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Registered number: 09438885









BESTICO UK LIMITED

 FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023







































 
BESTICO UK LIMITED
REGISTERED NUMBER: 09438885

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Unaudited
2022
(restated)
Note
£
£

Fixed assets
  

Tangible assets
 4 
85,803
82,283

  
85,803
82,283

Current assets
  

Stocks
 5 
13,176
56,580

Debtors: amounts falling due within one year
 6 
55,778
98,755

Cash at bank and in hand
 7 
89,620
56,910

  
158,574
212,245

Creditors: amounts falling due within one year
 8 
(571,179)
(528,595)

Net current liabilities
  
 
 
(412,605)
 
 
(316,350)

Total assets less current liabilities
  
(326,802)
(234,067)

  

Net liabilities
  
(326,802)
(234,067)


Capital and reserves
  

Called up share capital 
  
100
100

Other reserves
  
66,000
66,000

Profit and loss account
  
(392,902)
(300,167)

  
(326,802)
(234,067)


Page 1

 
BESTICO UK LIMITED
REGISTERED NUMBER: 09438885
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 comprehensive income 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: 




J P Koppert
Director

Date: 20 August 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
BESTICO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Bestico UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Enterprise Park, Bury St Edmunds, Suffolk, IP33 1JZ.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The company has reported a loss for the year of £92,735 (2022 - £89,528) and has net liabilities of £326,802 (£234,067). The director considers the going concern basis to be appropriate as the parent company has given sufficient assurances over ongoing financial and operational support for at least 12 months from the date of signing these financial statements.

 
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.

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.

Page 3

 
BESTICO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

 
2.6

Interest income

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

 
2.7

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

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.

Page 4

 
BESTICO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
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 and reducing balance method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Office equipment
-
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.

 
2.9

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. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 5

 
BESTICO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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.

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.

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 5).

Page 6

 
BESTICO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
7,479
81,570
9,559
98,608


Additions
-
21,390
2,294
23,684



At 31 December 2023

7,479
102,960
11,853
122,292



Depreciation


At 1 January 2023
4,799
5,447
6,079
16,325


Charge for the year on owned assets
670
17,334
2,160
20,164



At 31 December 2023

5,469
22,781
8,239
36,489



Net book value



At 31 December 2023
2,010
80,179
3,614
85,803



At 31 December 2022
2,680
76,123
3,480
82,283


5.


Stocks

2023
Unaudited
2022
£
£

Finished goods and goods for resale
13,176
56,580


Page 7

 
BESTICO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
Unaudited
2022
£
£


Trade debtors
30,687
71,558

Amounts owed by group undertakings
18,901
22,783

Other debtors
1,990
3,479

Prepayments and accrued income
4,200
935

55,778
98,755



7.


Cash and cash equivalents

2023
Unaudited
2022
£
£

Cash at bank and in hand
89,620
56,910



8.


Creditors: Amounts falling due within one year

2023
Unaudited
2022
£
£

Trade creditors
7,941
94,536

Amounts owed to group undertakings
525,190
390,571

Other taxation and social security
28,953
27,293

Other creditors
595
15,595

Accruals and deferred income
8,500
600

571,179
528,595



9.


Reserves

Capital contribution reserve

This reserve represents capital contributions from the parent company.

Profit and loss account

The profit and loss account represents retained losses..

Page 8

 
BESTICO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Prior year adjustment

The prior year adjustment arises as a result of an error in the 2022 financial staments in that a capital contribution of £66,000 from the parent company was presented as a liability due after one year. The affect of this was to decrease the net liabilities and increase reserves by £66,000 as at 31 December 2022.


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £14,201 (2022 - £16,098). Contributions totalling £7,826 (2022 - £15,282) were payable to the fund at the balance sheet date and are included in creditors.


12.


Controlling party

The company's immediate parent company is Koppert Livestock BV, incorporated in the Netherlands.
The company's ultimate controlling party is Koppert BV, incorporated in the Netherlands. The registered office of Koppert BV is Veilingweg 14, Berkel en Rodenrijs, 2651BE, Netherlands
.                                                                                                                       


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was qualified.

The qualification in the audit report was as follows:
We were appointed as the company's auditors during the year ended 31 December 2023 and were therefore unable to observe the physical counting of stocks for the comparative period at 31 December 2022. We were unable to satisfy ourselves by alternative means concerning stock quantities of £56,580 held at 31 December 2022 by using other audit procedures. Consequently we have not gained sufficient evidence regarding the opening balances of the stock for the year ended 31 December 2023.

The audit report was signed on 23 August 2024 by Jonathan Moore ACCA (Senior Statutory Auditor) on behalf of Whitings LLP.

 
Page 9