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COMPANY REGISTRATION NUMBER: 10352997
Hi-Tec Europe Limited
Financial Statements
31 December 2024
Hi-Tec Europe Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
7
Consolidated statement of income and retained earnings
11
Company statement of income and retained earnings
12
Consolidated statement of financial position
13
Company statement of financial position
14
Consolidated statement of cash flows
15
Notes to the financial statements
16
Hi-Tec Europe Limited
Officers and Professional Advisers
The board of directors
Mr P. Rudran
Mr Ian Cameron
Mr Rajiv Batra
Mr Rajesh Batra
Registered office
Unit 1 Colonial Business Park
Colonial Way
Watford
Herts
WD24 4PR
Auditor
SRV Delson
Chartered Certified Accountants & Statutory Auditors
Maruti House
1st Floor
369 Station Road
Harrow
HA1 2AW
Solicitors
Gunnercooke
1 Cornhill
London
EC3V 3ND
Hi-Tec Europe Limited
Strategic Report
Year ended 31 December 2024
The directors hereby present their strategic report, Director's report and the audited financial statements of Hi-Tec Europe Limited for the year ended 31 December 2024.
Principal activities
The group's principal activity during the period was that of design, manufacture and wholesale of outdoor wear, sportswear, uniform wear and work wear products consisting of footwear, apparel and accessories for men, women and children.
Business review and key performance indicators
The business since its acquisition on 7th December 2016 has delivered a consistent and reasonable performance after incurring a non-recurring cost of approximately GB£1 Million relating to certain one-off re-structuring expenses at the outset. The group currently has four product divisions, namely Hi-Tec outdoor wear, Magnum work wear, Hi-Tec premium sneakers ("HTS74") and First Brands (private label sourcing). The directors consider that the key financial performance indicators are those that monitor the performance in respect of each of these divisions. The key performance indicators of the business are turnover, gross margin, EBITDA, forward order book, development of new product categories and expansion in new markets. The directors believe that the use of non-financial KPI's is not necessary for an understanding of the results and operations of the business. The group's forward sales order book has remained substantially the same on a year-on-year basis and the turnover and gross margin have been maintained at satisfactory levels.
Principal risk and uncertainties
Just like any other companies in this market, this company also continues to face number of risk factors. The Board acknowledges that there are risks that may affect the group and accordingly actions have been taken to minimise any such risk that can be controlled and/or which is insurable. The credit risk is mitigated by having credit insurance policies in place and by following stringent credit control procedures. Currency exposures are minimised by using forward foreign exchange contracts. The group fully changed its business model from Jan 2024 to a stock-free FOB sales and/or Distributor model where stocks will be delivered directly from factories to customers in the UK and Europe without bearing any stock risk. The company has in place sound contingent planning, internal process and management control systems to cope with any unexpected risk and adverse situations that may arise.
Research and development
The group is continuing to undertake substantial research and development in all categories of products to improve the performance of its brands under each division to enhance its product offers and to maintain its competitiveness. The group continues to promote higher standards of social compliance, sustainability and fair trading. The group also continues to embark on improved sustainability programs and quality standards and/or certifications.
This report was approved by the board of directors on 30 June 2025 and signed on behalf of the board by:
Mr P. Rudran
Director
Registered office:
Unit 1 Colonial Business Park
Colonial Way
Watford
Herts
WD24 4PR
Hi-Tec Europe Limited
Directors' Report
Year ended 31 December 2024
The directors present their report and the financial statements of the group for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:
Mr P. Rudran
Mr Ian Cameron
Mr Rajiv Batra
Mr Rajesh Batra
Dividends
The directors recommend a dividend amounting to £240,000 which was paid during the year. The profit after tax and dividends for the financial year will therefore be taken to reserves.
Future developments
The directors anticipate that the business environment will remain competitive and extremely challenging due to the recent Global events. However, they believe that the group is in good financial position and they remain confident that the group and its brands will continue to grow over the foreseeable future.
Employment of disabled persons
The group operates an equal opportunities policy. The aim of this policy is to ensure that there should be equal opportunity for all and this applies to external recruitment, internal appointments, terms of employment, conditions of service and opportunity for training and promotion regardless of gender, ethnic origin or disability. Disabled persons are given full and fair consideration for all types of vacancy in as much as the opportunities available are constrained by the practical limitations of the disability. Should for whatever reason, an employee of the Company become disabled whilst in employment, every step, where appropriate, will be taken to assist with rehabilitation and suitable retraining. The Company maintains its own health, safety and environmental policies covering all aspects of its operations. Regular meetings and inspections take place to ensure all legal requirements are adhered to and that the Company is responsible for the needs of the employees and the environment.
Employee involvement
Within the bounds of commercial confidentiality, the group endeavours to keep the staff at all levels informed of matters that affect the progress of the group and are of interest to them as employees.
Financial instruments
The period of unprecedented market pressures on consumers continues as did falling demand for the branded goods.
Continued market conditions and currency fluctuation in input costs and intense competition can adversely impact the growth and profitability as well as capability to execute long term plans.
In the current highly competitive and volatile market, the group continues to pursue strategies to explore new streams of revenue. The directors expect the business environment to remain highly competitive in 2025 but are confident that the group is well positioned to deal with the market risks.
European market volatility and currency fluctuations remain the principal risk and the group has implemented programs to increase efficiency in logistics, hedge currency risk and raise the standard of service in order to maintain its strong market position. Management is constantly striving to reduce base costs.
Foreign exchange exposure is a risk area with the products purchased and sold in various currencies. However, the group mitigates these risks by utilising its forward currency booking options.
Recoverability of trade debts is a risk in the current economic climate and the group constantly monitors its customers' credit worthiness and its credit insurance covers.
Due to the straightforward nature of the business, the directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.
Events after the end of the reporting period
There are no matters to report as post balance sheet events.
Greenhouse gas and energy consumption
It is not practical for the company to obtain some or all of that information.
The company consumed 40,000kWh of energy or less in the UK during the period.
Disclosure of information in the strategic report
The group has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the group 's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments, research and development and financial instruments.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent. 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. Auditor
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 group and the company's auditor is 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 group and the company's auditor is aware of that information. A resolution to reappoint SRV Delson as auditors will be proposed at the forthcoming Annual General Meeting.
This report was approved by the board of directors on 30 June 2025 and signed on behalf of the board by:
Mr P. Rudran
Director
Registered office:
Unit 1 Colonial Business Park
Colonial Way
Watford
Herts
WD24 4PR
Hi-Tec Europe Limited
Independent Auditor's Report to the Members of Hi-Tec Europe Limited
Year ended 31 December 2024
Opinion
We have audited the financial statements of Hi-Tec Europe Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, 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 group's and of the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's or the parent 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company 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 directors' responsibilities statement, 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 group's and the parent 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 group or the parent 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. 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: The objectives of our audit, in respect to detecting irregularities including fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Enquiry of management and those charged with governance around actual and potential litigation and claims; Performing audit work over the risk of management override of controls. including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Reviewing minutes of meetings of those charged with governance; Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant UK tax compliance regulations and Data Protection Regulation (GDPR). 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 auditor's 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.
Sailesh Rameshchandra Vaghjee
(Senior Statutory Auditor)
For and on behalf of
SRV Delson
Chartered Certified Accountants & Statutory Auditors
Maruti House
1st Floor
369 Station Road
Harrow
HA1 2AW
30 June 2025
Hi-Tec Europe Limited
Consolidated Statement of Income and Retained Earnings
Year ended 31 December 2024
2024
2023
Note
£
£
Turnover
4
22,723,425
26,357,903
Cost of sales
18,543,807
19,850,884
-------------
-------------
Gross profit
4,179,618
6,507,019
Distribution costs
112,411
518,919
Administrative expenses
5,443,817
7,196,715
Other operating income
5
1,820,034
1,565,140
------------
------------
Operating profit
6
443,424
356,525
Other interest receivable and similar income
10
768,335
766,848
Interest payable and similar expenses
11
779,923
798,026
------------
------------
Profit before taxation
431,836
325,347
Tax on profit
12
29,263
---------
---------
Profit for the financial year and total comprehensive income
402,573
325,347
---------
---------
Dividends paid and payable
13
( 240,000)
Retained earnings at the start of the year
2,424,376
2,099,029
------------
------------
Retained earnings at the end of the year
2,586,949
2,424,376
------------
------------
All the activities of the group are from continuing operations.
Hi-Tec Europe Limited
Company Statement of Income and Retained Earnings
Year ended 31 December 2024
2024
2023
Note
£
£
Profit for the financial year and total comprehensive income
1,405,900
( 543,980)
Dividends paid and payable
13
( 240,000)
Retained earnings at the start of the year
2,893,695
3,437,676
------------
------------
Retained earnings at the end of the year
4,059,595
2,893,696
------------
------------
Hi-Tec Europe Limited
Consolidated Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
15
203,881
259,193
Current assets
Stocks
17
654,836
2,252,710
Debtors
18
2,087,749
2,131,500
Cash at bank and in hand
2,380,121
2,459,604
------------
------------
5,122,706
6,843,814
Prepayments and accrued income
218,937
222,435
Creditors: amounts falling due within one year
19
2,471,398
4,364,687
------------
------------
Net current assets
2,870,245
2,701,562
------------
------------
Total assets less current liabilities
3,074,126
2,960,755
Accruals and deferred income
477,177
526,379
------------
------------
Net assets
2,596,949
2,434,376
------------
------------
Capital and reserves
Called up share capital
22
10,000
10,000
Profit and loss account
2,586,949
2,424,376
------------
------------
Shareholders funds
2,596,949
2,434,376
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 30 June 2025 , and are signed on behalf of the board by:
Mr P. Rudran
Director
Company registration number: 10352997
Hi-Tec Europe Limited
Company Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
15
203,856
258,650
Investments
16
21,739
21,739
---------
---------
225,595
280,389
Current assets
Stocks
17
654,836
1,389,375
Debtors
18
3,567,220
4,648,700
Cash at bank and in hand
2,310,605
1,430,733
------------
------------
6,532,661
7,468,808
Prepayments and accrued income
218,937
222,435
Creditors: amounts falling due within one year
19
2,448,300
4,741,903
------------
------------
Net current assets
4,303,298
2,949,340
------------
------------
Total assets less current liabilities
4,528,893
3,229,729
Accruals and deferred income
459,298
326,033
------------
------------
Net assets
4,069,595
2,903,696
------------
------------
Capital and reserves
Called up share capital
22
10,000
10,000
Profit and loss account
4,059,595
2,893,696
------------
------------
Shareholders funds
4,069,595
2,903,696
------------
------------
The profit for the financial year of the parent company was £ 1,405,900 (2023: £ 543,980 loss).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 30 June 2025 , and are signed on behalf of the board by:
Mr P. Rudran
Director
Company registration number: 10352997
Hi-Tec Europe Limited
Consolidated Statement of Cash Flows
Year ended 31 December 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
402,573
325,347
Adjustments for:
Depreciation of tangible assets
95,162
100,729
Other interest receivable and similar income
( 768,335)
( 766,848)
Interest payable and similar expenses
779,923
798,026
Loss on disposal of tangible assets
174
198
Tax on profit/(loss)
29,263
Accrued income
( 49,202)
( 306,927)
Changes in:
Stocks
1,597,874
6,388,633
Trade and other debtors
47,249
1,249,229
Trade and other creditors
123,776
( 1,777,089)
------------
------------
Cash generated from operations
2,258,457
6,011,298
Interest paid
( 779,923)
( 798,026)
Interest received
768,335
766,848
Tax paid
( 25,109)
( 3)
------------
------------
Net cash from operating activities
2,221,760
5,980,117
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 40,021)
( 66,463)
Proceeds from sale of tangible assets
( 3)
------------
------------
Net cash used in investing activities
( 40,024)
( 66,463)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 979,470)
( 158,492)
Proceeds from loans from group undertakings
( 1,041,749)
( 4,114,880)
Dividends paid
( 240,000)
------------
------------
Net cash used in financing activities
( 2,261,219)
( 4,273,372)
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 79,483)
1,640,282
Cash and cash equivalents at beginning of year
2,459,604
819,322
------------
------------
Cash and cash equivalents at end of year
2,380,121
2,459,604
------------
------------
Hi-Tec Europe Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1 Colonial Business Park, Colonial Way, Watford, Herts, WD24 4PR.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have used the going concern basis of accounting in the preparation of the financial statements Based on the future orders and there are no 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 12 months from when the financial statements are authorised for issue. The directors have also have taken into account all the information that could reasonably be expected to be available together with their continued support and that of the bank to the company. These financial statements do not include any adjustments that would result if the company would cease trading.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Hi-Tec Europe Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts, credit notes and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. 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. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
Straight Line over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
Straight Line over 3 years
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
22,723,425
26,357,903
-------------
-------------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024
2023
£
£
United Kingdom
21,829,176
18,756,516
Overseas
894,249
7,601,387
-------------
-------------
22,723,425
26,357,903
-------------
-------------
5. Other operating income
2024
2023
£
£
Other operating income
1,820,034
1,565,140
------------
------------
6. Operating profit/(loss)
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
95,162
100,729
Loss on disposal of tangible assets
174
198
Impairment of trade debtors
513
6,140
Foreign exchange differences
( 59,551)
39,366
--------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
24,200
21,762
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
10
11
Distribution staff
12
17
Administrative staff
9
9
Management staff
2
2
----
----
33
39
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
1,903,942
1,852,372
Social security costs
53,931
21,973
Other pension costs
117,540
133,915
------------
------------
2,075,413
2,008,260
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
488,125
458,630
Company contributions to defined contribution pension plans
40,439
35,800
---------
---------
528,564
494,430
---------
---------
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
191,040
191,068
---------
---------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
307,987
Interest receivable
768,335
458,861
---------
---------
768,335
766,848
---------
---------
11. Interest payable and similar expenses
2024
2023
£
£
Interest payable
405,834
798,026
Other interest payable and similar charges
374,089
---------
---------
779,923
798,026
---------
---------
12. Tax on profit/(loss)
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
29,263
Tax on profit/(loss)
29,263
--------
----
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).
2024
2023
£
£
Profit on ordinary activities before taxation
431,836
325,347
---------
---------
Profit on ordinary activities by rate of tax
358,791
( 135,995)
Effect of expenses not deductible for tax purposes
277
Effect of capital allowances and depreciation
13,567
95,550
Utilisation of tax losses
( 343,372)
Unused tax losses
40,445
---------
---------
Tax on profit/(loss)
29,263
---------
---------
13. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
240,000
---------
----
14. Intangible assets
Group and company
Licence acquisition costs
£
Cost
At 1 January 2024 and 31 December 2024
192,445
---------
Amortisation
At 1 January 2024 and 31 December 2024
192,445
---------
Carrying amount
At 1 January 2024 and 31 December 2024
---------
At 31 December 2023
---------
15. Tangible assets
Group
Fixtures and fittings
£
Cost
At 1 January 2024
988,381
Additions
40,021
Disposals
( 171)
------------
At 31 December 2024
1,028,231
------------
Depreciation
At 1 January 2024
729,188
Charge for the year
95,162
------------
At 31 December 2024
824,350
------------
Carrying amount
At 31 December 2024
203,881
------------
At 31 December 2023
259,193
------------
Company
Fixtures and fittings
£
Cost
At 1 January 2024
973,769
Additions
40,021
------------
At 31 December 2024
1,013,790
------------
Depreciation
At 1 January 2024
715,120
Charge for the year
94,814
------------
At 31 December 2024
809,934
------------
Carrying amount
At 31 December 2024
203,856
------------
At 31 December 2023
258,649
------------
16. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 January 2024 and 31 December 2024
21,739
--------
Impairment
At 1 January 2024 and 31 December 2024
--------
Carrying amount
At 1 January 2024 and 31 December 2024
21,739
--------
At 31 December 2023
21,739
--------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Hi-Tec Europe GmbH
Ordinary Shares
100
17. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
654,836
2,252,710
654,836
1,389,375
---------
------------
---------
------------
18. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
1,899,989
1,814,095
1,872,197
593,154
Amounts owed by group undertakings
1,663,920
3,899,308
Amounts owed by undertakings in which the company has a participating interest
125,227
125,227
Other debtors
187,760
192,178
31,103
31,011
------------
------------
------------
------------
2,087,749
2,131,500
3,567,220
4,648,700
------------
------------
------------
------------
19. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
979,470
979,470
Trade creditors
1,992,881
1,454,392
1,949,022
1,444,966
Amounts owed to group undertakings
312,730
1,354,479
312,730
1,781,365
Corporation tax
4,154
4,154
Social security and other taxes
58,336
67,002
140,580
67,002
Other creditors
103,297
509,344
41,814
469,100
------------
------------
------------
------------
2,471,398
4,364,687
2,448,300
4,741,903
------------
------------
------------
------------
20. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 117,540 (2023: £ 133,915 ).
21. Financial instruments
The group uses forward foreign currency contracts to reduce exposure to foreign exchange rates. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit and loss in finance costs or income as appropriate.
22. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
--------
--------
--------
--------
23. Security held
The company has provided a debenture including fixed and floating charge to HSBC Bank Plc and HSBC Invoice financing (UK) Ltd.
24. Analysis of changes in net debt
At 1 Jan 2024
Cash flows
At 31 Dec 2024
£
£
£
Cash at bank and in hand
2,459,604
(79,483)
2,380,121
Debt due within one year
(2,333,949)
2,021,219
(312,730)
------------
------------
------------
125,655
1,941,736
2,067,391
------------
------------
------------
25. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
591,987
591,987
591,987
591,987
Later than 1 year and not later than 5 years
955,304
1,547,291
955,304
1,547,291
------------
------------
------------
------------
1,547,291
2,139,278
1,547,291
2,139,278
------------
------------
------------
------------
Hi-Tec Europe Limited
Notes to the Financial Statements (continued)
Year ended 31 December 2024
26. Related party transactions
Group
During the year the group entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Companies under common control
1,297,799
881,287
( 4,438)
( 1,192,429)
------------
---------
-------
------------
During the year the group made purchases and sales with companies under common control.
Company
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Companies under common control
1,289,551
792,866
( 4,038)
( 1,229,619)
------------
---------
-------
------------
27. Controlling party
The company and its subsidiary was under the control of the directors and shareholders of the holding company.