REGISTERED NUMBER: |
SPF (United Kingdom) Limited |
Report of the Directors and |
Audited Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
SPF (United Kingdom) Limited |
Report of the Directors and |
Audited Financial Statements for the Year Ended 31 December 2023 |
SPF (United Kingdom) Limited (Registered number: 04148459) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 4 |
SPF (United Kingdom) Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Accountants |
Statutory Auditors |
No.2 Silkwood Office Park |
Fryers Way |
Wakefield |
West Yorkshire |
WF5 9TJ |
BANKERS: |
City Office |
33 Park Row |
Leeds |
West Yorkshire |
LS1 1LD |
SPF (United Kingdom) Limited (Registered number: 04148459) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Paylings, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
SPF (United Kingdom) Limited (Registered number: 04148459) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SPF (United Kingdom) Limited (Registered number: 04148459) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
SPF (United Kingdom) Limited is a |
The company's principal trading address is: Ings Road, Bentley, Doncaster, DN5 9TL. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The |
Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The presentational currency is GBP. |
Going concern |
The entity is profit making and has positive reserves, therefore the going concern basis of preparation is deemed appropriate by management. |
Significant judgements and estimates |
In respect of depreciation, management apply rates across asset classes, that are reflective of the average economic consumption of the asset type. |
Debtor ageing is reviewed regularly by management to assess the requirement for a bad debt provision, however any such provision is not currently deemed necessary. |
Stock ageing is reviewed regularly by management to assess the requirement for a slow moving/obsolescence provision, however any such provision is not currently deemed necessary. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised on the sale of goods, on despatch of those goods from our sites when the significant risks and rewards of ownership are transferred to our customers. |
Turnover is recognised on the performance of services, as and when those services are carried out. |
Other income |
Other income arises where applicable from the sale of non core products, and the recharge of operating costs incurred by an entity, where the facility of that entity is used by other group companies. |
Straight recharge of costs that can be allocated directly to another group company are treated as recharges only, and the cost is passed directly to the other entity. No income is recognised in this instance. |
Goodwill |
Goodwill, being the amount paid in connection with the incorporation and set up of the JV business in 2001, is being amortised evenly over its estimated useful life of twenty years. |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant & machinery - 4 - 20 years straight line |
SPF (United Kingdom) Limited (Registered number: 04148459) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
For manufactured goods, the absorption cost method of valuation is used incorporating all production overheads. If this results in a value higher than net realisable value for any stock item, then the selling price of that item is applied. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforecable 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of posting the transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
SPF (United Kingdom) Limited (Registered number: 04148459) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company has members in the SARIA Group Pension Schemes, funded defined benefit schemes. |
Since the above schemes were closed to new members the group has opened a defined contribution scheme to provide retirement benefits to employees. |
The pension charge represents contributions payable to the defined contribution fund in respect of the accounting period. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
SPF (United Kingdom) Limited (Registered number: 04148459) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
9. | FINANCIAL INSTRUMENTS |
2023 | 2022 |
£ | £ |
Financial assets |
Cash and cash equivalents | 952,400 | 609,407 |
Financial assets that are debt instruments measured at amortised cost | 1,343,886 | 1,414,168 |
Financial liabilities |
Financial liabilities measured at amortised cost | (1,488,254 | ) | (1,562,148 | ) |
Financial assets measured at amortised cost comprise trade debtors, amounts owed by group and related entities, other debtors (inc tax debtors) and accrued income. |
Financial liabilities measured at amortised cost comprise amounts owed to group and related entities, trade creditors, other creditors (inc tax creditors) and accruals. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
SPF (United Kingdom) Limited (Registered number: 04148459) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
12. | RELATED PARTY DISCLOSURES |
Specialites Pet Food SA Group |
Joint Venture Partner |
Sales of finished products, sales commission receivable and other income/recharges of £727,618 (2022: £950,174). |
Sales commission payable and purchases of goods & services £278,062 (2022: £494,015). |
2023 | 2022 |
£ | £ |
Amount due from related party at the balance sheet date | 19,949 | 18,579 |
Saria Limited Group |
Joint Venture Partner |
Other income/recharges of £32,785 (2022: £nil). |
Purchases of goods & services £1,780,900 (2022: £2,219,545). |
Rent payable of £33,690 (2022: £36,911) and other site services/operating costs recharged £1,188,821 (2022: £512,598). |
2023 | 2022 |
£ | £ |
Amount due to related party at the balance sheet date | 336,557 | 254,282 |
Symrise AG |
Ultimate Beneficial Owner of SPF SA Group |
Purchases of goods & services £45,464 (2022: £62,278). |
2023 | 2022 |
£ | £ |
Amount due to related party at the balance sheet date | 45,464 | 62,278 |
13. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
In common with many other businesses of our size and nature we use our auditors to provide tax advice and to represent us, as necessary, at tax tribunals. |
SPF (United Kingdom) Limited (Registered number: 04148459) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
14. | ULTIMATE CONTROLLING PARTY |
SPF (United Kingdom) Limited is a joint-venture business of SARIA Limited (SARIA) and SPF SA. The equity is split 40:60 between the two companies respectively. |
Symrise AG is the ultimate beneficial owner of SPF SA. |
15. | DIVIDENDS PAID |
Dividends declared and paid in the period are £nil (2022: £1,100,000 ) |