Company registration number 06511864 (England and Wales)
DSV UNITED KINGDOM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
DSV UNITED KINGDOM LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
DSV UNITED KINGDOM LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
425,867
463,321
Current assets
Stocks
1,913,145
1,902,604
Debtors
4
2,161,556
2,093,775
Cash at bank and in hand
350,064
441,065
4,424,765
4,437,444
Creditors: amounts falling due within one year
5
(2,236,400)
(2,464,334)
Net current assets
2,188,365
1,973,110
Total assets less current liabilities
2,614,232
2,436,431
Provisions for liabilities
(94,784)
(106,808)
Net assets
2,519,448
2,329,623
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
2,518,448
2,328,623
Total equity
2,519,448
2,329,623
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime of the Companies Act 2006.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 11 December 2024 and are signed on its behalf by:
Dr E Hupe
Dr A Doering
Director
Director
Company registration number 06511864 (England and Wales)
DSV UNITED KINGDOM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
1,000
1,846,803
1,847,803
Year ended 30 June 2023:
Profit and total comprehensive income
-
481,820
481,820
Balance at 30 June 2023
1,000
2,328,623
2,329,623
Year ended 30 June 2024:
Profit and total comprehensive income
-
189,825
189,825
Balance at 30 June 2024
1,000
2,518,448
2,519,448
DSV UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
DSV United Kingdom Limited is a private company limited by shares incorporated in England and Wales. The registered office is Countrywide House, 23 West Bar, Banbury, Oxfordshire, England, OX16 9SA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents amounts supplied during the period, exclusive of Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold imp'ments
6% to 12.5% straight line
Plant and machinery
6% to 50% straight line
Fixtures & fittings
10% to 20% straight line
Motor vehicles
25% to 50% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
DSV UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
DSV UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Foreign exchange
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
16
15
3
Tangible fixed assets
Leasehold imp'ments
Plant and machinery
Fixtures & fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
295,505
1,256,225
15,630
32,998
1,600,358
Additions
20,083
31,879
51,962
Transfers
15,160
5,648
(14,597)
(6,211)
At 30 June 2024
330,748
1,293,752
1,033
26,787
1,652,320
Depreciation and impairment
At 1 July 2023
214,083
887,795
4,810
30,349
1,137,037
Depreciation charged in the year
13,766
72,546
204
2,900
89,416
Transfers
4,630
7,521
(4,537)
(7,614)
At 30 June 2024
232,479
967,862
477
25,635
1,226,453
Carrying amount
At 30 June 2024
98,269
325,890
556
1,152
425,867
At 30 June 2023
81,422
368,430
10,820
2,649
463,321
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,032,116
1,985,360
Other debtors
18,092
36,435
Prepayments and accrued income
111,348
71,980
2,161,556
2,093,775
DSV UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
176,886
66,090
Amounts owed to group undertakings
1,748,944
2,075,805
Corporation tax
5,536
7,736
Other taxation and social security
24,159
25,733
Accruals and deferred income
280,875
288,970
2,236,400
2,464,334
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The Independent Auditor's Report was unqualified. The senior statutory auditor was Charlotte Toemaes BSc FCA. The auditor was Ellacotts Audit Services Limited.
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
117,898
168,946
8
Related party transactions
No transactions with related parties were undertaken which are required to be disclosed under FRS102 Section 1A.
9
Parent company
The company's immediate parent and ultimate parent company, and the smallest and largest group for which group accounts are prepared is Deutsche Saatveredelung AG, a company incorporated in Germany. Copies of the financial statements of Deutsche Saatveredelung AG are available from Desutsche Saatveredelung AG Head Office in Lippstadt at Weissenburger Straβe 5, 59557 Lippstadt, Germany.