Company registration number SC506349 (Scotland)
SÜDZUCKER UNITED KINGDOM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
SÜDZUCKER UNITED KINGDOM LIMITED
COMPANY INFORMATION
Directors
T Desire
M D Oosterink
D F McCabe
Company number
SC506349
Registered office
Caledonian Exchange
19A Canning Street
Edinburgh
EH3 8HE
Auditor
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
Bankers
Deutsche Bank AG London
Winchester House
1 Great Winchester street
London
EC2 2DB
Solicitors
Lindsays WS
Caledonian Exchange
19A Canning Street
Edinburgh
EH3 8HE
SÜDZUCKER UNITED KINGDOM LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Income statement
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 23
SÜDZUCKER UNITED KINGDOM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 1 -

The directors present the strategic report for the year ended 28 February 2025.

Review of the business

The Company continued its main activity of distribution and sale of sugar and sugar specialities predominately in the UK and IE market.

Principal risks and uncertainties

The Company is exposed to many different risks through its operations, such as the effects of inflation and its impact on market price, exchange rates and product availability. The risks that arose from the UK's exit from the EU are still present however the company constantly seeks new opportunities within the market to mitigate such risks.

Key performance indicators

For the 12 months to 28 February 2025, the Company generated revenue of £66,222,516 (2024 - £59,950,246) and reserves of £1,381,018 (2024 - £1,096,713). Gross margin increased from 7.4% to 8.2% in the year.

On behalf of the board

D F McCabe
Director
17 April 2025
SÜDZUCKER UNITED KINGDOM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 2 -

The directors present their annual report and financial statements for the year ended 28 February 2025.

Principal activities

The principal activity of the company is the sale of sugar and fondants to the bakery, wholesale, and confectionary industries.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £650,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

T Desire
M D Oosterink
D F McCabe
Auditor

Thomson Cooper were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

SÜDZUCKER UNITED KINGDOM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
On behalf of the board
D F McCabe
Director
17 April 2025
SÜDZUCKER UNITED KINGDOM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SÜDZUCKER UNITED KINGDOM LIMITED
- 4 -
Opinion

We have audited the financial statements of Südzucker United Kingdom Limited (the 'company') for the year ended 28 February 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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).

In our opinion the financial statements:

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 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 UK, including the FRC’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 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

SÜDZUCKER UNITED KINGDOM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SÜDZUCKER UNITED KINGDOM LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of income, posting of unusual journals along with complex transactions and manipulating the company's key performance indicators to meet targets. We discussed these risks with management, designed audit procedures to test the timing and existence of revenue, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the officers and other management (as required by the auditing standards).

We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

SÜDZUCKER UNITED KINGDOM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SÜDZUCKER UNITED KINGDOM LIMITED (CONTINUED)
- 6 -

With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the company.

 

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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.

Sharon Collins (Senior Statutory Auditor)
For and on behalf of Thomson Cooper, Statutory Auditors
Dunfermline
17 April 2025
SÜDZUCKER UNITED KINGDOM LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
66,222,516
59,950,246
Cost of sales
(60,806,426)
(55,470,633)
Gross profit
5,416,090
4,479,613
Distribution costs
(3,723,999)
(2,866,960)
Administrative expenses
(760,996)
(848,503)
Other operating income
316,532
118,169
Profit before taxation
1,247,627
882,319
Tax on profit
8
(313,322)
(217,325)
Profit for the financial year
934,305
664,994

The income statement has been prepared on the basis that all operations are continuing operations.

SÜDZUCKER UNITED KINGDOM LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2025
28 February 2025
- 8 -
28 February 2025
29 February 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
3,331
4,358
Current assets
Stocks
11
3,806,961
6,913,553
Debtors
12
10,266,981
16,543,545
Cash at bank and in hand
793,485
454,010
14,867,427
23,911,108
Creditors: amounts falling due within one year
13
(13,489,417)
(22,818,753)
Net current assets
1,378,010
1,092,355
Total assets less current liabilities
1,381,341
1,096,713
Provisions for liabilities
Deferred tax liability
14
323
-
0
(323)
-
Net assets excluding pension liability
1,381,018
1,096,713
Defined benefit pension liability
15
-
0
-
0
Net assets
1,381,018
1,096,713
Capital and reserves
Called up share capital
16
200,000
200,000
Profit and loss reserves
1,181,018
896,713
Total equity
1,381,018
1,096,713
The financial statements were approved by the board of directors and authorised for issue on 17 April 2025 and are signed on its behalf by:
D F McCabe
Director
Company registration number SC506349 (Scotland)
SÜDZUCKER UNITED KINGDOM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2023
200,000
581,719
781,719
Year ended 29 February 2024:
Profit and total comprehensive income
-
664,994
664,994
Dividends
9
-
(350,000)
(350,000)
Balance at 29 February 2024
200,000
896,713
1,096,713
Year ended 28 February 2025:
Profit and total comprehensive income
-
934,305
934,305
Dividends
9
-
(650,000)
(650,000)
Balance at 28 February 2025
200,000
1,181,018
1,381,018
SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 10 -
1
Accounting policies
Company information

Südzucker United Kingdom Limited is a private company limited by shares incorporated in Scotland. The registered office is Caledonian Exchange, 19A Canning Street, Edinburgh, EH3 8HE.

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.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Südzucker AG as at 28 February 2025. These consolidated financial statements are available from its registered office, Südzucker Aktiengesellschaft, Mannheim/Ochsenfurt, Hauptverwaltung, Maximilianstrasse 10, 6800 Mannheim, Germany.

1.2
Going concern

At the time of approving the financial statements, the directors consider that the company has adequate resources to continue in existence for a period of not less than twelve months. The directors are are satisfied that the company has sufficient cash reserves and working capital and therefore continue to adopt the going concern basis.  true

1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company 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 be met before turnover is recognised:

SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 11 -

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

 

1.4
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.

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.

Computer equipment
3 years

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 the Statement of Comprehensive Income.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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 the cost of purchase on a first in, first out basis.

SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 12 -

At each reporting 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 the Statement of Comprehensive Income.

1.7
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.

1.8
Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 

Debt instruments (other than wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at the market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

 

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

 

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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 income statement 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
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.

SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 15 -
1.12
Retirement benefits

 

Defined contribution plan

 

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

 

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

1.13
Leases

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the period of the lease

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.16

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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

As noted above, the company has an obligation to pay pension contributions to a defined benefit pension scheme. The cost of these benefits and the present value of the obligation depend on a number of factors including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management seeks advice of third part actuaries to provide estimates of these factors in determining the net pension obligation in the financial statements. The assumptions reflect historical experience and current trends. The details of the scheme are included in note 15 to the financial statements.

SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 16 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
46,800,743
39,453,373
Rest of Europe
19,421,773
20,496,873
66,222,516
59,950,246
The whole of the turnover is attributable to the sale of sugar and fondants to the bakery, wholesale and confectionery industries.
2025
2024
£
£
Other revenue
Management recharges
316,532
118,169
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(220,366)
(118,593)
Depreciation of owned tangible fixed assets
2,177
1,577
Operating lease charges
29,775
22,439
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
25,560
26,500
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Sales
7
6
Administration
1
1
Total
8
7
SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
6
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
447,075
499,186
Social security costs
58,888
63,121
Pension costs
132,469
100,480
638,432
662,787
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
141,033
191,118
Company pension contributions to defined contribution schemes
21,500
35,133
162,533
226,251

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2024 - 1).

The Directors are considered to be the key management personnel.

8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
312,285
216,315
Adjustments in respect of prior periods
572
-
0
Total current tax
312,857
216,315
Deferred tax
Origination and reversal of timing differences
465
1,010
Total tax charge
313,322
217,325
SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
8
Taxation
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,247,627
882,319
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 24.52%)
311,907
216,345
Tax effect of expenses that are not deductible in determining taxable profit
141
93
Adjustments in respect of prior years
1,274
867
Remeasurement of deferred tax for changes in tax rates
-
0
20
Taxation charge for the year
313,322
217,325
9
Dividends
2025
2024
£
£
Dividends paid on Ordinary shares
650,000
350,000
10
Tangible fixed assets
Computer equipment
£
Cost
At 1 March 2024
22,287
Additions
1,150
At 28 February 2025
23,437
Depreciation and impairment
At 1 March 2024
17,929
Depreciation charged in the year
2,177
At 28 February 2025
20,106
Carrying amount
At 28 February 2025
3,331
At 29 February 2024
4,358
SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 19 -
11
Stocks
2025
2024
£
£
Finished goods and goods for resale
3,806,961
6,913,553
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
9,032,863
15,373,980
Corporation tax recoverable
180,000
-
0
Amounts owed by group undertakings
1,010,998
1,152,499
Other debtors
43,120
16,923
10,266,981
16,543,402
Deferred tax asset (note 14)
-
0
143
10,266,981
16,543,545
13
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
139,660
83,250
Amounts owed to group undertakings
13,061,713
22,454,545
Corporation tax
-
0
2,582
Other taxation and social security
55,034
27,346
Other creditors
212,010
224,530
Accruals and deferred income
21,000
26,500
13,489,417
22,818,753

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Balances:
£
£
£
£
Accelerated capital allowances
323
-
-
143
SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
14
Deferred taxation
(Continued)
- 20 -
2025
Movements in the year:
£
Asset at 1 March 2024
(143)
Charge to profit or loss
466
Liability at 28 February 2025
323
15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
132,469
100,480

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Defined benefit schemes

On 7 December 2016, the company became the principal employer and Trustee of the Südzucker United Kingdom Limited Pension and Life Assurance Scheme (formerly known as WT Mather Pension and Life Assurance Scheme). The scheme became a closed fund in August 2003.

 

100% of the scheme assets are in a unitised with profits policy. The expected return on the scheme assets is determined by considering the expected returns available on the assets underlying the current investment policy. Expected returns on insurance policies reflects rates of return experienced in the respective market.

2025
2024
Key assumptions
%
%
Discount rate
5.50
5.00
Inflation
3.00
3.00
Revaluation rate for deferred pensioners
5.00
5.00
Pension in payment increases - pension earned before 6 April 1997
3.00
3.00
Pension in payment increases - pension earned after 6 April 1997
3.40
3.40
Mortality assumptions
2025
2024

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
19.8
18.9
- Females
23.4
21.1
Retiring in 20 years
- Males
21.0
20.2
- Females
24.9
22.4
SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
15
Retirement benefit schemes
(Continued)
- 21 -
2025
2024

Amounts recognised in the income statement

£
£
Net interest on net defined benefit liability/(asset)
(71,000)
(66,000)
Restriction on net interest income credited to the income statement
71,000
-
Total costs/(income)
-
(66,000)
2025
2024

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
(148,000)
(18,000)
Less: calculated interest element
127,000
119,000
Return on scheme assets excluding interest income
(21,000)
101,000
Restriction on net interest income credited to the income statement
(71,000)
-
Actuarial changes related to obligations
(28,000)
(30,000)
Effect of changes in the amount of surplus that is not recoverable
1,540,000
1,422,000
Total costs
1,420,000
1,493,000

The amounts included in the statement of financial position arising from the company's obligations in respect of defined benefit plans are as follows:

2025
2024
£
£
Present value of defined benefit obligations
(1,151,000)
(1,123,000)
Fair value of plan assets
2,691,000
2,545,000
Surplus in scheme
1,540,000
1,422,000
Scheme surplus not recognised
1,540,000
1,422,000
Total liability recognised
-
-
2025

Movements in the present value of defined benefit obligations

£
Liabilities at 1 March 2024
1,123,000
Actuarial gains and losses
(28,000)
Interest cost
56,000
At 28 February 2025
1,151,000
SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
15
Retirement benefit schemes
(Continued)
- 22 -
2025

The defined benefit obligations arise from plans funded as follows:

£
Wholly unfunded obligations
-
Wholly or partly funded obligations
1,151,000
1,151,000
2025

Movements in the fair value of plan assets

£
Fair value of assets at 1 March 2024
2,545,000
Interest income
127,000
Return on plan assets (excluding amounts included in net interest)
21,000
Other
(2,000)
At 28 February 2025
2,691,000

The actual return on plan assets was £77,000 (2024 - £18,000).

2025
2024

Fair value of plan assets at the reporting period end

£
£
Equity instruments
-
1,502,000
Property
-
407,000
Corporate bonds
888,000
509,000
Gilts
1,561,000
102,000
Cash
242,000
25,000
2,691,000
2,545,000

A fellow group undertaking has provided a Deed of Indemnity in relation to liabilities arising to the company from the Südzucker United Kingdom Limited Pension and Life Assurance Scheme. Furthermore, a guarantee is in place by this fellow group undertaking for Südzucker United Kingdom Limited as Trustee of the Südzucker United Kingdom Limited Pension and Life Assurance Scheme.

16
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200,000
200,000
200,000
200,000
SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 23 -
17
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
54,748
25,163
Between two and five years
39,932
-
0
94,680
25,163
18
Related party transactions

The company has taken the advantage of the exemption relating to the disclosure of related party transactions with other group undertakings conferred by FRS 102 on the grounds that it and the other companies are wholly owned subsidiaries of Südzucker AG, the Company's ultimate parent undertaking.

19
Ultimate controlling party

The company's immediate parent undertaking is Südzucker Holding GmbH, a holding company incorporated in Germany.

 

The company's ultimate parent undertaking and controlling party is Südzucker AG, a company also incorporated in Germany.

 

The financial statements for Südzucker AG can be obtained from Südzucker Aktiengesellschaft, Mannheim/Ochsenfurt, Hauptverwaltung, Maximillianstrasse 10, 6800 Mannheim 1, Germany. This is the largest and smallest group into whose consolidated financial statements the company's financial information is included.

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