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08052299







BETATEC HOP PRODUCTS LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 JULY 2023

































BETATEC HOP PRODUCTS LIMITED
REGISTERED NUMBER:08052299

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
128,671
131,295

Current assets
  

Debtors: amounts falling due within one year
 5 
68,154
173,548

Bank and cash balances
  
84,630
41,402

  
152,784
214,950

Creditors: amounts falling due within one year
 6 
(129,749)
(77,624)

Net current assets
  
 
 
23,035
 
 
137,326

Total assets less current liabilities
  
151,706
268,621

Provisions for liabilities
  

Deferred tax
 7 
(29,012)
(29,669)

  
 
 
(29,012)
 
 
(29,669)

Net assets
  
122,694
238,952


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
122,594
238,852

  
122,694
238,952


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 by: 



T. Davis
Director

Date: 15 February 2024

The notes on pages 2 to 8 form part of these financial statements.

Page 1

BETATEC HOP PRODUCTS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

BetaTec Hop Products Limited (the 'company') is a limited company domiciled and incorporated in England and Wales.
The address of the company's registered office and place of business is Malvern Hills Science Park, Geraldine Road, Malvern, Worcestershire, WR14 3SZ.
The principal activity is that of technical support provided to apply hop compounds to new applications that extend beyond the traditional brewing base.

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.

Monetary amounts in these financial statements are stated in pounds sterling and are rounded to  the nearest whole £1, except where otherwise indicated.

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.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis because the ultimate-controlling party, John I. Haas Inc., has pledged its continuing support for a minimum of 12 months from the date of the approval of these financial statements.
Having taken into account all available information about the company’s trading prospects and cash flow requirements for 12 months from the date of approval of the financial statements, the directors consider that the company is a going concern.

Page 2

BETATEC HOP PRODUCTS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.3

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. Transactions with the ultimate parent company are  recognised at a blend rate that the ultimate parent has created through hedges they entered into during the year.
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 Income statement 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 Income statement within 'finance income or costs'. All other foreign exchange  gains and losses are presented in the Income statement within 'other operating income'.

 
2.4

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. 

Revenue is a mark-up of the company's costs, as recharged to group companies, and is recognised when the associated costs are incurred by the company.

Page 3

BETATEC HOP PRODUCTS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

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.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is provided on the following basis:


Short-term leasehold property
-
Straight line 5 - 15 years
Office equipment
-
Straight line 4 - 15 years

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.7

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.8

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 and loans to and from related parties. 

 
2.9

Creditors

Short-term creditors are measured at the transaction price. 

 
2.10

 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.

Page 4

BETATEC HOP PRODUCTS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.11

 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 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.

 
2.12

 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 12).

Page 5

BETATEC HOP PRODUCTS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Tangible fixed assets





Short-term leasehold property
Office equipment
Total

£
£
£



Cost or valuation


At 1 August 2022
98,785
271,607
370,392


Additions
-
9,999
9,999


Disposals
-
(909)
(909)



At 31 July 2023

98,785
280,697
379,482



Depreciation


At 1 August 2022
68,836
170,261
239,097


Charge for the year on owned assets
2,283
10,340
12,623


Disposals
-
(909)
(909)



At 31 July 2023

71,119
179,692
250,811



Net book value



At 31 July 2023
27,666
101,005
128,671



At 31 July 2022
29,949
101,346
131,295



Page 6

BETATEC HOP PRODUCTS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Debtors: amounts falling due within one year

2023
2022
£
£


Amounts owed by group undertakings
-
111,367

Other debtors
46,576
41,356

Prepayments and accrued income
11,041
10,944

Tax recoverable
10,537
9,881

68,154
173,548



6.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
9,253
-

Amounts owed to group undertakings
33,674
-

Taxation and social security
10,035
-

Other creditors
5,767
5,216

Accruals and deferred income
71,020
72,408

129,749
77,624



7.


Deferred taxation




2023


£






At beginning of year
29,669


Charged to profit or loss
657



At end of year
29,012

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
29,012
29,669

Page 7

BETATEC HOP PRODUCTS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


Controlling party

The ultimate controlling party is John I. Haas, Inc., a company incorporated in the United States of America. The immediate parent is Betatec Hop Products Inc., a company incorporated in the United States of America.
Consolidated accounts are prepared by John I. Haas, Inc. The registered office of this company is 5185 MacArthur Blvd. N.W, Suite 300, Washington, DC 20016, United States of America.


9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 July 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements, which describes the company's reliance on support provided by a group company.  Our opinion is not modified in respect of this matter.  

The audit report was signed on 28 February 2024 by Matthew Neill BA (Hons) MA FCA (Senior statutory auditor) on behalf of CLA Evelyn Partners Limited.

 
Page 8