Company Registration No. 05792492 (England and Wales)
DRISCOLL'S GENETICS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
DRISCOLL'S GENETICS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
5
588,073
554,508
Current assets
Debtors
6
1,016,654
721,614
Cash at bank and in hand
1,100,904
793,873
2,117,558
1,515,487
Creditors: amounts falling due within one year
7
(745,438)
(590,969)
Net current assets
1,372,120
924,518
Total assets less current liabilities
1,960,193
1,479,026
Provisions for liabilities
(116,490)
(64,593)
Net assets
1,843,703
1,414,433
Capital and reserves
Called up share capital
11
1,000
1,000
Profit and loss reserves
1,842,703
1,413,433
Total equity
1,843,703
1,414,433

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 24 August 2022 and are signed on its behalf by:
M Steta Gandara
Director
Company Registration No. 05792492
DRISCOLL'S GENETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information

Driscoll's Genetics Limited (the 'company') is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is East Malling Enterprise Centre, New Road, East Malling, Kent, United Kingdom, ME19 6BJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” ('FRS 102') and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts.

Revenue from the provision of research and development services is recognised by reference to the costs incurred and recharged to the group companies for which they are provided.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Leasehold improvements
5% - 20% on cost / over the term of the lease
Plant and machinery
10% - 20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

DRISCOLL'S GENETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -

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

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
Financial instruments

The company applies the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments, which are classified as basic.

 

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are measured at transaction price including transaction costs unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

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

1.9
Taxation

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

DRISCOLL'S GENETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

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

1.10
Employee benefits

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

 

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

 

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

1.11
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period they are payable.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

DRISCOLL'S GENETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
9,150
5,500
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was 45 (2020: 49).

5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2021
975,290
943,461
1,918,751
Additions
-
0
172,707
172,707
At 31 December 2021
975,290
1,116,168
2,091,458
Depreciation and impairment
At 1 January 2021
682,208
682,035
1,364,243
Depreciation charged in the year
81,408
57,734
139,142
At 31 December 2021
763,616
739,769
1,503,385
Carrying amount
At 31 December 2021
211,674
376,399
588,073
At 31 December 2020
293,082
261,426
554,508
DRISCOLL'S GENETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
853
-
0
Corporation tax recoverable
506,073
266,838
Amounts owed by group undertakings
385,066
379,119
Other debtors
124,662
75,657
1,016,654
721,614
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
218,263
48,675
Amounts owed to group undertakings
33,057
13,500
Taxation and social security
82,366
80,880
Other creditors
411,752
447,914
745,438
590,969
8
Deferred taxation

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

Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
116,490
64,593
2021
Movements in the year:
£
Liability at 1 January 2021
64,593
Charge to profit or loss
51,897
Liability at 31 December 2021
116,490
DRISCOLL'S GENETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
9
Pension commitments

The company operates a defined contribution pension scheme for its employees. The assets of the fund are held separately from those of the company in an independently administered fund. Contributions totalling £11,944 (2020: £12,530) were payable to the fund at the reporting date, and are included within creditors.

10
Share-based payment transactions

The company has taken advantage of the exemption available to subsidiary companies where the share based payment arrangement concerns equity instruments of another group entity.

11
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
1,000
1,000
1,000
1,000
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Claire Parry FCA and the auditor was Azets Audit Services.
13
Operating lease commitments
Lessee

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

2021
2020
£
£
299,490
471,532
DRISCOLL'S GENETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
14
Parent company and related party transactions

The immediate parent of the company is Driscoll International Holding B.V. The immediate parent’s registered office address is Bijster 26, 4817 HX Breda, The Netherlands. Driscoll International Holding B.V. prepares consolidated financial statements including the results of the company.

 

The company has taken advantage of the exemptions available to wholly-owned subsidiaries not to disclose transactions with other group companies.

2021-12-312021-01-01false05 September 2022CCH SoftwareCCH Accounts Production 2022.100No description of principal activityThis audit opinion is unqualifiedK PakozdiM Steta GandaraA Gillam057924922021-01-012021-12-31057924922021-12-31057924922020-12-3105792492core:LandBuildings2021-12-3105792492core:OtherPropertyPlantEquipment2021-12-3105792492core:LandBuildings2020-12-3105792492core:OtherPropertyPlantEquipment2020-12-3105792492core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3105792492core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3105792492core:CurrentFinancialInstruments2021-12-3105792492core:CurrentFinancialInstruments2020-12-3105792492core:ShareCapital2021-12-3105792492core:ShareCapital2020-12-3105792492core:RetainedEarningsAccumulatedLosses2021-12-3105792492core:RetainedEarningsAccumulatedLosses2020-12-3105792492bus:Director62021-01-012021-12-3105792492core:LandBuildingscore:OwnedOrFreeholdAssets2021-01-012021-12-3105792492core:PlantMachinery2021-01-012021-12-31057924922020-01-012020-12-3105792492core:LandBuildings2020-12-3105792492core:OtherPropertyPlantEquipment2020-12-31057924922020-12-3105792492core:LandBuildings2021-01-012021-12-3105792492core:OtherPropertyPlantEquipment2021-01-012021-12-3105792492core:WithinOneYear2021-12-3105792492core:WithinOneYear2020-12-3105792492bus:PrivateLimitedCompanyLtd2021-01-012021-12-3105792492bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3105792492bus:FRS1022021-01-012021-12-3105792492bus:Audited2021-01-012021-12-3105792492bus:Director12021-01-012021-12-3105792492bus:Director22021-01-012021-12-3105792492bus:Director32021-01-012021-12-3105792492bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP