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REGISTERED NUMBER: 02991172 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Netafim UK Limited

Netafim UK Limited (Registered number: 02991172)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Netafim UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P Van Steen
R Mitchell





REGISTERED OFFICE: 2b Penketh Place
West Pimbo
Skelmersdale
Lancashire
WN8 9QX





REGISTERED NUMBER: 02991172 (England and Wales)





AUDITORS: Haines Watts
Statutory Auditor
3rd Floor Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ

Netafim UK Limited (Registered number: 02991172)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 177,245 174,116

CURRENT ASSETS
Stocks 600,916 718,130
Debtors 5 1,233,574 776,698
Cash at bank and in hand 325,953 449,310
2,160,443 1,944,138
CREDITORS
Amounts falling due within one year 6 574,926 450,526
NET CURRENT ASSETS 1,585,517 1,493,612
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,762,762

1,667,728

PROVISIONS FOR LIABILITIES 44,311 29,280
NET ASSETS 1,718,451 1,638,448

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,718,351 1,638,348
1,718,451 1,638,448

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 10 September 2024 and were signed on its behalf by:





R Mitchell - Director


Netafim UK Limited (Registered number: 02991172)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Netafim UK 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.

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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is calculated over the useful economic life of the asset on a straight line basis:
Plant & Machinery - 10 years useful economic life
Fixtures & Fittings - 5 years useful economic life
Computer equipment - 5 years useful economic life
Improvements to property - 10 years useful economic life

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 transaction. Exchange differences are taken into account in arriving at the operating result.

Netafim UK Limited (Registered number: 02991172)

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 operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 January 2023 507,293
Additions 42,317
At 31 December 2023 549,610
DEPRECIATION
At 1 January 2023 333,177
Charge for year 39,188
At 31 December 2023 372,365
NET BOOK VALUE
At 31 December 2023 177,245
At 31 December 2022 174,116

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Trade debtors 565,600 499,298
Amounts owed by group undertakings 605,683 207,601
Other debtors 62,291 69,799
1,233,574 776,698

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Trade creditors 122,425 146,742
Amounts owed to group undertakings 198,257 96,667
Taxation and social security 73,874 70,111
Other creditors 180,370 137,006
574,926 450,526

Netafim UK Limited (Registered number: 02991172)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£ £
Within one year 183,848 140,674
Between one and five years 562,761 440,000
In more than five years - 18,333
746,609 599,007

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Forshaw (Senior Statutory Auditor)
for and on behalf of Haines Watts

9. RELATED PARTY DISCLOSURES

Under FRS102 Section 1A, exemption has been utilised in reporting related party transactions with wholly owned group members and for transactions which have taken place in the ordinary course of business.

The parent of the smallest group for which consolidated financial statements are drawn up of which this entity is a member is:

Name: Netafim Cooperatie U.A.
Registered office: Aartsdijkweg 22, 2676 LE Maasdijk, Netherlands