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2023-12-31
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No description of principal activities is disclosed
2023-04-01
Sage Accounts Production 23.0 - FRS102_2021
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09342502
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09342502
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2023-04-01
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09342502
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2023-12-31
Company registration number:
09342502
WAIKATO MILKING SYSTEMS UK LIMITED
31 December 2023
HEYWOODS
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
WAIKATO MILKING SYSTEMS UK LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
WAIKATO MILKING SYSTEMS UK LIMITED
DIRECTORS AND OTHER INFORMATION
|
|
|
|
|
Directors |
|
|
|
|
Mr P D McGilvary |
(Resigned 31 May 2023) |
|
|
Mr A L Settle |
(Resigned 26 May 2023) |
|
|
Mr J C J Mikkelson |
|
|
|
Mr M Ramazzotti |
(Appointed 31 May 2023) |
|
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|
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|
|
|
Company number |
09342502 |
|
|
|
|
|
|
|
|
|
|
Registered office |
Countrywide House |
|
|
|
Knights Way |
|
|
|
Shrewsbury |
|
|
|
Shropshire |
|
|
|
SY1 3AB |
|
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|
|
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|
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|
|
Business address |
Unit 1 & 2 Bloomsbury |
|
|
|
Weston Heath |
|
|
|
Shifnal |
|
|
|
Shropshire |
|
|
|
TF11 8RT |
|
|
|
|
|
|
|
|
|
|
Accountants |
Heywoods |
|
|
|
Countrywide House |
|
|
|
Knights Way |
|
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|
Shrewsbury |
|
|
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Shropshire |
|
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SY1 3AB |
|
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|
WAIKATO MILKING SYSTEMS UK LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WAIKATO MILKING SYSTEMS UK LIMITED
PERIOD ENDED 31 DECEMBER 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Waikato Milking Systems UK Limited for the period ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Waikato Milking Systems UK Limited, as a body, in accordance with the terms of our engagement letter dated 18 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Waikato Milking Systems UK Limited and state those matters that we have agreed to state to the board of directors of Waikato Milking Systems UK Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Waikato Milking Systems UK Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Waikato Milking Systems UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Waikato Milking Systems UK Limited. You consider that Waikato Milking Systems UK Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Waikato Milking Systems UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
13 March 2024
WAIKATO MILKING SYSTEMS UK LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023
|
|
|
31/12/23 |
|
|
|
31/03/23 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
13,785 |
|
|
|
41,053 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
13,785 |
|
|
|
41,053 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
1,315,441 |
|
|
|
462,881 |
|
|
Debtors |
|
6 |
1,044,210 |
|
|
|
420,855 |
|
|
Cash at bank and in hand |
|
|
99,338 |
|
|
|
74,733 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
2,458,989 |
|
|
|
958,469 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
3,104,295) |
|
|
|
(
1,412,165) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
645,306) |
|
|
|
(
453,696) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
(
631,521) |
|
|
|
(
412,643) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
- |
|
|
|
(
7,800) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net liabilities |
|
|
|
|
(
631,521) |
|
|
|
(
420,443) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
100 |
|
|
|
100 |
Profit and loss account |
|
|
|
|
(
631,621) |
|
|
|
(
420,543) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders deficit |
|
|
|
|
(
631,521) |
|
|
|
(
420,443) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
13 March 2024
, and are signed on behalf of the board by:
Mr J C J Mikkelson
Mr M Ramazzotti
Director
Director
Company registration number:
09342502
WAIKATO MILKING SYSTEMS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
PERIOD ENDED 31 DECEMBER 2023
|
|
Called up share capital |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 April 2022 |
|
100 |
|
(
429,226) |
(
429,126) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit for the period |
|
|
|
8,683 |
8,683 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the period |
|
- |
|
8,683 |
8,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2023 and 1 April 2023 |
|
100 |
|
(
420,543) |
(
420,443) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit for the period |
|
|
|
(
211,078) |
(
211,078) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the period |
|
- |
|
(
211,078) |
(
211,078) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2023 |
|
100 |
|
(
631,621) |
(
631,521) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WAIKATO MILKING SYSTEMS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 31 DECEMBER 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Countrywide House, Knights Way, Shrewsbury, Shropshire, SY1 3AB.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Company is a wholly owned subsiduary of Waikato Milking Systems LP, a business based in New Zealand. The company is insolvent and continued support will be provided by the parent company for the foreseeable future.
Consolidation
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 401 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is not established under the law of any part of the United Kingdom.
Turnover
Turnover is measured at the value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Under change of ownership from 1st June we are required to report all transactions that relate to the UK entity in the UK accounting system. Previously it was only transactions conducted in the UK reported in the UK entity, now all transactions related to the UK are reported in the UK entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Plant and machinery |
- |
67 % |
straight line |
|
Fittings fixtures and equipment |
- |
15 % |
reducing balance |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
Computer equipment |
- |
33.3 % |
straight line |
|
|
|
|
|
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
2
(2023:
3
).
5.
Tangible assets
|
|
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 April 2023 |
- |
1,663 |
77,028 |
78,691 |
|
|
|
|
Additions |
2,200 |
- |
- |
2,200 |
|
|
|
|
Disposals |
- |
- |
(
50,588) |
(
50,588) |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 December 2023 |
2,200 |
1,663 |
26,440 |
30,303 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 April 2023 |
- |
608 |
37,030 |
37,638 |
|
|
|
|
Charge for the year |
617 |
244 |
3,055 |
3,916 |
|
|
|
|
Disposals |
- |
- |
(
25,036) |
(
25,036) |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 December 2023 |
617 |
852 |
15,049 |
16,518 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2023 |
1,583 |
811 |
11,391 |
13,785 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2023 |
- |
1,055 |
39,998 |
41,053 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
31/12/23 |
31/03/23 |
|
|
|
£ |
£ |
|
Trade debtors |
|
976,909 |
414,053 |
|
Other debtors |
|
67,301 |
6,802 |
|
|
|
_______ |
_______ |
|
|
|
1,044,210 |
420,855 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
31/12/23 |
31/03/23 |
|
|
|
£ |
£ |
|
Trade creditors |
|
762,560 |
498,850 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
2,212,993 |
- |
|
Social security and other taxes |
|
- |
22,475 |
|
Other creditors |
|
128,742 |
890,840 |
|
|
|
_______ |
_______ |
|
|
|
3,104,295 |
1,412,165 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Related party transactions
During the period the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
Period |
Year |
Period |
Year |
|
|
ended |
ended |
ended |
ended |
|
|
31/12/23 |
31/03/23 |
31/12/23 |
31/03/23 |
|
|
£ |
£ |
£ |
£ |
|
Purchases from Waikato Milking Systems LP |
82,445 |
1,683,659 |
- |
(
155,896) |
|
Sales Waikato Milking Systems LP
|
38,814 |
120,219 |
38,814 |
120,219 |
|
Purchases Waikato Milking Systems Ireland Limited |
8,922 |
1,181 |
- |
- |
|
Sales Waikato Milking Systems Ireland Limited
|
10,807 |
1,181 |
- |
- |
|
Loan account Waikato Milking Systems LP - trade
|
- |
- |
1,198,917
|
(610,395) |
|
Loan account Waikato Milking Systems Ireland Limited - trade
|
- |
- |
(
39,572) |
- |
|
Loan account with Waikato Milking Systems LP
|
- |
- |
939,304
|
- |
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
The company made sales to and purchased goods from Waikato Milking Systems LP as set out above.
9.
Controlling party
The company is a wholly owned subsiduary of Waikato Milking Systems Limited Partnership registered in New Zealand which was acquired by Interpump Group on the 1 June 2023.