Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
COMPANY INFORMATION
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
CONTENTS
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their strategic report for the Company for the year ended 31 December 2023.
The company is a manufacturing company and produces high quality gelatin to the market with over 90% of sales being exported mainly to Europe, Asia and the US.
The operating loss for the year ended 31 December 2023 is £6,468,195 (2022: £7,963,475 loss). The financial statements have been prepared on a going concern basis, which the directors consider to be appropriate. Health and Safety continues to be a priority at PB Gelatins. The company continues to invest in Environmental, Health and Safety and works closely with its stakeholders. The company follows stringent production procedures documented within the IS09001:2015 quality system, for which original accreditation has been held since 1992. The company achieved ISO22000 in 2015, an International standard relating to the safety of foodstuffs with PAS 220, a standard which specifies requirements for prerequisite programs to assist in controlling food safety risks within the manufacturing processes of international food supply chains.
The management of the business and execution of the Tessenderlo Group NV group's strategy; of which this Company forms a part; are subject to a number of risks. Key business risks principally relate to market competition, both from a national and international perspective and the retention of suitably qualified employees. Business risks are reviewed regularly by the directors of the Tessenderlo Group NV and appropriate processes are put in place to monitor and mitigate their impact.
The key performance indicators are considered to be revenue and operating loss. These figures are contained within the financial statements on pages 12 to 29.
Page 1
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
In line with the Companies Act requirement for periods commencing on or after January 1, 2020, the Directors set out below their key considerations and the steps they have taken with regard to the "enlightened shareholder value" requirements of s172 in performing their duties.
The Directors consider that they have acted in good faith and in a manner that would be most likely to promote the success of the company for the benefit of their stakeholders. Our strategy will deliver a long-term beneficial impact to the company and the specific stakeholders as follows: To our employees - the directors recognize that our people are the most important factor behind our success. In a global business where knowledge and expertise are essential, we build on our experienced and motivated employees who have in-depth knowledge and understanding of both the company and our products. HR managers, who make up part of each of the different management teams, are focused on the deployment of the updated business strategies by shaping the organization, defining clear roles and responsibilities, as well as attracting: retaining and developing the right people and building motivated teams that will realize the objectives of the group. They also guide the company through the cultural changes that are necessary for the successful implementation of the transformation plans. To our customers - we aim to remain focused on increasing logistics efficiency; de-bottlenecking plants, implementing coordinated procurement and sourcing activities, realizing operational excellence, profitable growth and- of course - our customers. Put simply, it is only by continuously addressing these issues that we can better serve the markets in which we operate. To our suppliers - we aim to ensure our suppliers receive prompt payment for their invoices, foster good working relationships, and work together on areas of mutual interest, with a strong focus on sustainable value creation. To the environment -being part of Tessenderlo Group, we are driven by a bold and inspiring vision: we want to ensure that life on our planet will thrive by helping to create a world that makes the most of its resources. At PB Gelatins UK Limited, we achieve this, among others by creating value from bio-residuals. Acting fairly - being part of Tessenderlo Group, we embrace the group "6 attitudes" - we aim to carry out the positive, courageous, curious: and connected attitudes and demonstrate decisive and focused behaviour, ensuring the highest standards of ethical behaviour within our Code of Conduct at all times. By delivering on these aims, the directors believe they will contribute to enhancing the company's reputation in a positive way and provide an improved financial return to our shareholders. At all times, the directors will strive to make informed decisions, in a responsible way with due regard to the various stakeholder interests in a responsible, fair, and reasonable way.
Page 2
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board and signed on its behalf.
Page 3
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The director presents his report and the financial statements for the year ended 31 December 2023.
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 loss for the year, after taxation, amounted to £7,015,322 (2022 - loss £7,027,186).
The directors who served during the year were:
After the year end on 28 January 2025, Alexis Bortoluzzi was appointed as a director of the company.
Page 4
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The company's operations expose it to a variety of financial risks that include the effects of changes in price risk, credit risk, foreign exchange movements, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company.
Price risk The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature. Credit risk The company's financial assets are cash, trade receivables, amounts owed by group undertakings and other debtors. The company's credit risk is primarily attributable to its trade receivables which are presented in the statement of financial position net of allowances for doubtful debts. Provision for doubtful debts is made when specific customer events or circumstances give rise to evidences of a reduction in the recoverable cash flows associated with the debt. The company has no significant concentration of credit risk with exposure spread over a large number of customers. The credit risk on cash balances is limited because the counterparties are banks with high credit ratings assigned by appropriate credit rating agencies. Foreign exchange risk The company undertakes transactions denominated in foreign currencies and is exposed to exchange rate fluctuations on these transactions. The company does not use foreign exchange forward contracts to hedge these exposures. Liquidity risk The company holds no external debt, all financing is through intercompany loans from its direct parent. Interest rate cash flow risk The company has both interest bearing assets and interest bearing liabilities. Interest bearing liabilities comprise mainly group loans at variable rates. Cash balances earn interest at variable rates.
Page 5
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The European bone gelatin currently faces significant challenges. Declining demand in the Western world, a market shift towards alternative products, and customer migration to low-cost countries is creating intense pressure on our pricing and cost structure.
Looking ahead, the company believes that the European bone gelatin will continue to experience difficult market conditions. Given these ongoing challenges, combined with the need for substantial further investments to maintain an efficient production, we find the European bone gelatin business lacking any viable path forward. Therefore, Tessenderlo Group has announced its intention to restructure its operations. Consequently, on November 21st 2024, the company has formally opened an information and consultation process with the employees’ representatives to analyze potential options for its plants in Treforest. This announcement marks the start of the information and consultation process, in alignment with British law. Throughout this period, management will work collaboratively to explore potential solutions and alternatives with the works council and employees' representatives of Treforest. Our commitment is to conduct this process constructively and transparently. Although no final decision has been made, we regret that this announcement may bring unrest and uncertainty to our people and community for the coming times. After about 3 months, constructive negotiations have taken place, and are still ongoing. The directors rely on the continuing support of Tessenderlo Chemie NV to enable the company to meet its obligations as they fall due and to continue to trade and based on this ongoing support the directors consider that it is appropriate to prepare the financial statements on a going concern basis.
Page 6
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The company has used the UK Government's GHG Conversion factors for reporting 2023 and 2022 to calculate its carbon emissions.
During 2023, the company has not introduced any new energy efficiency measures.
There have been no significant events affecting the Company since the year end.
The auditor, Nortons Assurance Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 7
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P B GELATINS U.K. LIMITED
We have audited the financial statements of P B Gelatins U.K. Limited (the 'Company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.
We draw attention to note 2.3 in the financial statements, which indicates that the group has opened an information and consultation process with the employees’ representatives to analyse potential options for its plants in Treforest, this process is ongoing. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the director's assessment of the Company's ability to continue to adopt the going concern basis of accounting included in the relevant section of this report.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Page 8
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P B GELATINS U.K. LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The director is 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's 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 Director's Report.
Page 9
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P B GELATINS U.K. 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 Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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 objectives of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows: We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK. We understood how the Company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by discussing with management to understand where it considered there was a susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage the results. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud and error. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of Company management and focused testing. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with the requirements of the relevant accounting standards and UK legislation.
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 Auditor's Report.
Page 10
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P B GELATINS U.K. LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Second Floor
NOW Building
Thames Valley Park
RG6 1RB
Page 11
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 12
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
REGISTERED NUMBER: 01477674
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 28 form part of these financial statements.
Page 13
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 14
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PB Gelatins UK Limited, the Company, is a private cmpany limited by shares, incorporated in the United Kingdom under the Companies Act are registered in Engand and Wales. The registered office amd principal place of business is Unit A6 Severn Road, Treforest Industrial Estate, Pontypridd, CF37 5SQ.
The principal activity of the company during the year was the manufacture and sale of pharmaceutical, photographic and edible gelatins..
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.
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.
This information is included in the consolidated financial statements of Tessenderlo Group nv as at 31 December 2023 and these financial statements may be obtained from Troonstraat 130 Rue du Trone,1050 Brussels.
Page 15
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Looking ahead, the company believes that the European bone gelatin will continue to experience difficult market conditions. Given these ongoing challenges, combined with the need for substantial further investments to maintain an efficient production, we find the European bone gelatin business lacking any viable path forward. Therefore, Tessenderlo Group has announced its intention to restructure its operations. Consequently, on November 21st 2024, the company has formally opened an information and consultation process with the employees’ representatives to analyze potential options for its plants in Treforest. This announcement marks the start of the information and consultation process, in alignment with British law. Throughout this period, management will work collaboratively to explore potential solutions and alternatives with the works council and employees' representatives of Treforest. Our commitment is to conduct this process constructively and transparently. Although no final decision has been made, we regret that this announcement may bring unrest and uncertainty to our people and community for the coming times. After about 3 months, constructive negotiations have taken place, and are still ongoing. The directors rely on the continuing support of Tessenderlo Chemie NV to enable the company to meet its obligations as they fall due and to continue to trade and based on this ongoing support the directors consider that it is appropriate to prepare the financial statements on a going concern basis.
Page 16
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Page 17
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Page 18
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 19
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Inventory Provisioning The company manufactures and sells gelatin and is subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considered the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.
Analysis of turnover by country of destination:
Page 20
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 21
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 22
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.Taxation (continued)
Following the 2021 Budget announcement, the rate of corporation tax increased from 19% to 25% from 1 April 2023. Accordingly the losses have been taxed at 23.52% rather than 19%.
There are no factors affecting future tax charges.
Page 23
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 24
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 25
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 26
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Share premium account
Profit and loss account
The Company operates a Defined Benefit Pension Scheme. However, the scheme is a multiple employer scheme and the Company is unable to identify its share of the underlying assets and liabilities, the participating employers in the scheme are Tessenderlo Fine Chemicals Limited and PB Gelatins U.K. Limited. Under the multi-employer exemptions under FRS 102 the scheme has been accounted for as a defined contribution scheme.
Page 27
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P B GELATINS U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The immediate parent undertaking is
The ultimate parent undertaking is The results of the Company are included in the consolidated financial statements of Tessenderlo Group NV. Copies of these financial statements are publicly available at Tessenderlo Group NV,
Page 28
|