Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-31truetruetruetruetrue2023-01-01falseNo description of principal activity2928truefalse 04874211 2023-01-01 2023-12-31 04874211 2022-01-01 2022-12-31 04874211 2023-12-31 04874211 2022-12-31 04874211 2022-01-01 04874211 c:Director1 2023-01-01 2023-12-31 04874211 c:Director2 2023-01-01 2023-12-31 04874211 c:Director3 2023-01-01 2023-12-31 04874211 c:Director3 2023-12-31 04874211 c:Director4 2023-01-01 2023-12-31 04874211 c:Director4 2023-12-31 04874211 c:RegisteredOffice 2023-01-01 2023-12-31 04874211 c:Agent1 2023-01-01 2023-12-31 04874211 d:FurnitureFittings 2023-01-01 2023-12-31 04874211 d:FurnitureFittings 2023-12-31 04874211 d:FurnitureFittings 2022-12-31 04874211 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04874211 d:Goodwill 2023-12-31 04874211 d:Goodwill 2022-12-31 04874211 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 04874211 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 04874211 d:ComputerSoftware 2023-12-31 04874211 d:ComputerSoftware 2022-12-31 04874211 d:CurrentFinancialInstruments 2023-12-31 04874211 d:CurrentFinancialInstruments 2022-12-31 04874211 d:Non-currentFinancialInstruments 2023-12-31 04874211 d:Non-currentFinancialInstruments 2022-12-31 04874211 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04874211 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04874211 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 04874211 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 04874211 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 04874211 d:ReportableOperatingSegment1 2022-01-01 2022-12-31 04874211 d:UKTax 2023-01-01 2023-12-31 04874211 d:UKTax 2022-01-01 2022-12-31 04874211 d:ShareCapital 2023-12-31 04874211 d:ShareCapital 2022-01-01 2022-12-31 04874211 d:ShareCapital 2022-12-31 04874211 d:ShareCapital 2022-01-01 04874211 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04874211 d:RetainedEarningsAccumulatedLosses 2023-12-31 04874211 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04874211 d:RetainedEarningsAccumulatedLosses 2022-12-31 04874211 d:RetainedEarningsAccumulatedLosses 2022-01-01 04874211 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 04874211 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 04874211 c:OrdinaryShareClass1 2023-01-01 2023-12-31 04874211 c:OrdinaryShareClass1 2023-12-31 04874211 c:OrdinaryShareClass1 2022-12-31 04874211 c:FRS102 2023-01-01 2023-12-31 04874211 c:Audited 2023-01-01 2023-12-31 04874211 c:FullAccounts 2023-01-01 2023-12-31 04874211 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04874211 d:WithinOneYear 2023-12-31 04874211 d:WithinOneYear 2022-12-31 04874211 d:BetweenOneFiveYears 2023-12-31 04874211 d:BetweenOneFiveYears 2022-12-31 04874211 d:MoreThanFiveYears 2023-12-31 04874211 d:MoreThanFiveYears 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 04874211







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


EMMI UK LIMITED






































img5cf9.png                        

 


EMMI UK LIMITED
 


 
COMPANY INFORMATION


Directors
J A Plant 
R A Barraclough 
S D Gerber (appointed 16 November 2023)




Registered number
04874211



Registered office
111 Upper Richmond Road

Putney

London

SW15 2TJ




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT




Bankers
Barclays Bank
1 Churchill Place

London

E14 5HP





 


EMMI UK LIMITED
 



CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditor's Report
6 - 9
Statement of Comprehensive Income
10
Statement of Financial Position
11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 24


 


EMMI UK LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal activities
 
The principle activity of the Company is the marketing, selling and the distribution of branded dairy  products to the UK market.

Business review
 
Market Outlook
The Dairy category in which Emmi operates is a challenging environment. In 2023 the impact of inflation and the cost of living crisis added complexity to the market dynamics. The strategy of driving forward the business with successful branded concepts and rigorous cost management remains in place.
Products
Strong brands are one of the most important success factors in competition with major international food manufacturers. The Emmi brands sold on the UK market are Emmi CAFFE LATTE, which combines barista coffee expertise with Swiss quality milk, the Onken yogurt brand, the UK's leading flavoured big pot, Bettine Goats cheese and a range of Swiss cheese specialities.
Sustainable Business
In light of global climate change, environmental degradation and social challenges, we are doing our part to reduce our impacts while driving positive change and collective action.   
In keeping with our vision and heritage, we are passionate about crafting nutritious dairy products considering our planet’s natural resources and the needs of our people and the communities where we operate. 
We believe the key to long-term success is a responsible business model geared to sustainable growth. This enables us to generate added value for all our stakeholders including in rural regions and helps us to care about the best dairy moments for generations to come.
To achieve this ambition and make sustainable dairy the norm, we will drive collective action and collaboration across the food and dairy eco-system.

Principal risks and uncertainties
 
The management of the business and the execution of the Company's strategy are subject to a number of risks.
The key business risks and uncertainties affecting the Company are considered to relate to the pricing of raw materials, packaging, the reliance on our retailer customer base, exchange rates and the dependence on key personnel.
Price Risk
The Company manages price risks by regular reviews and audit meetings.

Page 1

 


EMMI UK LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Credit risk
The Company's principal financial assets are bank balances and trade receivables.
The Company's risk is primarily attributable to its trade receivables and the amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recovery of the asset.
The Company has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial loss and undertakes credit rating checks on its counterparties. The information is supplied by independent rating agencies where available, and if not, the Company uses other publicly available financial information and its own trading records to rate its major customers. Credit exposure is controlled by counterparty limits that are reviewed and approved annually. In addition, the Company manages its credit risk by utilising credit insurance where appropriate.
Liquidity risk and cash flow risk
The Company's policy on liquidity risk is to ensure that significant cash is available to fund on-going operations. The Company manages its cash flow risk by reviewing cash flow forecasts on a monthly basis and regularly reviewing required capital facilities to identify if external facilities are required.
Foreign currency risk
The Company's principal foreign currency exposures arise from purchases with overseas companies and consequently exposure to exchange rate fluctuations arise. Foreign currency risk is managed for the group by the Emmi Corporate Treasury.


Key performance indicators

The Company monitors its performance against strategic objectives by means of key performance indicators. The main KPI's it uses are Turnover, Gross Profit, Operating Profit and Average Employee Head Count.

2023
2022
Turnover

£64m

£60m
 
Gross Profit

£23m

£21m
 
Operating Profit

£9m

£4m
 
Average Number of Staff

29

28
 

In 2023 Turnover increased by 6.3% from £60.3m to £64.1m. The most significant growths came from CAFFE LATTE and
Onken. Operating profit increases mainly due to the completion of the amortisation of our intangible assets. This is enhanced by savings on Administration Expenses and the gross profit contribution from the additional topline. The companies balance sheet remains strong, with £7.4m of cash at bank.


Research and development

Emmi continually monitors consumer trends and selects and transfers them into promising new product concepts.  Important trends in the food industry are indulgence, functional health, convenience, sustainability and the rising awareness of sugar consumption linked to obesity.
Innovative branded concepts, a Swiss Quality approach, international markets and customer insights, agility and highly motivated employees build the way to achieve our vision of "the best Dairy moments are Emmi moments".
Page 2

 


EMMI UK LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Employment policies

Emmi believes that employees are one of the Company's most important success factors. Only with the help of committed and motivated individuals who see themselves as partners can Emmi achieve its long-term goals. The corporate values of Emmi are integrated into the everyday working life of all employees.
These are:
- We are market-oriented
- We are proactive and we go for it
- We know how
- We are continually developing
- We are Emmi
Communication of these values are regularly detailed in internal communications activities, for example in the staff magazine, LINK.

Energy and carbon reporting

The Company is not required to provide detailed carbon reporting data in this report, being a low energy user.

Directors' statement of compliance with duty to promote the success of the Company
 
The directors have complied with the requirements of S172 of the Companies Act 2006. 
The Directors conduct business with suppliers, customers and other stakeholders in line with the Emmi Code of Conduct and the Emmi Anti-Corruption Directive these are designed to ensure Emmi maintains the highest reputation for standards of conduct. 
With regard to impact on the community and environment Emmi's mission is embodied in the following statement: "Our future success is based on achieving balance and sustainability with regard to our economic, social and environmental goals. 
In key areas of sustainability, we aim to act as an international role model within the sector." Further detail is contained in the Sustainable Business paragraph earlier in this Strategic Report. 
The business has one shareholder and operates to play its part in delivering the Emmi strategy.


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



J A Plant
Director

Date: 26 February 2024

Page 3

 


EMMI UK LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

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 judgements 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 profit for the year, after taxation, amounted to £6,243,591 (2022 - £3,602,420).

The directors paid a dividend of £3,000,000 (2022 - £2,500,000) in the year.

Directors

The Directors who served during the year were:

J A Plant 
R A Barraclough 
R Demarmels (resigned 16 November 2023)
S D Gerber (appointed 16 November 2023)

Future developments

In 2024 we continue to work towards our Strategy '26 goals. We will deliver this though our core strategic pillars of Yogurt, Ready to Drink Coffee, Goats and Swiss cheeses whilst adding to this through exploration of innovation and new categories. Our objective remains sustainable and profitable growth. 

Matters covered in the Strategic Report

The Company has chosen in accordance with Section 414C(II) of the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 to set out within the Company’s Strategic Report, the information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This include information that would have been included in the business review, details of the principal risks and uncertainties and the Company's approach to compliance with Section 172(1) of the Companies Act 2006.

Page 4

 


EMMI UK LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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.

Auditor

The auditor, Menzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





J A Plant
Director

Date: 26 February 2024

Page 5

 


EMMI UK LIMITED
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMMI UK LIMITED

Opinion


We have audited the financial statements of Emmi UK Limited (the 'Company') for the year ended 31 December 2023, 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 2023 and of its profit 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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


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 ReportOur 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.


Page 6

 


EMMI UK LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMMI UK LIMITED (CONTINUED)

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 4, 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 7

 


EMMI UK LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMMI UK 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:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:
 
The Companies Act 2006;
Financial Reporting Standard 102;
UK employment legislation;
General Data Protection Regulations; and
UK tax legislation.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management, those responsible for legal and compliance procedures.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
Identifying and assessing the measures management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgments made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
The application of inappropriate judgements or estimation to manipulate the financial position in the calculation of the year end provisions.
Posting of unusual journals and complex transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 8

 


EMMI UK LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMMI UK 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.





Sarah Hallam FCCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Lynton House
7-12 Tavistock Square
London
WC1H 9LT

26 February 2024
Page 9

 


EMMI UK LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
64,080,524
60,399,930

Cost of sales
  
(41,150,703)
(39,456,244)

Gross profit
  
22,929,821
20,943,686

Distribution costs
  
(4,247,821)
(4,242,715)

Administrative expenses
  
(9,988,708)
(12,711,899)

Other operating income
 5 
21,775
104,218

Operating profit
 6 
8,715,067
4,093,290

Interest payable and similar expenses
 10 
(47,590)
(101,303)

Profit before tax
  
8,667,477
3,991,987

Tax on profit
 11 
(2,423,886)
(389,567)

Profit for the financial year
  
6,243,591
3,602,420

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 13 to 24 form part of these financial statements.

Page 10

 


EMMI UK LIMITED
REGISTERED NUMBER:04874211



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Fixtures and fittings
 14 
117,792
178,706

  
117,792
178,706

Current assets
  

Stocks
 15 
980,434
942,267

Debtors: amounts falling due within one year
 16 
9,981,838
8,258,346

Cash at bank and in hand
 17 
7,383,721
10,634,706

  
18,345,993
19,835,319

Creditors: amounts falling due within one year
 18 
(7,439,956)
(8,983,787)

Net current assets
  
 
 
10,906,037
 
 
10,851,532

Total assets less current liabilities
  
11,023,829
11,030,238

Creditors: amounts falling due after more than one year
 19 
-
(3,250,000)

Provisions for liabilities
  

Other provisions
 20 
(156,765)
(156,765)

  
 
 
(156,765)
 
 
(156,765)

Net assets
  
10,867,064
7,623,473


Capital and reserves
  

Called up share capital 
 21 
4,717,498
4,717,498

Profit And Loss Account
 22 
6,149,566
2,905,975

  
10,867,064
7,623,473


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J A Plant
Director

Date: 26 February 2024

The notes on pages 13 to 24 form part of these financial statements.

Page 11

 


EMMI UK LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
4,717,498
1,803,555
6,521,053



Profit for the year
-
3,602,420
3,602,420
Total comprehensive income for the year
-
3,602,420
3,602,420

Dividends: Equity capital
-
(2,500,000)
(2,500,000)


Total transactions with owners
-
(2,500,000)
(2,500,000)


At 1 January 2023
4,717,498
2,905,975
7,623,473



Profit for the year
-
6,243,591
6,243,591


Contributions by and distributions to owners

Dividends: Equity capital
-
(3,000,000)
(3,000,000)


At 31 December 2023
4,717,498
6,149,566
10,867,064


The notes on pages 13 to 24 form part of these financial statements.

Page 12

 


EMMI UK LIMITED
 


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

1.


General information

Emmi (UK) Limited is a private company limited by shares, incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the Company Information page of these financial statements. The principal activities of the Company and the nature of its operations are set out in the Strategic Report on page 1.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement 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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of EMMI AG as at 31 December 2023 and these financial statements may be obtained from EMMI AG, Landenbergstrasse 1, CH-6002 Lucerne, Switzerland.

 
2.3

Revenue recognition

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, which is on dispatch of the goods to customers. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, for the sale of goods.

Page 13

 


EMMI UK LIMITED
 


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

2.Accounting policies (continued)

 
2.4

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

The estimated useful lives range as follows:

Fixtures and fittings
-
7 years

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.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Page 14

 


EMMI UK LIMITED
 


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

2.Accounting policies (continued)

 
2.6

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 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 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.

 
2.7

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.

 
2.8

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.

 
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.

Page 15

 


EMMI UK LIMITED
 


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

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.11

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key estimates and estimations used in these financial statements are set out below.
Revenue recognition - rebates and overriders
The Company undertakes contracts with its customers that include provisions for sales rebates and overriders. The
Company recognises a provision for these at the end of the financial period. The calculation is determined based on
the criteria outlined in the sales contracts and does include an element of estimation.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of goods
64,080,524
60,399,930

64,080,524
60,399,930


All turnover arose within the United Kingdom.

Page 16

 


EMMI UK LIMITED
 


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

5.


Other operating income

2023
2022
£
£

Royalty income
21,775
104,218

21,775
104,218



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
90,047
239,315

Other operating lease rentals
246,353
256,311


7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's annual
financial statements

28,400
24,450

Fees payable to the Company's auditor and its associates in respect of:

Taxation compliance services
2,585
2,350

Other services

5,498
9,879

8,083
12,229

Page 17

 


EMMI UK LIMITED
 


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

8.


Employees

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


2023
2022
£
£

Wages and salaries
2,158,529
1,715,966

Social security costs
261,306
236,360

Cost of defined contribution scheme
198,830
175,811

2,618,665
2,128,137


The average number of employees, including the directors with employment contracts, during the year was as follows:


        2023
        2022
            No.
            No.







Marketing
8
5



Sales
9
11



Finance and Operations
10
10



Administration
2
2

29
28


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
221,453
202,829

Company contributions to defined contribution pension schemes
24,275
14,800

245,728
217,629


During the year retirement benefits were accruing to 1 Director (2022 - 1) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £221,453 (2022 - £202,829).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £24,275 (2022 - £14,800).

Page 18

 


EMMI UK LIMITED
 


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

10.


Interest payable and similar expenses

2023
2022
£
£


Other interest payable
5,810
-

Loans from group undertakings
41,780
101,303

47,590
101,303


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
2,036,859
389,567

Adjustments in respect of previous periods
387,027
-


2,423,886
389,567


Total current tax
2,423,886
389,567

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
8,667,477
3,991,987


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
2,036,857
758,478

Effects of:


Capital allowances for year in excess of depreciation
13,695
10,973

Adjustments to tax charge in respect of prior periods
387,027
-

Other differences leading to an increase (decrease) in the tax charge
(13,693)
(379,884)

Total tax charge for the year
2,423,886
389,567


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

 


EMMI UK LIMITED
 


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

12.


Dividends

2023
2022
£
£

Ordinary shares


Dividends paid
3,000,000
2,500,000

3,000,000
2,500,000


13.


Intangible assets




Goodwill
Trademarks
Software
Total

£
£
£
£



Cost


At 1 January 2023
29,495,800
9,973,400
286,598
39,755,798



At 31 December 2023

29,495,800
9,973,400
286,598
39,755,798



Amortisation


At 1 January 2023
29,495,800
9,973,400
286,598
39,755,798



At 31 December 2023

29,495,800
9,973,400
286,598
39,755,798



Net book value



At 31 December 2023
-
-
-
-



At 31 December 2022
-
-
-
-



Page 20

 


EMMI UK LIMITED
 


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

14.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 January 2023
437,793



At 31 December 2023

437,793



Depreciation


At 1 January 2023
259,087


Charge for the year on owned assets
60,914



At 31 December 2023

320,001



Net book value



At 31 December 2023
117,792



At 31 December 2022
178,706

Page 21

 


EMMI UK LIMITED
 


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

15.


Stocks

2023
2022
£
£

Finished goods and goods for resale
980,434
942,267

980,434
942,267


Impairment losses against stock are trivial to these financial statements.


16.


Debtors

2023
2022
£
£


Trade debtors
9,573,650
7,943,927

Other debtors
304,843
180,100

Prepayments and accrued income
103,345
134,319

9,981,838
8,258,346



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
7,383,721
10,634,706

7,383,721
10,634,706



18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,183,335
2,154,448

Amounts owed to group undertakings
2,347,136
2,772,229

Other taxation and social security
88,559
50,132

Accruals and deferred income
1,820,926
4,006,978

7,439,956
8,983,787


Page 22

 


EMMI UK LIMITED
 


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

19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
-
3,250,000

-
3,250,000



20.


Provisions





Lease dilapidations

£





At 1 January 2023
156,765



At 31 December 2023
156,765

The provision for lease dilapidations represents the directors' best estimate of the present value of the cost to the Company to remove any and all alterations and additions made to their leasehold premises in accordance with the terms of the lease.


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4,717,498 (2022 - 4,717,498) Ordinary shares shares of £1.00 each
4,717,498
4,717,498



22.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.

Page 23

 


EMMI UK LIMITED
 


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

23.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
200,640
201,201

Later than 1 year and not later than 5 years
685,520
802,560

Later than 5 years
-
83,600

886,160
1,087,361


24.


Related party transactions

The Company is not required to disclose related party transactions with entities that are wholly owned members of the EMMI AG group. 


25.


Controlling party

The immediate and ultimate parent company is EMMI AG, a company incorporated in Switzerland. The registered address of Emmi AG is Landenbergstrasse 1, 6002 Lucerne, Switzerland.  The same company is also considered to be its ultimate controlling party.  This company is also included within the consolidated accounts of EMMI AG and are available from the same address.
 
Page 24