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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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HIRTENBERGER DEFENCE HOLDING LIMITED
COMPANY INFORMATION
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HIRTENBERGER DEFENCE HOLDING LIMITED
CONTENTS
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HIRTENBERGER DEFENCE HOLDING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Director presents his Strategic report on Hirtenberger Defence Holdings Limited for the year ended 31 December 2025. The principal activity of the Company during the year was that of a holding company. The Company is the parent undertaking of the Hirtenberger Defence Group. The Company also owns a property which is let to its subsidiary Hirtenberger Defence International Ltd. The Company is owned by Hirtenberger Defence Systems Védelmi Ipari Korlátolt Felelosségu Társaság, which is registered in Hungary (registered office: HU-8100 Várpalota, Szent István út 16).
The Company continues to hold investments in two subsidiary undertakings, Hirtenberger Defence International Limited and Hirtenberger Defence Europe GmbH, as well as an associate undertaking, HDT (NZ) Limited.
The company's turnover represents rental income from Hirtenberger Defence International Ltd and amounted to €55,097 (2024: €214,285). The Company made a profit of €379,272 in the year ended 31 December 2025, compared to a profit of €658,330 in the prior year. The decrese in the profit for the year is due to turnover reducing as rental income ceased in March 2025 from Hirtenberger Defence International Ltd. The carrying value of the investments in subsidiary undertakings is reviewed on an annual basis and no further impairment write down was considered to be required in the current year. The director remains confident in the long term success of the Hirtenberger Defence group. Net assets increased from €30,116,748 to €30,496,020. The increase being due to the interest due in the year.
The Director considers that the principal risks relate to the market value of the Company’s freehold property, intercompany loans and the performance of its investee companies.
Return on assets: 1.24% (2024 - 2.18%)
Earnings per share: €3.29 (2024 - €5.71) Net assets: €30,496,020 (2024 - €30,116,748)
This report was approved by the board on 1 July 2026 and signed on its behalf.
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HIRTENBERGER DEFENCE HOLDING LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Director presents his report and the financial statements for the year ended 31 December 2025.
The Director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Director is required to:
∙select suitable accounting policies for the Company's financial statements 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
The profit for the year, after taxation, amounted to €379,272 (2024 - €658,330).
The Director does not recommend a dividend.
The Director who served during the year was:
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HIRTENBERGER DEFENCE HOLDING LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
On the 27th February 2026 the entire issued share capital of the Company was acquired by 4iG Space and Defence Technologies Private Limited Company, a Company incorporated and registered in Hungary. 4iG Space and Defence Technologies Private Limited Company is now the company's ultimate parent undertaking. This represents a non-adjusting event after the reporting period.
The auditors, Clifford Fry & Co (Statutory auditors), will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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HIRTENBERGER DEFENCE HOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIRTENBERGER DEFENCE HOLDING LIMITED
We have audited the financial statements of Hirtenberger Defence Holding Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of income and retained earnings, the Balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Director with respect to going concern are described in the relevant sections of this report.
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HIRTENBERGER DEFENCE HOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIRTENBERGER DEFENCE HOLDING LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Director is 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's report.
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HIRTENBERGER DEFENCE HOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIRTENBERGER DEFENCE HOLDING LIMITED (CONTINUED)
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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the Company, including obtaining details on how they identify and comply with laws and regulations and whether they were aware of any non-compliance, how they detect and respond to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud, and finally the controls they have in order to mitigate risks of fraud or non-compliance with laws and regulations. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, intentional misrepresentations. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: revenue and profit recognition. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, and enquiries with management. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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HIRTENBERGER DEFENCE HOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIRTENBERGER DEFENCE HOLDING LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
St Mary's House
Netherhampton
Wiltshire
SP2 8PU
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HIRTENBERGER DEFENCE HOLDING LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2025
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HIRTENBERGER DEFENCE HOLDING LIMITED
REGISTERED NUMBER: 10076698
BALANCE SHEET
AS AT 31 DECEMBER 2025
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HIRTENBERGER DEFENCE HOLDING LIMITED
REGISTERED NUMBER: 10076698
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 11 to 22 form part of these financial statements.
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HIRTENBERGER DEFENCE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Hirtenberger Defence Holding Limited is a private company limited by shares incorporated and registered in England and Wales. The address of the Company's principal place of business is Building 106, South Site, Craydown Lane, Stockbridge, SO20 8DX.
The principal activity of the Company continued to be that of a holding company.
The financial statements are presented in Euros (€), which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest €.
2.Accounting policies
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 Companies Act 2006. 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 Company was, at the end of the year, a wholly-owned subsidiary of HDS Védelmi Ipari Korlátolt Felelosségu Társaság, a company incorporated in Hungary, whose registered address is Szent Istvan ut 16. H-8100, Varpalota, Hungary. In accordance with the exemption given in Section 401 of the Companies Act 2006, the Company is not required to produce, and has not published, consolidated accounts.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of HDS Védelmi Ipari Korlátolt Felelosségu Társaság as at 31 December 2025 and these financial statements may be obtained from Szent Istvan ut 16. H-8100, Varpalota, Hungary.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
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HIRTENBERGER DEFENCE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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HIRTENBERGER DEFENCE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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HIRTENBERGER DEFENCE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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HIRTENBERGER DEFENCE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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HIRTENBERGER DEFENCE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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HIRTENBERGER DEFENCE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
There were no factors that may affect future tax charges.
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HIRTENBERGER DEFENCE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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HIRTENBERGER DEFENCE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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HIRTENBERGER DEFENCE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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HIRTENBERGER DEFENCE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Share premium account
Capital contribution reserve
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to €3,275 (2024 - €Nil). Contributions totaling €Nil (2024 - €Nil) were payable to the fund at the balance sheet date.
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HIRTENBERGER DEFENCE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The parent undertaking of the smallest and largest group of undertakings for which group financial statements are drawn up and of which the Company is a member is HDS Védelmi Ipari Korlátolt Felelosségu Társaság ('HDS') whose registered office is Szent István út 16. H-8100, Várpalota, Hungary.
Copies of these group financial statements are available to the public from its registered office. HDS is ultimately owned by Hungarian State through N7 Holding Nemzeti Védelmi Ipari Innovációs Zrt. The ultimate controlling party is the Hungarian Government of the Ministry of National Economy.
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