Company Registration No. 10066899 (England and Wales)
HERSHEY UK HOLDING LIMITED
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
HERSHEY UK HOLDING LIMITED
COMPANY INFORMATION
Directors
Ms K S Purcell
Dr V Walter
Secretary
CSC CLS (UK) Limited
Company number
10066899
Registered office
5 Churchill Place
10th Floor
London
United Kingdom
E14 5HU
Auditor
SRG (AUDIT) LLP
10 Bolt Court
3rd Floor
London
EC4A 3DA
Bankers
Citi UK London
33 Canada Square
Canary Wharf
London
E14 5LB
HERSHEY UK HOLDING LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 15
HERSHEY UK HOLDING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Principal activities

The principal activity of the company is that of a holding company.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Ms K S Purcell
Dr V Walter
Results and dividends

The company made an operating loss for the year of $38,901 (202 3: $34,593), this is set out on page 8.

Dividends of $91,836,205 were paid. The directors do not recommend payment of a final dividend.

Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

In accordance with section 485 of the Companies Act 2006, a resolution to reappoint SRG (AUDIT) LLP as auditors will be put to the members at the Annual General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the company’s auditor is unaware. Having made enquiries of fellow directors and the company's auditor, each director ha s taken all the necessary steps that they are obliged to take as a director in order to make themselves aware of a ny relevant audit information and to establish that the company’s auditor is aware of that information.

Going Concern

The directors have taken into account any expected impact of the Ukraine war, economic volatility and other factors.

The directors believe that the company is a bona fide going concern, and have therefore prepared the accounts on this basis. The company is a holding company of a profitable UK trading subsidiary, which in turn h olds 99.99% of a profitable trading Swiss subsidiary. The ultimate parent has financed the company through the issue of share capital, and it is expected that dividends will continue to be declared and paid to the company in the future.

The ultimate parent has confirmed they will finance the company’s working capital requirements for the foreseeable future.

HERSHEY UK HOLDING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Future developments

The company will continue to be a holding company in the foreseeable future.

Small companies provision

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

On behalf of the board
Dr V Walter
Director
7 September 2025
HERSHEY UK HOLDING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors are responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HERSHEY UK HOLDING LIMITED
- 4 -
Opinion

We have audited the financial statements of Hershey UK Holding Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes 1 to 13, 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 year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including FRS102; 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's responsibilities for the audit of the financial statements section of our report below. 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

I n 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. 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 our audit:

- the information given in the directors' r eport 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.

INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HERSHEY UK HOLDING LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d 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:

- 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 3, 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'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 overleaf.

INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HERSHEY UK HOLDING LIMITED
- 6 -

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the company through discussions with members and other management, and from our commercial knowledge;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery and environmental;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation; and

• enquiring of management as to actual and potential litigation and claims.

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

INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HERSHEY UK HOLDING LIMITED
- 7 -
The purpose of our audit work and to whom we owe our responsibilities

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.

Jacqueline McCarrell (Senior Statutory Auditor)
for and on behalf of SRG (AUDIT) LLP
Chartered Accountants
Statutory Auditor
10 Bolt Court
3rd Floor
London
EC4A 3DA
Date:
9 September 2025
HERSHEY UK HOLDING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
$
$
Administrative expenses
(38,901)
(34,593)
Interest receivable and similar income
5
91,975,105
169,087,328
Profit before taxation
91,936,204
169,052,735
Taxation
8
-
0
-
0
Profit for the financial year
91,936,204
169,052,735
Other comprehensive income
-
-
Total comprehensive income for the year
91,936,204
169,052,735

The profit and loss account has been prepared on the basis that all activities are from continuing operations.

HERSHEY UK HOLDING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
$
$
$
$
Fixed assets
Investments
7
970,001
970,001
Current assets
Debtors
9
204,000
165,100
Cash at bank and in hand
73,377
15,853
277,377
180,953
Creditors: amounts falling due within one year
11
(30,212)
(33,787)
Net current assets
247,165
147,166
Total assets less current liabilities
1,217,166
1,117,167
Capital and reserves
Called up share capital
1,017,129
1,017,129
Capital contribution reserve
100,000
100,000
Profit and loss reserves
100,037
38
Total equity
1,217,166
1,117,167

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The financial statements were approved by the board of directors and authorised for issue on 7 September 2025 and are signed on its behalf by:
Dr V Walter
Director
Company Registration No. 10066899
HERSHEY UK HOLDING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share
Capital
capital
cont. reserve
Profit and loss reserve
Total
$
$
$
$
Balance at 1 January 2023
1,017,129
100,000
31
1,117,160
Loss and total comprehensive income for the year
-
-
169,052,735
169,052,735
Dividends
-
-
(169,052,728)
(169,052,728)
Balance at 31 December 2023
1,017,129
100,000
38
1,117,167
Profit and total comprehensive income for the year
-
-
91,936,204
91,936,204
Dividends
-
-
(91,836,205)
(91,836,205)
Balance at 31 December 2024
1,017,129
100,000
100,037
1,217,166
HERSHEY UK HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Hershey UK Holding Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Churchill Place, 10th Floor, London, United Kingdom, E14 5HU.

1.1
Accounting convention

The company is exempt under section 401 of the Companies Act 2006 from the requirement to prepare group financial statements. These financial statements present information about the company as an individual undertaking and not about its group.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in dollar, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of The Hershey Company, a company incorporated in the United States of America, which as at 31 December 202 4 the directors consider the ultimate parent undertaking and controlling entity. These consolidated financial statements can be obtained from 19 East Chocolate Avenue, Hershey, Pennsylvania 17033, USA.

HERSHEY UK HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.2
Going concern

The directors have taken into account any expected impact of the Ukraine war, economic volatility and other factors.

The directors believe that the company is a bona fide going concern, and have therefore prepared the accounts on this basis. The company is a holding company of a profitable UK trading subsidiary, which in turn h olds 99.99% of a profitable trading Swiss subsidiary. The ultimate parent has financed the company through the issue of share capital, and it is expected that dividends will continue to be declared and paid to the company in the future.

The ultimate parent has confirmed they will finance the company’s working capital requirements for the foreseeable future.

1.3
Income

Dividend income is recognised when the right to receive payment is established.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short term deposits with an original maturity date of three months or less.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.6
Taxation

The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions is based on various factors, such as experience with previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority.

Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Further details are contained in note 8.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HERSHEY UK HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.7
Foreign exchange

Transactions in foreign currencies are translated to the company’s functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the profit and loss account.

1.8

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
$
$
Fees payable to the company's auditor for the audit of the company's financial statements
14,639
13,001
4
Employees
The average number of persons, including directors, employed by the company during the year was as follows:
2024
2023
Number
Number
Employees
0
0

The company had no employees during the period.

HERSHEY UK HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
5
Interest receivable and similar income
2024
2023
$
$
Interest receivable and similar income includes the following:
Income from shares in group undertakings
91,975,105
169,087,328
6
Directors' remuneration
2024
2023
$
$
Remuneration paid to directors
-
0
-
0

The company is a wholly owned subsidiary of Hershey International LLC, the Directors therefore received no dividends in respect of shares held in Hershey UK Holding Limited.

7
Fixed asset investments
2024
2023
$
$
Shares in group undertakings and participating interests
970,001
970,001
8
Taxation

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
$
$
Profit before taxation
91,936,204
169,052,735
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
22,984,051
42,263,184
Group relief
9,725
8,648
Dividend income
(22,993,776)
(42,271,832)
Taxation charge for the year
-
-
9
Debtors
2024
2023
Amounts falling due within one year:
$
$
Amounts owed by group undertakings
204,000
165,100
HERSHEY UK HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
10
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered
Nature of business
Holding
% Held
office key
Direct
Indirect
Hershey UK Finance Limited
1
Provision of sales and marketing services
970,001
100.00
0
Registered Office addresses:
1
5 Churchill Place, 10th Floor, London, E14 5HU
11
Creditors: amounts falling due within one year
2024
2023
$
$
Accruals and deferred income
30,212
33,787
12
Related party transactions

The company is exempt under the terms of FRS102 Section 33, Related Party Disclosures from disclosing related party transactions with entities that are part of The Hershey Group or investees of The Hershey Group provided that any subsidiary which is party to the transaction is wholly owned by the group.

13
Parent company

The company is a wholly owned subsidiary of Hershey International LLC, a company incorporated in the United States of America. The largest group in which the results of the company are consolidated is, at the year-end, that headed by The Hershey Company, a company incorporated in the United States of America, which as at 31 December 202 3 the Directors consider the ultimate parent undertaking and controlling entity. Copies of The Hershey Company's group financial statements can be obtained from 19 East Chocolate Avenue, Hershey, Pennsylvania 17033, USA.

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