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Registered number: 01692116









BARENBRUG U.K. LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
BARENBRUG U.K. LIMITED
 

COMPANY INFORMATION


Directors
P R Johnson (resigned 17 December 2024)
G J van Raan (resigned 1 August 2023)
H J Brand (resigned 1 December 2023)
M H Willeboordse (appointed 1 August 2023, resigned 14 March 2025)
J H C G Thijssen (appointed 1 December 2023)
M Hales (appointed 17 December 2024)




Company secretary
M Balfour



Registered number
01692116



Registered office
33 Perkins Road
Rougham Industrial Estate

Bury St Edmunds

Suffolk

IP30 9ND




Independent auditors
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Tennyson House

Cambridge Business Park

Cambridge

CB4 0WZ





 
BARENBRUG U.K. LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Consolidated Statement of Comprehensive Income
 
8
Consolidated Balance Sheet
 
9 - 10
Company Balance Sheet
 
11 - 12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
14
Notes to the Financial Statements
 
15 - 38


 
BARENBRUG U.K. LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The Directors present their strategic review on the Group for the year ended 30 June 2024.
Barenbrug U.K. Limited is a subsidiary of Barenbrug Holding BV.
The principal activity of the Group continued to be that of research, development, production and sale of agricultural and amenity seeds.

Business review
 
The Group has maintained its market share in both the sport & leisure & agricultural markets.

Principal risks and uncertainties
 
The management of the business and the execution of the Group’s strategy are subject to several risks.  The key business risks affecting the Group are considered to relate to competition from other suppliers and product availability.  These risks are managed and mitigated by management’s continuous monitoring and oversight.
The directors continue to monitor the effects of the UK and global interest and inflation rates and climate change impacting elements of seed multiplication.
Financial risk management
The Group’s operations are exposed to various financial risks that include the effects of liquidity risk and interest rate cash flow risk. The directors are responsible for monitoring financial risk management of the Group and see to limit the adverse effects on the financial performance of the Group by monitoring levels of debt finance and related finance costs.
Liquidity risk
The Group has cash and access to funding from the group which the Group can use to manage its liquidity position if required.
Interest rate and cash flow risk
The Group has interest bearing liabilities comprising the bank overdraft. The directors believe this to be appropriate  but will revisit this policy should the Group's operations change in size and nature.

Financial key performance indicators
 
The directors of the Group consider turnover and gross profit margin to be the KPIs. 
The turnover for the year was £22,501,562. This represents an increase of 19.7% against 2023.
The Group made a loss before tax of £273,973. This compares to a profit of £786,978 for the same period in 2023.

Other key performance indicators
 

This report was approved by the board on 21 March 2025 and signed on its behalf.


................................................
M Balfour
Secretary

Page 1

 
BARENBRUG U.K. LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors

The directors who served during the year were:

P R Johnson (resigned 17 December 2024)
G J van Raan (resigned 1 August 2023)
H J Brand (resigned 1 December 2023)
M H Willeboordse (appointed 1 August 2023, resigned 14 March 2025)
J H C G Thijssen (appointed 1 December 2023)


Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £486,772 (2023 - profit £564,316).

During the year a dividend of £NIL (2023 - £NIL) was paid.

Future developments

There are no significant future developments affecting the Group.

Page 2

 
BARENBRUG U.K. LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

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

Auditors

Under section 487(2) of the Companies Act 2006Price Bailey LLP 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 25 March 2025 and signed on its behalf.
 





................................................
M Hales
Director

Page 3

 
BARENBRUG U.K. LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARENBRUG U.K. LIMITED
 

Opinion


We have audited the financial statements of Barenbrug U.K. Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 30 June 2024 and of the Group's loss for the year 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 Group 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 Group's or the parent 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 4

 
BARENBRUG U.K. LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARENBRUG U.K. 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 2, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
BARENBRUG U.K. LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARENBRUG U.K. 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 Group 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:

We gained an understanding of the legal and regulatory framework applicable to the Group and how it operates and considered the risk of the Group not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements. In relation to the Group this included employment law, financial reporting and health & safety.
The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:
-agreeing the financial statement disclosures to underlying supporting documentation to assess compliance         with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-enquiries of management including those responsible for key regulations;
-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud;
-reviewing minutes of board meetings.
In addressing the risk of management override of controls, we carried out testing of journal entries and other
adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are
indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal
course of business.
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.


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.


Page 6

 
BARENBRUG U.K. LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARENBRUG U.K. LIMITED (CONTINUED)


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.





Paul Cullen FCCA (Senior Statutory Auditor)
  
for and on behalf of
Price Bailey LLP
 
Chartered Accountants
Statutory Auditors
  
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ

27 March 2025
Page 7

 
BARENBRUG U.K. LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
22,501,562
18,800,785

Cost of sales
  
(14,971,818)
(12,704,029)

Gross profit
  
7,529,744
6,096,756

Administrative expenses
  
(7,135,078)
(5,019,732)

Operating profit
 5 
394,666
1,077,024

Interest receivable and similar income
  
7,253
1,447

Interest payable and similar expenses
 9 
(675,892)
(291,493)

(Loss)/profit before tax
  
(273,973)
786,978

Tax on (loss)/profit
 10 
(212,799)
(222,662)

(Loss)/profit for the financial year
  
(486,772)
564,316

(Loss)/profit for the year attributable to:
  

Owners of the parent company
  
(486,772)
564,316

  
486,772
(564,316)

Total comprehensive income attributable to:
  

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 15 to 38 form part of these financial statements.

Page 8

 
BARENBRUG U.K. LIMITED
REGISTERED NUMBER: 01692116

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
2,594,762
3,293,317

Tangible assets
 12 
3,544,937
2,207,132

  
6,139,699
5,500,449

Current assets
  

Stocks
 14 
8,735,598
10,208,730

Debtors: amounts falling due within one year
 15 
4,780,130
4,023,502

Cash at bank and in hand
 16 
561,981
188,846

  
14,077,709
14,421,078

Creditors: amounts falling due within oneyear
 17 
(12,384,568)
(11,080,068)

Net current assets
  
 
 
1,693,141
 
 
3,341,010

Creditors: amounts falling due after morethan one year
 18 
(1,501,749)
(2,250,000)

Provisions for liabilities
  

Deferred tax
  
(305,047)
(78,643)

  
 
 
(305,047)
 
 
(78,643)

Net assets
  
6,026,044
6,512,816


Capital and reserves
  

Called up share capital 
 23 
500,001
500,001

Share premium account
 24 
3,699,999
3,699,999

Profit and loss account
 24 
1,826,044
2,312,816

  
6,026,044
6,512,816


Page 9

 
BARENBRUG U.K. LIMITED
REGISTERED NUMBER: 01692116

CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 March 2025.




................................................
M Hales
Director

The notes on pages 15 to 38 form part of these financial statements.

Page 10

 
BARENBRUG U.K. LIMITED
REGISTERED NUMBER: 01692116

COMPANY BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
3,421,450
2,049,644

Investments
 13 
5,220,636
5,220,636

  
8,642,086
7,270,280

Current assets
  

Stocks
 14 
7,657,160
8,865,346

Debtors: amounts falling due within one year
 15 
3,698,387
2,947,476

Cash at bank and in hand
 16 
414,241
78,474

  
11,769,788
11,891,296

Creditors: amounts falling due within oneyear
 17 
(12,738,163)
(10,598,270)

Net current (liabilities)/assets
  
 
 
(968,375)
 
 
1,293,026

Total assets less current liabilities
  
7,673,711
8,563,306

  

Creditors: amounts falling due after morethan one year
 18 
(1,500,000)
(2,250,000)

Provisions for liabilities
  

Deferred taxation
 22 
(301,328)
(74,924)

Net assets
  
 
 
5,872,383
 
 
6,238,382


Capital and reserves
  

Called up share capital 
 23 
500,001
500,001

Share premium account
 24 
3,699,999
3,699,999

Profit and loss account carried forward
  
1,672,383
2,038,382

  
5,872,383
6,238,382


Page 11

 
BARENBRUG U.K. LIMITED
REGISTERED NUMBER: 01692116

COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 March 2025.


................................................
M Hales
Director

The notes on pages 15 to 38 form part of these financial statements.

Page 12

 
BARENBRUG U.K. LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 July 2022
500,000
1,200,000
1,748,500
3,448,500
3,448,500



Profit for the year
-
-
564,316
564,316
564,316

Shares issued during the year
1
2,499,999
-
2,500,000
2,500,000


Total transactions with owners
1
2,499,999
-
2,500,000
2,500,000



At 1 July 2023
500,001
3,699,999
2,312,816
6,512,816
6,512,816



Loss for the year
-
-
(486,772)
(486,772)
(486,772)


At 30 June 2024
500,001
3,699,999
1,826,044
6,026,044
6,026,044


The notes on pages 15 to 38 form part of these financial statements.

Page 13

 
BARENBRUG U.K. LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


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

£
£
£
£


At 1 July 2022
500,000
1,200,000
1,748,500
3,448,500



Profit for the year
-
-
289,882
289,882

Shares issued during the year
1
2,499,999
-
2,500,000


Total transactions with owners
1
2,499,999
-
2,500,000



At 1 July 2023
500,001
3,699,999
2,038,382
6,238,382



Loss for the year
-
-
(365,999)
(365,999)


At 30 June 2024
500,001
3,699,999
1,672,383
5,872,383


The notes on pages 15 to 38 form part of these financial statements.

Page 14

 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Barenbrug U.K. Limited is a limited liability company incorporated in England and Wales. The registered office is 33 Perkins Road, Rougham Industrial Estate, Bury St Edmunds, Suffolk, IP30 9ND.
The nature of the Group's operations and principal activities is that of research, development, production and sale of agricultural and amenity seeds.

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.

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 09 March 2023.

Page 15

 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Going concern

The Barenbrug Group (the Group), of which the parent Company is a member, entered into master facilities agreement with Rabobank International. Under this agreement the Company can borrow through operating lines of credit up to limits set annually by Barenbrug Holding B.V. (the Company's parent company). Interest rates on the operating lines of credit are variable and are calculated based on a combination of the group's ratios, the current SOFR rate and applicable bank fees.
The Company is joint and severally liable, along with co-obligors to the group, for full amount of the maximum debt agreed upon in the master facility agreement. The agreements are guaranteed and secured by the consolidated assets of the group.
The agreements contain restrictive covenants, for which the group as a whole is liable at the consolidated financial statement level. In the event that restrictive covenants are breached, interest rates to the entire group would increase as a result.
The directors have prepared cash flow forecasts for a period of 12 months from the year end which demonstrate that the cash reserves of the  parent company and its subsidiaries will be sufficient for it to be able to continue as a going concern.
The financial statements do not contain any adjustments that would be required if the parent company and its subsidiaries were not able to continue as a going concern.

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 16

 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets 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:

Freehold property
-
3% straight line
Plant and machinery
-
10-20% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
20% straight line

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.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on average actual purchase costs including transport on a first in, first out basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried
Page 17

 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 18

 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.13

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.14

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.15

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Page 19

 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.17

Interest income

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

 
2.18

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Current and deferred taxation

The tax expense for the year 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 corporation 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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 20

 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.21

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.22

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

 The estimated useful lives range as follows:

Patents and licences
-
10
years
Software
-
10
years
Goodwill
-
5
years


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.

Page 21

 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
20,977,944
17,404,629

Rest of Europe
1,523,618
1,396,156

22,501,562
18,800,785



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
3,551
132,946

Depreciation of owned tangible fixed assets
271,269
139,016

Other operating lease rentals
171,007
167,904

(Profit) on disposal of fixed assets
(10,146)
-

Defined pension scheme
124,514
97,871


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
34,000
25,000

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

Audit-related assurance services
30,950
20,600

Taxation compliance services
3,050
4,400

Page 22

 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
2,806,093
2,120,440
1,874,396
1,847,378

Social security costs
242,456
190,993
170,719
179,914

Cost of defined contribution scheme
124,514
97,871
105,721
93,004

3,173,063
2,409,304
2,150,836
2,120,296


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Production and supervision
18
16
10
11



Administration and sales
49
49
35
34

67
65
45
45


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
132,119
132,430

Group contributions to defined contribution pension schemes
13,790
12,888

145,909
145,318


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

Page 23

 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
484,639
222,743

Other loan interest payable
19,581
6,767

Loans from group undertakings
169,702
61,201

Finance leases and hire purchase contracts
1,970
782

675,892
291,493


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(13,605)
177,651


Total current tax
(13,605)
177,651

Deferred tax


Origination and reversal of timing differences
226,404
45,011

Total deferred tax
226,404
45,011


Taxation on profit on ordinary activities
212,799
222,662
Page 24

 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(273,973)
786,978


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(68,493)
196,745

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisationand impairment
5,611
4,071

Capital allowances for year in excess of depreciation
283,368
(226,070)

Unrelieved tax losses carried forward
(7,687)
247,916

Total tax charge for the year
212,799
222,662


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 25

 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Intangible assets

Group





Intangible assets

£



Cost


At 1 July 2023
3,548,636



At 30 June 2024

3,548,636



Amortisation


At 1 July 2023
255,319


Charge for the year on owned assets
698,555



At 30 June 2024

953,874



Net book value



At 30 June 2024
2,594,762



At 30 June 2023
3,293,317



Page 26
 


 
BARENBRUG U.K. LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


12.


Tangible fixed assets


Group







Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Assets under construction
Total

£
£
£
£
£
£
£



Cost


At 1 July 2023
1,700,328
713,189
250,291
628,023
15,551
914,694
4,222,076


Additions
-
1,645,434
21,199
6,070
15,133
-
1,687,836


Disposals
-
(57,284)
(82,803)
(3,954)
-
-
(144,041)


Transfers between classes
-
909,091
-
5,603
-
(914,694)
-



At 30 June 2024

1,700,328
3,210,430
188,687
635,742
30,684
-
5,765,871



Depreciation


At 1 July 2023
897,743
457,659
64,342
592,562
1,576
1,062
2,014,944


Charge for the year on owned assets
33,955
182,942
78,666
25,438
7,552
-
328,553


Disposals
-
(57,284)
(61,606)
(3,673)
-
-
(122,563)


Transfers between classes
-
-
-
1,062
-
(1,062)
-



At 30 June 2024

931,698
583,317
81,402
615,389
9,128
-
2,220,934



Net book value



At 30 June 2024
768,630
2,627,113
107,285
20,353
21,556
-
3,544,937



At 30 June 2023
802,585
255,530
185,949
35,461
13,975
913,632
2,207,132
Page 27

 


 
BARENBRUG U.K. LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           12.Tangible fixed assets (continued)





The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold property
768,630
802,585


Page 28

 


 
BARENBRUG U.K. LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           12.Tangible fixed assets (continued)



Company







Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Assets under construction
Total

£
£
£
£
£
£

Cost


At 1 July 2023
1,700,328
674,841
132,994
609,562
909,091
4,026,816


Additions
-
1,638,339
-
4,773
-
1,643,112


Disposals
-
(57,284)
(62,818)
-
-
(120,102)


Transfers between classes
-
909,091
-
-
(909,091)
-



At 30 June 2024

1,700,328
3,164,987
70,176
614,335
-
5,549,826



Depreciation


At 1 July 2023
897,743
454,173
45,277
579,979
-
1,977,172


Charge for the year on owned assets
33,955
169,434
25,586
21,134
-
250,109


Disposals
-
(57,284)
(41,621)
-
-
(98,905)



At 30 June 2024

931,698
566,323
29,242
601,113
-
2,128,376



Net book value



At 30 June 2024
768,630
2,598,664
40,934
13,222
-
3,421,450



At 30 June 2023
802,585
220,668
87,717
29,583
909,091
2,049,644

Page 29
 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           12.Tangible fixed assets (continued)





The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold property
768,630
802,585


Page 30

 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 July 2023
5,220,636



At 30 June 2024
5,220,636





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

GroGreen Ltd
Unit 1, Cheviot House, Mill Wynd, Haddington, East Lothian, Scotland, EH41 4EX
Ordinary
100%
Feurach Holdings Limited
Sunnyside Farm, Macbiehill, West Linton, Peeblesshire, Scotland, EH46 7AZ
Ordinary
100%
Seed Logistics Limited
Sunnyside Farm, Macbiehill, West Linton, Peeblesshire, Scotland, EH46 7AZ
Ordinary
100%
Watson Seeds Limited
Unit 1, Cheviot House, Mill Wynd, Haddington, East Lothian, Scotland, EH41 4EX
Ordinary
100%

GroGreen Ltd (company no.SC488228), Seed Logistics Limited (company no.SC220432) and Watson Seeds Limited (company no.SC192259) have not been audited as individual entities as Barenbrug U.K. Limited has guaranteed their liabiities with Section 479A of the Companies Act 2006. 

Page 31

 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Raw materials and consumables
1,286,022
1,575,768
178,796
232,384

Finished goods and goods for resale
7,449,576
8,632,962
7,478,364
8,632,962

8,735,598
10,208,730
7,657,160
8,865,346


The difference between purchase price or production cost of stocks and their replacement cost is not material.


15.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
3,951,598
3,331,563
2,132,122
1,957,083

Amounts owed by group undertakings
119,486
175,735
987,148
562,311

Other debtors
273,242
219,753
181,723
183,782

Prepayments and accrued income
397,222
240,419
358,812
188,268

Tax recoverable
38,582
56,032
38,582
56,032

4,780,130
4,023,502
3,698,387
2,947,476



16.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
561,981
188,846
414,241
78,474

Less: bank overdrafts
(8,385,537)
(6,899,049)
(8,385,537)
(6,876,857)

(7,823,556)
(6,710,203)
(7,971,296)
(6,798,383)


Page 32

 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
8,385,537
6,899,049
8,385,537
6,876,857

Other loans
500,000
750,000
500,000
750,000

Trade creditors
1,336,660
1,037,881
871,685
411,122

Amounts owed to group undertakings
823,067
1,246,016
1,809,545
1,897,015

Corporation tax
2,289
132,241
-
-

Other taxation and social security
117,889
114,450
69,436
68,965

Obligations under finance lease and hire purchase contracts
7,902
33,806
-
-

Other creditors
356,227
68,637
346,350
48,440

Accruals and deferred income
854,997
797,988
755,610
545,871

12,384,568
11,080,068
12,738,163
10,598,270


The bank overdraft of £8,385,537 (2023: £6,899,049) is secured on the assets of the group.


18.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other loans
1,251,749
1,750,000
1,250,000
1,750,000

Other creditors
250,000
500,000
250,000
500,000

1,501,749
2,250,000
1,500,000
2,250,000


The Company entered into a loan agreement with Barenbrug Holding BV on 3 March 2023. The loan accrues interest of 6% per annum. The loan is repayable in 10 equal six-monthly installments commencing 30 June 2023. 

Page 33

 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Other loans
500,000
750,000
500,000
750,000

Amounts falling due 1-2 years

Other loans
501,749
500,000
500,000
500,000

Amounts falling due 2-5 years

Other loans
750,000
1,250,000
750,000
1,250,000


1,751,749
2,500,000
1,750,000
2,500,000



20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
7,902
33,806

7,902
33,806

Obligations under finance lease and hire purchase contracts totalling £7,902 (2023  - £33,806) are secured on the assets to which they relate. 

Page 34

 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at amortised cost
4,906,307
3,915,897
3,715,234
2,781,650

Financial assets that are equity instrumentsmeasured at cost less impairment
-
-
5,220,636
5,220,636

4,906,307
3,915,897
8,935,870
8,002,286


Financial liabilities

Financial liabilities measured at amortised cost
(13,766,139)
(13,083,377)
(14,168,727)
(12,779,305)


Financial assets measured at amortised cost comprise cash, trade debtors, amounts owed by group undertakings and other debtors.


Financial liabilities measured at amortised cost comprise bank overdraft, other loans, trade creditors, amounts due to group undertakings, obligations under finance lease and hire purchase contract,  other creditors and accruals. 


Financial assets that are equity instruments measured at cost less impairment comprise investments in subsidiaries. 

Page 35

 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

22.


Deferred taxation


Group



2024


£






At beginning of year
(78,643)


Charged to profit or loss
(226,404)



At end of year
(305,047)

Company


2024


£






At beginning of year
(74,924)


Charged to profit or loss
(226,404)



At end of year
(301,328)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(305,047)
(78,643)
(301,328)
(74,924)


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



500,001 Ordinary shares of £1.00 each
500,001
500,001



24.


Reserves

Share premium account

The share premium account represents the premium arising on the issue of shares net of the issue costs.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of any dividends.

Page 36

 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

25.


Capital commitments


At 30 June 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
-
791,425


26.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £124,514 (2023 - £97,871). Contributions totalling £23,610 (2023 - £28,599) were payable from the fund at the balance sheet date and are included in creditors.


27.


Commitments under operating leases

At 30 June 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
116,094
130,410
116,094
130,410

Later than 1 year and not later than 5 years
156,037
50,239
156,037
50,239

272,131
180,649
272,131
180,649


28.Other financial commitments

At the year end the Company had in place agreements with various suppliers, under which the Company is committed to purchase the seed stock produced by the supplier, contingent upon certain conditions being met, primarily that the seed stock is of a specified quality. The purchase price in these agreements will be either at a guaranteed minimum price or at a prevailing market price at date of purchase.


29.


Related party transactions

The Group has exercised the exemption available under FRS 102, "Related party disclosures" not to disclose transactions between Barenbrug U.K. Limited and other undertakings of the Barenbrug Holding BV group.
Only the directors are considered to be key management personnel. Total remuneration in respect of these individuals is £137,827 (2023 - £140,901).

Page 37

 
BARENBRUG U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

30.


Controlling party

The parent undertaking of the smallest and largest group to consolidate these financial statements is Barenbrug Holding BV. Copies of the Barenbrug Holding BV consolidated financial statements are available at its registered office, Stationsstraat 40 6515 AB, Nijmegen, Gelderland Netherlands.
The ultimate controlling party is Barenbrug Holding BV.


Page 38