IRIS Accounts Production v24.2.0.383 04148459 Board of Directors 1.1.23 31.12.23 31.12.23 14.8.24 false true true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh041484592022-12-31041484592023-12-31041484592023-01-012023-12-31041484592021-12-31041484592022-01-012022-12-31041484592022-12-3104148459ns15:EnglandWales2023-01-012023-12-3104148459ns14:PoundSterling2023-01-012023-12-3104148459ns10:Director12023-01-012023-12-3104148459ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3104148459ns10:SmallEntities2023-01-012023-12-3104148459ns10:Audited2023-01-012023-12-3104148459ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3104148459ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3104148459ns10:FullAccounts2023-01-012023-12-310414845912023-01-012023-12-3104148459ns10:Director32023-01-012023-12-3104148459ns10:Director42023-01-012023-12-3104148459ns10:Director52023-01-012023-12-3104148459ns10:CompanySecretary12023-01-012023-12-3104148459ns10:RegisteredOffice2023-01-012023-12-3104148459ns10:Director22023-01-012023-12-3104148459ns5:CurrentFinancialInstruments2023-12-3104148459ns5:CurrentFinancialInstruments2022-12-3104148459ns5:ShareCapital2023-12-3104148459ns5:ShareCapital2022-12-3104148459ns5:RetainedEarningsAccumulatedLosses2023-12-3104148459ns5:RetainedEarningsAccumulatedLosses2022-12-3104148459ns5:NetGoodwill2023-01-012023-12-3104148459ns5:NetGoodwill2022-12-3104148459ns5:NetGoodwill2023-12-3104148459ns5:NetGoodwill2022-12-3104148459ns5:PlantMachinery2022-12-3104148459ns5:PlantMachinery2023-01-012023-12-3104148459ns5:PlantMachinery2023-12-3104148459ns5:PlantMachinery2022-12-3104148459ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3104148459ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3104148459ns5:WithinOneYear2023-12-3104148459ns5:WithinOneYear2022-12-3104148459ns5:BetweenOneFiveYears2023-12-3104148459ns5:BetweenOneFiveYears2022-12-3104148459ns5:AllPeriods2023-12-3104148459ns5:AllPeriods2022-12-31
REGISTERED NUMBER: 04148459 (England and Wales)















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: B De Launay
J Parisot
T O M Le Boucher d'Herouvi
Miss R C Rhodes


SECRETARY: B De Launay


REGISTERED OFFICE: C/O Freeths LLP Routeco Office Park
Davy Avenue
Knowlhill
Milton Keynes
Buckinghamshire
MK5 8HJ


REGISTERED NUMBER: 04148459 (England and Wales)


SENIOR STATUTORY AUDITOR: Ian Parsons FCA


AUDITORS: Paylings
Accountants
Statutory Auditors
No.2 Silkwood Office Park
Fryers Way
Wakefield
West Yorkshire
WF5 9TJ


BANKERS: HSBC plc
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.

B De Launay
J Parisot
T O M Le Boucher d'Herouvi
Miss R C Rhodes

Other changes in directors holding office are as follows:

A R Smith ceased to be a director after 31 December 2023 but prior to the date of this report.

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:





Miss R C Rhodes - Director


14 August 2024

SPF (United Kingdom) Limited (Registered number: 04148459)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 469,520 499,342
469,520 499,342

CURRENT ASSETS
Stocks 859,772 743,165
Debtors 6 1,343,886 1,414,168
Cash at bank 952,401 609,407
3,156,059 2,766,740
CREDITORS
Amounts falling due within one year 7 1,387,252 1,458,884
NET CURRENT ASSETS 1,768,807 1,307,856
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,238,327

1,807,198

PROVISIONS FOR LIABILITIES 101,004 103,264
NET ASSETS 2,137,323 1,703,934

CAPITAL AND RESERVES
Called up share capital 250,000 250,000
Retained earnings 1,887,323 1,453,934
2,137,323 1,703,934

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 14 August 2024 and were signed on its behalf by:





Miss R C Rhodes - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 8 (2022 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 120,000
AMORTISATION
At 1 January 2023
and 31 December 2023 120,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 1,975,255
Additions 98,676
Disposals (824 )
At 31 December 2023 2,073,107
DEPRECIATION
At 1 January 2023 1,475,913
Charge for year 128,498
Eliminated on disposal (824 )
At 31 December 2023 1,603,587
NET BOOK VALUE
At 31 December 2023 469,520
At 31 December 2022 499,342

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 1,305,727 1,413,286
Other debtors 38,159 882
1,343,886 1,414,168

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 638,997 341,010
Taxation and social security 225,650 415,628
Other creditors 522,605 702,246
1,387,252 1,458,884

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 5,475 1,787
Between one and five years 21,900 -
27,375 1,787

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.

Ian Parsons FCA (Senior Statutory Auditor)
for and on behalf of Paylings

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 10,839 -

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 )