ACCOUNTS - Final Accounts preparation

Registered number: 13925302

HADELAND GLASSVERK UK LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

Chartered Accountants

2nd Floor, Heathmans House

19 Heathmans Road

London

SW6 4TJ

HADELAND GLASSVERK UK LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HADELAND GLASSVERK UK LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hadeland Glassverk UK Limited for the year ended 31 December 2024 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Hadeland Glassverk UK Limited in accordance with the terms of our engagement letter dated 03 Feb 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Hadeland Glassverk UK Limited and state those matters that we have agreed to state to the director of Hadeland Glassverk UK Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hadeland Glassverk UK Limited and its director for our work or for this report.

It is your duty to ensure that Hadeland Glassverk UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hadeland Glassverk UK Limited. You consider that Hadeland Glassverk UK Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Hadeland Glassverk UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haggards Crowther LLP

2nd Floor, Heathmans House

19 Heathmans Road

London

SW6 4TJ

29 December 2025

Page 1

HADELAND GLASSVERK UK LIMITED

REGISTERED NUMBER: 13925302

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£


Current assets
Debtors: amounts falling due within one year	5	30,709		11,420
Cash at bank and in hand	6	17,849		16,456
		48,558		27,876
Creditors: amounts falling due within one year	7	(277,456)		(308,848)
Net current liabilities			(228,898)		(280,972)
Total assets less current liabilities			(228,898)		(280,972)

Net liabilities			(228,898)		(280,972)

Capital and reserves
Called up share capital	45,000	45,000
Profit and loss account	(273,898)	(325,972)
	(228,898)	(280,972)

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 December 2025.

Andreas Østby

Director

The notes on pages 4 to 8 form part of these financial statements.

Page 2

HADELAND GLASSVERK UK LIMITED

REGISTERED NUMBER: 13925302

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

Page 3

HADELAND GLASSVERK UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Hadeland Glassverk UK Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 13925302 and its registered address is 2nd Floor, Heathmans House, 19 Heathmans Road, SW6 4TJ, London, United Kingdom.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. 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 following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements. The directors consider that the company is a going concern on the basis that the Parent Company will continue to provide financial support for the foreseeable future in order to assist the company in meeting its liabilities as they fall due.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

HADELAND GLASSVERK UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Interest income

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

2.6

Finance costs

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

2.7

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.8

Debtors

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

Page 5

HADELAND GLASSVERK UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Cash and cash equivalents

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

2.10

Creditors

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

2.11

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.12

Deferred Tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	Judgments in applying accounting policies 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. In the opinion of the directors there are no judgements or key sources of estimation uncertainty that affect the preparation of the financial statements.

Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 6

HADELAND GLASSVERK UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	25,491	8,188
Other debtors	5,218	3,232
	30,709	11,420

6.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	17,849	16,456
	17,849	16,456

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	37,015	9,477
Other taxation and social security	6,910	8,144
Other creditors	230,151	258,958
Accruals and deferred income	3,380	32,269
	277,456	308,848

Related party transactions

The Company is a wholly owned subsidiary of Hadeland Glassverk AS, a company incorporated and based in Norway.

The following related party transactions and balances with the parent company were outstanding as at 31 December 2024:
•Included within other creditors is an intercompany loan of £229,752 (2023: £258,441).
•Included within trade and other payables is an amount of £36,287 (2023: £7,341) arising from the trading of goods during the year.
•Interest of £15,030 (2023: £nil) was charged during the year on the intercompany loan at a rate of 7% per annum, calculated on the loan outstanding at the year end.

All related party balances are unsecured and repayable on demand.

Page 7

HADELAND GLASSVERK UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Controlling party

The ultimate controlling party of the company is Mr Atle Brynestad through his shareholding in the Norway
based parent undertaking, AS Hadeland Glassverk.

Page 8