Company registration number 02580614 (England and Wales)
HERMA UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
HERMA UK LIMITED
COMPANY INFORMATION
Directors
Mr R Jenkinson
Mr O Celil
Mr M Kuhl
Dr G Spachtholz
Mr E Odofin
(Appointed 1 April 2025)
Secretary
Mr R Jenkinson
Company number
02580614
Registered office
5 The Hollands Centre
Hollands Road
Haverhill
CB9 8PR
Auditor
Ensors
Saxon House
Moseley's Farm Business Centre
Fornham All Saints
Bury St Edmunds
IP28 6JY
Business address
5 The Hollands Centre
Hollands Road
Haverhill
CB9 8PR
HERMA UK LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Income statement
11
Statement of comprehensive income
12
Statement of financial position
13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 28
HERMA UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Review of the business

The business continued to operate in a challenging economic environment during 2025, with ongoing uncertainty across domestic and international markets. While inflationary pressures have stabilised, soft domestic market conditions persisted throughout the year, resulting in continued volume and price pressure across both divisions. This was most pronounced within the Self Adhesive Materials division, where subdued demand and competitive pricing impacted sales performance.

Despite these challenges, the UK delivered a resilient performance in 2025. Despite overall turnover declining against the prior year, the labelling systems machinery division was able to secure growth through additional international sales channels, partially offsetting domestic market weakness. While volumes remained under pressure in the materials division, disciplined commercial management and ongoing product development helped protect market share and sustain operational momentum.

International turnover strengthened during the year, reflecting the benefits of increased focus on export markets and closer alignment with the wider HERMA group. This progress reinforces our confidence in the long-term growth potential of the machinery division as international demand continues to develop.

Supply chain performance remained stable, with the significant disruptions experienced in earlier periods no longer impacting operations. This stability has supported improved manufacturing planning and customer service levels across both divisions.

Cost control and overhead management remained a key focus throughout the year. Continued efforts to align the cost base with prevailing market conditions have helped safeguard profitability, and strict financial discipline will remain a priority moving forward.

Reduced sales volumes and sales price pressure have led to lower net profit. Ongoing operational efficiencies within manufacturing, and sustained cost control across both divisions mitigated the impact. The business continues to receive bank interest receipts providing a positive contribution to earnings before tax (EBT).

The balance sheet remains robust, supported by strong cash reserves retained within the UK to ensure adequate working capital. Stock levels continue to be actively managed, and debtor and creditor balances remain well controlled.

As part of the HERMA group, the business continues to benefit from the HERMA 2030 strategy, which is fully embedded within our operations. The strategic pillars of internationalisation, innovation, digitalisation, and sustainability remain central to our approach and continue to guide investment and operational priorities.

Looking ahead, while domestic market conditions are expected to remain challenging in the near term, we are cautiously optimistic about further growth driven by international expansion and continued innovation. The business remains focused on maintaining agility, responding effectively to customer requirements, and meeting its obligations to shareholders, employees, and partners.

HERMA UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Principal risks and uncertainties

Inherent Risk:
The ongoing impact of social and economic factors may continue to place pressure on market conditions. However, the directors are confident that the company is well-positioned to meet demand and achieve its targets for 2026.

Liquidity Risk:
In light of the current financial climate, the company will continue to carefully manage cash reserves and working capital. Daily reviews of cash flow and regular forecasting ensure strong liquidity.

Credit Risk:
The company actively monitors its debtor portfolio and implements a cash-before-order policy where necessary to mitigate risk.

Foreign Currency Risk:
The company operates both domestically and internationally. Exposure to currency risk is expected to be short-term, and the company adjusts sales prices accordingly to limit potential losses from exchange rate fluctuations.

Cashflow Risk:
Like other companies in the industry, we face the risk of non-recovery of debts. This is mitigated through regular credit checks, credit limits, and instalment billing practices.

Price Risk:
Material and component price increases may exceed customer prices. The company mitigates this risk by negotiating pre-agreed supplier prices and developing accurate cost budgets for customer proposals.

Key performance indicators

A summary of the company’s performance over the last three years is as follows:

Year | 2025 | 2024 | 2023 | 2022
Turnover | £49,587,596 | £52,509,269 | £53,765,108 | £55,309,009
Turnover Growth | -5.6% | -2.3% | -2.8% | +10.1%
Gross Profit Margin | 16.3% | 17.5% | 13.9% | 15.7%
Net Profit Before Tax | £2,350,752 | £4,253,758 | £2,501,755 | £3,965,651

In addition to the financial KPIs, the directors regularly review operational performance metrics for each division, including employee headcount, on-time delivery performance, and average employee service. These operational KPIs offer valuable insight into daily business operations and will continue to inform decisions on efficiency and productivity moving forward.

Future Developments

Since the year-end, there have been no significant developments. The company continues to invest in research and development, particularly focusing on automation, robotics, and product handling within the packaging sector. These investments are crucial to ensure continued innovation and improvement in self-adhesive label application systems.

HERMA UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Section 172(1) Statement

Under Section 172 of the Companies Act 2006, the directors have a duty to promote the success of the company. This involves acting in a way they believe will most likely promote the company’s long-term success. HERMA’s overall strategy, set by the group directors, guides the directors of HERMA UK Ltd. The goal is to achieve success by continuously improving, responding flexibly to new challenges, and being a reliable partner. Success is measured by our ability to grow faster than the market, generating earnings that maintain the company’s independence.

The company recognises key stakeholders, including employees, customers, suppliers, and the local community.

- Employees: We encourage the professional and personal development of our employees, motivating them to take on more responsibility both within and outside the company. Ethical, economic, and ecological considerations guide our decision-making.

- Customers: We offer innovative products and services, fostering a collaborative environment where every employee contributes to finding the best solutions. This promotes commitment and engagement.

- Suppliers: We maintain clear agreements with our suppliers, ensuring quality and reliability. Payment terms are agreed upon in advance and strictly followed.

- Local Community and Environment: We are committed to environmental responsibility, taking steps to reduce our impact on natural resources, as detailed in our Carbon Reporting section.

The company’s dividend policy saw a distribution of £2.3 million to shareholders in 2025.

Culture:
HERMA UK Ltd fosters a culture of high quality and precision, challenging employees to reach their targets and rewarding those who excel. We value an open corporate culture, where cooperation and mutual respect lead to a rewarding work environment.

On behalf of the board

Mr R Jenkinson
Director
3 March 2026
HERMA UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activities of the Company during the financial year were the sale of self-adhesive paper & the design, production, and sale of machinery specifically tailored for the application of labels to products. The Company also generated revenue from the servicing of machines.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £2,304,600 (202 4: £3,006,000). The directors do not recommend payment of a final dividend.

Directors

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

Mr R Jenkinson
Mr O Celil
Mr P J Eggbeer
(Resigned 31 March 2025)
Mr M Kuhl
Dr G Spachtholz
Mr E Odofin
(Appointed 1 April 2025)
Auditor

On 1 September 2025 our auditors, Ensors Accountants LLP, merged with Azets Audit Services Limited. Accordingly Ensors Accountants LLP formally resigned as the company’s auditors with the directors duly appointing Azets Audit Services Limited, trading as Ensors to fill the vacancy arising.

The auditor, Azets Audit Services Limited, trading as Ensors will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Carbon Reporting and the Environment

HERMA is committed to sustainability and aims to produce products and services with minimal environmental impact, contributing to the decarbonisation of the packaging industry.

As required by the Companies (Director's Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, the following energy usage data is provided:

2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
1,115,750
907,460
HERMA UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
133.71
99.43
- Fuel consumed for owned transport
-
-
133.71
99.43
Scope 2 - indirect emissions
- Electricity purchased
-
7.76
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
49.95
56.33
Total gross emissions
183.66
163.52
Intensity ratio
Tonnes CO2e per employee
2.02
1.86
Quantification and reporting methodology

Gas usage

HERMA UK have gas supplies to both UK sites, to record the consumption, monthly meter readings are taken and photographed at each site. These are then verified against suppliers invoices. Gas volume is recorded in cubic meters (m³) then converted into KG amounts of CO 2 e using the UK Government conversion factors.

Electricity usage

Electricity consumption is monitored and recorded by monthly meter readings, energy invoices and online reports, measured in kWh and converted to kgCO2e using GHG conversion factors as specified in the UK Government report.

Fuel consumed for transport not owned by the company

Vehicle fleet emissions are determined by recording each individual vehicle mileage from January 1st to the 31st

December. These are reported monthly and the following information is used to calculate the CO2e values:

• The make, model, series and fuel type of each vehicle in the fleet

• The distance travelled by each vehicle during the reporting period of 2025

• The emissions factors for each fuel type using the GHG conversion factor as specified by the UK Government report

The company employs a process to monitor the usage of vehicles by their respective employees. This information, combined with the provided data, is utilised to calculate the overall greenhouse gas emissions per employee who have use of a company vehicle.

Intensity measurement

The chosen intensity measurement is Tonnes CO2e per employee.

HERMA UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
Measures taken to improve energy efficiency

In 2020, an Environmental Committee was established, comprising employees who meet regularly to identify and implement measures for improving environmental efficiency. The management team fully supports this initiative, and a new waste recycling management scheme has been introduced.

The current measures in place to improve energy efficiency are as follows:

LED Lighting: Replace traditional lighting with LED bulbs, which consume up to 75% less energy and last

significantly longer.

Green Tariffs: Partnerships with renewable energy providers to procure wind or solar energy directly.

Energy Monitoring: 100% smart meters to track energy consumption in real time and identify inefficiencies.

From 202 6, HERMA UK are looking to invest in a variety of energy efficiency project that include:

Solar Panels: Install solar panels on building rooftops to generate clean energy and reduce reliance on fossil fuels.

Smart Building Systems: Install smart thermostats, motion sensors for lighting, and energy management systems to optimize energy use in real-time.

Heat Recovery Systems: Capture waste heat from industrial processes and reuse it for heating water or other o perations.

HVAC Upgrades: Use energy-efficient heating, ventilation, and air conditioning systems with programmable controls to reduce energy use.

Energy Awareness Campaigns: Educate employees about simple actions like turning off lights and equipment when not in use.

Green Teams: Establish employee groups dedicated to identifying energy-saving opportunities in their departments.

Incentive Programs: Reward employees or teams for achieving measurable energy savings in their areas.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management objectives and future developments.

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 of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr R Jenkinson
Mr O Celil
Director
Director
3 March 2026
HERMA UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -

The directors are responsible 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 then apply them consistently;

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

- state whether applicable UK 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.

HERMA UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HERMA UK LIMITED
- 8 -
Opinion

We have audited the financial statements of Herma UK Limited (the 'company') for the year ended 31 December 2025 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 2025 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's 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 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 contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

HERMA UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HERMA UK LIMITED (CONTINUED)
- 9 -
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 strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, 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.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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.

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.

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,

Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatements due to fraud. This included work on areas where we consider there is a higher risk of fraud including transactions with related parties, revenue recognition and management override of systems and control and accounting estimates.

HERMA UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HERMA UK LIMITED (CONTINUED)
- 10 -

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal and regulatory framework;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

- Reviewed board minutes for any indication of non-compliance with laws and regulations and indications of fraud

- Tested journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions.

- Robustly challenged accounting estimates to ensure no indication of management bias.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

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.

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.

Christopher Barrett (Senior Statutory Auditor)
For and on behalf of Ensors, Statutory Auditor
Chartered Accountants
Saxon House
Moseley's Farm Business Centre
Fornham All Saints
Bury St Edmunds
IP28 6JY
4 March 2026
HERMA UK LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
£
£
Revenue
3
49,587,596
52,509,269
Cost of sales
(41,531,460)
(43,304,852)
Gross profit
8,056,136
9,204,417
Distribution costs
(1,140,151)
(1,038,932)
Administrative expenses
(4,865,684)
(4,254,282)
Other operating income
20,938
22,641
Operating profit
4
2,071,239
3,933,844
Investment income
8
279,513
319,914
Profit before taxation
2,350,752
4,253,758
Tax on profit
9
(578,772)
(1,069,480)
Profit for the financial year
1,771,980
3,184,278

The income statement has been prepared on the basis that all operations are continuing operations.

HERMA UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
2025
2024
£
£
Profit for the year
1,771,980
3,184,278
Other comprehensive income
-
-
Total comprehensive income for the year
1,771,980
3,184,278
HERMA UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 13 -
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
11
232,094
165,906
Current assets
Inventories
12
3,539,503
3,899,146
Trade and other receivables
13
9,039,884
9,896,585
Cash and cash equivalents
5,243,987
4,304,436
17,823,374
18,100,167
Current liabilities
14
(4,327,195)
(3,999,458)
Net current assets
13,496,179
14,100,709
Total assets less current liabilities
13,728,273
14,266,615
Provisions for liabilities
Deferred tax liability
15
5,397
11,119
(5,397)
(11,119)
Net assets
13,722,876
14,255,496
Equity
Called up share capital
17
50,100
50,100
Retained earnings
18
13,672,776
14,205,396
Total equity
13,722,876
14,255,496
The financial statements were approved by the board of directors and authorised for issue on 3 March 2026 and are signed on its behalf by:
Mr R Jenkinson
Mr O Celil
Director
Director
Company registration number 02580614 (England and Wales)
HERMA UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2024
50,100
14,027,118
14,077,218
Year ended 31 December 2024:
Profit and total comprehensive income
-
3,184,278
3,184,278
Dividends
10
-
(3,006,000)
(3,006,000)
Balance at 31 December 2024
50,100
14,205,396
14,255,496
Year ended 31 December 2025:
Profit and total comprehensive income
-
1,771,980
1,771,980
Dividends
10
-
(2,304,600)
(2,304,600)
Balance at 31 December 2025
50,100
13,672,776
13,722,876
HERMA UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
3,873,839
2,443,335
Income taxes paid
(755,841)
(985,415)
Net cash inflow from operating activities
3,117,998
1,457,920
Investing activities
Purchase of property, plant and equipment
(153,360)
(94,199)
Interest received
279,513
319,914
Net cash generated from investing activities
126,153
225,715
Financing activities
Dividends paid
(2,304,600)
(3,006,000)
Net cash used in financing activities
(2,304,600)
(3,006,000)
Net increase/(decrease) in cash and cash equivalents
939,551
(1,322,365)
Cash and cash equivalents at beginning of year
4,304,436
5,626,801
Cash and cash equivalents at end of year
5,243,987
4,304,436
HERMA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
1
Accounting policies
Company information

Herma UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 The Hollands Centre, Hollands Road, Haverhill, CB9 8PR.

1.1
Basis of preparation

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.

The financial statements are prepared in sterling, 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.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue 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.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

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 benefits 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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
- 20% on cost
Plant and equipment
- 12.5 - 20% on cost
Computers
- 33% on cost

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.

HERMA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.5
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). 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.

Recoverable amount is the higher of fair value less costs to sell and 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.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.

1.6
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.

1.7
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 current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

HERMA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Basic financial assets

Basic financial assets, which include trade and other receivables 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 paymen ts 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 payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

HERMA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

HERMA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

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

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

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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
Revenue
2025
2024
£
£
Revenue analysed by class of business
Sale of goods
40,523,204
44,357,884
Sale of machines & servicing
9,064,392
8,151,385
49,587,596
52,509,269
2025
2024
£
£
Revenue analysed by geographical market
United Kingdom
45,088,138
49,835,556
Europe
1,935,814
1,063,732
United States of America
1,605,776
1,478,495
Rest of the world
957,868
131,486
49,587,596
52,509,269
2025
2024
£
£
Other revenue
Interest income
279,513
319,914
HERMA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
690
52,562
Depreciation of property, plant and equipment
87,090
74,222
Loss on disposal of property, plant and equipment
82
-
Operating lease charges
438,645
397,651
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
33,065
30,250
For other services
Taxation compliance services
3,000
2,500
All other non-audit services
2,650
2,500
5,650
5,000
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Administration and sales
46
45
Production
43
41
Directors
2
2
Total
91
88

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,763,946
3,401,438
Social security costs
478,610
371,318
Pension costs
246,570
188,699
4,489,126
3,961,455
HERMA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
288,232
212,788
Company pension contributions to defined contribution schemes
78,893
90,550
367,125
303,338
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
129,977
110,240
Company pension contributions to defined contribution schemes
63,243
58,320
8
Investment income
2025
2024
£
£
Interest income
Interest on bank deposits
279,494
317,938
Other interest income
19
1,976
Total income
279,513
319,914
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
279,494
317,938
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
584,494
1,081,199
Deferred tax
Origination and reversal of timing differences
(5,722)
(11,719)
Total tax charge
578,772
1,069,480
HERMA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Taxation
(Continued)
- 23 -

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:

2025
2024
£
£
Profit before taxation
2,350,752
4,253,758
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
587,688
1,063,440
Tax effect of expenses that are not deductible in determining taxable profit
3,712
6,040
Adjustments in respect of prior years
47,925
-
0
Deferred tax adjustments in respect of prior years
16,810
-
0
Movement in deferred tax not recognised
(77,363)
-
0
Taxation charge for the year
578,772
1,069,480
10
Dividends
2025
2024
£
£
Interim paid
2,304,600
3,006,000
11
Property, plant and equipment
Leasehold improvements
Plant and equipment
Computers
Total
£
£
£
£
Cost
At 1 January 2025
438,976
1,919,531
459,938
2,818,445
Additions
52,401
58,660
42,299
153,360
Disposals
-
0
(14,977)
(57,886)
(72,863)
At 31 December 2025
491,377
1,963,214
444,351
2,898,942
Depreciation and impairment
At 1 January 2025
421,861
1,808,364
422,314
2,652,539
Depreciation charged in the year
7,846
39,597
39,647
87,090
Eliminated in respect of disposals
-
0
(14,977)
(57,804)
(72,781)
At 31 December 2025
429,707
1,832,984
404,157
2,666,848
Carrying amount
At 31 December 2025
61,670
130,230
40,194
232,094
At 31 December 2024
17,115
111,167
37,624
165,906
HERMA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
12
Inventories
2025
2024
£
£
Raw materials and consumables
1,117,453
1,157,540
Work in progress
477,131
696,247
Finished goods and goods for resale
1,944,919
2,045,359
3,539,503
3,899,146
13
Trade and other receivables
2025
2024
as restated
Amounts falling due within one year:
£
£
Trade receivables
7,591,011
8,959,206
Corporation tax recoverable
96,648
-
0
Amounts owed by group undertakings
789,853
737,728
Prepayments and accrued income
562,372
199,651
9,039,884
9,896,585
14
Current liabilities
2025
2024
as restated
£
£
Payments received on account
439,625
169,112
Trade payables
362,189
394,770
Amounts owed to group undertakings
1,829,238
1,643,778
Corporation tax
-
0
74,699
Other taxation and social security
1,222,349
82,208
Other payables
92,329
1,267,767
Accruals and deferred income
381,465
367,124
4,327,195
3,999,458

HERMA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
5,835
11,119
Fixed asset differences
(438)
-
5,397
11,119
2025
Movements in the year:
£
Liability at 1 January 2025
11,119
Credit to profit or loss
(5,722)
Liability at 31 December 2025
5,397

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
246,570
188,699

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
50,100
50,100
50,100
50,100
Issued and fully paid
Ordinary shares of £1 each
50,100
50,100
50,100
50,100

The company has one class of ordinary shares which carry no rights to fixed income. Each ordinary share ranks pari passu in regards to voting rights and dividends

HERMA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
18
Retained earnings

This reserve includes all current and prior period retained profits and losses.

19
Financial commitments, guarantees and contingent liabilities

As at 31 December 2025 the company had entered into contracts for the acquisition of plant and machinery which were not provided for in the financial statements. The outstanding commitment at the reporting date totalled £776,861(2024: £nil).

20
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
374,091
429,641
Years 2-5
1,100,514
1,168,633
After 5 years
83,729
313,984
1,558,334
1,912,258

Lease payments in the period recognised as an expense in the profit or loss amount to £438,645 (2024: £397,651)

21
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
£
£
£
£
Entities with control, joint control or significant influence over the company
920,291
224,501
36,926,836
39,202,782
Recharges
-
-
293,725
248,677
Other related parties
1,923,287
2,072,077
26,156
27,035
HERMA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
21
Related party transactions
(Continued)
- 27 -
Purchase of services
2025
2024
£
£
Other related parties
73,354
116,084
2025
2024
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,827,260
1,625,260
Other related parties
1,978
-

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
519
-
Other related parties
789,334
719,210
22
Ultimate controlling party

At the financial year end the immediate parent company is considered to be HERMA GmbH, Filderstadt, a company incorporated and registered in Germany.

The ultimate parent company which holds 100% of the issued share capital is considered to be Herma Holdings GmbH + Co KG, a company incorporated and registered in Germany. Herma Holdings GmbH + Co KG is the parent of the smallest and largest group preparing consolidated financial statements which include the results of Herma UK Limited. Copies of the Herma Holdings GmbH + Co KG consolidated financial statements are available from its registered office, HERMA Holding GmbH + Co KG, Heinrich-Hermann-Straße 14, 70794 Filderstadt, Germany.

HERMA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
23
Cash generated from operations
2025
2024
£
£
Profit after taxation
1,771,980
3,184,278
Adjustments for:
Taxation charged
578,772
1,069,480
Investment income
(279,513)
(319,914)
Loss on disposal of property, plant and equipment
82
-
Depreciation and impairment of property, plant and equipment
87,090
74,222
Movements in working capital:
Decrease/(increase) in inventories
359,643
(49,439)
Decrease/(increase) in trade and other receivables
953,349
(896,411)
Increase/(decrease) in trade and other payables
402,436
(618,881)
Cash generated from operations
3,873,839
2,443,335
24
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
4,304,436
939,551
5,243,987
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