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REGISTERED NUMBER: SC064189 (Scotland)















GREYLAG HOLDINGS (UK) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






GREYLAG HOLDINGS (UK) LIMITED (REGISTERED NUMBER: SC064189)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 9


GREYLAG HOLDINGS (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Matthew David McCready
Robert William MacDonald
Owain Thomas Harries



REGISTERED OFFICE: Maple Park
Monkton
Prestwick
Ayrshire
KA9 2RJ



REGISTERED NUMBER: SC064189 (Scotland)



AUDITORS: Azets Audit Services
Chartered accountants
Statutory auditor
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA



BANKERS: Royal Bank of Scotland
30 Sandgate
Ayr
Ayrshire
KA7 1BY

GREYLAG HOLDINGS (UK) LIMITED (REGISTERED NUMBER: SC064189)

BALANCE SHEET
31 DECEMBER 2024

31/12/24 31/12/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 349,118 381,567
Investments 5 21,254 21,254
370,372 402,821

CURRENT ASSETS
Stocks 6 531,183 781,999
Debtors 7 2,987,882 2,802,507
Cash at bank 493,684 368,743
4,012,749 3,953,249
CREDITORS
Amounts falling due within one year 8 1,352,743 1,323,488
NET CURRENT ASSETS 2,660,006 2,629,761
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,030,378

3,032,582

PROVISIONS FOR LIABILITIES 9 28,172 35,939
NET ASSETS 3,002,206 2,996,643

CAPITAL AND RESERVES
Called up share capital 57,573 57,573
Share premium 10 308,793 308,793
Other reserves 10 222,640 222,640
Capital redemption reserve 10 1,150,040 1,150,040
Retained earnings 10 1,263,160 1,257,597
SHAREHOLDERS' FUNDS 3,002,206 2,996,643

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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2025 and were signed on its behalf by:





Matthew David McCready - Director


GREYLAG HOLDINGS (UK) LIMITED (REGISTERED NUMBER: SC064189)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Greylag Holdings (UK) Limited, is a private company, limited by shares, registered in Scotland. The company's registered number is SC064189 and registered office address is Maple Park, Monkton, Prestwick, Ayrshire, KA9 2RJ.

The nature of the company's operations and its principal activities was that of the importation and sale of bovine genetics.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

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.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the provision of goods and services is recognised in the period in which the goods and services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due;
- the costs incurred can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 33% on cost and 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

The carrying value of tangible fixed assets are reviewed for impairment in period if events or changes in circumstances indicate the carrying value may not be recoverable.

Stocks
Stocks are valued at the lower of cost and net realisable value, on a weighted average basis, after making due allowances for slow moving and obsolete items. In the case of work in progress, cost includes direct materials and labour plus attributable overheads based on a normal level of activity.

Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

GREYLAG HOLDINGS (UK) LIMITED (REGISTERED NUMBER: SC064189)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Derivative financial instruments
Derivative financial instruments are recognised at fair value. The gain or loss on remeasurement to fair value is recognised immediately in profit or loss. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged.

Foreign currency forward contracts
Foreign currency forward contracts are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at fair value through profit or loss. Outstanding derivatives at year end are included within other debtors.


GREYLAG HOLDINGS (UK) LIMITED (REGISTERED NUMBER: SC064189)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are retranslated at the rates of exchange ruling at the balance sheet date.

All differences are taken to the profit and loss account.

Exchange differences resulting from the retranslation of the opening net assets of foreign divisions are treated as a movement on reserves.

Leases
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

GREYLAG HOLDINGS (UK) LIMITED (REGISTERED NUMBER: SC064189)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2023 - 48 ) .

GREYLAG HOLDINGS (UK) LIMITED (REGISTERED NUMBER: SC064189)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 500,000 282,469 95,108 211,380 1,088,957
Additions - - - 3,248 3,248
Disposals - - (5,100 ) - (5,100 )
At 31 December 2024 500,000 282,469 90,008 214,628 1,087,105
DEPRECIATION
At 1 January 2024 180,000 282,469 39,901 205,020 707,390
Charge for year 10,000 - 21,312 4,385 35,697
Eliminated on disposal - - (5,100 ) - (5,100 )
At 31 December 2024 190,000 282,469 56,113 209,405 737,987
NET BOOK VALUE
At 31 December 2024 310,000 - 33,895 5,223 349,118
At 31 December 2023 320,000 - 55,207 6,360 381,567

5. FIXED ASSET INVESTMENTS

31/12/24 31/12/23
£    £   
Shares in group undertakings 1,000 1,000
Other investments not loans 20,254 20,254
21,254 21,254

Additional information is as follows:
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 19,100
PROVISIONS
At 1 January 2024
and 31 December 2024 18,100
NET BOOK VALUE
At 31 December 2024 1,000
At 31 December 2023 1,000

Investments (neither listed nor unlisted) were as follows:
31/12/24 31/12/23
£    £   
Investments 20,254 20,254

GREYLAG HOLDINGS (UK) LIMITED (REGISTERED NUMBER: SC064189)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

6. STOCKS
31/12/24 31/12/23
£    £   
Finished goods 531,183 781,999

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
£    £   
Trade debtors 2,884,237 2,726,249
Other debtors 886 6,847
Prepayments 102,759 69,411
2,987,882 2,802,507

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
£    £   
Trade creditors 136,729 311,166
Amounts owed to group undertakings 152,248 116,509
Corporation tax 13,843 9,162
Social security and other taxes 292,850 171,232
Accrued expenses 757,073 715,419
1,352,743 1,323,488

9. PROVISIONS FOR LIABILITIES
31/12/24 31/12/23
£    £   
Deferred tax 28,172 35,939

Deferred
tax
£   
Balance at 1 January 2024 35,939
Originating and reversal of
timing differences (7,767 )
Effect of changes in tax rates
Balance at 31 December 2024 28,172

10. RESERVES
Capital
Retained Share Other redemption
earnings premium reserves reserve Totals
£    £    £    £    £   

At 1 January 2024 1,257,597 308,793 222,640 1,150,040 2,939,070
Profit for the year 5,563 5,563
At 31 December 2024 1,263,160 308,793 222,640 1,150,040 2,944,633

GREYLAG HOLDINGS (UK) LIMITED (REGISTERED NUMBER: SC064189)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

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

The Report of the Auditors was unqualified.

Alex Webb BAcc FCCA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Semex Alliance which owns 100% of the issued share capital.

14. ULTIMATE PARENT COMPANY

The ultimate parent company is the Semex Alliance and has included the company in its group financial statements, copies of which may be obtained from 5653 Highway 6 North, Guelph, Ontario, Canada, N1H 6J2.