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Registered number: 00567148










VAN REES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
VAN REES LIMITED
 
 
COMPANY INFORMATION


Directors
Van Rees BV 
W.E.R de Mel 




Company secretary
Oakwood Corporate Secretary Limited



Registered number
00567148



Registered office
3rd Floor
1 Ashley Road

Altrincham

Cheshire

WA14 2DT




Independent auditor
Shaw Gibbs (Audit) Limited
 Statutory Auditor

Wey Court West

Union Road

Farnham

Surrey

GU9 7PT




Bankers
HSBC UK Bank Plc
1 Centenary Square

Birmingham

B1 1HQ





 
VAN REES LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditor's report
 
4 - 7
Statement of comprehensive income
 
8
Statement of financial position
 
9
Statement of changes in equity
 
10
Notes to the financial statements
 
11 - 21


 
VAN REES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

Business review
 
Until 2021 the company's principal activity was that of international suppliers and processors of tea.
As a result of the Group's continued efforts to streamline the business and bring in the necessary changes to the network, the management have decided to combine activities in the European continent and manage the business in Europe and UK centrally.  During 2021 all activities were transferred from the UK to The Netherlands. 
The ultimate parent company undertaking is Amsterdam Commodities N.V., incorporated in The Netherlands.  


This report was approved by the board on 14 March 2024 and signed on its behalf.



W.E.R de Mel
Director

Page 1

 
VAN REES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to $13,729 (2021 - profit $56,430).



Directors

The directors who served during the year were:

Van Rees BV 
W.E.R de Mel 

Matters covered in the Strategic report

The company has chosen in accordance with s414(C) 11 Companies Act 2006 set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report.  It has done so in respect of future developments. 

Page 2

 
VAN REES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This report was approved by the board and signed on its behalf.
 







W.E.R de Mel
Director

Date: 14 March 2024

Page 3

 
VAN REES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VAN REES LIMITED
 

Opinion


We have audited the financial statements of Van Rees Limited (the 'Company') for the year ended 31 December 2022, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Emphasis of matter


We draw attention to note 2.1 to the financial statements which explains that the company ceased trading and therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 2.1. Our opinion is not modified in this respect of this matter.













Page 4

 
VAN REES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VAN REES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditor's report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
VAN REES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VAN REES LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation.  Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.  There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Page 6

 
VAN REES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VAN REES LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mark Dickinson FCA (Senior statutory auditor)
for and on behalf of
Shaw Gibbs (Audit) Limited
Statutory Auditor
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT

15 March 2024
Page 7

 
VAN REES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Note
$
$

  

Turnover
 4 
-
9,103,702

Cost of sales
  
(493)
(8,409,433)

Gross (loss)/profit
  
(493)
694,269

Administrative expenses
  
(62,035)
(611,618)

Other operating income
  
45,990
-

Operating (loss)/profit
 6 
(16,538)
82,651

Interest receivable and similar income
  
884
-

Interest payable and similar expenses
 9 
-
(7,294)

(Loss)/profit before tax
  
(15,654)
75,357

Tax on (loss)/profit
 10 
1,925
(18,927)

(Loss)/profit for the financial year
  
(13,729)
56,430

Other comprehensive income for the year
  

  

Total comprehensive income for the year
  
(13,729)
56,430

The notes on pages 11 to 21 form part of these financial statements.

Page 8

 
VAN REES LIMITED
REGISTERED NUMBER: 00567148

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
$
$

Fixed assets
  

Investments
 11 
1
1

  
1
1

Current assets
  

Debtors: amounts falling due within one year
 12 
630,777
641,525

Cash at bank and in hand
 13 
-
19

  
630,777
641,544

Creditors: amounts falling due within one year
 14 
(42,836)
(39,874)

Net current assets
  
 
 
587,941
 
 
601,670

Total assets less current liabilities
  
587,942
601,671

Creditors: amounts falling due after more than one year
 15 
(1)
(1)

  

Net assets
  
587,941
601,670


Capital and reserves
  

Called up share capital 
 16 
525,045
525,045

Profit and loss account
 17 
62,896
76,625

  
587,941
601,670


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 March 2024.






W.E.R de Mel
Director

The notes on pages 11 to 21 form part of these financial statements.

Page 9

 
VAN REES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Other reserves
Profit and loss account
Total equity

$
$
$
$


At 1 January 2021
525,045
(41,925)
20,195
503,315


Comprehensive income for the year

Profit for the year
-
-
56,430
56,430
Total comprehensive income for the year
-
-
56,430
56,430


Contributions by and distributions to owners

Transfer to/from profit and loss account
-
41,925
-
41,925


Total transactions with owners
-
41,925
-
41,925



At 1 January 2022
525,045
-
76,625
601,670


Comprehensive income for the year

Loss for the year
-
-
(13,729)
(13,729)
Total comprehensive income for the year
-
-
(13,729)
(13,729)


At 31 December 2022
525,045
-
62,896
587,941


The notes on pages 11 to 21 form part of these financial statements.

Page 10

 
VAN REES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Van Rees Limited, registered number 00567148, is a private company, limited by shares and incorporated in England & Wales. The registered office is 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT 

2.Accounting policies

  
2.1

Basis of preparation of financial statements

As a result of the Group’s continued efforts to streamline the business and bring in the necessary changes to the network, the management have decided to combine activities in the European continent and manage the business in Europe and UK centrally.  During the year all activities were transferred from the UK to The Netherlands.
The financial statements have been prepared on a basis other than going concern.  The assets and liabilities are recorded under the historical cost convention.  The assets will be realised and the liabilities discharged prior to Van Rees Limited ceasing to trade.
The preparation of the 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 (see note 3).
The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Amsterdam Commodities N.V. as at 31 December 2021 and these financial statements may be obtained from Amsterdam Commodities N.V., WTC, Beursplein 37, 21st Floor, 3011 AA Rotterdam, The Netherlands.

Page 11

 
VAN REES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is US dollars.

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 profit or loss 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 profit or loss 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. 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.

 
2.5

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 12

 
VAN REES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

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 reporting date in the countries where the Company operates and generates income.

 
2.11

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 13

 
VAN REES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.11
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 the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
20% straight line
Office equipment
-
10% - 33% 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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

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 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
Page 14

 
VAN REES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.15
Financial instruments (continued)

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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.16

Hedge accounting

The Company uses foreign currency forward contracts to manage its exposure to fair value risk on its foreign sales and purchase contracts.. These derivatives are measured at fair value at each reporting date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.

Page 15

 
VAN REES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based upon 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There are no sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.


4.


Turnover

2022
2021
$
$

Sales of goods
-
9,103,702

-
9,103,702


Analysis of turnover by country of destination:

2022
2021
$
$

United Kingdom
-
4,367,588

Rest of Europe
-
3,981,140

Rest of the world
-
754,974

-
9,103,702



5.


Other operating income

2022
2021
$
$

Other operating income
45,990
-

45,990
-


Page 16

 
VAN REES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2022
2021
$
$

Exchange differences
(2,264)
(5,362)

Other operating lease rentals
-
28,247


7.


Employees

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


2022
2021
$
$

Wages and salaries
41,947
317,899

Social security costs
4,042
25,567

Cost of defined contribution scheme
-
7,106

45,989
350,572


The average monthly number of employees during the year was as follows:


        2022
        2021
            No.
            No.







Administration
-
1



Distribution
1
1



Sales
-
2

1
4


8.


Directors' remuneration

2022
2021
$
$

Directors' emoluments
-
130,385


Page 17

 
VAN REES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Interest payable and similar expenses

2022
2021
$
$


Bank interest payable
-
3,713

Loans from group undertakings
-
3,581

-
7,294


10.


Taxation


2022
2021
$
$

Corporation tax


Current tax on profits for the year
(1,925)
18,927


Total current tax
(1,925)
18,927

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2021 - higher than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

2022
2021
$
$


(Loss)/profit on ordinary activities before tax
(15,654)
75,357


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
(2,974)
14,318

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
46

Capital allowances for year in excess of depreciation
-
14,442

Other timing differences leading to an increase (decrease) in taxation
1,049
-

Under provision of corporation tax in current year
-
(9,879)

Total tax charge for the year
(1,925)
18,927


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 18

 
VAN REES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

11.


Fixed asset investments





Trade investments

$





At 1 January 2022
1






Net book value



At 31 December 2022
1



At 31 December 2021
1


12.


Debtors

2022
2021
$
$


Amounts owed by group undertakings
630,777
617,075

Other debtors
-
24,450

630,777
641,525



13.


Cash and cash equivalents

2022
2021
$
$

Cash at bank and in hand
-
19

Less: bank overdrafts
(32,705)
(788)

(32,705)
(769)


Page 19

 
VAN REES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

14.


Creditors: Amounts falling due within one year

2022
2021
$
$

Bank overdrafts
32,705
788

Corporation tax
6,965
18,927

Other taxation and social security
2,312
2,485

Accruals and deferred income
854
17,674

42,836
39,874



15.


Creditors: Amounts falling due after more than one year

2022
2021
$
$

Other loans
1
1

1
1


Page 20

 
VAN REES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

16.


Share capital

2022
2021
$
$
Allotted, called up and fully paid



525,045 (2021 - 525,045) ordinary shares of £1.00 each
525,045
525,045



17.


Reserves

Other reserves

Includes movements in fair value on hedged items, to the extent the cash flow hedge is effective.

Profit and loss account

Includes cumulative profits and losses net of dividends and other adjustments.


18.


Related party transactions

The company is consolidated within the publically available accounts of Amsterdam Commodities N.V. The company is exempt from the requirement of the financial reporting within FRS102 to disclose related party transactions with other members of the group. Copies of these consolidated financial statements can be obtained from the address disclosed.


19.


Controlling party

The ultimate parent company undertaking, the controlling party and the largest group in whose accounts the company is consolidated is Amsterdam Commodities N.V., incorporated in The Netherlands. 
Copies of the group accounts are available from the office of Amsterdam Commodities N.V., WTC, Beursplein 37,ommo 21st Floor, 3011 AA Rotterdam, The Netherlands. 
The company has taken advantage of the reduced disclosure exemptions detailed in Note 2.2, as details are included in publicly available consolidated accounts. 

 
Page 21