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Registration number: 06186409

Herti UK Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Herti UK Limited

Contents

Company Information

1

Statement of Directors' Responsibilities

2

Independent Auditor's Report

3 to 6

Directors' Report

7

Statement of Income and Retained Earnings

8

Statement of Financial Position

9

Statement of Cash Flows

10

Notes to the Financial Statements

11 to 20

 

Herti UK Limited

Company Information

Directors

Z Zahariev

P Zahariev

Company secretary

Z Zahariev

Registered office

Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

Auditors

Stewart & Co Accountants LLP
Chartered Accountants
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

 

Herti UK Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 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.

 

Herti UK Limited

Independent Auditor's Report to the Members of Herti UK Limited

Opinion

We have audited the financial statements of Herti UK Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s 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 there is a material misstatement in the financial statements or a material misstatement of 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.

 

Herti UK Limited

Independent Auditor's Report to the Members of Herti UK Limited

Opinion on other matter 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 year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 where the Companies Act 2006 requires us to report to you if, in our opinion:

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.

the directors were not entitled to 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 Statement of Directors' Responsibilities [set out on page 2], 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 either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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:

 

Herti UK Limited

Independent Auditor's Report to the Members of Herti UK Limited

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud, we have obtained an understanding of the nature of the industry, the control environment and the legal and regulatory frameworks that the company operates in.

We determined that the most significant applicable legal and regulatory frameworks are those directly relevant to the reporting framework and preparation of the financial statements (FRS 102, Companies Act 2006 and UK tax legislation). We considered the extent to which non-compliance might have a material effect on the financial statements.

We determined the principal risks which could lead to material misstatement of the financial statements to be related to posting inappropriate journal entries and management bias in accounting estimates. We consider there to be no significant risks in respect of accounting estimates.

Audit procedures performed by the engagement team included:

Identifying those members of the Company who have the primary responsibility for ensuring compliance with laws and regulations;

Enquiries with management, to understand managements’ approach to ensuring compliance with laws and regulations, and to obtain knowledge of any non-compliance or potential non-compliance with laws and regulations that could affect the financial statements;

Evaluating managements’ incentives and opportunities for manipulation of the financial statements (including management override of controls);

Testing journal entries and performing analytical procedures to identify any unusual transactions, or those outside the normal course of business, which may indicate risks of material misstatement due to fraud;

Testing of balances and transactions that are subject to estimation uncertainty by review of evidence supporting the assumptions and judgements used, and determining whether those judgements used indicate potential bias;

Review of legal expense accounts to identify spend which may be indicative of breaches of laws and regulations;

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with the provisions of laws and regulations described above.

The engagement team also remained aware of the need for professional scepticism to identify any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Herti UK Limited

Independent Auditor's Report to the Members of Herti 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 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.

......................................
Lucy Evans FCA (Senior Statutory Auditor)
For and on behalf of Stewart & Co Accountants LLP, Statutory Auditor

Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

14 March 2025

 

Herti UK Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal activity

The principal activity of the company is distributing of products made by the parent company, Herti JSC.

Directors of the company

The directors who held office during the year were as follows:

Z Zahariev

P Zahariev

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 14 March 2025 and signed on its behalf by:
 

.........................................
P Zahariev
Director

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

 

Herti UK Limited

Statement of Income and Retained Earnings for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

6,710,183

5,592,945

Cost of sales

 

(6,429,110)

(5,267,581)

Gross profit

 

281,073

325,364

Administrative expenses

 

(183,335)

(165,791)

Operating profit

4

97,738

159,573

Other interest receivable and similar income

5

474

-

 

474

-

Profit before tax

 

98,212

159,573

Taxation

9

(23,961)

(37,533)

Profit for the financial year

 

74,251

122,040

Retained earnings brought forward

 

285,702

163,662

Retained earnings carried forward

 

359,953

285,702

 

Herti UK Limited

(Registration number: 06186409)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

3,206

873

Current assets

 

Stocks

12

416,666

367,481

Debtors

13

1,290,776

1,013,088

Cash at bank and in hand

 

199,050

207,213

 

1,906,492

1,587,782

Creditors: Amounts falling due within one year

15

(1,548,745)

(1,301,953)

Net current assets

 

357,747

285,829

Net assets

 

360,953

286,702

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

359,953

285,702

Shareholders' funds

 

360,953

286,702

Approved and authorised by the Board on 14 March 2025 and signed on its behalf by:
 

.........................................
P Zahariev
Director

 

Herti UK Limited

Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

74,251

122,040

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

264

240

Finance income

5

(474)

-

Income tax expense

9

23,961

37,533

 

98,002

159,813

Working capital adjustments

 

Increase in stocks

12

(49,185)

(85,653)

Increase in trade debtors

13

(277,688)

(287,745)

Increase in trade creditors

15

246,792

384,500

Cash generated from operations

 

17,921

170,915

Income taxes paid

9

(23,961)

(37,533)

Net cash flow from operating activities

 

(6,040)

133,382

Cash flows from investing activities

 

Interest received

5

474

-

Acquisitions of tangible assets

(2,597)

(274)

Net cash flows from investing activities

 

(2,123)

(274)

Net (decrease)/increase in cash and cash equivalents

 

(8,163)

133,108

Cash and cash equivalents at 1 January

 

207,213

74,105

Cash and cash equivalents at 31 December

 

199,050

207,213

 

Herti UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY
England

These financial statements were authorised for issue by the Board on 14 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Exemption from preparing group accounts

The financial statements contain information about Herti UK Limited as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Herti JSC, a company incorporated in Bulgaria.

Judgements

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. It is the opinion of the directors that due to the nature of the entity there are no assumptions or judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

Herti UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

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 take to profit or loss.

Tax

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

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 taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

33.3% reducing balance

Office equipment

25% reducing balance

Motor Vehicles

10 year straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

 

Herti UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Short term creditors are measured at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 

 

Herti UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

3

Revenue

The principal activity of the company is that of distributing products manufactured by its parent company.

The turnover is derived from classes of business and geographical markets that substantially differ from each other. An analysis of each is given below:

Geographical markets

The analysis of the company's Revenue for the year by market is as follows:

2024
£

2023
£

UK

6,546,045

5,571,436

Rest of world

164,138

21,509

6,710,183

5,592,945

4

Operating profit

Arrived at after charging/(crediting)

2024
 £

2023
 £

Depreciation expense

264

240

Cost of stocks recognised as an expense

5,983,473

4,872,075

Impairment of trade debtors

6,781

-

Foreign exchange losses

689

48

Auditor's remuneration - The audit of the company's annual accounts

8,801

9,160

Operating lease expense - plant and machinery

501

-

5

Other interest receivable and similar income

2024
£

2023
£

Other finance income

474

-

 

Herti UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

123,022

104,849

Social security costs

8,086

6,987

Pension costs, defined contribution scheme

6,134

16,432

137,242

128,268

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

2

2

2

2

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

72,922

59,449

Contributions paid to money purchase schemes

3,522

14,522

76,444

73,971

8

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

8,801

9,160

Other fees to auditors

All other non-audit services

9,020

8,984

 

Herti UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024


 

9

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

23,961

37,533

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

98,212

159,573

Corporation tax at standard rate

24,553

39,893

Tax (decrease)/increase from effect of capital allowances and depreciation

(583)

13

Effect of expense not deductible in determining taxable profit (tax loss)

-

(8)

Tax decrease from other tax effects

(9)

(2,365)

Total tax charge

23,961

37,533

10

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

65,000

65,000

At 31 December 2024

65,000

65,000

Amortisation

At 1 January 2024

65,000

65,000

At 31 December 2024

65,000

65,000

Carrying amount

At 31 December 2024

-

-

The above goodwill has been amortised over a useful life of 10 years. The useful life of the goodwill is linked to the associated established customer relationships and contacts.

 

Herti UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

11

Tangible assets

Office equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

1,857

819

-

2,676

Additions

1,425

-

1,172

2,597

At 31 December 2024

3,282

819

1,172

5,273

Depreciation

At 1 January 2024

1,044

759

-

1,803

Charge for the year

234

20

10

264

At 31 December 2024

1,278

779

10

2,067

Carrying amount

At 31 December 2024

2,004

40

1,162

3,206

At 31 December 2023

813

60

-

873

12

Stocks

2024
£

2023
£

Finished goods and goods for resale

416,666

367,481

13

Debtors

Current

2024
£

2023
£

Trade debtors

1,284,720

1,012,471

Prepayments

6,056

617

 

1,290,776

1,013,088

14

Cash and cash equivalents

2024
£

2023
£

Cash at bank

199,050

207,213

 

Herti UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

15

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

36,249

27,118

Amounts due to related parties

20

1,224,755

1,036,212

Social security and other taxes

 

234,018

199,013

Accruals

 

53,723

39,610

 

1,548,745

1,301,953

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £6,134 (2023 - £16,432).

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.

18

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

6,014

-

Later than one year and not later than five years

11,528

-

17,542

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £501 (2023 - £Nil).

 

Herti UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

19

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil per each ordinary share

-

-

 

 

20

Related party transactions

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

76,444

73,971

Summary of transactions with parent

The company sells and distributes the products manufactured by its parent company, Herti JSC. Purchases from Herti JSC during the year consisted of the purchase of stock for resale of £6,030,258 (2023 - £4,957,728) and transport costs of £237,998 (2023 - £219,381).
 

Summary of transactions with other related parties

During the year Herti UK Ltd invoiced Herti US Inc, a related party of the parent company, £81,773 (2023 - £1,091) for goods and logistical services.
 

Expenditure with and payables to related parties

2024

Parent
£

Purchase of goods

6,030,258

Rendering of services

237,998

6,268,256

Amounts payable to related party

1,223,055

2023

Parent
£

Purchase of goods

4,957,728

Rendering of services

219,381

5,177,109

Amounts payable to related party

1,035,894

 

Herti UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

21

Financial instruments

Categorisation of financial instruments

2024
 £

2023
 £

Financial assets that are debt instruments measured at amortised cost

1,288,993

1,038,112

Financial liabilities measured at amortised cost

(1,259,304)

(1,063,012)

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. No transactions have been deferred beyond normal credit terms or financed at non-market rates of interest. The cumulative amortisation on the recognised financial assets and liabilities is £Nil (2023 - £Nil).

22

Parent and ultimate parent undertaking

The company's immediate parent is Herti JSC, incorporated in Bulgaria.

  These financial statements are available upon request from Herti JSC, 38 Antim 1 Str., 9700 Shumen, Bulgaria.
 

Herti JSC is the ultimate parent undertaking and is the parent undertaking of both the largest and smallest group for which group accounts are drawn up and of which the company is a member. The company's owners have the power to amend the financial statements after issue.