Company No: SC219404 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.12.2024		31.12.2023
		£		£
Fixed assets
Intangible assets	4	92,479		117,700
Tangible assets	5	587,010		566,053
		679,489		683,753
Current assets
Stocks	6	820,027		1,002,866
Debtors
- due within one year	7	1,202,260		1,318,019
- due after more than one year	7	626,572		600,000
Cash at bank and in hand	8	212,755		496,315
		2,861,614		3,417,200
Creditors: amounts falling due within one year	9	( 1,636,407)		( 1,925,944)
Net current assets		1,225,207		1,491,256
Total assets less current liabilities		1,904,696		2,175,009
Creditors: amounts falling due after more than one year	10	( 1,175,244)		( 1,232,310)
Net assets		729,452		942,699
Capital and reserves
Called-up share capital	11	2,010,000		2,010,000
Profit and loss account		( 1,280,548 )		( 1,067,301 )
Total shareholders' funds		729,452		942,699

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Hendrik Veder Group UK limited (registered number: SC219404) were approved and authorised for issue by the Director on 26 September 2025. They were signed on its behalf by:

Stewart Groves Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hendrik Veder Group UK limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is Unit 7 Woodside Road, Bridge Of Don Industrial Estate, Aberdeen, AB23 8EF, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have prepared these financial statements on the going concern basis. However, the company is dependent on financial support from its parent company to meet its liabilities as they fall due. The parent company, Hendrik Veder Group Holding B. V has provided a letter of support confirming it will not demand repayment of intercompany loans amounting to £1.7 million for at least 12 months from the approval date. Notwithstanding this, the parent company has reported losses of €1.9 million and net current liabilities of €3.7 million in its latest financial statements, which indicate material uncertainties regarding its own liquidity position and ability to provide ongoing support. These conditions, together with the company's own loss of £239,819 and revenue decline of 20.1%, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financial arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefit associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rate on the basis of the carrying amount of each asset in the unit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	6.67 - 25 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	25 % reducing balance
Computer equipment	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Useful economic lives of tangible assets:
The annual depreciation charge for tangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. They are amended when necessary to reflect current estimates, based on economic utilisation and the physical condition of the assets.

Going concern assumption:
The going concern is a judgement exercised by management (see note 1.3)

Goodwill:
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

3. Employees

	31.12.2024		31.12.2023
	Number		Number
Monthly average number of persons employed by the company during the year, including the director	33		31

4. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 January 2024	168,142		168,142
At 31 December 2024	168,142		168,142
Accumulated amortisation
At 01 January 2024	50,442		50,442
Charge for the financial year	25,221		25,221
At 31 December 2024	75,663		75,663
Net book value
At 31 December 2024	92,479		92,479
At 31 December 2023	117,700		117,700

5. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 January 2024	927,845		41,407		19,770		74,175		1,063,197
Additions	99,125		0		2,007		1,077		102,209
At 31 December 2024	1,026,970		41,407		21,777		75,252		1,165,406
Accumulated depreciation
At 01 January 2024	432,528		39,181		9,930		15,505		497,144
Charge for the financial year	59,303		557		2,849		18,543		81,252
At 31 December 2024	491,831		39,738		12,779		34,048		578,396
Net book value
At 31 December 2024	535,139		1,669		8,998		41,204		587,010
At 31 December 2023	495,317		2,226		9,840		58,670		566,053

6. Stocks

	31.12.2024		31.12.2023
	£		£
Stocks	820,027		1,002,866

7. Debtors

	31.12.2024		31.12.2023
	£		£
Debtors: amounts falling due within one year
Trade debtors	1,154,456		1,216,795
Prepayments	47,804		101,224
	1,202,260		1,318,019
Debtors: amounts falling due after more than one year
Deferred tax asset	626,572		600,000

8. Cash and cash equivalents

	31.12.2024		31.12.2023
	£		£
Cash at bank and in hand	212,755		496,315

9. Creditors: amounts falling due within one year

	31.12.2024		31.12.2023
	£		£
Trade creditors	875,181		449,085
Amounts owed to group undertakings	0		436,014
Other loans	510,382		771,449
Accruals	89,060		119,849
Other taxation and social security	154,644		142,054
Other creditors	7,140		7,493
	1,636,407		1,925,944

Included within other loan is an amount of £435,844. As part of the security for the invoice factoring facility, the Bank of Scotland holds a fixed and floating charge over the company's assets .

10. Creditors: amounts falling due after more than one year

	31.12.2024		31.12.2023
	£		£
Amounts owed to parent undertakings	1,175,244		1,232,310

The company has an unsecured loan facility from its parent company, Hendrik Veder Group Holding B. V. , amounting to £1,175,244 as at 31 December 2024 (2023: £1,232,310). The loan is interest-free and has no fixed repayment date. It is classified as a long-term liability due to the parent company 's intentions not to call for repayment within the next 12 months.

11. Called-up share capital

	31.12.2024		31.12.2023
	£		£
Allotted, called-up and fully-paid
2,010,000 Ordinary shares of £ 1.00 each	2,010,000		2,010,000

12. Financial commitments

Commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

	31.12.2024		31.12.2023
	£		£
Total future minimum lease payments under non-cancellable operating lease	65,947		36,695

13. Events after the Balance Sheet date

On 17 April 2025, Engelbertus Albertus Maria Zonneveld resigned as Director of the Company. On 7 April 2025, Stewart Groves was appointed to the Board of Directors.

These changes occurred after the reporting period and do not affect the financial results for the year ended 31 December 2024.

14. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2024 was unqualified.

The audit report was signed by Jack Borg-Delaney FCCA on behalf of Hall Morrice LLP.

15. Ultimate controlling party

Parent Company:

Hendrik Vender Group Holding B.V, incorporated in the Netherlands

Eemhavenweg 131, 3089 KE.Rottlerdam, The Netherlands.