Company registration number 02996241 (England and Wales)
KVERNELAND HOLDING (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
KVERNELAND HOLDING (UK) LIMITED
COMPANY INFORMATION
Directors
D H Crowe
(Appointed 1 August 2023)
A Gjerde
Secretary
N Looker
Company number
02996241
Registered office
Walkers Lane
Lea Green
St Helens
Merseyside
WA9 4AF
Auditor
Mitchell Charlesworth (Audit) Limited
3rd Floor
5 Temple Square
Temple Street
Liverpool
L2 5RH
Solicitors
Myerson Solicitors LLP
Grosvenor House
20 Barrington Road
Altrincham
Cheshire
WA14 1HB
KVERNELAND HOLDING (UK) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 17
KVERNELAND HOLDING (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The Company acts as a holding company for subsidiary undertakings of Kverneland Group in the United Kingdom. Kverneland Devizes Danish Branch ceased to trade at the start of 2017 and the entity has continued with minimal trade in the UK going forward.

Kverneland Group UK started 2023 with a satisfactory order book. However, as the year developed and the order book was delivered, the retail market showed signs of slowing as higher input costs and falling commodity prices impacted customer confidence. The company ended the year with a satisfactory level of profit.

Principal risks and uncertainties

 

As a holding company of the subsidiary undertaking of the Kverneland Group in the United Kingdom with minimal transactions, this entity is not susceptible to significant risks and uncertainties and these are all addressed by the subsidiary entities.

Key performance indicators ("KPIs")

 

As a wholly owned subsidiary of Kubota Corporation, the Company's performance is best viewed in the context of the Kubota Group which is addressed within the Group's annual report, a copy of which is available upon request, refer to note 14 for further details.

Financial and other risks and their management

The Company manages all its risks in order to minimise any possible impact on the financial results of the business.

Financial risk consists of market risk, credit risk, liquidity risk and interest rate risk. As a holding company of the subsidiary undertaking of the Kverneland Group in the United Kingdom with minimal transactions, the entity is not susceptible to these risks. These are all addressed by the subsidiary entities.

Going concern

 

The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

By order of the board

N Looker
Secretary
30 August 2024
KVERNELAND HOLDING (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J Bell
(Resigned 31 October 2023)
D H Crowe
(Appointed 1 August 2023)
A Gjerde

None of the directors who held office at the end of the financial year had any notifiable interest in the shares of the company or any group company during the year.

Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

 

The company's current policy concerning the payment of trade creditors is to:

 

Given the company has limited operations, trade creditor days are not considered an appropriate KPI.

Financial instruments
Financial and other risks, and their management

Refer to the disclosure included within the Strategic report on page 1.

Future developments

Refer to the disclosure included within the Strategic report on page 1.

Auditor

The auditor, Mitchell Charlesworth (Audit) Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

KVERNELAND HOLDING (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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:

 

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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Strategic report

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 the company’s strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 is noted in the Strategic Report on page 1.

By order of the board
N Looker
Secretary
30 August 2024
KVERNELAND HOLDING (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KVERNELAND HOLDING (UK) LIMITED
- 4 -
Opinion

We have audited the financial statements of Kverneland Holding (UK) Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

KVERNELAND HOLDING (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KVERNELAND HOLDING (UK) LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

KVERNELAND HOLDING (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KVERNELAND HOLDING (UK) LIMITED
- 6 -

Identifying and assessing potential risks related to irregularities

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

 

(i) The presentation of the Statement of Comprehensive Income, (ii) the accounting policy for revenue recognition (iii) understatement of creditors. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

Audit response to risks identfied

Our procedures to respond to risks identified included the following:

 

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

KVERNELAND HOLDING (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KVERNELAND HOLDING (UK) LIMITED
- 7 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Buxton (Senior Statutory Auditor)
For and on behalf of Mitchell Charlesworth (Audit) Limited
30 August 2024
Accountants
Statutory Auditor
3rd Floor
5 Temple Square
Temple Street
Liverpool
L2 5RH
KVERNELAND HOLDING (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£'000
£'000
Administrative expenses
(6)
(5)
Interest receivable and similar income
6
84
26
Interest payable and similar expenses
7
(1)
(1)
Profit before taxation
77
20
Tax on profit
8
-
0
-
0
Profit and total comprehensive income for the financial year
77
20

The profit and loss account has been prepared on the basis that all operations are continuing operations.

KVERNELAND HOLDING (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Fixed assets
Investments
9
12,780
12,780
Current assets
Debtors
11
1,862
1,785
Net current assets
1,862
1,785
Net assets
14,642
14,565
Capital and reserves
Called up share capital
12
15,403
15,403
Share premium account
18,000
18,000
Profit and loss reserves
(18,761)
(18,838)
Total equity
14,642
14,565

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

The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
D H Crowe
Director
Company registration number 02996241 (England and Wales)
KVERNELAND HOLDING (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
£'000
£'000
£'000
£'000
Balance at 1 January 2022
15,403
18,000
(18,858)
14,545
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
20
20
Balance at 31 December 2022
15,403
18,000
(18,838)
14,565
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
77
77
Balance at 31 December 2023
15,403
18,000
(18,761)
14,642
KVERNELAND HOLDING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Kverneland Holding (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Walkers Lane, Lea Green, St Helens, Merseyside, WA9 4AF. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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 £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the following disclosure exemptions under FRS 101:

 

The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Kverneland Holding (UK) Limited is a wholly owned subsidiary of Kubota Corporation and the results of Kverneland Holding (UK) Limited are included in the consolidated financial statements of Kubota Corporation which are available from 2-47, Shikitsu-higashi 1-chome, Naniwa-ku, Osaka 556-8601, Japan.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

KVERNELAND HOLDING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.4
Fair value measurement

IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The company is exempt under FRS 101 from the disclosure requirements of IFRS 13. There was no impact on the company from the adoption of IFRS 13.

1.5
Financial assets

Financial assets are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial liabilities at fair value through profit or loss

Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:

 

 

Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

KVERNELAND HOLDING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

1.9

Consolidation

The Company is a parent Company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking Kverneland AS. Therefore the Company is exempt from the requirements to prepare consolidated financial statements under section 401 of the Companies Act 2006.

2
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements
Investments

The Company assesses annually whether there is any indication that investments in subsidiaries may be impaired. If there is such an indication, the Company will carry out an impairment test by measuring the recoverable amount of the cash generating unit which is determined based on value-in-use calculations. These calculations require the use of estimates.

KVERNELAND HOLDING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor:
£'000
£'000
For audit services
Audit of the financial statements of the company
4
4
Taxation services
2
1
6
5
4
Employees

The average monthly number of employees is 2 (2022: 2). The Company has no other employees other than the directors who are considered to be the key management.

5
Directors' remuneration

The directors did not receive any remuneration in respect of their services to the Company in respect of the current year or the previous year. The remuneration they receive in that role is borne by another group company.

6
Interest receivable and similar income
2023
2022
£'000
£'000
Interest income
Interest receivable from group companies
84
26
7
Interest payable and similar expenses
2023
2022
£'000
£'000
Interest on financial liabilities measured at amortised cost:
Bank interest payable
1
1
KVERNELAND HOLDING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
8
Income tax expense

The charge for the year can be reconciled to the profit per the profit and loss account as follows:

2023
2022
£'000
£'000
Profit before taxation
77
20
Expected tax charge based on a corporation tax rate of 23.50%
18
4
Deferred tax not recognised
(18)
(4)
Taxation charge for the year
-
-
9
Investments
2023
2022
£'000
£'000
Investments in subsidiaries
12,780
12,780
Fair value of financial assets carried at amortised cost
Movements in fixed asset investments
Shares in group undertakings
£'000
Cost or valuation
At 1 January 2023 & 31 December 2023
12,780
Carrying amount
At 31 December 2023
12,780
At 31 December 2022
12,780
KVERNELAND HOLDING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
10
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
% Held
Direct
Kverneland Group UK Limited
UK
100.00
Kverneland Devizes Limited
UK
100.00
Vicon Agricultural Holdings Limited
UK
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Walkers Lane, Lea Green, St Helens, Merseyside, WA9 4AF
2
Walkers Lane, Lea Green, St Helens, Merseyside, WA9 4AF
3
C/O Kverneland Group UK Ltd, Walkers Lane, Lea Green, St Helens, Merseyside, WA9 4AF
11
Debtors
2023
2022
£'000
£'000
Amounts owed by subsidiary undertakings
1,862
1,785

Trade debtors disclosed above are classified as loans and receivables and are therefore measured at amortised cost.

 

As at 31 December 2023, amounts owed by other group undertakings are repayable on demand.

12
Share capital
2023
2022
£'000
£'000
Ordinary share capital
Issued and fully paid
10,778,000 Ordinary shares of £1 each
10,778
10,778
4,625,000 Redeemable shares of £1 each
4,625
4,625
15,403
15,403

The redeemable shares rank in respect of voting and for dividends equally in all respects with the ordinary shares. The redeemable shares are redeemable by the Company upon the Company giving reasonable notice to the shareholders. At such time, the shareholders are bound to deliver the shares for cancellation and the Company will pay the shareholders the amount paid up on the shares.

13
Related party transactions

The Company is exempt from disclosing other related party transactions as they are with other companies that are wholly owned within the Group.

KVERNELAND HOLDING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
14
Controlling party

The directors consider the ultimate parent undertaking and controlling party to be Kubota Corporation, incorporated in Japan. The parent undertaking of the largest and smallest group of undertakings for which group financial statements are prepared is Kubota Corporation, the ultimate parent undertaking, incorporated in Japan. Copies of these financial statements may be obtained from 2-47, Shikitsu-higashi 1-chome, Naniwa-ku, Osaka 556-8601, Japan.

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