Company Registration No. 07899286 (England and Wales)
SESVanderHave UK Limited
Financial statements
for the year ended 30 June 2023
Pages for filing with the registrar
SESVanderHave UK Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
SESVanderHave UK Limited
Statement of financial position
As at 30 June 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
55,105
77,861
Current assets
Debtors
6
291,389
317,856
Cash at bank and in hand
157,120
70,962
448,509
388,818
Creditors: amounts falling due within one year
7
(30,631)
(24,591)
Net current assets
417,878
364,227
Total assets less current liabilities
472,983
442,088
Provisions for liabilities
8
(11,114)
(19,466)
Net assets
461,869
422,622
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
461,868
422,621
Total equity
461,869
422,622
The directors of the company have elected not to include a copy of the income statement 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 12 October 2023 and are signed on its behalf by:
Robertus van Tetering
Ian Munnery
Director
Director
Company Registration No. 07899286
SESVanderHave UK Limited
Notes to the financial statements
For the year ended 30 June 2023
Page 2
1
Accounting policies
Company information
SESVanderHave UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Farm Office, Heath Farm, Pottergate Road, Wellingore, Lincoln, LN5 0DW.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The smallest group for which consolidated financial statements are drawn up of which the Company is a member is SESVanderHave International B.V. and its registered office is Van der Haveweg 2, 4411 RB Rilland, Netherlands.
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
The company recognises, as turnover, revenues arising from the supply of seed on delivery to the customer.
Other operating income does not arise from the sale of seed. The company provides services to group companies and external customers, which is recognised as the service is delivered. Deferred income is included in other creditors where the service has not been fulfilled.
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
10% straight line
Plant and machinery
20% straight line
SESVanderHave UK Limited
Notes to the financial statements (continued)
For the year ended 30 June 2023
1
Accounting policies (continued)
Page 3
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
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
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.
SESVanderHave UK Limited
Notes to the financial statements (continued)
For the year ended 30 June 2023
1
Accounting policies (continued)
Page 4
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Research and Development tax credits are recognised on receipt.
Deferred tax
Where material deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SESVanderHave UK Limited
Notes to the financial statements (continued)
For the year ended 30 June 2023
1
Accounting policies (continued)
Page 5
1.11
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.
2
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,110
8,750
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
7
SESVanderHave UK Limited
Notes to the financial statements (continued)
For the year ended 30 June 2023
Page 6
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
9,267
23,531
Adjustments in respect of prior periods
(23,531)
(19,241)
Total current tax
(14,264)
4,290
Deferred tax
Origination and reversal of timing differences
(8,352)
5,965
Total tax (credit)/charge
(22,616)
10,255
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022
13,149
224,746
237,895
Additions
3,504
3,504
At 30 June 2023
13,149
228,250
241,399
Depreciation and impairment
At 1 July 2022
1,315
158,719
160,034
Depreciation charged in the year
1,184
25,076
26,260
At 30 June 2023
2,499
183,795
186,294
Carrying amount
At 30 June 2023
10,650
44,455
55,105
At 30 June 2022
11,834
66,027
77,861
SESVanderHave UK Limited
Notes to the financial statements (continued)
For the year ended 30 June 2023
Page 7
6
Debtors - amounts falling due within one year:
2023
2022
£
£
Trade debtors
12
55,216
Amounts owed by entities with control over the company
268,310
232,859
Other debtors
23,067
29,781
291,389
317,856
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
490
Corporation tax
9,962
9,101
Other taxation and social security
5,669
Other creditors
15,000
15,000
30,631
24,591
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
11,114
19,466
2023
Movements in the year:
£
Liability at 1 July 2022
19,466
Credit to profit or loss
(8,352)
Liability at 30 June 2023
11,114
SESVanderHave UK Limited
Notes to the financial statements (continued)
For the year ended 30 June 2023
8
Deferred taxation (continued)
Page 8
The deferred tax liability set out above is expected to reverse within 60 months and relates to accelerated capital allowances that are expected to mature within the same period.
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 ordinary share of £1 each
1
1
10
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.
Senior Statutory Auditor:
Ross Lomas
Statutory Auditors:
Saffery LLP
11
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:
2023
2022
£
£
95,592
127,456
12
Parent company
The ultimate parent undertaking at 30 June 2023 was Sesvanderhave BV, a company registered in The Netherlands.
Copies of the accounts of Sesvanderhave BV are available from Van der Haveweg 2, 4411 RB Rilland, Netherlands.