

2024
£
Allotted, called up and fully paid


1,000,000 ordinary shares of £1 each
1,000,000


On 4 September 2023, 1,000,000 shares were issued at par value.
The Company has one class of ordinary shares; the share has attached to it full voting, dividend and capital distribution rights.


9.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £nil were payable at the balance sheet date. 


10.


Related party transactions

The Company has taken advantage of the exemption from disclosing related party transactions undertaken at normal market conditions.

- 19 -

 
ETI HITIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

11.


Post balance sheet events

There have been no significant events affecting the Company since the period end.


12.


Controlling party

The immediate parent Company is E.T.I. Holding B.V. a Company incorporated in The Netherlands. Its registered office address is Evert Van de Beekstraat 1-104 1118CL, Schiphol, Amsterdam, Netherlands, 1118CL.
The ultimate parent company and the controlling party is Eti Gida Sanayi ve Ticaret Anonim Sirketi, a Company incorporated in Turkey. Its registered office address is Hosnudiye Mah. Kizilcikli Mahmut Pehlivan Cad. No:11, 26110 Tepebasi, Türkiye.
The smallest and largest group in which the results of the Company are included is that headed by  Eti Gida Sanayi ve Ticaret Anonim Sirketi. The consolidated accounts of this Company are not publicly available.

- 20 -