Registered number:
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2021
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SENSIENT UK LIMITED
COMPANY INFORMATION
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SENSIENT UK LIMITED
CONTENTS
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SENSIENT UK LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2021
The company was formed on March 30, 2021 and presents its financial statements for the 9 month period ended 31 December 2021.
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.
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.
The company's key financial performance indicators during the year are as follows:-
The company has no other key performance indicators
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SENSIENT UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
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
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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.
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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.
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 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.
The profit for the period, after taxation, amounted to $8,734,186.
No dividend was declared in 2021.
The directors who served during the period were:
The company will continue for the foreseeable future as an intermediate holding company.
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SENSIENT UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
The company only engages with other Group companies in its role as an intermediate holding company.
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.
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.
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.
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, Kinnair 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
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SENSIENT UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SENSIENT UK LIMITED
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 policies. The 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).
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.
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.
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SENSIENT UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SENSIENT UK LIMITED (CONTINUED)
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 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.
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.
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.
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SENSIENT UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SENSIENT UK LIMITED (CONTINUED)
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.
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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.
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Aston House
Redburn Road
NE5 1NB
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SENSIENT UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2021
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SENSIENT UK LIMITED
REGISTERED NUMBER: 13302243
BALANCE SHEET
AS AT 31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 24 form part of these financial statements.
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SENSIENT UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021
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SENSIENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
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
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:
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.
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.
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SENSIENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
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.
Functional and presentation currency
Transactions and balances
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SENSIENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
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.
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SENSIENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
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.
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SENSIENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
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SENSIENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
There were no factors that may affect future tax charges.
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SENSIENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
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SENSIENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
Subsidiary undertakings (continued)
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SENSIENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
Subsidiary undertakings (continued)
Subsidiary additions have been valued at fair value using the following approaches:-
The key estimates utilised in the valuations were:- Weighted average cost of capital - 10% Growth rate - 3% Earnings multiple - 11.6
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SENSIENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
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.
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SENSIENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
11.Deferred taxation (continued)
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
Share premium account
Profit and loss account
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SENSIENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
In the opinion of the directors, the company’s ultimate parent company and controlling party is
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
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