|
Den Hartogh Dry Bulk Logistics Limited
Registered number: 01591693
Annual report and
financial statements
For the year ended 31 December 2025
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
COMPANY INFORMATION
|
|
|
|
|
J W Visser (appointed 31 December 2025)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chartered Accountants & Statutory Auditor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
CONTENTS
|
|
|
|
|
|
|
|
|
Independent Auditor's Report
|
|
Statement of Comprehensive Income
|
|
Statement of Financial Position
|
|
Statement of Changes in Equity
|
|
Notes to the Financial Statements
|
|
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their Strategic Report for the financial year ended 31 December 2025.
The principal activity of the company continued to be the provision of intermodal logistics for dry bulk materials and UK terminal operations.
Reported revenue for the year ended 31 December 2025 was €79.2m (2024: €76.4m), an increase of 3.7%. The business will continue to focus on the successful strategy of strengthening customer and supplier relationships, to allow us to deliver excellent service levels, and secure new business.
We have continued our commitment to broadening the offering of our type of equipment to both new and existing customers to insulate us from the volatility of the petrochemical market, the supported investment allows us to diversify with other equipment types. Our tendering process has proven successful during the year, securing significant contract renewals and retaining key customer relationships.
For the year ended 31 December 2025, the Company made a loss before tax of €1.0m (2024: profit before tax of €5.1m). This reduced result reflects lower gross profit and operating margins arising from considerable operational challenges during the year, largely out of the Company’s control. This impacted margins and increased operating costs, including inflation associated with statutory people costs and moreover smaller UK suppliers, we have partially mitigated this by having constraint over our discretionary overheads. At 31 December 2025, the Company had net assets of €15.9m (2024: €16.8m) and cash and cash equivalents of €1.6m (2024: €0.5m).
Principal risks and uncertainties
|
The management of the business and the execution of the Company's strategy are subject to several risks. The general international economic situation means we consider there to be a continuing risk of inflation. Despite challenges in the EU polymer market and plant consolidations with our key customers, we continue to be agile. Our business model always passes on fuel charges, which protects us against increasing fuel costs. The other key business risks and uncertainties affecting the Company are considered to relate to loss of customers, competition, shortage of trucking, loss of key individuals, quality, health, safety and environmental compliance, utilisation, the cost of balancing the fleet as well as changes in legislation. The directors and local management continue to monitor remuneration through benchmarking method.
Financial key performance indicators
|
The Directors consider turnover, gross margin, margin per trip, Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA), profit before tax and net assets to be the key performance indicators of the Company. Turnover increased to €79.2m (2024: €76.4m) and EBITDA decreased to €2.4m (2024: €7.5m) whilst gross margin decreased to 13.2% (2024: 17.4%). Turnover has increased because of improving our Regional Commercial presence which supported both existing and emerging markets. We expect the revenue to continue this growth trajectory over the next few years, therefore increasing the gross margin amount back to a more favourable level. Our Commercial strategy is taking a more proactive approach to our customers, in line with our continuous focus on our 5 pillars of our roadmap, we have improved our fleet utilisation levels over the past 2 years.
- 1 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
For the year ended 31 December 2025, the Company made a loss before tax of €1.0m (2024: profit before tax of €5.1m). Net assets decreased from €16.8m to €15.9m as a result of the loss made in the year. To ensure continued focus on positive performance, the directors and management team of Den Hartogh Dry Bulk review a monthly management pack which tracks Key Performance Indicators from all areas of the business. This supports proactive decision-making, to ensure that performance remains in line with expectations. Margin per trip across all lanes is determined monthly as part of the Commercial Performance analysis. This data facilitates a month-by-month comparison to identify performance trends and variances. Directors utilise this analysis to identify sub-optimal performance and implement appropriate actions.
The Company has a clear strategy for growth with a focus on operational efficiency and control of its cost base. The focus is mainly on intermodal solutions and our strategy to diversify our business in cargo choice, geographic area, and our customer base provides a sound platform for the future, improving network balance.
Directors' statement of compliance with duty to promote the success of the Company
|
Legislation has been introduced to help stakeholders better understand how directors have discharged their duty to promote the success of the Company, while having regard to the matters set out in section 172(1)(a) to (f) of the CA2006.
The board of directors of Den Hartogh Dry Bulk Logistics Limited ('Den Hartogh') consider that they have acted in good faith, in making decisions that would most likely promote the success of the Company, for the benefit of its members and having regard for stakeholders, as set out in s172(1)(a) to (f) of the Act.
a) Den Hartogh is a family owned business with a proud and successful history of over 101 years. Key to the continuing long term success of the Company are decisions made for the long term. Business planning centres upon five year strategic reviews with annual updates through preparing One Page Strategies and Budgets that promote ambition, innovation and investment, to further grow and develop the business in the long term.
b) Safety is Den Hartogh's number one priority. The health, safety and wellbeing of all employees is seen as crucial to the long term future success of the business. This commitment is seen across the business and is a permanent board meeting agenda item. Our six core values also demonstrate commitment to the interests of our employees and for creating a great environment for employees to enjoy work and to learn and develop.
c) Excellent external relationships are critical for the success of the business and in executing every day operations. Logistics is a people based industry, connecting suppliers to customers through different modes of transport, road, rail and water. Den Hartogh works closely with selected supplier partners to enable excellent customer service and applies a 'right first time' philosophy in providing logistics services.
d) Den Hartogh is respectful of all people in all the countries. Actively seeking to support local communities by promoting the employment of local people and engaging local sub-contractors, wherever possible. Den Hartogh supports and promotes local charity initiatives through local and group wide schemes, such as the Den Hartogh Community Cares programme. Sustainability and protecting the environment in which we operate is important to us at Den Hartogh. The revised five year road map now includes the important strategic pillar of Environmental Sustainability. A good example is the Company signing up to Operation Clean Sweep, which is a commitment to adhere to best practice and implement systems to prevent plastic pellet loss, together with playing a part in protecting the aquatic environment.
e) As a board of directors our intention is to behave responsibly and ethically to ensure that the business maintains a high standard of business conduct and good governance. In doing so, we will maintain excellent customer, supplier and other external relationships, nurturing our reputation through right first time service and offering solutions through Smart Logistics. Internal governance is enhanced through the Group Advisory Board which has independent representation, providing guidance and consultation.
- 2 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
f) As a board of directors, our intention is to behave responsibly toward our shareholders, treating them fairly and equally and in making decisions in the best interests of our shareholders for long term benefit. Den Hartogh has invested in new equipment (new builds /refurbish) and people (training) to ensure the best opportunities exist to support long term success of the business.
This report was approved by the board on 18 September 2026 and signed on its behalf.
- 3 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
|
The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
The loss for the year, after taxation, amounted to €911k (2024: profit €4,086k).
The Directors do not recommend payment of a dividend (2024: €Nil).
The Directors who served during the year were:
|
|
J W Visser (appointed 31 December 2025)
|
A C Paape (resigned 31 December 2025)
|
- 4 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors have assessed the balance sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current assets of €10.3m (2024: €9.6m). The Company is supported through loans from the parent company. The Directors have received written confirmation from Den Hartogh Holding B. V. that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and that the parent company will continue to provide support. The Directors consider the parent company to have the ability to provide any support. After making enquiries, the Directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Financial Risks Management Objectives and Policies
|
The Company's activities expose it to a number of financial risks including cash flow risk, credit risk, interest rate risk and liquidity risk. The use of financial derivatives is governed by the Company's policies approved by the board of directors, which provide written principles on the use of financial derivatives to manage these risks. The Company does not use derivative financial instruments for speculative purposes.
Cash flow risk
The Company's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Credit risk
The Company's principal financial assets are bank balances and cash, trade debtors and other receivables, and investments.
The Company's credit risk is primarily attributable to its trade debtors. The amounts presented in the Balance Sheet are net of allowances for doubtful trade debtors. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The Company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the wider Group uses a mixture of long-term and short-term debt finance.
Interest rate risk
All of our current interest costs are in relation to Fixed Rate Lending. We do not foresee any need to deviate from this current business model. We are insulated from any national increases in interest rates offered for lending due to having Euro Denominated Bank accounts which give us access to European based bank Interest rates.
Directors' Indemnity Provisions
|
The Company has made qualifying third party indemnity provisions for the benefit of its Directors which were made during the financial year and remain in force at the date of this report.
- 5 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Engagement with Suppliers, Customers and Others
|
Details of engagement with suppliers, customers and others can be found in the Strategic Report under the section 172 of the Companies Act 2006 statement.
Greenhouse gas emissions, energy consumption and energy efficiency action
|
The Company has taken the following measures to increase energy efficiency:
|
|
|
|
|
|
|
|
Energy consumption used to calculate emissions
|
|
|
|
|
|
|
Emissions from combustion of fuel for transport purposes
|
|
|
Emissions from purchased electricity
|
|
|
|
|
|
|
Intensity Ratio
tCO2e / £m turnover (fuel for transport + electricity) for the current year is 7.77 (2024: 7.05).
tCO2e / £m turnover (fuel for transport + electricity + business travel + transportation of sold products) for the current year is 38.04 (2024: 51.93).
tCO2e emissions from business travel in rental cars or employee-owned vehicles where the business is responsible for purchasing the fuel 1.83 (2024: 2.76).
tCO2e emissions from transportation of sold products for which the Company does not own or control (voluntary disclosure) 2,395.23 (2024: 2,841.36).
Methodology
A location-based calculation of CO2 equivalent emissions was made using energy data collected from utility energy suppliers.
Energy and emissions from staff vehicles (private vehicles used for business purposes) were modelled using an average UK vehicle and unknown fuel. Energy and emissions from owned transport were modelled using fuel card data.
The total disclosed energy is calculated on a gross calorific value basis with the exception of business mileage energy which is calculated on a net calorific value basis.
The methodology is consistent with the 2025 edition of the UK Government GHG Conversion Factors for Company Reporting: https://www.government/collections/government-conversion-factors-for-company-reporting.
Energy Efficiency Narrative
Den Hartogh Dry Bulk Logistics Limited has kicked-off a series of Energy Efficiency measures in 2025.
This year, the Group achieved Gold accreditations from EcoVadis, highlighting its strong commitment to sustainability. A monthly Green Team newsletter shares environmental initiatives from offices across the globe. Despite some challenges, such as legislative limits and curb weight restrictions on electric trucks in countries like Germany, the group continues to explore viable electric transport solutions with Volvo Electric. Additionally, all new company cars must now be electric, except for operational vans, although a shortage of on-site charging infrastructure (due to not owning the sites) poses limitations.
- 6 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Green Team remains active in identifying practical improvements. Initiatives include an annual environmental awareness day, relocating refuelling stations to reduce CO2 emissions by an estimated 21.4 tonnes, and expanding the tank fleet to eliminate single-use plastic liners. Efforts also focus on energy efficiency, such as analysing hourly electricity usage, centralising air conditioning controls, and switching off AC in rarely used rooms. Further measures include launching battery and plastic recycling schemes, with non-standard plastics taken to local supermarket collection points.
Disclosure of information to auditor
|
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Forvis Mazars LLP were appointed as auditors during the period in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 18 September 2026 and signed on its behalf.
- 7 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DEN HARTOGH DRY BULK LOGISTICS LIMITED
Opinion
We have audited the financial statements of Den Hartogh Dry Bulk Logistics Limited (the ‘Company’) for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
∙give a true and fair view of the state of the Company’s affairs as at 31 December 2025 and of its loss 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.
- 8 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DEN HARTOGH DRY BULK LOGISTICS LIMITED
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 the audit:
∙the information given in the Strategic Report and the Directors' Report 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.
Matters on which we are required to report by exception
In 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 Directors' Report.
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.
- 9 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DEN HARTOGH DRY BULK LOGISTICS LIMITED
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 intend either 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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.
Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation, data protection regulation and the Bribery Act 2010.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
- 10 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DEN HARTOGH DRY BULK LOGISTICS LIMITED
In addition, we evaluated the Directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to stock valuation, revenue recognition (which we pinpointed to the cut-off, the risk of recognising revenue in the incorrect period); and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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 auditor’s report.
Use of the audit 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.
Shaun Mullins (Senior Statutory Auditor)
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
5th Floor
3 Wellington Place
Leeds
LS1 4AP
23 September 2026
- 11 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest payable and similar expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit for the financial year
|
|
|
|
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
|
There was no other comprehensive income for 2025 (2024: €NIL).
|
The notes on pages 16 to 34 form part of these financial statements.
|
- 12 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
REGISTERED NUMBER: 01591693
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due after more than one year
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 13 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
REGISTERED NUMBER: 01591693
STATEMENT OF FINANCIAL POSITION (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 18 September 2026.
The notes on pages 16 to 34 form part of these financial statements.
- 14 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive expense for the year
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive expense for the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 16 to 34 form part of these financial statements.
|
- 15 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Den Hartogh Dry Bulk Logistics Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4 Beacon Way, Hull, HU3 4AE, United Kingdom.
The principal activity of the business is freight transport by road.
2.Accounting policies
|
|
|
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 Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
|
|
|
Financial Reporting Standard 102 - reduced disclosure exemptions
|
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 Den Hartogh Holding B. V. as at 31 December 2025 and these financial statements may be obtained from Den Hartogh Holding B. V., Sluisjesdijk 175, 3087 AG Rotterdam, The Netherlands.
|
|
|
Exemption from preparing consolidated financial statements
|
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.
- 16 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Directors have assessed the balance sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current assets of €10.3m (2024: €9.6m). The Company is supported through loans from the parent company. The Directors have received written confirmation from Den Hartogh Holding B. V. that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and that the parent company will continue to provide support. The Directors consider the parent company to have the ability to provide any support. After making enquiries, the Directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
|
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is Euros, rounded to the nearest €000s.
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 Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
- 17 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
|
|
|
Operating leases: the Company as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
|
|
|
Leased assets: the Company as lessor
|
Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.
A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.
|
|
|
Leased assets: the Company as lessee
|
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
- 18 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Where a sale and leaseback transaction results in a finance lease, no gain is immediately recognised for any excess of sales proceeds over the carrying amount of the asset. Instead, the proceeds are presented as a liability and subsequently measured at amortised cost using the effective interest method.
When a sale and leaseback transaction results in an operating lease, and it is clear that the transaction is established at fair value any profit or loss is recognised immediately. If the sale price is below fair value, any profit or loss is recognised immediately unless the loss is compensated for by the future lease payments at below market price. In that case any such loss is amortised in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is amortised over the period for which the asset is expected to be used.
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.
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 other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
- 19 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
|
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other intangible fixed assets
|
|
|
|
- 20 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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:
|
|
|
|
|
|
|
3 - 15 years straight line
|
|
|
|
|
|
|
|
3 - 5 years straight line
|
|
|
|
|
|
Assets in the course of construction
|
|
|
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.
Assets in the course of construction are not depreciated until they are in use.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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.
- 21 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
|
|
|
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.
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.
|
|
|
Provisions for liabilities
|
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
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.
- 22 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
|
|
|
Financial instruments (continued)
|
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised.
The impairment reversal is recognised in the profit or loss.
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.
- 23 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
|
|
|
Financial instruments (continued)
|
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
|
|
Judgments in applying accounting policies and key sources of estimation uncertainty
|
In the application of the Company's accounting policies, which are described in note 2, the Directors are required to make judgments, estimates and assumptions about carrying amounts 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 financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.
The Directors do not consider that any critical judgments have been made in the application of the Company's accounting policies and no key sources of estimation uncertainty have been identified that have a significant risk of causing a material misstatement to the carrying amount of assets and liabilities within the financial year.
- 24 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
|
|
|
An analysis of turnover by class of business is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of turnover by country of destination:
|
|
|
|
|
The operating profit is stated after charging/(crediting):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of tangible fixed assets
|
|
|
|
|
Amortisation of intangible assets
|
|
|
|
|
Foreign Exchange differences
|
|
|
|
|
Other operating lease rentals
|
|
|
|
|
Profit on disposal of an investment
|
|
|
- 25 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
|
|
|
During the year, the Company obtained the following services from the Company's auditor and its associates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
|
|
|
|
|
The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
|
|
|
|
|
|
Staff costs were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of defined contribution scheme
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The average monthly number of employees, including the Directors, during the year was as follows:
|
|
|
No remuneration was paid to the directors during the year (2024: none). The directors are remunerated by another group company for services to the group as a whole and it is not possible to apportion their remuneration between the group companies.
|
|
|
Interest payable and similar expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 26 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
|
|
|
|
|
Adjustments in respect of previous periods
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination and reversal of timing differences
|
|
|
|
|
Adjustments in respect of prior years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation on profit on ordinary activities
|
|
|
|
|
Factors affecting tax charge for the year
|
|
|
The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of25% (2024 - 25%). The differences are explained below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit on ordinary activities before tax
|
|
|
|
|
(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
|
|
|
|
|
|
|
|
|
|
Expenses not deductible for tax purposes
|
|
|
|
|
Adjustments to tax charge in respect of prior periods
|
|
|
|
|
Adjustments to tax charge in respect of prior periods - deferred tax
|
|
|
|
|
|
|
|
|
|
Profit on disposal of investment
|
|
|
|
|
Total tax charge for the year
|
|
|
|
|
Factors that may affect future tax charges
|
There were no factors that may affect future tax charges.
- 27 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
Profit on disposal of investment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other intangible fixed assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 28 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
|
Computer and office equipment
|
Assets in the course of construction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfers between classes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The net book value of plant, equipment and containers held under hire purchase contracts at 31 December 2025 was €15,986,783 (2024: €15,729,259). The depreciation charged to the financial statements in the year in respect of such assets amounted to €2,506,130 (2024: €1,274,924).
|
- 29 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following was a subsidiary undertaking of the Company:
|
|
|
|
|
|
|
|
|
|
Den Hartogh Dry Bulk Finland OY
|
Muovintie 19, 06850 Kulloo, Finland
|
Transportation and storage
|
|
|
|
|
Finished goods and goods for resale
|
|
|
|
|
|
|
|
|
|
Stock, relating to liners and maintenance, recognised as an expense in cost of sales during the year ended 31 December 2025 was €1,400,036 (2024: €1,008,599). In the opinion of the directors there is no material difference between the balance sheet value of stocks and their replacement cost.
|
- 30 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
Due after more than one year
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
The Company leases equipment to group companies under finance lease arrangements.
Included within amounts owed by group undertakings are intercompany finance lease receivables totalling €629k and €275k (2024: €Nil), which incur interest at 6.33% and 5.48%, respectively, per annum and are repayable over the term of lease contract ending March 2032. The balances are secured on the underlying leased equipment. Included within the amounts owed by group undertakings are amounts due over 5 years of €240k.
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings are unsecured, repayable on demand and do not bear interest.
The Company leases equipment to group companies under finance lease arrangements.
Included within amounts owed by group undertakings are intercompany finance lease receivables totalling €156k and €66k (2024: €Nil), which incur interest at 6.33% and 5.48%, respectively, per annum and are repayable over the term of lease contract ending March 2032. The loan is secured over the equipment being leased.
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 31 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
Obligations under finance lease and hire purchase contracts
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings are unsecured, repayable on demand and do not bear interest.
Certain plant, equipment and containers are held as security in respect of hire purchase contracts.
|
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net obligations under finance leases and hire purchase contracts
|
|
|
|
|
|
|
|
|
|
Hire purchase and finance leases
|
|
|
Minimum lease payments under hire purchase fall due as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 32 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charged to profit or loss
|
|
|
|
|
|
|
|
|
The provision for deferred taxation is made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerated capital allowances
|
|
|
|
|
Losses and other deductions
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
200,000 (2024 - 200,000) Ordinary shares of £1.00 each
|
|
|
Foreign exchange reserve
The foreign exchange reserve represents exchange differences on transition of the Company's functional and presentation currency from Pound Sterling to the Euro on 1 January 2017.
Profit and loss account
The profit and loss reserve represent cumulative profits or losses, net of dividends paid and other adjustments.
The Company operates a defined contribution pension scheme for the employees. 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 €259,319 (2024: €241,682). Contributions totalling €2,186 (2024: €2,603) were payable to the fund at the balance sheet date and are included in creditors.
- 33 -
|
|
DEN HARTOGH DRY BULK LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
Commitments under operating leases
|
|
|
At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Later than 1 year and not later than 5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party transactions
|
|
|
The Company has taken the exemption under Section 33 of FRS 102 not to disclose transactions and balances with wholly owned group companies which form part of the consolidated financial statements of Den Hartogh Holding B.V., the ultimate parent company. Copies of the ultimate parent company's financial statements can be obtained from Den Hartogh Holding B. V., Sluisjesdijk 175, 3087 AG Rotterdam, The Netherlands
The directors are the only key management personnel of the Company.
|
The Company's immediate and ultimate parent company is Den Hartogh Holding B.V., a company incorporated in the Netherlands and the ultimate controlling party is K P Den Hartogh. The parent undertaking of the smallest and largest group, which includes the Company and for which group financial statements are prepared, is Den Hartogh Holding B.V. The registered address and the address at which copies of this group's consolidated financial statements can be obtained is: Den Hartogh Holding B.V., Sluisjesdijk 175, 3087 AG Rotterdam, The Netherlands.
- 34 -
|