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Registered number: 13302243










SENSIENT UK LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2021

 
SENSIENT UK LIMITED
 
 
COMPANY INFORMATION


Directors
Patrick Hensgen (appointed 23 May 2022)
Leroy Clark Watson (appointed 30 March 2021)
David Plautz (appointed 30 March 2021, resigned 23 May 2022)




Registered number
13302243



Registered office
Sensient Colors UK Limited Oldmedow Road
Hardwick Industrial Estate

King's Lynn

Norfolk

PE30 4LA




Independent auditors
Kinnair Associates Limited
Chartered Accountants & Statutory Auditors

Aston House

Redburn Road

Newcastle upon Tyne

NE5 1NB





 
SENSIENT UK LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 24


 
SENSIENT UK LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2021

Introduction
 
The company was formed on March 30, 2021 and presents its financial statements for the 9 month period ended 31 December 2021.

Business review
 
The company is an intermediate holding company for the Sensient Technologies Corporation group, holding investments in, and providing finance for, other group undertakings.
During the year the company acquired subsidiaries and other assets from other companies within the Sensient Technologies Corporation group.
Following that acquisition, the company recorded interest income receivable of $8,629,000. At the year end, the company held net assets of $365,590,931.

Principal risks and uncertainties
 
Financial risk management objectives and policies 
The company's activities expose it to a number of financial risks including currency risk and liquidity risk. The use of financial derivatives is governed by the company's policies approved by the board of directors, which provide written principles on the use of financial derivatives to manage these risks. The company does not use derivative financial instruments for speculative purposes.
Currency risk 
The company minimises its exposure by using natural offsets within the balance sheet.
Credit risk 
The company's principal financial assets are receivables due from other group undertakings. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses debt finance from Sensient Finance Ireland as required.

Financial key performance indicators
 
The company's key financial performance indicators during the year are as follows:-
ole30b2.png
 

Other key performance indicators
 
The company has no other key performance indicators

Page 1

 
SENSIENT UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021

Directors' statement of compliance with duty to promote the success of the Company
 
Section 172 (1) Statement
The revised UK Corporate Governance Code was published on July 2018 and applies to accounting periods on or after January 1, 2019.
The Companies (Miscellaneous Reporting) Regulations 2018 required Directors to explain how they considered the interest of key stakeholders and the broader matters set out in section 172 (1) (A) to (F) of the Companies Act 2006 (‘S172’) when performing their duty to promote the success of the Company under S172.
This S172 statement explains how the directors:
 
a) Have engaged with its stakeholders; and
b) Have had regard to the need to foster the Company’s business relationships, and the effect of that    regard, including on the principal decisions taken by the Company in the financial year.
The S172 statement focuses on matters of strategic importance to the Company and the level of information disclosed is consistent with the size and complexity of the business.
General confirmation of Directors’ duties
The Board has a clear framework for determining the matters within its remit and certain financial and strategic thresholds have been determined to identify matters requiring Board consideration and approval. The Delegation of Authority sets out the delegation and approval process across the broader business.
When making decisions, each Director ensures that they act in the way they consider, in good faith, would most likely promote the company’s success for the benefit of its members as a whole, and in doing so have regard (among other matters) to:
S172 (1) (A) ‘The likely consequences of any decision in the long term’
The Company is part of the Sensient Technologies Corporation group, which is a global group of companies listed on the New York Stock Exchange and all of its shares are held internally within the group. The Sensient Technologies Corporation group and all of its subsidiaries embrace the long term sustainability of shareholder return into its core values. The business and its directors embody the core values of building the best team, continuously improving and driving innovation and this is included in each decision made in the short or long term. 
S172 (1) (C) ‘The need to foster the Company’s business relationships with suppliers, customers and others’
The Company does not trade on a day to day basis. The Company seeks the promotion and application of sound corporate governance principles and that governs the Company’s approach to opportunities and reorganisations. The Company continuously assesses the priorities related to those with whom it does engage and the Board is involved in this process through business strategy updates. These include information provided by the finance and legal departments (e.g. internal reorganisation proposals).
S172 (1) (D) ‘The impact of the Company’s operations on the community and the environment’
The Board receives information on these topics to provide relevant information for its decisions.
S172 (1) (E) ‘The desire of the company to maintain a reputation for high standards of business conduct’
The Company abides by its Code of Conduct which follows the Sensient Technologies Corporation Standards
Page 2

 
SENSIENT UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021

of Conduct, Ethics and Compliances programmes. This ensures high standards of business conduct are maintained both within the Company and its business relationships.
S172 (1) (F) ‘The need to act fairly as between members of the Company’
After weighing up all the relevant factors, the Directors consider which course of action best enables delivery of the Company’s strategy through the long term, taking into consideration the impact on stakeholders. In doing so, the Directors act fairly as between the Company’s members but are not required to balance the Company’s interest with those of other stakeholders, and this can sometimes mean that certain stakeholder interests may not be fully aligned.
Streamlined Energy and Carbon Reporting (SECR)
The Company is an investment company and is a low energy user therefore it is not required to make detailed disclosures of energy and carbon usage.


This report was approved by the board on 10 October 2024 and signed on its behalf.



Leroy Clark Watson
Director

Page 3

 
SENSIENT UK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2021

The directors present their report and the financial statements for the period ended 31 December 2021.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The company’s principal activity is as an intermediate holding company for the Sensient Technologies Corporation group, holding investments in, and providing finance for, other group undertakings. For a review of the business please see Strategic Report.

Results and dividends

The profit for the period, after taxation, amounted to $8,734,186.

No dividend was declared in 2021.

Directors

The directors who served during the period were:

Leroy Clark Watson (appointed 30 March 2021)
David Plautz (appointed 30 March 2021, resigned 23 May 2022)

Future developments

The company will continue for the foreseeable future as an intermediate holding company.

Page 4

 
SENSIENT UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021

Engagement with suppliers, customers and others

The company only engages with other Group companies in its role as an intermediate holding company. 

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the period is 40,000kWh or lower.

Directors' Indemnities

The company has granted an indemnity to one or more of its directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the Directors’ Report.

Going Concern

The company, as an intermediate holding company, is entirely reliant on the Sensient Technologies Group in order to meet its liabilities as they fall due. The company has received a letter of support from its ultimate parent undertaking, Sensient Technologies Corporation, confirming their support to the company to meet its liabilities as they fall due for a period of 12 months from the date of approving the 2021 financial statements.
Having reviewed the parental support, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue as a going concern for a period of 12 months from the date of approving the 2021 financial statements. Accordingly, the directors have prepared the financial statements on a going concern basis.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Kinnair Associates Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 10 October 2024 and signed on its behalf.
 





Leroy Clark Watson
Director

Page 5

 
SENSIENT UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SENSIENT UK LIMITED
 

Opinion


We have audited the financial statements of Sensient UK Limited (the 'Company') for the period ended 31 December 2021, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2021 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.


Page 6

 
SENSIENT UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SENSIENT UK LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 Strategic Report or 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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.


Page 7

 
SENSIENT UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SENSIENT UK LIMITED (CONTINUED)


Auditors' 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 Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• the engagement director ensured that the engagement team collectively had the appropriate     competence, capabilities and skills to identify or recognise non-compliance with applicable laws and    regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and   other management;
• we focused on specific laws and regulations which we considered may have a direct material effect on    the financial statements or the operations of the company, including the Companies Act 2006 and    taxation legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management; and
• we ensured that the identified laws and regulations were communicated within the audit team regularly    and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -
• making enquiries of management as to where they considered there was susceptibility to fraud and their   knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations.
To address the risk of fraud through management bias and override of controls, we: -
• performed analytical procedures to identify any unusual or unexpected relationships;
• scrutinised journal entries to identify unusual transactions; and
• assessed whether judgements and assumptions made in determining the accounting estimates set out in   note 3 were indicative of potential bias.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included: -
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• requesting non-routine correspondence with HMRC.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


Page 8

 
SENSIENT UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SENSIENT UK LIMITED (CONTINUED)


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


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 2006Our 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 Auditors' 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.





Detlev Anderson (Senior Statutory Auditor)
  
for and on behalf of
Kinnair Associates Limited
 
Chartered Accountants
Statutory Auditors
  
Aston House
Redburn Road
Newcastle upon Tyne
NE5 1NB

11 October 2024
Page 9

 
SENSIENT UK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2021

period
31 December
2021
Note
$

  

Interest receivable and similar income
 6 
8,629,340

Profit before tax
  
8,629,340

Tax on profit
 7 
104,846

Profit for the financial period
  
8,734,186

Other comprehensive income for the period
  

Total comprehensive income for the period
  
8,734,186

The notes on pages 13 to 24 form part of these financial statements.

Page 10

 
SENSIENT UK LIMITED
REGISTERED NUMBER: 13302243

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
Note
$

Fixed assets
  

Investments
 8 
88,856,744

  
88,856,744

Current assets
  

Debtors: amounts falling due after more than one year
 10 
268,104,846

Debtors: amounts falling due within one year
 10 
8,629,341

  
276,734,187

Total assets less current liabilities
  
 
 
365,590,931

  

Net assets
  
365,590,931


Capital and reserves
  

Called up share capital 
 12 
35,687

Share premium account
 13 
356,821,058

Profit and loss account
 13 
8,734,186

  
365,590,931


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 October 2024.




Leroy Clark Watson
Director

The notes on pages 13 to 24 form part of these financial statements.

Page 11

 
SENSIENT UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021


Called up share capital
Share premium account
Profit and loss account
Total equity

$
$
$
$


Comprehensive income for the period

Profit for the period

-
-
8,734,186
8,734,186


Other comprehensive income for the period
-
-
-
-


Total comprehensive income for the period
-
-
8,734,186
8,734,186


Contributions by and distributions to owners

Shares issued during the period
35,687
356,821,058
-
356,856,745


Total transactions with owners
35,687
356,821,058
-
356,856,745


At 31 December 2021
35,687
356,821,058
8,734,186
365,590,931

The notes on pages 13 to 24 form part of these financial statements.

Page 12

 
SENSIENT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

1.


General information

Sensient UK Limited is a private company, limited by shares and domiciled in England and Wales, registration number 13302243. The registered office is Oldmedow Road, Hardwick Industrial Estate, King's Lynn, Norfolk PE30 4LA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

These financial statements are rounded to the US dollar.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Sensient Technologies Corporation group as at 31 December 2021 and these financial statements may be obtained from the Securities and Exchange Commission, Washington DC.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

Page 13

 
SENSIENT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.4

Going concern

The company, as an intermediate holding company, is reliant on the Sensient Technologies Group to ensure its continuing requirement to the group. The company has received no indications of any withdrawal of this requirement from its ultimate parent undertaking, Sensient Technologies Corporation. 
Consequently the directors have a reasonable expectation that the company will continue as a going concern for a period of 12 months from the date of approving the 2021 financial statements. Accordingly, the directors have prepared the financial statements on a going concern basis.

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is US Dollars.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 14

 
SENSIENT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.9

Impairment of non-financial assets

The company assesses at each reporting date whether an asset may be impaired. If any such indication exists the company estimates the recoverable amount of the asset. If it is not possible to estimate the recoverable amount of the individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in the Statement of Comprehensive Income unless the asset is carried at a revalued amount where the impairment loss of a revalued asset is a revaluation decrease. 
An impairment loss recognised for all assets is reversed in a subsequent year if and only if the reasons for the impairment loss have ceased to apply.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 15

 
SENSIENT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:
Taxation
The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions is based on various factors, such as experience with previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. 
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Fair value of investments in subsidiaries
The fair value on transfer into the company of subsidiaries has been determined using the most appropriate method applicable to that subsidiary.
Where a subsidiary holds assets but does not generate significant earnings it is valued using an asset-based approach.
Other subsidiaries are valued using an earnings-related approach, either multiple of earnings or discounted cash flow. 
Significant accounting policies
Provisions for liabilities
A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. 
Short-term debtors and creditors 
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment of debtors are recognised in the statement of comprehensive income in other operating expenses.

Page 16

 
SENSIENT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

4.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors and their associates:


period
31 December
2021
$

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
9,500

Fees payable to the Company's auditors and their associates in respect of:

All non-audit services not included above
1,000


5.


Employees




The Company has no employees other than the directors, who did not receive any remuneration.


6.


Interest receivable

period
31 December
2021
$


Interest receivable from group companies
8,623,585

Other interest receivable
5,755

8,629,340

Page 17

 
SENSIENT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

7.


Taxation


period
31 December
2021
$



Total current tax
-

Deferred tax


Origination and reversal of timing differences
(104,846)

Total deferred tax
(104,846)


Tax on profit
(104,846)

Factors affecting tax charge for the period

The tax assessed for the period is lower than the standard rate of corporation tax in the UK of19%. The differences are explained below:

period
31 December
2021
$


Profit on ordinary activities before tax
8,629,340


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19%
1,639,575

Effects of:


Special factors affecting subsidiary partnerships leading to an increase (decrease) in the tax charge
(1,744,421)

Total tax charge for the period
(104,846)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 18

 
SENSIENT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

8.


Fixed asset investments





Investments in subsidiary companies

$



Cost


Additions
356,856,744


Disposals
(268,000,000)



At 31 December 2021
88,856,744





Subsidiary undertakings


The company owns directly (*) or indirectly shares in the subsidiaries listed below: 

Name

Registered office

Holding

Sensient Technologies Hong Kong Ltd *
Hong Kong
100.00%
Sensient Technologies CV * (partnership)
Netherlands
99.62%
Sensient Colors Canada Ltd
Canada
99.62%
Sensient Natural Extraction Inc
Canada
99.62%
Sensient Holding I BV
Netherlands
99.62%
Sensient Technologies Colombia Ltda
Colombia
99.62%
Sensient Flavors Italy SRL
Italy
99.62%
Sensient Flavors Poland SP ZOO
Poland
99.62%
Sensient Food Colors The Netherlands BV
Netherlands
99.62%
Sensient Technologies Morocco
Morocco
99.62%
Sensient Flavors & Fragrances Industry & Trade Limited Company
Turkey
99.62%
SENSIENT TECHNOLOGIES MENA FZE
UAE
99.62%
Sensient Holding II BV
Netherlands
99.62%
Sensient Flavors Canada Inc
Canada
99.62%
Sensient Technologies Luxembourg SARL
Luxembourg
99.62%
Sensient Technologies Holding Deutschland GmbH
Germany
99.62%
Sensient Technologies Real Estate GmbH
Germany
94.54%
Sensient Technologies Europe GmbH
Germany
94.54%
Sensient Technologies Poland SP ZOO
Poland
94.54%
Sensient Food Colors Czech Republic SRO
Czech Republic
94.54%
Sensient Food Colors Hungary Kft
Hungary
94.54%
Sensient Holdings Malta Limited
Malta
99.62%
Sensient Food Colors Italy SRL
Italy
99.62%
Sensient Flavors and Fragrances SAS
France
99.62%
Sensient Savory Flavors France SAS
France
99.62%
Sensient Cosmetic Technologies
France
99.62%
Sensient Technologies Brazil Ltda
Brazil
99.53%
Sensient Cosmetic Technologies Brazil
Brazil
99.53%
Sensient Technologies Essential Oils SLU
Spain
99.62%
Sensient Technologies Asia Pacific Pte Ltd
Singapore
99.62%
Sensient India Private Limited
India
99.62%
PT Sensient Technologies Indonesia
India
89.66%

Page 19

 
SENSIENT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
Subsidiary undertakings (continued)

The addresses of the registered offices of subsidiaries are set out below: -
ole2faf.png

 
Page 20

 
SENSIENT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
Subsidiary undertakings (continued)

ole42db.png
 
Subsidiary additions have been valued at fair value using the following approaches:-
ole225c.png
The key estimates utilised in the valuations were:-
Weighted average cost of capital - 10%
Growth rate - 3%
Earnings multiple - 11.6
 
Page 21

 
SENSIENT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

9.


Group reconstruction

On May 3rd, 2021, the company acquired the subsidiaries set out in note 9 above along with Sensient Alberta LP and Sensient Global LLC (subsequently liquidated) as part of a group reconstruction.  The transaction has been accounted for as an acquisition.


10.


Debtors

2021
$

Due after more than one year

Amounts owed by group undertakings
268,000,000

Deferred tax asset
104,846

268,104,846


The amount owed by group undertakings relates to a promissory note denominated in US Dollars and attracting interest at 5%.  The note has a maturity date of October 31, 2033 which can be extended.  The note is unsecured.  Interest receivable relating to this note of $8,623,585 was recognised in these financial statements in the period.

2021
$

Due within one year

Amounts owed by group undertakings
8,629,341

8,629,341



11.


Deferred taxation



2021


$






Charged to other comprehensive income
104,846



At end of year
104,846

Page 22

 
SENSIENT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
 
11.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2021
$


Tax losses carried forward
104,846

104,846


12.


Share capital

2021
$
Authorised


100,000 Ordinary shares shares of £1.00 each
138,991

Allotted, called up and fully paid


25,676 Ordinary shares shares of £1.00 each
35,687


A total of 25,676 £1 ordinary shares were allotted and issued. The total consideration received in respect of the issue of these shares was $356,856,745


13.


Reserves

Share premium account

The share premium account represents the amount received by the company over and above the nominal value of the shares issued.

Profit and loss account

The profit and loss account contains the accumulated profits of the company brought forward and recognised in the current year.


14.


Related party transactions

The company is a qualifying entity and has taken advantage of the exemption conferred by FRS 102, from disclosing transactions with other wholly owned members of the Sensient Technologies Corporation group (the consolidated financial statements of which are publicly available).

Page 23

 
SENSIENT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

15.


Controlling party

In the opinion of the directors, the company’s ultimate parent company and controlling party is Sensient Technologies Corporation, a company incorporated in the United States of America. Sensient Technologies Corporation is the largest and smallest group for which consolidated financial statements are prepared.
Copies of the group financial statements of Sensient Technologies Corporation are filed at the Securities and Exchange Commission, Washington DC, Washington DC. 
The company’s immediate parent undertaking is Sensient Flavors International Inc., a company incorporated in the United States of America.

Page 24