Caseware UK (AP4) 2016.0.181 2016.0.181 2018-03-312018-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseNo description of principal activityfalse2017-04-01 03264012 2017-04-01 2018-03-31 03264012 2016-04-01 2017-03-31 03264012 2018-03-31 03264012 2017-03-31 03264012 2016-04-01 03264012 c:Director5 2017-04-01 2018-03-31 03264012 d:Buildings d:LongLeaseholdAssets 2017-04-01 2018-03-31 03264012 d:Buildings d:LongLeaseholdAssets 2018-03-31 03264012 d:Buildings d:LongLeaseholdAssets 2017-03-31 03264012 d:PlantMachinery 2017-04-01 2018-03-31 03264012 d:PlantMachinery 2018-03-31 03264012 d:PlantMachinery 2017-03-31 03264012 d:PlantMachinery d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 03264012 d:MotorVehicles 2017-04-01 2018-03-31 03264012 d:MotorVehicles 2018-03-31 03264012 d:MotorVehicles 2017-03-31 03264012 d:MotorVehicles d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 03264012 d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 03264012 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-04-01 2018-03-31 03264012 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2018-03-31 03264012 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-03-31 03264012 d:Goodwill 2017-04-01 2018-03-31 03264012 d:Goodwill 2018-03-31 03264012 d:Goodwill 2017-03-31 03264012 d:CurrentFinancialInstruments 2018-03-31 03264012 d:CurrentFinancialInstruments 2017-03-31 03264012 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 03264012 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 03264012 d:ShareCapital 2018-03-31 03264012 d:ShareCapital 2017-03-31 03264012 d:CapitalRedemptionReserve 2018-03-31 03264012 d:CapitalRedemptionReserve 2017-03-31 03264012 d:RetainedEarningsAccumulatedLosses 2018-03-31 03264012 d:RetainedEarningsAccumulatedLosses 2017-03-31 03264012 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2018-03-31 03264012 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2017-03-31 03264012 c:OrdinaryShareClass1 2017-04-01 2018-03-31 03264012 c:OrdinaryShareClass1 2018-03-31 03264012 c:FRS102 2017-04-01 2018-03-31 03264012 c:Audited 2017-04-01 2018-03-31 03264012 c:FullAccounts 2017-04-01 2018-03-31 03264012 c:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 03264012 1 2017-04-01 2018-03-31 03264012 d:FinancialAssetsHeldForTrading d:Non-currentFinancialInstruments 2018-03-31 03264012 d:FinancialAssetsHeldForTrading d:Non-currentFinancialInstruments 2017-03-31 03264012 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2018-03-31 03264012 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2017-03-31 03264012 d:AcceleratedTaxDepreciationDeferredTax 2018-03-31 03264012 d:AcceleratedTaxDepreciationDeferredTax 2017-03-31 03264012 d:Subsidiary1 2017-04-01 2018-03-31 03264012 d:Subsidiary1 1 2017-04-01 2018-03-31 03264012 c:SmallCompaniesRegimeForAccounts 2017-04-01 2018-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 03264012









INTERFARM (UK) LIMITED

FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018







































 
INTERFARM (UK) LIMITED
REGISTERED NUMBER: 03264012

BALANCE SHEET
AS AT 31 MARCH 2018

2018
2017
Note
£
£

Fixed assets
  

Tangible assets
 5 
7,043
17,140

Investments
 6 
1
1

  
7,044
17,141

Current assets
  

Debtors: amounts falling due within one year
 7 
72,621
3,067,779

Cash at bank and in hand
 8 
951,914
4,288,216

  
1,024,535
7,355,995

Creditors: amounts falling due within one year
 9 
(95,880)
(2,819,905)

Net current assets
  
 
 
928,655
 
 
4,536,090

Total assets less current liabilities
  
935,699
4,553,231

  

Net assets
  
935,699
4,553,231

Page 1

 
INTERFARM (UK) LIMITED
REGISTERED NUMBER: 03264012
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018

2018
2017
Note
£
£

Capital and reserves
  

Called up share capital 
 12 
585
585

Capital redemption reserve
 13 
415
415

Profit and loss account
 13 
934,699
4,552,231

  
935,699
4,553,231


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

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

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A Barella
Director

Date: 9 October 2018

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
INTERFARM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

1.


General information

Interfarm (UK) Limited is a private company, limited by shares, and is incorporated in England and Wales with a registration number of 03264012. The registered office is shown on the company information page. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income 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 the Statement of comprehensive income within 'other operating income'.

Page 3

 
INTERFARM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

 
2.3

Revenue

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Pensions

Defined contribution pension plan

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

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

Page 4

 
INTERFARM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, 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 balance sheet 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 Balance sheet 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 balance sheet date.

 
2.6

Intangible assets

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.

 The estimated useful lives range as follows:

Research & development expenditure
-
5
years
Website development
-
5
years

 
2.7

Tangible fixed assets

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.

Page 5

 
INTERFARM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using reducing balance and straight-line methods..

Depreciation is provided on the following basis:

Leasehold improvements
-
Over 3 years
Plant & machinery
-
20% reducing balance or Over 3 years
Motor vehicles
-
Over 5 years

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 the Statement of comprehensive income.

 
2.8

Debtors

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

 
2.9

Cash and cash equivalents

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

 
2.10

Creditors

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

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 6

 
INTERFARM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

Staff costs, including directors' remuneration, were as follows:


The average monthly number of employees, including directors, during the year was 1 (2017 - 1).

Page 7

 
INTERFARM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

4.


Intangible assets




Development
Website development
Total

£
£
£



Cost


At 1 April 2017
52,963
5,151
58,114



At 31 March 2018

52,963
5,151
58,114



Amortisation


At 1 April 2017
52,963
5,151
58,114



At 31 March 2018

52,963
5,151
58,114



Net book value



At 31 March 2018
-
-
-



At 31 March 2017
-
-
-

Page 8

 
INTERFARM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

5.


Tangible fixed assets





L/Term Leasehold Property
Plant & machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 April 2017
34,827
30,566
106,987
172,380


Disposals
-
(3,303)
(25,999)
(29,302)



At 31 March 2018

34,827
27,263
80,988
143,078



Depreciation


At 1 April 2017
34,826
30,229
90,185
155,240


Charge for the year on owned assets
-
59
7,200
7,259


Disposals
-
(3,264)
(23,200)
(26,464)



At 31 March 2018

34,826
27,024
74,185
136,035



Net book value



At 31 March 2018
1
239
6,803
7,043



At 31 March 2017
1
337
16,802
17,140

Page 9

 
INTERFARM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

6.


Fixed asset investments





Trade investments

£





At 1 April 2017
1









At 31 March 2018
1



At 31 March 2017
1

Subsidiary undertakings

The following were subsidiary undertakings of the Company:

Name
Country of
incorporation
Class of shares
Holding
Principal activity

UK Crops Limited
UK
Ordinary
 100%
Dormant


The aggregate of the share capital and reserves as at 31 March 2018 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

The subsidiary undertaking is dormant and therefore generated zero profit/loss in the current or preceding period.

Page 10

 
INTERFARM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

7.


Debtors

2018
2017
£
£


Trade debtors
53,582
3,049,159

Other debtors
4,952
-

Prepayments and accrued income
12,222
15,963

Deferred taxation
1,865
2,657

72,621
3,067,779



8.


Cash and cash equivalents

2018
2017
£
£

Cash at bank and in hand
951,914
4,288,216

951,914
4,288,216



9.


Creditors: Amounts falling due within one year

2018
2017
£
£

Trade creditors
9,454
1,561,293

Amounts owed to group undertakings
23,000
804,543

Corporation tax
-
142,097

Other taxation and social security
3,329
236,980

Other creditors
491
491

Accruals and deferred income
59,606
74,501

95,880
2,819,905


Page 11

 
INTERFARM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

10.


Financial instruments

2018
2017
£
£

Financial assets


Financial assets measured at fair value through profit or loss
951,914
4,288,216

Financial assets measured at amortised cost
58,534
3,049,159

1,010,448
7,337,375


Financial liabilities


Financial liabilities measured at amortised cost
92,551
2,440,828


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


Financial assets measured at amortised cost comprise of trade and other debtors.


Financial liabilities measured at amortised cost comprise of trade & other creditors, amounts owed to group undertakings and accruals & deferred income.


11.


Deferred taxation




2018
2017


£

£






At beginning of year
2,657
2,324


Charged to profit or loss
(792)
333



At end of year
1,865
2,657

The deferred tax asset is made up as follows:

2018
2017
£
£


Accelerated capital allowances
1,865
2,657

1,865
2,657

Page 12

 
INTERFARM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

12.


Share capital

2018
2017
£
£
Authorised, allotted, called up and fully paid



585 Ordinary shares of £1 each
585
585


13.


Reserves

Capital redemption reserve

The capital redemption reserve represents shares cancelled on buyback.

Profit & loss account

Includes all current and prior period retained profits and losses less any dividends paid.


14.


Pension commitments

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 £16,232 (2017: £38,956). Amounts payable to the fund outstanding at the balance sheet date amounted to £nil (2017: £3,246).


15.


Related party transactions

The company is taking advantage of the exemptions under FRS 102 allowing it not to disclose related
party transactions between the company and the parent, due to the company being wholly owned.
Directors
Amounts due to directors at the balance sheet date amount to £491 (2017: £491)
Key Management
Key management of the company is considered to be the directors only.


16.


Post balance sheet events

From 30 September 2018 the company will cease trading in the crop protection market, with the business transferring to Sumitomo Chemical (UK) PLC, a subsidiary of the Sumitomo Chemical Company Ltd.
The assets of the business were sold post year end for a nominal fee, impairment in relation to this sale has been considered and is deemed immaterial to the financial statements.

Page 13

 
INTERFARM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

17.


Controlling party

Sumitomo Chemical Company Ltd. a company registered in Japan is the ultimate parent undertaking. The registered office being Tokyo Sumitomo Twin Building (East), 27-1, Shinkawa 2-chome, Chuo-ku, Tokyo 104-8260, Japan.


18.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2018 was unqualified.

The audit report was signed on 31 October 2018 by Richard Meadows FCA (Senior statutory auditor) on behalf of Whiting & Partners.

 
Page 14