Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-31falseNo description of principal activity33false2023-01-01trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 2788532 2023-01-01 2023-12-31 2788532 2022-01-01 2022-12-31 2788532 2023-12-31 2788532 2022-12-31 2788532 c:Director1 2023-01-01 2023-12-31 2788532 c:Director7 2023-01-01 2023-12-31 2788532 d:PlantMachinery 2023-12-31 2788532 d:PlantMachinery 2022-12-31 2788532 d:FurnitureFittings 2023-01-01 2023-12-31 2788532 d:CurrentFinancialInstruments 2023-12-31 2788532 d:CurrentFinancialInstruments 2022-12-31 2788532 c:FRS102 2023-01-01 2023-12-31 2788532 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 2788532 c:FullAccounts 2023-01-01 2023-12-31 2788532 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 2788532










VAN GENECHTEN UK LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
VAN GENECHTEN UK LIMITED
REGISTERED NUMBER: 2788532

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

  

Fixed assets
  

Tangible assets
 4 
-
-

  
-
-

Current assets
  

Debtors: amounts falling due within one year
 5 
35,579
68,104

Cash at bank and in hand
 6 
165,382
184,291

  
200,961
252,395

Creditors: amounts falling due within one year
 7 
(131,965)
(187,503)

Net current assets
  
 
 
68,996
 
 
64,892

Total assets less current liabilities
  
68,996
64,892

  

  

  

Net assets
  
68,996
64,892


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
68,896
64,792

  
68,996
64,892


Page 1

 
VAN GENECHTEN UK LIMITED
REGISTERED NUMBER: 2788532

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings 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 on 17 January 2024.




D Goris
F de Somer
Director
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
VAN GENECHTEN UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

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:

 
1.2

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 that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
1.3

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:

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.

 
1.4

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.

Page 3

 
VAN GENECHTEN UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.5

Finance costs

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.

 
1.6

Taxation

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 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.

 
1.7

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.

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:

Fixtures and fittings
-
5 years straight line

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.

Page 4

 
VAN GENECHTEN UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.8

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.

 
1.9

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.

 
1.10

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.

 
1.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.

 
1.12

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.

Page 5

 
VAN GENECHTEN UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.


General information

Van Genechten UK Limited is a private limited company incorporated in England and Wales. The Registered Office is PO Box 4385, 02788532, Cardiff, CF14 8LH.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2023
878



At 31 December 2023

878



Depreciation


At 1 January 2023
878



At 31 December 2023

878



Net book value



At 31 December 2023
-



At 31 December 2022
-

Page 6

 
VAN GENECHTEN UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
33,554
-

Amounts owed by group undertakings
-
63,850

Other debtors
-
2,772

Prepayments and accrued income
2,025
1,482

35,579
68,104



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
165,382
184,291

165,382
184,291



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,660
1,660

Amounts owed to group undertakings
99,886
161,907

Corporation tax
2,796
2,937

Other taxation and social security
10,434
5,182

Other creditors
17,189
15,817

131,965
187,503


Page 7

 
VAN GENECHTEN UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Related party transactions

During the year, the company traded with related parties as follows:
Fellow subsidiary companies of Van Genechten NV:
Van Genechten Biermans NV
Turnover £28,800 (2022 : £74,000)
Creditor as at 31st December 2023 £5,850 (Debtor 2022 : £39,350)
VG Nicolaus Gmbh & Co
Turnover £80,800 (2022 : £56,000)
Creditor as at 31st December 2023 £11,600 (2022 : £28,000)
VG Polska Sp. Z.O.O.
Turnover £10,600 (2022 : £35,000)
Credtor as at 31st December 2023 £950 (Debtor 2022 : £24,500)
Imas NV
Administrative expenses £17,418 (2022 : £17,078)
Creditor as at 31st December 2023 £81,486 (2022 : £55,466)
Van Genechten Packaging International NV
Dividend payable £Nil (2022 : £78,441)
Creditor as at 31st December 2023 £Nil (2022 : £78,441)


9.


Controlling party

The company is a 100% subsidiary of Van Genechten Packaging International SA, a company incorporated in Luxembourg, which in turn is a 100% subsidiary of Van Genechten NV, a company incorporated in Belgium. The Registered Office of Van Genechten NV is Kempenlaan 6, 2300 Turnhout, Belgium.


Page 8